How To Get Responsive Real Estate Investing Leads
If you have tried to market to pre-foreclosure leads, then you know they are over-shopped. Everyone tries to convince these people to sell their house. In my state, foreclosure happens only 3 weeks after pre-foreclosure. It is therefore hard to get these deals done.
You could waste a lot of time chasing deals you will never close. In this article, we look at some effective leads that have little competition.
While we cannot exhaust all sources of leads, I will only concentrate on the most effective in this article:
1)People in legal trouble
People who have legal issues and own real estate are usually very motivated sellers. People going though divorce, bankruptcy, people who have liens, are being sued, etc are usually looking to sell their houses.
People who have inherited property are usually looking to get rid of them. This is a great source of lucrative leads. These properties usually need repairs and are not easy to sell.
Lots of them are also paid off, meaning there is room for negotiation. Sometimes, they may be stuck with mortgage payments they cannot afford, which makes them very motivated to sell.
You come in as a solution they need because they just want to sell them and move on.
Probates can become a source of very profitable deals.
Most absentee owners are landlords. Most landlords get burned, making them very motivated; they are also not attached to their properties. As much as possible, concentrate on the middle income neighborhoods. In my market, I target $100,000 to $150,000 range.
I always make sure they have owned those properties at least 10 years, meaning they have some equity. I always make sure they are at least 3 bedrooms, 2 bathrooms, single family houses.
In the current market, there are so many properties for sale that you must filter them aggressively. These are people already trying to sell their houses unsuccessfully. Some of them have been trying to sell for months, sometimes more than one year. You come as an excellent solution provider for them. Like the absentee owners, I always target specific price ranges and neighborhoods.
Always make sure they have owned the properties for at least 10 years. I always make sure I find out when the mortgage was recorded. Avoid people who have recently refinanced their properties. You need properties with equity, so I prefer those with the original mortgage.
Properties with second mortgages are good as short sale candidates. I always avoid properties with negative equity. There are too many better properties out there.
You can have more leads than you can handle once you send out your mailings. The good thing is that you can have these leads flowing within just a few days.
by: Simon Machcria