Recent developments

[MarleyLiv]

Hi all,

  I recently did a mass mailing to NOD property owners.  I was lucky enough to get a few responses back from them inquiring about their options.  I am going to meet with them in a few days time and wanted to know if anyone has created a step by step guide for themselves to follow after a prospective seller contacts them.  The reason I ask is because I am still new to the pre-foreclosure field and do not want to make any mistakes that could cost me a deal.  Properties are in NJ.  Thanks in advance!

[HalleHomes]

Pick up "How to Make Big Money Investing in Foreclosures (With Nothing Down)" by Peter Conti & David Finckel.  It has step-by-step EVERYTHING.  You mentioned a "mass mailing" - how many people did you send yor letter to, and how much did it cost (other than postage)?

Cheers,
Halle

[MarleyLiv]

Well, the 'mass' mailing was about 40 postcards which i know pales in comparison to some of the other mass mailings that I have read other people do (like 400).  I have been doing these mailing 1/week for about 2 months and I have heard nothing back from anyone.  What is becoming more apperant to me with time is that it would probably be more productive to go knock on people's doors.  Any suggestions or helpful hints regarding strategy would be much appreicated.  Thanks1

[HalleHomes]

I presume you mean you have heard back from only a few people, since you mention it in your first post.  In general, be aware the folks in this distress are getting TONS of mail (and throwing it all away) and many many calls.  However, I got a list of pre-foreclosures, found the homeowners (by doing paid searches) and called several of them - on my 4th, I left a message and the woman actually called me back!  See my other post for the details of that deal.  According to the book I recommended, knocking on doors is a great strategy, and I'll be putting it into practice this week while I'm in Vegas - I have a list of many many homeowners to choose from.  Good luck!!

[MarleyLiv]

HalleHomes, thanks for the reply.  I am located in a very hot RE market (Northern NJ) and am looking for any edge over the other investors in the pre-foreclosure area so thanks for your input.  When you say 'found the homeowners (by doing paid searches)', how exactly did you accomplish this? (county clerk search?).  Thanks.

[HalleHomes]

Actually, I bought a subscription to one of the online paid search companies.  I used privateeye.com, but feel free to google all the others.  They're not always up to date, but it will still be good info.

Cheers,
Halle

[kbwatts]

Hi,

I have knocked on at least 30 doors and have had no luck.
Almost every home owner in forclosure at these doorsteps have told me that they have everything under control,  I tell them good luck and hand them a card letting them know I can help.  A week later, there home is being auctioned at the courthouse.
I dont understand it. :

I hope you have better luck than I have had.  Please let me know if this approch works for you.

Thanks,
Kevin

[MarleyLiv]

Kevin,
 
  The 2 contacts that I had didn't pan out.  Not motivated enough to sell or maybe I didn't do a good enough job convincing them to.  My strategy recently has changed to include a mix of cold calling, postcards and knocking on doors.  So far, no luck in this new strategy, but, for every 50 that 'think' they have it under control, there will be 1 who is smart enough and motivated enough to get rid of the house before losing it.  And this is what we have to realize (at least I tell myself that to keep going....)...Good luck.