I am new to wholesaling and did everything step by step. I called up the cash money buyers and got s list of the type of properties they are looking for and I started looking for the distressed properties that fit their needs. I wrote up my own version of the "yellow letter" and used the cities assessors office website to find the owner of the house. I drop off the letter to the address they have on file and the guy called me back 10 minutes later saying he hasn't owned the house in 7 years. So how can I find the owner of the house when the city does not know? Btw I'm from Philadelphia
If tax assessor does not know, I doubt you will figure it out. Move on to the next property.
yeah I just don't want to keep running into the same problem over and over.
When pursuing property owners, heirs of deceased owners or persons with legal interest(s), it's called skip tracing.
There is an entire industry of people who this for a living as well as subscription-based software devoted to findings people.
While can start with freebie, online people locator sites, they have their limits.
The bigger questions should be related to deciding which properties represent the best opportunities for profit and the sweet spot for prioritizing fat deals. I've personally hired private investigators and spent tens of thousands of dollars profitably finding the people that help me unlock profits that others only shake theirs heads about.
@Rick H. thanks for your input. From your experience what would be a "sweet spot." I usually just search in areas that cash buyers say they do business in
The sweet spot in a deal that I'm interested in may be a lot different than the one you are looking for.
I'm mostly looking for title messes where I can make a minimum of $100K net profit. You may be fishing for opportunities to slice off a few thousand, perhaps more, without risking your own money or credit.
Specifically your sweet spot has more to do with understanding (or developing a sense of) where and when to put in time, money and effort tracking down principals.
No one can (or should) tell you what that ought to be unless you are working under their direction.
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