I'm a budding investor and am considering investing into pre-foreclosures. I'm interested in pre-foreclosures because I might have some current skills that might be transferable to this industry. I currently work full time in hospice as a chaplain and occasionally help families through times of crisis, grief, loss; feelings I imagine might be felt by a homeowner going through default. I figure I could use my skills to help homeowners out of their predicament. And as such, I'm open to considering offering these skills in partnership with someone else who is doing pre-foreclosures.
I'm hoping to learn more from investors engaged in purchasing pre-foreclosures in the Los Angeles area. I'd like to know what the business is like, is it still a good niche to be in, how to get started, etc.
So far I've only read "The Pre-Foreclosure Property Investor's Kit, " by Thomas Lucier (2005). It was a really good book because it provided a lot of great details on the pre-foreclosure process and very easy to read. The only downside is it's 10 years old now and I'm sure things have changed since then. Does anyone have any book and/or other resource recommendations on the subject? I can't seem to find other such focused books on pre-foreclosures.
I'd appreciate any thoughts, recommendations, advice on my situation/requests. Feel free to respond to this thread or PM me. Thanks for reading this!
The Invest Club for Women (men are also welcome) is having an upcoming meeting on foreclosures that might be right up your alley. I've never been to one of their meetings, so I can't vouch for the group, but the guy leading the seminar might be a great person with which to connect.
Hope this helps. Good luck!
Please don't forget to check the counties where the families live. The lenders might have filed the NOD ( Notice of Default ) and it is better to stop it at this early stage; and here's where your skills will be of great use with the homeowners or their family members.
Familiarize yourself with California laws on foreclosures-they have some of the tough ones in the country.
Good luck !
I'm in the Long Beach area. I've been trying to find distressed for years. Bought a couple short-sales. Also purchasing a shortsale triplex currently in LB
How do you plan on finding your preforeclosures?
Right now they're drying up....everyone is trying to get shortsales and they go quickly if the property is in good shape. A lot of times the property has bad deferred-maintenance and it can spoil a deal. It's really hard to find a deal in the South Bay or Long Beach.
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