Pre-foreclosure Wholesale experinces?

Question

Hello! I am very interested in pre-foreclosure or foreclosure properties! I would like to start by wholesaling a pre-foreclosure property! Any experiences or advice? Thank you!!!

Stephen Keighery · Answer

I agree with Wayne that if you are new you should stay away from foreclosures. There is to much at stake for the sellers so if you don't have the ability to close the house yourself or have reliable partners lined up then ethically you should get the house under contract. Start with driving for dollars, code violations, out of state owners etc and get some experience. Once you have experience and have reliable  buyers (or cash) then circle back to foreclosures.

Walter Holmes · Answer

Thats a little rough!.... VERY true but a little rough nonetheless.

Look I agree with their sentiment,  the reality is that there are many scumbags out there taking advantage of people who are already in a bad situation.

This market is full of intricacies and variables. there is in fact money to be made by investors and others  as well as many strategies to close a deal BUT believe it or not 99% of the time only 1-2 of those strategies will close a deal ethically.

The difference between a scumbags and experts? Scumbags find a strategy and try to fit deals into it, like a baby with a lego it tries and tries until they force it in or get tired of trying.

Experts see a deal and its corresponding strategy.

if you don't understand the analogy stay away from distressed properties.

If you have your sights set on this market...at least start  by learning lending and loss mitigation, become an expert in borrower options to avoid foreclosure and qualifications  for modifications,  forbearance,  payment plans , short-sales etc.

Once you have that down you will have a foundation to move into this space...get an experienced mentor and start doing the leg work of prospecting deals based on the borrower options you now are an expert on.

I don't know the reasoning behind your decision to enter this particular market but word to the wise .if you need to ask where or how to begin? this is not the market for you ... the majority of successful or knowledgeable people in this market "graduated" into it almost in an "evolutionary" way they just got here ... its just too high stakes for many involved and it takes years of experience to one day decide to learn it. There are many other easier ways to make money.

Wayne Brooks · Answer

Yeah, please stay away from them. The last thing they need is you tying up their property, not being able to flip it then walking away when they have no time to find a real buyer.

Karina Villamar · Answer

@Walter Holmes I wanted to find a way to help people get out that situation while investing. Thank you for the advice!

Karina Villamar · Answer

@Stephen Keighery thank you for the advice!

Pre-foreclosure Wholesale experinces?

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