additional progress, foreclosure chasing - Posted by John Sterling
Posted by John Sterling on September 28, 2003 at 13:51:30:
Well one or two small steps at a time seems to be doing the trick.
Joined REAPS a local real estate investment club here in Seattle and basically found the overall answer to finding private money.
For Private money the best way is probably just run an ad in the paper for a month looking for the sources. A member of investment club gave me this advice as I am sure it has been mentioned on this board many times in the past. The rate is typically 12% and 2 points. The points kind of acting as a prepayment or yield helper when the money just comes right back to the investor in a very short time.
Back to chasing the foreclosures- For the most part, very few people are actually going to the trouble of knocking on the door of the home in foreclosure in my general area. Sure there may be hundreds of people attending the next “how to buy foreclosure property” seminar at the Investment club meeting next month, but the % of people who continue to knock on a week to week basis is virtually very close to zero in my opinion. But I LOVE it, I always think in my mind that the owners are going to just invite me in and beg me to buy their house at any price and terms that are agreeable to me. No matter what the result, I always go to the door with this in mind. Possibly the biggest challenge in buying foreclosure property before the sale is your attitude and what is rolling around in your brain that keeps you from knocking on that door to find out what is really going on in the possible sellers mind.
Well I am off to look at and find the possible seller on two houses today. Good luck and happy hunting to all other chasers out there in real estate land.