All Forum Posts by: John Slater

@William Silva

At the end of the day, you need to find what niche works for you. Whether FB ads, SEO, or plain skip tracing with text blasts to “most likely to sell” or distressed homes in foreclosure.

Wholesaling is great, flipping is great, but it all starts with lead gen, whatever choice you pick.

I started with door knocking pre-foreclosures. Some will say don’t dk, but I loved it and it worked great. Some areas you can’t dk foreclosures, but again it’s a niche lead to go after. Distressed homeowner often equals distressed homes.

@Ibrahim Hughes

Did you get the help you needed. If not dm me.

I’m so cal, have stopped foreclosures all the time but isn’t an easy process.

Probate needs to be filed asap. With the time of year, getting an ex parte hearing could be tough, but judge can order stay on foreclosure. No one has ability to file bk that makes a difference, and bk on your record whether discharged or not is last case worst worst case scenario.

@Preston Phillips

One area to look into is pre-foreclosures. There’s masses of them in the area.

@Daniel Vineis

Do they have income? Retired? How old?

I meet a few older homeowners behind on property taxes with fully paid off houses, but little income so they can’t pay taxes each year. It has pros and cons, but when they are old enough, looking a a reverse mortgage has been one of their only options if they are old enough.

@Mike Hern

Thanks! That clears that up, appreciate your response

@Wendy Busa

Things are always different in different states, but yes there’s time, but not much.

If this was in California I’d get a prelim pulled from title, plus SI search with socials to make sure nothing else attached to seller of property.

If good, I’m opening escrow, have a deed drawn up. The day the deed is signed I’m wiring default amount to the bank. I’ve previously wired 3 days before sale date, but yes with 3rd party authorization so I can chase bank to confirm receipt. My small protection is the deed is signed.

Seller must be vacating all during this time, I don’t want t wire with them still in the house, what if they don’t move out??? Yes I could evict but time and money.

It can all be done in a reasonably short time, but begging for an extension might be a better option first, and at same time.

@Lindsey Johnson

Hope this works out for you, be careful I’ve seen someone lose their license this way.

@Mike Hern

Is what he’s doing equity skimming?

I tried to research it further and from what I read, and understand, why would it be equity slimming??

If he buys the house subject too, bringing the mortgage current in the process, the property is no longer in foreclosure. He then makes mortgage payments each month for however long he had it subject to….. where’s the slimming? Or is Washington’s law of skimming different?

More to the point, if this was a couple of years ago I would have said yes go for it. Collect rents and sell when it appreciates, but where we are in the market is a risk unless you plan to hold it for several years and refinance eventually when rates are dropped. For the seller, does he have a time limit for hod long he’s ok with the loan in his name?

Quote from @Shehryar Iqbal:

Hey Everyone! I am looking to find people who are facing foreclosure and have a little mortgage left or owe back taxes and may be in pre-foreclosure due to that, and possibly buy their house with seller financing. I know that is hard to find, but does anyone have any suggestions on how I can go about finding those? Also how can you check if a house has a mortgage on it?

Im also looking to get into the short-term rental game with a partner! Just took a full BP course with Avery Carl on STRs, and willing to do the legwork.

Thanks everyone for any suggestions!

Best for me is a foreclosure website.  You can see if a property is in foreclosure, the amount of the original loan, the default amount and the potential balance "if" its at sale stage.
Is it possible to do it with seller financing however its tricky and you'd still need to have the money to procure the default to get it out of foreclosure.  I bought my first rental house doing just that, bought the house subject to the mortgages, paid the default amount to bring it current, then made the mortgage payments until we sold it 5 years later.  Seller was happy because we helped his credit over time, but it was a second house so he was ok with the mortgages being in his name.  If someone is looking to rebuy in a year or two, they likely won't want the loan staying in place.

Quote from @Jean Robert S.:

So I m new. Trying to find out if there is a site or software, paid or free that shows which auctions are coming up per state, per county for the whole country.

 In California yes.  Most auctions are going through auction. com and they have a good calendar.

The other site I use is a foreclosure website, its nationwide, I pay for just one county for the auction data and their calendar is superb.. you can pay extra for more counties but it starts to get a bit pricey.