REO and Foreclosure Resources

well your in luck,tmanhoth.I'm going to give you some PRICELESS INFORMATION.go to WWW.HOOKSVANHOLM.COM.That is the offical HUD web site( HUD properties are REO properties)the web site will walk you through the steps in finding REO's in your area, you'll also want to find some real estate agents that SPECIALIZE IN HUD,REO'S PROPERTIES,a little effort will payoff big dividens.As for PRE-FORECLOSURES you will need to get a list from your county web site.OR call the county and ask for a list of FORECLOSURE NOTICES, you then must figure out a way to reach these people with some kind of advertising to get the homeownwers to call you.YOUR HERO, SULLY.

You rock, Sully! I'm just a novice but I'm already feeling that I can do this. I'll keep this website you provided and as soon as I finished the chapter on REOs, I'll check it out. Thanks for the information and a Big Thank You to tmanhoth for asking the question.

efollah

And then -- define your market area and what is of interest, and your investing $$ capabilities, and check out the properties on
www.HUDforeclosed.com
http://www.BrokerAgentForeclosures.com
www.foreclosures.com

Another help would be to have the Realtor who you've made a part of your investing team to sign up for the sites such as ReoTrans, and RealtyTrac and get them to feed you the information, with the understanding that there's something in it for them. It's a win/win --

Another method for locating properties is buying properties from other investors. Buying from another investor at a discount -- 'wholesaling'. The investor who buys the house, fixes it, and re-sells is the 'rehabber'. This is a superb source of deals. The main reason is that the selling investor wants to make money quick ans so sells "as is" in order not to have the hassle. The seller/investor doesn't want to deal with fixing it, marketing it, and eventually selling it to a retail buyer. To get in the know on the real estate investing market in your area, you need to be 'in it' and making contacts.
Go to most of the real estate club meetings in your area so that you can get to know some of the active investors around town. Find out what deals they are wholesaling. Even if you have to go to 10 or 20 meetings a month, it's worth it. Call ads in the newspaper that say "We buy houses". These ads are always placed by investors. Ask them if the wholesale properties and which properties they're selling. Search the Internet for deals: You can use Craig's List, your real estate club's website, or other online real estate forums that are active in the your area. Internet sites are becoming a more popular place for investors to post their deals. Follow up with everyone that wholesales deals on a weekly basis with phone calls and emails. Don't expect them to call you when they get a deal. You have to initiate the communications.

You can do this. Here's wind in your sails and a great sail !

Texas Irish Lady

Sully and Texas Irish Lady you guys are the best I am so happy to be apart o this. tmanhoth thank you for that question you said what I was thinking thanks.

I't feels good to help you guys,i hope the info i shared has helped in some way or another.Remember i am new to this too, but with determination and strive you can change your current situation.I read dean's book in a month and i work 53 hours a week, some weeks i put in 60 hours! the point is i'm not bragging, just showing that it dosen't matter what you do,if you want it bad enough you'll go to ANY lenth to get it.Don't make excuses.JUST DO IT.

YOURS TRUELY,

SULLY

Thanks so much for the info. It is a hugh help to one of many questions filling these busy brains. The compitition is putting up a wall to slow many down. Realtors have told me that finding homes to flip are getting to be few and investors gobble them up fast. Many are making offers that leave very little equity in the homes. Your advise is much needed now. Will try. Thanks again.

You are so kind to share with us a direction to go in this much crowded area now. We are excited about our new business of flipping and investing. But many realtors are advising us it is a tuff one to get into now. They say there are so many doing the same as we are. But with Dean's encouraging words and people who are in the same line of business share , we are not about to quit now. Thanks

Thanks again Sully. Sometimes it takes a good swift kick. We have days we lean toward pity parties. But those days are days wasted. Like you said, "Just Do It"

anytime mandlj,i'm glad i could be of help "STOP WAITING FOR SOMETHING TO HAPPEN AND MAKE SOMETHING HAPPEN" YOUR HERO,SULLY.

what do you think is better, getting a Hud home or a foreclosure?

Thank you Sully and TexasIrishLady.
I found a RE Agent/owner and he specializes in REO and Foreclosures. He gave me a list of 12 but he has a problem giving me 10 comps for each house. I figured I would divide them up and ask another RE agent that I know.
I plan to find and attend as many RE Investment Clubs in my area (norther CA).
I still don't have my team put together, yet I have this nice RE person that owns the business, and he's also looking for investors. I also have people to do the handman work when needed.
Any advice is appreciated.
I just started last week.

Way to go, Angie!! You've got a good start! Go look at as many houses as you can, drive around the neighborhoods, start to get a feel of things for yourself. If you put in your time you are bound to succeed!. Sounds like you have a great start on your team. I'm jealous that you have more than one REI Club to check out. (there's not even 1 in our area). I'm sure you will find them invaluable. If you learn any great tips, pass them on our way! (somebody tell me how to insert these smileyfaces!)

Best wishes,
Rina