I have been going in circles for over 6 months now in the Houston, TX market. I am going in between pre-foreclosures, wholesale deals, MLS deals, auction properties, and REO properties. I can't figure out the best approach. Auction/REO properties scare me with the idea of missing a lien if I conduct my own search. But pre-foreclosure properties I am scared no home owner will return my calls or respond to my direct mail. While MLS/Warehouse properties are overpriced. Ideally I want to flip and profit. If anyone could help advice with the following
1. What do you find to be the best strategy and why?
2. How do you do due diligence with a title search bid on an REO or Pre-foreclosure when you aren't sure if you will win the bid? If I do one for each property I may bid on, it will be too costly. Also, auction properties I may do my title search on and later find out it's cancelled.. Do you still go ahead and do title checks professionally or on your own?
I have come to this forum for professional advice and direction, would GREATLY appreciate some direction, diving into the shark tank without any connections has been very difficult.
1. Don't limit yourself to one strategy. Set a metric that works for your goals and use all methods of finding a property and run it through that metric. If it makes the cut, write an offer
2. Due diligence is done after you have the property under contract. A title company runs those searches for you as part of your closing preparation.
@Brie Schmidt thank you so much Brie. Have been meaning to reply but account was blocked. Your advice was helpful and greatly appreciated!