Step 2 to Pre Foreclosure Success: Researching Market and Qualifying Homeowners

August 23rd, 2008 by preforeclosure


Research the wholesale real estate market and qualify homeowners effectively!

In an earlier article, Tim Mai explained Step 1 to Pre-Foreclosure Success-Organizing Your Office. Today, he will tell you about Step 2: Researching the Market and Qualifying Homeowners.

In the pre-foreclosure market, there are two keys to your success-finding homeowners who’ve tried to solve their financial problem and failed to do so and qualifying those homeowners. This puts in you in the position of working with motivated sellers, and that’s half the battle! In order to find these motivated sellers, you have to do some hard work and research several sources of information.

Essential Sources of Information

Below is a list of my favorite information sources. Keep in mind that you’ll be using a combination of these sources at all times. Don’t limit yourself to one or two. You want as many open highways to profits as possible.

  • Courthouse offices-This is the first place to look so you can become familiar with your local and state government agencies handling foreclosures. The name of the agency varies with the state; it could be the county clerk, office of state register, registrar, etc. Find out if you can access foreclosure proceedings online. This is ideal since you’ll be able to download the list on to your computer quickly and easily. If the government office doesn’t have its records online, ask if there’s a foreclosure reporting service you can use. Keep in mind that, generally speaking, one of two foreclosure actions will be initiated by the lender’s attorney and will be available as a matter of public record-a Notice of Lis Pendens (judicial) or Notice of Default (non-judicial).

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Published by preforeclosure on Aug 23, 2008 under Blogging, Business World, Real Estate | Post your comment now

Step 1 to Pre-Foreclosure Success by Tim Mai

August 15th, 2008 by preforeclosure


Step 1: Organizing Your Office

Tim Mai has an easy nine step process for making great profits in the pre-foreclosure market. In this article, he will focus on Step 1 and explain the remaining steps in upcoming articles.

Setting up and organizing an office used to be an expensive affair. That’s no longer true thanks to today’s technology. For a minimum investment, you can now set up a highly efficient and effective work environment. Here’s a list of the basic equipment you need to get started:

  • A computer-These days, computers are a bargain. You can buy one cheaply. However, it pays to get the latest model since the computer world is forever changing and improving itself. I’d recommend that you buy one that has a minimum of 1 megabyte of memory and will allow expansion for more memory. This is important because new software applications get larger all the time and become “memory hogs,” which can slow down the computer While this may not be so important at the beginning of your career, it’ll become so as you become more successful and the complexity of your investments increases.
  • A good “office” software suite-you’ll need software that includes word processing, accounting software, computer slide generation, etc. Microsoft Office is the most common suite, but there are other, cheaper applications available (WordPerfect Office, etc.). Often, the application comes with the computer you buy so make sure the office suite comes with the features you need. Eventually, if you move into other, more complex areas of real estate (multi-unit dwellings, commercial real estate, etc.), you’ll want to buy software that’s designed specifically for the real estate market.

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Published by preforeclosure on Aug 15, 2008 under Business World, Entrepreneurship, Investment World, Real Estate, Success | Post your comment now