I'm a new real estate investor, planning a BRRRR or Buy/Hold/Rent strategy with SFR homes in a major city in the Southwest US. One technique for finding deals that intrigues me is looking up NODs (Notices of Default) in the public records and then reaching out to the property owners (probably via postal mail) to see if they are interested in selling.
It seems like there's a decent chance to find a highly motivated seller and perhaps a very good deal using this method.
I am wondering if anyone in the forums has used (or attempted) this technique, and if so, what sort of results you've seen.
@Joel Fine I used to do this--via mailings. But have stopped for awhile because they turned out to be a lot of work. I did get a couple of great deals, though. Most people who called me had little to no equity. This meant a short sale process. They were easy enough to get under contract because the sellers weren't really losing anything. But doing short sales was a pain. 90% of the time the banks wanted too much. 10% were deals. I may get back into it depending on how my other deal flow is going.