Re: How would you define pre-pre - Posted by Glen
Posted by Glen on July 13, 2008 at 16:25:11:
Hi Rich,
Pre-pre foreclosures are homeowners who are 30-60-90 days late, and not in foreclosure as of yet. I have heard of investors getting leads on these, and have seen some gurus offering them as part of their package deals, considered not available to the public and requires some very specific disclosures in the body of the letter.
I have tried to find where these might be available to purchase, although have not been able to locate a viable source. So, I do not know where these people are getting them, although I know they are available. One source recommended local mortgage brokers and lenders, and that was a dead end due to confidentality reasons.
Any suggestions would be very helpful, thank you.
I have also posted ads seeking private money sources for the purchase of residential properties, not hard money because it is too expensive. I have been wholesaling 20-30 properties a year for the last five years locally to a network of investors I use, and some Oregon laws have been passed and changed that prevents my company from doing simetaneous closes any longer, and so I desperatly would like to find one or two private money sources to fund or partner with. I am prepared to be very generous in the return or percentage given up, as I am looking for a long-term relationship, not a one deal partner.
With over over 20-years expereince in real estate, and wholeslaing for five to the local investors, I can provide the level of knowledge and expereince that most private money investors want to see, allowing the capability to locate solid deals that offer excellent returns and solid investments, along with a system that provides them complete security of their funds. They would be deposited directly into escrow at time of closing, (not given to myself or my company)once the comittment letter is recieved by the lender in the event of a Short Sale, and of coures secured by a Note in Trust Deed on the property. My investors can verify I always leave 20-30k on the table for the investor after repairs. This is due to my knowledge of the local market, accurate CMA’s, re-sell values, and repairs costs analysis. I only purchase in my local market where I have lived all my life, I only purchase homes 1970 or newer, only cosmetic repairs, three bedrooms and minimum 1.5 baths in most cases, and double car garages, in excellent neighboorhoods. Based on that criteria, I have always found to be safe and solid investments with high resell potential, even in today’s market.
Most, over 90%, require a Short Sale due to being in foreclosure, and have been about 90% successful in that market.
Unfortunatley, the currrent investors I use, are also my competitors, and although one funds the deal, they are also the one purchasing it. The others have shown no interest in funding my deals, as they are trying to get to them before I do, which they rarley do, or I end up wholesaling it to them for a fee and they get the property and make all the money anyway. Of course, my company does all the work including locating the deal, putting it under contract, and preparing and completing the Short Sale.
If you have leads on possible private money sources, (and if they are yours, keep them private and get paid in the middle), that maybe interested in properties in Marion County Oregon, I could use the help. Thanks.
Glen