All Forum Posts by: Account Closed

You can also try searching the property tax records. Go to http://publicrecords.netronline.com/ and go to state then county. It will even tell you if the data is available online for free or not.

@Steve Lohbeck. I agree that $5000 is a lot of money right now. I am just getting started and have no money. However, you have options. Like what has been mentioned above, seller financing, but you may need some money for the deal to close.

You can do other things depending on your strategy. If you are looking to buy and hold, you will need money eventually. You can purchase a property many times with a hard money lender (be sure to figure the interest and points into your calculations) or private money lender or partner. If you look for 100% financing you usually need to find the right lender and the right property. After 12 months you may be able to refinance the property with a traditional lender.

If you are looking to Wholesale, you need some money for marketing but you can put a property under contract and assign that contract to another investor for a fee. That is one way to get in with no money. With wholesale, there is really no cash flow, but it is a way to begin to build capital for future deals.

Welcome to the site. I am new to the site as well and also from Utah. I currently live in Magna.

Gary,

That is great information thank you. I have been looking at the laws and trying to make sense of them. Any assistance I give them I will not charge for. I may recommend loan modification but not do it for them and definitely not charge them to do it.

Roy,

Great info as well. Thank you. I don't want to just mail all the pre-foreclosures that I get. I want to knock on the doors of the ones that meet certain criteria and then mail to others that may be close. Those that I know right away are not a good deal I will not do anything with. I feel like I can work with them. I understand what they are going through because I was in a similar situation 10 years ago. I ended up in a short sale so I saved the foreclosure but it was stressful. If I knew then what I know now about investing, things would have been different.

You mentioned other ways. What other ways do you recommend?

The "potential" I am looking at is based on Equity. When I get my list of pre-foreclosure, I look at those that have had the loan the longest and how much it was for. Those that interest me I am going to check for any liens and how much I think it is worth. Those that seem like it could be a good deal without a short sale, I will knock on their door.

I may be able to get some properties by taking over payments and getting them caught up,(depending on how behind they are). Then use lease options or another strategy to get that payment caught up using option fees or down payments. I will have the tenant-buyer on the lease option work on getting their own loan in a few years and once they do, the loan is paid off.

Oh and to add I will be knocking on a few doors of properties I feel have more potential.

What are your recommendations for pre-foreclosure direct mail pieces? Yellow Letters or Post Cards.