Posted by Bill K. (AZ) on June 14, 1999 at 02:54:56:
I’m so new to this that I can’t put my finger on the “best” way for me yet.
My first preforeclosure opportunity came when an out-of-state owner called in response to a lease/option flyer I mailed out. We quickly determined that lease/optioning wouldn’t work in his case. We looked at other possibilities, and, eventually, I just reinstated his loan and took title to the property “subject to” the deed of trust.
My next set of responses came from a door hanger I had distributed to 10,000 homes. The door hanger briefly describes lease/optioning and some of the scenarios under which a seller might want to consider it. I have a preforeclosure deal in the works from that, and I’ve sent my lease/option brochure to 8 other potential sellers who called. I don’t know if those 8 are preforeclosures or not. I haven’t heard back from them as yet.
I got a referral on 2 properties from another investor, and several nibbles based on data from the MLS.
And, finally, my partner and I found an agent who goes to foreclosure auctions. We are closing this week on a preforeclosure property he knew about.
So, I don’t find them. They seem to find ME! All I know is that when I advertise for one thing, I get responses for another. Strange stuff, but I’ll take a deal no matter how it finds me.
Bill K. (AZ)