Posted by BillW. on February 01, 2001 at 22:08:32:
Paige, If you live in a large metro area, in my opinion, don’t waste your time or money buying these lists. Reason - all the professional default chasers and foreclosure experts have their own man right at the office where these are filed. Go there and you’ll see 10 or 15 people standing around like sharks waiting for a deal to come in. They pick them up minutes after they’re filed. If there’s enough equity to go after the property, they cell phone a runner on the spot who is at the property within a few minutes. The people who compile and sell these lists on a weekly basis are providing you with information that has already been reviewed by many other inestors before you even see it. SOMETIMES you can get a deal, but not too often. Also, don’t you think that the guy compiling this list is an investor himself and takes the cream of the deals ?
My opinion, you have to be at the recorders office every day and make friends with them.
If, however, you live in a much smaller market, you have a much better chance. There’s just no substitute for being there.
Idea: Why not pay your own man to do this. Some training on what to look for and a cell phone and you’re set. Pay them $8.00 per hour plus a percentage of the profits on each deal they bring you.