Knock on a Few Doors
Is there a property in your neighborhood that you know is up for foreclosure? Does this property look like a lucrative investment that you know you can turn a profit on? If so, don’t be afraid to casually knock on the door and speak to the owner about striking up a deal that can help the both of you in one way or another.
As you approach the owner, avoid mentioning the foreclosure as this is an awkward subject. Be polite and mention to the owners that you were at that local courthouse doing some research and noticed that they have a pending issue with their property and that you would like to offer your assistance. Ask the owners of they have taken care of the situation. In most cases, they will say that they have.
However, this is probably not true and the owners are most likely embarrassed and a bit shell-shocked by your presence. Again, offer your assistance and put your deal on the table. This is the beginning of your real estate plan unfolding.
Mailing out Postcards
If you are not currently mailing out postcards that detail who you are and what your company does, you should definitely start. As an investor, make it a priority to religiously mail out these pieces of information, especially to property owners who are in foreclosure. This tells the owners that instead of allowing their buildings to completely foreclose, you can provide a more positive out for their problem.
You can also mail your postcards to people in probate, including those who are facing a divorce, bankruptcy, and landlords who simply walked out of eviction court. All of this information is considered to be public domain and you have every right to view it. Capitalize on this knowledge and get your foot in the real estate door with a simple postcard.
Consider purchasing a batch of addresses from a mailing list company. This gives you a way comb your neighborhood for potential investment deals. Realtors use mailing lists all the time and it works out wonderfully for them. Investors can have the same results.
Make Phone Calls
It is certainly a time-consuming approach, but consider taking a few afternoons to make phone calls to property owners who are in foreclosure. You can find information on these people by visiting your local courthouse. This includes the type of property they own, the type of foreclosure, and their contact information. Take the time to find the people who have already moved from the property.
You might think that it is a lost cause if the owners have already vacated the premises, but it is a clear advantage for you. These people have already disassociated themselves both physically and mentally from the property so you shouldn’t have any problem presenting your deal to them and having the owners being receptive to your offer.
Run Ads in Newspapers
Running an ad in the newspaper is probably one of the oldest real estate investing methods in the book. If you think running an ad is too expensive, consider how the investment will eventually pay for itself when the venture results in a property gain. Make sure to place your ads under the “money to lend” category and wait for your telephone to start ringing off the hook with desperate homeowners.