Targeting Eviction Deals?

Question

Hi everyone,

I caught a tip from one of the old BP podcasts that suggested researching current evictions with the court to create a list of people to contact who might be interested in selling. I thought this was clever and started looking through my area but I was wondering if anyone else has inherited an eviction or done something similar.

Does this sound like a terrible idea? I've read several of the horror stories, but could one budget for an eviction in some way as part of the sale?

I'm just trying to find creative ways of sourcing deals in a pricey market. Any thoughts on this would be great! Thanks!

Account Closed · Answer

Sure good idea - IT IS CALLED STREET SMARTS!

• Go to your local rent court as often as you can - 
• Listen to the the cases 
• Make notes of who won - the tenant or the landlord
• Meet the landlord/owner out side the court room after the case is concluded
• Say - "just heard your case - I am looking for real estate - I'd like to build a real estate portfolio - do you know of anyone with properties that would like to sell?"
• Alternately - look at the cases, write down all the names and streets on the docket - call or send a letter.
• There is a place at the court houses where landlords file their complaints - hang around there - you'll meet many landlords/owners who don't want real estate any more - they have HAD IT with tenants. They'll be happy to talk to you.
• Also - somewhere in the same court house is HOUSING COURT - this is where owners need to appear to tell the judge why they did not abate their house code violation - meet and greet and profit.

Mike Austin · Answer

Thanks for validating Account Closed! Awesome tips! I'm saving those!

Account Closed · Answer

Not a bad idea but you'll earn your money. Grow a thick skin and budget resources for legal process and property repair while coping with unhappy tenants/owners on their way out. Learn to make small talk with the constable as you both stand in the driveway watching a rental truck get packed in a hurry. Your friend, the locksmith, will make keys for you in under an hour while you wait. Don't forget your saw and extra nails for the plywood. No horror stories, just keep a cheerful attitude while making things right. Sincerely wishing you the best of luck with your investments.