While you’re probably aware that pre foreclosure investing is a great way to profit from real estate, you may be finding it hard to come up with ways to find those pre foreclosure homes that others haven’t already thought of. Here are some unique ideas for being the first to find out about potential pre foreclosure investments.
Build your army of pre foreclosure headhunters. Make it widely known to everyone you come into contact with that you buy pre foreclosure homes (you’ll probably have to educate them a little about what to look for). Let them know you’ll offer them a bounty (say, $500) if you end up buying a property they tell you about. Tell your mail carrier, your grocer, your neighbors, your hair stylist, your kids’ parents…and give each of them a stack of your business cards. On my personal card, I have, “I buy houses” printed on it so people know at a glance that I buy houses.
Post flyers wherever you can. Post your pre foreclosure bounty offer (do NOT call your ‘bounty’ a commission because that is illegal unless you are a licensed agent dealing with another licensed agent) at your church or synagogue, your health club, your coffee stop, your gas station, the laundromat – anywhere there’s a bulletin board.
Place an ad at a widespread online service such as Craigslist. Millions of people frequent these classified ad services every day, including people whose home is in pre foreclosure, as well as people who may know of a property in pre foreclosure
Don’t limit yourself to single family homes. Other types of properties go into pre foreclosure, too. Duplexes, churches, farms, even raw land can all have owners with financial difficulties that have forced them into pre foreclosure.
These are only a few of the more creative ways to find potential pre foreclosure homes that can result in huge real estate profits for you.