Please help
I purchased the Ron Legrand system as well as the Sheets program ages ago. I never got into the Sheets program, but I devoured the Legrand material and retain it to this day. I am finally so tired of being broke I am taking action.
I have decided to begin with wholesaling, though I am considering adding lease options to my strategy to begin, and here is why. I just need to do one deal and I will have some cash to advertise and really start driving leads. Right now I have almost no money, so driving for dollars has been my strategy.
I have found 20 properties in my area that are great leads for wholesaling. I went to the court house and tax office and found the names of the owners and such. I sorted through the list and got rid of those houses that have a mortgage on them that is obviously way more than I can offer to earn a profit. After all this I have around 6 or 7 houses that look like they could potentially be great deals, at least on paper.
So here is my problem. I am still trying to hunt these people down, which has been significantly more challenging than I originally though. THat is no big deal because I will keep researching ways to find them, and I will hunt down every last person. I have managed to locate the owners of 2 of these properties, only to find out that they have gone back to the bank but the persons name is still on the deed.
My question is where to go from here. My thoughts are to go to the realtor I know had handled the one house and have him place a bid for me. Since so many are owned by the banks in my area now would it be smarter to simply have him pull up a list of similar houses to those I have found, as well as the banks that own the other homes on my list if possible, and then have him place bids for me on those homes?
Also, I am not sure how to handle the earnest money deposit. I guess I do have an idea because I don't need to place an earnest money deposit until a deal is accepted, and as long as I know I am making the right offers I will find a way to come up with $500 for a deposit. I don't know how, but I have faith it would work out. It concerns me, however, that I may need to place $1,000 or more which I do not have and cannot come up with.
I do own a van that is free and clear and worth at least $1,500 or more. Is there a way I could use this to get the down payment? My credit is horrible so I don't know if I can even use it as collateral to secure a private loan for the earnest money deposit.
Forgive me for rambling on with such a long post. I am dead serious about making this happen, and I refuse to stop until it does. So here is where I need some advice I guess. How can I come up with the money for an earnest deposit asap with no money now, bad credit, and the van is the only thing I own of any value.
Also, I have used the whitepages, information, and usa.com to track down these other owners and I am at a loss for some of them. I will send out an I want to buy your house letter to the addresses I have if all else fails, but I would prefer to get them on the phone and talk in person. I cannot afford to pay a skiptrace right now. How else can I find these people? I have looked them up at the courthouse and the internet. I have tried calling people associated with these people online but have many times found numbers no longer in use. I have knocked on neighbors doors, but with no luck.
Any advice and help on where to go from here would be greatly apreciated. I guess there is a bit of fear and concern more than a lack of understanding, but I am looking for advice about just using a realtor to find these deals though I have concerns because my understanding is I am more likely to find great deals doing the driving than using a realtor. Is this correct? I also don't need an earnest money for finding my own deals. Are there ways to work with the banks on great deals without earnest money deposits? I know it is unlikely but it cant hurt to ask.