Sometimes last year we were appraoched by a local group of real estate investors loking for leads on distressed property. After a little thinking, we came up with an idea that has turned out to be fairly lucrative. We started by looking at the substitution of trustee instrument that are filed every day. Now, here in Mississippi the Substitution of Trustee is usualy the precursor to a foreclosure sale, atleast 99% of the time. What we do is pull the daily run sheet and take the book and page of the sub trustee doc's. From this we can get the D.T. Book and page. From the D.T. Book and page we get the loan amount, property description and address. We then print off a FREE copy of the land roll screen showing Property location. Next we print the 1st and either 2nd page of the D.T. (whichever shows loan amount and Maturity date) and last we print a copt of the Substitution of Trustee. We staple it all together in that order and it is now a "Package" as the Investors call it. we usually compile about 60 per day from the 4 local counties and we are moving all we can get our hands on for $18.00 each. The Investors understand up-front that every lead is not a slam dunk and that they may come accross a Substitution of Trustee that was performed for other reason outside of foreclosure. the result for all of us on both sides have been great. the Investors have made some awesome deals, we get the closing's when they buy and the closings again when they sell, not to , mention some pretty good pen money along the way, not to mention this whole "Package" takes less than 5 minutes to compile. Also, what we are providing is all of public record and we are in no way divulging any NPPI. We also have just started a lead program for some mortgage brokers that is turning out to be a pretty good deal. If you are interested in this let me know, I will be more than glad to share the details with you.
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