How to Turn Pre-Foreclosures Into Profitable Real Estate Deals (Step-by-Step)

Learn how experienced investors turn pre-foreclosures into profitable real estate deals in this in-depth podcast episode. Coach James Gauge shares nearly 40 years of real estate investing experience, breaking down ethical strategies, common mistakes, and proven methods that actually work. If you want to understand pre-foreclosures before auctions and build long-term wealth in real estate, this episode is a must-watch.

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Transcript

0:00

little market reality check going so how are current factors like high home prices and mortgage rates affecting pre foreclosures and investor opportunities all around we had this thing that we all went through called Covid but now we're coming to the realization that okay these people are realizing they bought these overpriced houses at high interest rates and now a lot of people are being called back to the workplace and they're like this wasn't a good idea and unfortunately they're starting to walk away from these properties so that's why we're seeing the uptick in foreclosures right now hi everyone I'm Tim Jones with foreclosure.com Today I'm interviewing Coach James Gauge and we'll be discussing how to turn pre foreclosures into profitable deals Coach Gauge thank you for joining us today thank you Tim it's a real pleasure to be with you and your viewers yeah well welcome back to the foreclosure.com podcast it's been a minute yeah I was gonna say before we jump in can you give the audience a brief background of your real estate uh experience sure like I was telling you off camera actually it's amazing to me this year is 40 years wow that I've been investing in real estate I started in 1986 when I separated from the United States Air Force hmm I was working as a paramedic in Worcester Massachusetts and I realized that I loved my job but it just didn't pay the bills yeah and at the same time I was going to school to finish up my law degree wow and I realized hey I need some other forms of revenue so I started uh this now this dates me you're probably not gonna recognize these names but I I went through the schools of the Dave Del Dottos they were like the grandfathers of the infomercials Carlton Sheets no money down yep all those things I took all those courses and you know I found to myself that they always left out the secret sauce of how I would go ahead and do this so I actually found some people that were actually doing what I wanted to do and I started investing in real estate the first thing I ever invested in real estate was a condo down on Cape Cod and that I I got the bug and from that point on I I started investing in real estate in three deckers which are for your viewers that don't know what those are they're just basically three apartments on top of each other did five families and so on and then as the years progressed I did start getting into lease options and pro Bates and so forth and till here we are 40 years later and I pretty much do the gambit yeah yeah sounds like it well seems like you've been through a a couple real estate cycles yourself at this point oh yes ha ha well we're excited to have you back on the foreclosure.com podcast um I think we first interviewed back in 2007 so a lot has changed in the market since then huh yeah I mean you know nothing's new under the sun like I try to tell younger investors the cycles come the cycles go you just have to know where you are and how to profit from it I love it alright well let's dive in um I guess we should start with you know understanding the opportunity and and why that's essential so what's the first thing an investor or agent uh should look for when targeting pre foreclosures okay well we shared the data points a couple of days ago when we were talking that foreclosures are actually in 2,025 up 14% and the data that I'm seeing now is the No. 1 state that's being hit with foreclosures is Florida and what investors have to look for and and and for that matter uh agents and everything is they have to have a good pre foreclosure list don't reinvent the wheel and try to circumvent you know traditional things your company is very good at what they do I use your list and that's what people need to do is that that's their first stop is to look at these pre foreclosure list because that's their best data point okay so once they have that you know that short list how can they identify properties best suited for a a lease option opportunity or maybe a short sale strategy well it all comes down to communication people don't like to hear this because they hear a lot of the gurus out there telling them that they have this hands off system but the best thing that I found over the years is you've got to make the initial contact with them I find door knocking very very user friendly and it it's got a high conversion rate because you're dealing with people eyeball to eyeball and belly to belly you know I'm not against direct mail but I think direct mail is a little long in the tooth sending letters to people to try to engage with them yeah the best way is that one on one interaction but we got this thing called social media now where you can start the conversation there if you're able to access those things and it's it's very hard nowadays I think because not too many people are not on social media saying hey guess what I'm going into pre foreclosure can you help me hmm um so what you have to do is you have to use foreclosure.com's list and go through the Pete uh through the data and see what's in your geographical area okay 1.5 miles just like how they use it for comprables start off with 1.5 mile radius wherever you are and then just go and yeah I know you get in your car you go and you do some door knocking that's still the the the best way to go okay great and when you're looking at these properties determining whether it would be a good lease option and a short sale what what would be some indicators for that when you're first researching it okay once you make that initial contact with a person and you gain their trust you have to make them