The world is affected by the pandemic and so is the real estate market. A great number of foreclosures are going to open up soon. This is the time for real estate investors to prepare themselves and take advantage of this opportunity.
Watch this short video and learn from Jay Conner the different ways of buying a foreclosure.
For more valuable information click on this link and watch the complete episode: https://youtu.be/aIVxHMCrMAY – “What’s Going On With Foreclosures? Real Estate Investing with Jay Conner”
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Jay Conner has been investing in Real Estate for over 15 years. He typically makes 2 deals a month. He has bought and sold over 400 homes.
He had an 800 credit score and the bank closed his LOC. He needed to find a new source of funding. In the past eight years, Jay has never missed a deal because of funding.
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Scott Patton:
How do you prepare, like as a, because you, to me, we’ve got this situation where we have low demand because a lot of people have said, Hey, I’m not letting people come into my house and spread COVID. So I’m not selling my house or I don’t want to move anywhere. And then of course, we’ve got people leaving condos and leaving cities going into smaller areas. So I guess there’s, that’s causing a lot of demand. So you have sort of a lot of demand, but not a lot of supply. So do you think when this kind of, when the foreclosures open up, we’re going to see massive supply hit the market?
Jay Conner:
The thing of it is there’s two different times to help these people out and make a lot of money while doing it. There’s two really times in the process that you get, you can buy a foreclosure. Number one is it has not gone to sale yet at the courthouse steps. So they’re behind on their payments, either a summons or a notice of default has been delivered to the property by the deputy sheriff. Now there’s this window of time. And that window of time varies by state here in North Carolina, there is about a 10 to 12 week window between when they actually have the notice of default served to the house or the summons until the sale takes place. So in mine and Carol Joy’s foreclosure system, we are communicating with them during that process.
They’re behind on payments and, but the house is not going to sale. So the way that we do the business, in fact when we get here to the end of the show, I’m going to give out a URL to where people can go, actually watch my webinar in detail. It’s only about 45 minutes to 50 minutes long, but I teach the five steps of my, our foreclosure system of how you locate these people and et cetera. One big key is getting up with these people before other real estate investors even know about these potential deals. That’s one big category. So if they are behind on payments, I mean, if they’re behind on payments, if the property is not going to sale yet, then the creative strategy on funding that deal is to buy the property subject to the existing Note, which means that you’ll have to bring the back payments current.
But in my webinar training that I’m going to give the URL out for here in a few minutes. It goes into detail as to what subject to is and how you can actually buy it subject to. But in essence, what it means is you’re agreeing to bring the payments current also in the webinar training, Scott, I’m going to teach you how you can buy these properties, not having to pull any money out of your own pocket in order to make this happen. So the seller, the person or couple that’s in foreclosure is agreeing to sell the property to you, the real estate investor, subject to the existing mortgage thing in their name. And you are agreeing to make those payments and to keep them current until you sell it and cash out. Now, the other point in time to buy that foreclosure is if the opening bid was too high or you weren’t able to, you didn’t buy it there and nobody else bought it.
Now it’s called going back to the bank or bank owned properties are REO’s, which stands for Real Estate Owned. Now, when most of the time, those properties, those foreclosures will be so in the multiple listing service. So you want to use private money, all cash to buy those houses. So in answer to your question, Scott, is there going to be a lot of inventory on the market? I don’t believe it’s going to be as large as what happened back in 2007, 2008 and nine, but it is going to be a huge amount. So your average buyer, most buyers are typically not going to want to buy a bank owned property. Because, number one typically is going to typically need some type of repairs and you’re buying the multiple listing service is typically not going to want to buy a house that is going to need repairs. So there’s going to be a big opportunity coming right around the corner for real estate investors to either buy them bank owned or to buy them directly from the people. And again, my foreclosure system teaches everything from, you know, from beginning to end of how to locate these people before the property goes to sale. And also how to get up to these people before other real estate investors know about them.
Scott Patton:
And it’s important that we get to them before they go through foreclosure, because if they go through foreclosure, they’ve pretty much screwed up their credit rating for the next 10 years.
Jay Conner:
And if we buy it from them and we’re making the payments for them until we cash we’ll sell it out. Number one, that keeps a foreclosure off of their record. And secondly, as long as we are owning that house, we’re actually now helping build their credit back up.
As a bonus to them because we’re obviously going to be making their payments on time. Scott, in the system, there’s really our foreclosure system that we’ve been improving and using. And it’s proven since 2004 is there’s really two main parts to it and make it work. Number one is how we locate these files, get up to these people and we maintain the list at first it’s like, get the list and maintain the list. And so that’s the tracking, that’s the tracking of every open foreclosure file in our market. The other part to it is how do we communicate with these people? And that is, I’ve got a set of eight letters that get a crazy, very very high response rate. And it’s because of the tracking and the letters that we may all sequentially to these people that we’re able to communicate with them again ahead of the other real estate investors.
Scott Patton:
That’s really important. Because you can’t just knock on the door and say, I heard you’re going into foreclosure. I want to buy your house at a deep discount
Jay Conner:
If we call it door knocking. So if you are going to knock on doors, you for sure need to know what to say and how to say it, for sure.
Scott Patton:
That must be somebody calling about wanting you to get them out of foreclosure.
Jay Conner:
Gotta unplug my phone. But as I mentioned on the as while we’re beginning of the conversation, this whole mindset and this whole way of doing business has got nothing to do with taking advantage of people. I mean, we really are bringing a solution to these people and a lot of them are in denial and just hoping and praying that, you know, this problem is going to go away. Well, you actually, by using my foreclosure system, actually have a very, very important way and meaningful way to help these people out of distress. And I tell you, our average profits on these deals are over $60,000. So, for those that haven’t been tuning into the show Carol Joy and I are saying we’re in a very, very small market here in Eastern North Carolina. Our total market is only 40,000 people. And but we do two to three deals a month averaging over $60,000. Well, that’s getting ready to change pretty quickly because of this avalanche foreclosures that’s getting ready to you know, come about.
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