NOTES with Jay Conner Success
HOW I MADE $456,000 IN 6 MONTHS
T here are two ways to learn about the foreclosure process. One is to stop making your house payments each month — you'll become familiar with the foreclosure process very fast. Of course, I don’t recommend this method. Instead, you should take the less stressful route: Make an appointment with a real estate attorney in your area, and ask them to walk you through the foreclosure process. This is the avenue Carol Joy and I took when we started our business 15 years ago. With this information, we created a system of buying foreclosures and made $456,000 in six months. It was not our intent to take advantage of people who are going through a stressful time. In fact, our system was created with the purpose of turning the foreclosure process into a win-win for everyone involved. Carol Joy and I set out to be problem solvers, helping people in distress. Our system enables us to locate people facing foreclosure and help them solve their problems before other real estate investors have a chance to contact them. This month, I want to share our foreclosure process with you. 5 Steps to a Successful Foreclosure Business 1. Get the Foreclosure List There are three substeps to locating and tracking foreclosures, and none of them involve monitoring foreclosures online. a. Go to the courthouse twice a week — or send your courthouse assistant — and get an update on all the open files. While you can certainly try to view updated foreclosures online, only by visiting the courthouse in person will you have access to the most accurate information before anyone else. b. Track every open file until it’s closed or dismissed. At any given time, we track 300 open files in our small market.
c. Create an Excel spreadsheet to keep track of the information. With this software, I don’t have to go through files by hand. Instead, I have a weekly report that shows me all the new bids and new foreclosures. 2. Market to Motivated Sellers When we created this program 15 years ago, I
also created eight direct-mail letters I could send to potential sellers. The post office is still open, and you don’t have much competition since most marketers are online. These letters get a 57 percent response rate — though I should clarify that some of these responses do include vulgarity. We get such a high response because, thanks to our foreclosure list, we’re able to match our message to the right audience. We send each new letter three business days apart, and every letter includes a call to action and multiple ways to respond, including email, our 24-hour hotline service, and operators answering live. Once we get a response, we stop mailing the letters, and we ask the homeowner if they want to keep their property. If they do, we give them some strategies as to how they might be able to keep their house. We don’t make anything on these deals, but I believe we should always help people whenever we can. If we get a response from someone looking for the best way out of a bad situation, we make them an offer.
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