There are many places to find homes to flip today. You can often find deals among short sales, HUD homes and REOs. However most of the best deals are those that aren’t already listed. These are the distressed or motivated homeowners who haven’t taken action yet but need help and a way out of their homes. So where do you find them?
Credit Bureaus
You can actually get leads right from the credit bureaus with information on 30, 60 and 90 day late payments. However, legally this information is only to be shared if you are able to offer them a per-approved credit offer. So be careful if tempted to use this type of lead list.
Lead List Providers
Lead list companies and data compilers can tailor almost any combination of filters to allow you to hone in on potential leads. This can be done by LTV, mortgage amounts, lender and more. These lists are normally sold from anywhere between 2 cents to $2 dollars per name depending on the criteria you select.
Some companies you may want to check out include:
Attorneys
Probate, divorce and bankruptcy attorneys often have access to the best leads on distressed homeowners and others who want to sell quickly. They have privileged information on properties that have small or no mortgages and where the sellers are desperate to sell. Though do expect them to want to do the title work.
Title Companies
Title companies have huge databases of potential leads. They have data on when adjustable mortgages will come up for adjustment, who paid cash for their properties, who is delinquent on their taxes and they know who other cash investors are in your area who may be great prospects for flipping your properties too. Again they are going to want the title work in exchange for giving you these leads.
Loan Officers
Bank loan officers have a constant flow of leads. They take inquiries all day long from those who can’t qualify for refinances and they know who is behind on their mortgages and of course who have big bank balances too. These loan officers don’t make very much and will either be happy to exchange referrals or look for some type of referral fee.
Be sure to come back next week to read some of the best ways to capitalize on these leads....
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