How Do You Utilize BP "Find Foreclosures"?

Question

Hey BP,

So I was looking through (and considering subscribing) to BP's little foreclosure function, if I can learn how to utilize it properly. What I'm wondering is with all the foreclosures and pre-foreclosures how do you know where to start and which ones to look at to even begin searching for a deal? I'm unable to flip a property with my own capital within the next 3-6 months so I'll be looking at HMLs and private funding here on BP to either flip a home, or make my first wholesale. I'm really eager to do a fix and flip using HMLs and BP backing even if my profit is minimal, just to begin and start gaining experience. All advice appreciated!

Regards,

Jason Eyerly

Robert Leonard · Answer

You have to learn how to analyze deals to know where there's enough profit in a deal to make it a worthwhile fix and flip.  You really need to know how to do that for yourself otherwise you are relying on someone else's judgment. An HML is not likely to fund a minimal profit deal for the benefit of your experience.

I think you are better off going to your local REIA, foreclosure auctions, job sites or anywhere else you can think of, to meet an experienced fix and flip investor to get to know them and learn as much as you can from them. Until then, spend time here on BP, read, listen to all of the podcasts, read the recommended books and be the sponge - everything you need to know is here.  There are just no shortcuts and you have to put in the time to learn.

At some point, you will have to pull the trigger to make your first deal, but you don't want to rush it.  Here's my analogy. If you rush it, you can break a leg - that hurts. The more you know, the more likely you might get bruised or scrape a knee if something goes wrong - that's not so painful. So, go scrape a knee!

Jason Eyerly · Answer

I noticed that, but what I'm wondering is of those properties listed, how would you go about finding which properties of the foreclosure/pre-foreclosure listing would be worth even taking a glance at? Or how else would you go about finding motivated sellers?

Joshua Dorkin · Answer

@Jason Eyerly - Our "Find Foreclosures" page is a partner page provided by Foreclosure.com.  You can do some basic searches to find foreclosures, but if you wish to get all the information, there is an upgrade required through their website.