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Real Estate: Three steps to foreclosure gold

Posted February 5, 2008

"With foreclosures soaring, there's rarely been a better opportunity to buy quality properties at steep discounts - and have owners thank you for getting them off the hook" — Marko Rubel

by Marko Rubel, Early to Rise

Baltimore – (TFN):  When done right, foreclosure investing can be one of the most lucrative ways to build your real estate portfolio. And with foreclosures soaring, there's rarely been a better opportunity to buy quality properties at steep discounts - and have owners thank you for getting them off the hook.

You can't just show up at the door with a handful of cash and expect to be welcomed with open arms. But by using three proven - and cost-effective - techniques, you can get your foot in the door with foreclosure owners, convince them that you're the best solution to their financial woes, and make sure you're spending your time on the best prospects.

1. Distinguish yourself from your competition.

The moment a lender files foreclosure papers with the court, the information is a matter of public record. Anyone can get their hands on it. In fact, some people organize this information and sell it to the many investors who are trying to find motivated sellers.

Within days of the foreclosure filing, the homeowner will be deluged with mail from would-be buyers. People will be pounding on the homeowner's door, too, calling her on the phone, leaving notes in her mailbox. Buyers would contact homeowners via smoke signals if they thought it would work.

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Problem is, the letters from these buyers are all pretty much the same. Most of them ask the homeowner to make a call right away to get a quick offer. Often, the homeowner hasn't yet decided if that's what they want to do. This is one reason these letters get a poor response.

But you don't want to be wasting money on ineffective marketing. To make sure you get your message noticed in the sea of other offers, you must be different.

Don't send your letter in an ordinary envelope. Capture the homeowner's attention by using a different-sized envelope, a colored envelope, a postcard with a compelling headline, an audio CD. The possibilities are endless. We have even sent letters in brown paper lunch bags. The point is, you want the homeowner to pick up your letter and read it - not toss it in the trash with a dozen similar letters. Read on to learn the other two secrets to safe and profitable foreclosure investing.


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