All Forum Posts by: John Slater

@Jacob Heckford

I used propstream for while but then switched back to property radar. I found the data easy to read on property radar and they’ve improved their system a lot.

Both prop stream and radar have 3 day free trials to test drive.

 https://www.propertyradar.com/...

@Evan O'Brien a lot... but covers a big area..

@Buyan Thyagarajan

I use https://www.propertyradar.com/...

@Joseph Glazer you are correct on the ownership side of things.  The challenge is this.  You own the property and the previous owner is still responsible for the first loan, of which they are likely not paying as there's no point anymore.  In my experience speaking with the 1st lender can be a challenge though to get the payoff information.  It's a great strategy but with risks and potentially dealing with the old owner, "cash for keys and help to pay off the first" might be needed...

@Frank Conigliaro Agree with Marty.  

Door-knocking can be tough, but very effective when you have a chance to stand in front of a seller in need.  Remember, selling is a solution to avoid foreclosure if they have no other alternative.  Most people will be trying to keep their homes first, so nurturing with these homeowners is important, but at the same time a keep it real conversation is sometimes needed when so close to a sale date.  

I pushed out sale dates with signed sale agreements to give some breathing space with an extension, and have also wired funds for the default amount 2 days before a sale date to stop the foreclosure.  

I don't use the sheriff's websites though, there's some great foreclosure tools out there to have all the info you need.

@AJ Locke I just reactivated my account so hadn't seen this or I would have commented.  Hope someone else answered it for you.

@Dylan Brown 503 active Pre-foreclosure properties in your county.

I wasn't aware this would post here.... was updating profile with a passed deal.  It's also not Norco, was in Oceanside.  Apologies for any confusion.

Investment Info:

Single-family residence fix & flip investment in Norco.

Purchase price: $481,000
Cash invested: $100,000
Sale price: $650,000

Pre-Foreclosure just days away from an Auction Sale. We purchased the property "Subject too" and brought the default amount current. part of the deal was to purchase a $20k RV (with solar) for the seller to move in to.
Minor rehab to completely clear out the property for a quick re-sale to a major investor!
They flipped it and Sold in 2022 for $849,000. Win/win for everyone involved.

What made you interested in investing in this type of deal?

Helping a homeowner to avoid foreclosure and giving them options.

How did you find this deal and how did you negotiate it?

Door-knocking pre-foreclosures was the lead source

How did you add value to the deal?

Stopped an imminent foreclosure sale.

What was the outcome?

Win win for everyone. We purchased the property, and resold it to a major investor in the area.

Lessons learned? Challenges?

Deal with the RATS first!