OfflineIf you know a house has sold recently was rehabbed and is back on the market for a higher sales price, you probably have an investor buyer. YOu could look up the property address in the county courthouse and find out who the investor is and who leant them the money. Now you have killed two birds with the same stone!!
When an investor buyer goes to a foreclosure auction and buys a property, they will need to pay cash for the property and they will receive a Trustees Deed or Sheriffs Deed listing them as the new owner. YOu can look for these documents in the courthouse records too. You might find a Deed of Trust, TRust Deed, or Mortgage filed against it now too from the private investor or hard money lender who gave them the cash to buy the property at the auction. It is the lenders security for the loan.
When a county has a tax sale either a tax lien certificate or tax deed is offered at these sales (it depends on what the county offers and when). These buyers are cash buyers too and investor buyers. If you look for these documents in the courthouse records you will find investor buyers too. They might even turn out to be private investors.
In addition to these documents, you could also look for quit claim deeds. Now, this is not a fool proof method like the others, but it is a means to find investor buyers. Many investors will use this document for asset protection purposes and doing deals subject to existing financing. It is used by others for divorce situations and name adjustments too, so you will need to see if one party has multiple entries and they are a private party transferring to an entity or a trust.
Many counties are online these days, so you might find this an easier task to do than in years past. YOu might enlist the help of a title company to provide these results for you too.
Happy Hunting!!!
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Your wright I have people stop all the time and give me their card when I'm doing a rehab. I even got one that brought me a house to buy.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
Some of these old threads need to be brought back out into the light because they have great info.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Thanks derling this is great info for us newbies
findcompsnow for comps,cash buyers and PML all in one place
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Step one: Target prospective investors
First, you need prospects, right? You need to target people who CAN (if they decide to) give you money. Some ideas are relatives, friends, co-workers, doctors, dentists, lawyer, accountant, neighbors, etc. Once you have a couple prospects you need to know what to tell them.
Step two: Create a plan for both you and them
[You] Buy houses in need of repair at substantially less than fair market value. Renovate the house and resell it quickly to an owner/occupant for a profit. We call this retailing.
[Them] They lend you money at 10%, 12%, even 15% simple interest for a term of twelve months. You pay them interest only payments monthly, quarterly, or whatever you agree. You promise them you will not ask for more than 70% of the after repair value ensuring their loan will be protected by sufficient equity should the deal go bad.
You give them a title insurance policy, a homeowners insurance policy, a first mortgage position, a personally signed promissory note, and an appraisal on the property. You share with them your plan of what you are going to do to the house (buy, fix, sell, etc.)
Step three: Turn your plan into marketing tool
Now that you have a plan, convert it into a marketing tool you can use to recruit private investors. Create an "Introduction" to your opportunity explaining what it is you do and what you can offer them.
Jazz it up with questions like, "Are you happy earning 4.9% on your CDs? If not, I can help." Stuff like that will keep their attention. Put this Introduction in the hands of all of your prospects.
Step four: Prepare your presentation
Prepare a presentation to sell this opportunity to your prospect. Create a package building your credibility, for instance, a credit report, list of assets, previous deals, referral letters, employment information, whatever makes you look good. Present the opportunity educating your prospect on what Private Lending has to offer. Pay, pay, pay them back and do another deal.
Randy Bailiff
Dean Graziosi Investment and Life Coaching