Hey BP friends!  Over the last 5 years we (@Sam Wilson and I) have developed a pretty cool and detailed system for tracking preforeclosures in Tennessee - primarily in Memphis and surrounding counties (but could easily be expanded to any other county or city).  We have used it to buy dozens of foreclosures at auction and market to pre-foreclosures.  

Our business is currently changing directions and we aren't flipping/wholesaling as much as before.   I'm wondering if what  suggestions you have about how I can monetize the information we gather/update weekly?  

Thanks in advance for any suggestions.

Originally posted by @Elizabeth Wilson :

Hey BP friends!  Over the last 5 years we (@Sam Wilson and I) have developed a pretty cool and detailed system for tracking preforeclosures in Tennessee - primarily in Memphis and surrounding counties (but could easily be expanded to any other county or city).  We have used it to buy dozens of foreclosures at auction and market to pre-foreclosures.  

Our business is currently changing directions and we aren't flipping/wholesaling as much as before.   I'm wondering if what  suggestions you have about how I can monetize the information we gather/update weekly?  

Thanks in advance for any suggestions.

Maybe market list as subscription to TN craigslist real estate investors with your story and personal experiences, flip details, etc. 

Is there anything unique about your data vs the foreclosure data compilers out there?

@Jay G. -  great idea!!  I did quite a bit of research before we started compiling and never found a list that was up to date in our area.  Many houses had already gone to auction and/or auction times/dates were wrong.

Originally posted by @Elizabeth Wilson :

@Jay G. -  great idea!!  I did quite a bit of research before we started compiling and never found a list that was up to date in our area.  Many houses had already gone to auction and/or auction times/dates were wrong.

I'm currently testing out data from PropertyRader (was ForeclosureRadar) - did you have any experience with them? They seem to have a pretty awesome platform, would hate to find out the data isn't valid (I'm assuming it's fine though). I suppose we'll see soon enough! 

Well assuming this data is mostly correct, you guys seem to be killing it! The property search feature where you can search for ownership by estimated equity % is pretty neat!  The other day my uncle received a $1 bill in the mail from someone offering to buy his house --- I bet they used your Property Search feature to find him (100% equity, in a very desirable market of California, purchased back in the 80's).   I do wish I could adjust the map/table view percentages a little but other than that haven't found much to complain about so far.

Originally posted by @Elizabeth Wilson :

@Jay G. -  great idea!!  I did quite a bit of research before we started compiling and never found a list that was up to date in our area.  Many houses had already gone to auction and/or auction times/dates were wrong.

Well there you go Elizabeth! If you're in a niche market out there and you're one of the few people combing over legal notices then I guess maybe you win?  

Ok, so here's another idea for you (though you should probably consult with someone over the legality... maybe with proper disclaimers).  I wonder if you could relay some of the upcoming foreclosures with street view, or your own, photos of the home. Then at the end of the post you can say something like "THIS AND  19 OTHER FORECLOSURES WILL BE OFFERED NEXT WEEK... Reply for complete list!"  Then, give them a free week of access to your list.

If PropertyRadar comes to your neck of the woods I think your service might be in trouble though! :)

@Jay G.   I have been chasing this stuff for my entire 40 years.. Property radar by FAR is the best out there @Sean OToole and Sean is far to humble to toot his own horn :)

Liz even though you would never use it you should subscribe or maybe Sean will give you a trial ... its only 50 a month or so.. and you can see how comprehensive this site is.. Big money I am sure to get where Sean is.. you would probably need to do it regional say MS TN AL GA and Carolina's to make it worth super sizing.. TN is too small on its own.

for just one county I had a gal that worked for me in Clark Co WA she did it all by hand and had a very accurate list.. still does and she sells it as kind of a cottage industry..   However I use property radar myself but not for foreclosures but for all the other cool stuff it has.. I bought a property last year that I give credit to PR for helping me get and we will make about 300k on it.

Originally posted by @Jay Hinrichs :

Yes seems to be really good, with lots of different ways to potentially use the data. 

thanks y'all!

@Sean OToole - PropertyRadar is amazing (from my quick overview).  Congrats on that!  Sorry it wasn't available in Memphis when we started!  Saved me a lot of work!

@Jay G. -  great suggestions.  We actually used to have staff visit all properties of interest in tennessee and Mississippi and do photos and a proper condition report.

@Jay Hinrichs  as always, great advice. 

Hope each of you have a fabulous day!

@Thomas P. -  happy to chat with you. But honestly,  we had zero luck with any pre-foreclosure marketing.  We did lots of mailings and even some door knocking and nada.  In my experience there is a lot of denial and shame in the process or they are under water and/or had some family/life issue.  

I'm sure there are folks out there who have made it work but for us the list was mainly for buying at auction.

You could potentially team up with a reputable local wholesaler/company and allow them to perform ALL of the work and share the spread with you.

Pm me I think I can help