Focus Again - http://www.dealmakerscafe.com Forums
Original message
Jackie
"Focus Again"
, Thu 21 Sep 13:12
Mark -- he can hear the frustration in your voice.
Maybe you are barking up the wrong tree!
If you are trying to get people to deed you their house and it has $50,000 equity in it -- you will have a hard time finding a deal. And your frustration will continue.
If you are trying to buy a house at 50 cents on the dollar and it was built in 1990 - you will have a hard time finding a deal. And your frustration will continue.
Step back a minute and think about what kind of seller and what kind of house would be the most likely candidate for each of these deals.
For getting the deed with no money out of your pocket -- you need to focus on buying newer homes preferably where the loan originated in the last 3 years. A VA or FHA loan would be even better. These sellers have very little equity -- they can't use a realtor - even if they try to sell as a FSBO chances are they will have to come out of pocket to close YOU would be the answer to their prayers!
For buying at 50 cents or BETTER - you need to concentrate on looking for homes that are at least 25 years old or OLDER. Also, if their is a mortgage on the property, it should be way past the half way mark, free and clear is better. You need equity and lots of it to be able to buy at 50 cents on the dollar. So don't waste you time looking for a fixer upper that's a ten year old home.
It would be a good idea to study the foreclosure market for your area. What is the typical home that's going to foreclosure? Can you find a way to get to them BEFORE they are 3 or more payments behind?
A lot of this business has to do with statistics. Make it your job to learn the statistics for your area. In return, you'll close more deals.
Instead of trying to fit a square peg into a round hole -- find the round pegs -- it will be a perfect match!
Jackie
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