For real estate profits with minimal cash outlay, foreclosure investing is a good way to start. Foreclosure investing entrepreneurs stay up-to-date about foreclosures in their area by combing the public notice sections of the local online newspapers, looking at courthouse records, and doing research online. Many, however, overlook another great way to find foreclosures: farming neighborhoods for ugly houses and vacant houses.
For foreclosure investing purposes, “ugly” refers to property that is neglected, is in need of repair, has boarded-up windows, etc. Ugly homes and vacant homes are often a good bet for foreclosure investing opportunities. Ugly homes and vacant homes are often a good bet for foreclosure investing opportunities. If the owner is not caring for the property, this can indicate that he can’t afford to, and may be approaching foreclosure, or may just be relieved to have the property taken off his hands – a foreclosure investing opportunity for you.
It can be tricky to track down the owner of a vacant property, and that’s where persistence pays off in huge dividends in foreclosure investing. Start by asking the neighbors. You can also ask the mail carrier for the name of the owner. Contacting the local tax assessor’s office or looking up the deed in the County Records office can also provide you with the property owner’s name. For success in foreclosure investing, these are all methods you should become familiar with.
Once you have the name of the owner, you can often find his address by getting a copy of his change-of-address form on file at the local post office. Many online services will search public databases, such as the Driver’s License Bureau, and provide you with the owner’s address.
There may be a charge to use some of the more extensive search engines, but if you’re serious about foreclosure investing, you can think of it as a minor business expense – one that will pay for itself by leading you to foreclosure investing profits.
When it comes to foreclosure investing, remember that property owners are often very motivated to sell, but may not realize the option is available to them. This is where you come in: be persistent in locating the owner, and you increase your chances of foreclosure investing profits, as well as the owner’s opportunity to escape a stressful situation. Foreclosure investing is a win-win situation.