feel comfortable because they don't know you from a hole in the ground mm hmm so you have to make them feel comfortable with you so you just don't go like a bull in a China closet and just ask and start asking them numbers but that's really where it comes down to is you have to No. 1 is know thy numbers you have to find out their situation and what their numbers look like if if they owe more than the property's worth that's probably gonna be a more of a candidate for a short sale whereas if they're you know a little underwater or they're at parity you're probably gonna be able to do a lease option with them because there's gonna be enough of money as we call it in the spread for everybody to make some money understood okay well I I I think we should break that down a little bit further can you help us break down the difference between a lease option versus short sale strategies and explain the difference between how that works okay first of all in short sales usually they're only done in pre foreclosure settings you can do them outside of pre foreclosures as long as you can prove a hardship to the bank or the mortgage company then they may entertain that but you generally when you do a short sale it's because the person's in pre foreclosure okay lease options can be used on pre foreclosures too but lease options is the I guess the technical the definition of it is is the right but not the obligation to purchase something at a predetermined price and terms sometime in the future got it so so you get all the benefits of ownership without owning the property like leasing a car almost absolutely I was just gonna say so um when might one strategy make more sense than the other especially in today's market really I I know you broke it down as far as underwater verse the least option strategy but yeah what what would make it in today's market how would you well it depends it depends on what kind of investor you are if you just wanna take full control of the property you just wanna buy it at a discount price you do the short sale if if you wanna do a lease option you just wanna make some money in the spread and not actually have to you know take ownership of it that's the way to go but it all comes down to obviously the numbers now I'm gonna say something that a lot of people will disagree with me about and they think that we as investors our goal is to keep people in their homes well that that's very rare that you're able to keep somebody in their house because a lot of these mortgage companies before they put people into pre foreclosure they try to do some form of loan modification with them okay and usually loan modification modification is they'll stretch out the loan for 40 years for them instead of 30 years bring down their monthly payment but a high percentage I last time I looked at it was about 95% of people default on that cause they can't pay it hmm so therefore our strategy is to find something that we can maybe put a little money in their pocket meaning the homeowner and let them go on with their life but at the same time we fulfill whatever our investing model shows so if if you're just doing lease options well you're not gonna do a short sale but if you're saying well I'm just gonna do anything that I can do based on the numbers where I can make the most money in the spread then you have to make a decision so it really depends on what type of investor you are and I think you have to key in on that yeah no that makes a lot of sense you know so what are what I I know you mentioned door knocking and and using the list like foreclosure.com but what is what is your top marketing strategy for turning a pre foreclosure lead into into real deals mm hmm well like I said it's that interaction it's all about communication mm hmm if you can't make contact with the decision makers meaning the owners of the thing you don't have a deal yeah so you you have to do that and like I said usually the I mean I'm not against use people using direct mail if you wanna use direct mail by all means write the letters and and send it to people but you have to understand you're probably gonna be in competition with about 150 200 people how many people are willing to get in their car and knock on a door very few people because they No. 1 don't want rejection and No. 2 they've been sold the Bill of goods that we can automate this well even at its heyday I'm sure you know when direct marketing was everybody did it the best you could maybe hope for is maybe a 1 to 2% response on your letter and now it's even yeah now it's even lower yeah yeah yeah no for sure and that's just the response let alone right you know getting it yeah it's the psychology you know I would say to you if we were able to be privy to people's emails or whatever well you know you could you could do that I'll throw something out to your to your viewers right now and because it's probably going through their head now they say okay well yeah I've door knocked in in the past nobody answers the door and I just wasted an afternoon I never talked to anybody what I suggest that people do is everybody's got these things here called post it notes so I use a little psychology with people to get them to call me back and what I do is I'll put that on call Jim and I'll put my phone number and that's all I'll do and I'll stick it on the door because what what happens people nowadays investors are being told you gotta get door hangers yeah and you gotta put it on the door those don't work anymore just like bandit signs I buy houses cash everybody's psychologically trained to mean that they're gonna take advantage of me so if you put just your name call Jim psychologically they're saying who the heck is Jim you know so it's a curiosity factor yeah they pick up the phone and they call and then I can enter into dialogue with them wow that's a great that's a great uh tip and trick for sure because as a salesperson and biz in business development sometimes when you put too much up front you can give them a reason to say no right right away rather than what you said getting them curious of the potential opportunity or who is this person at least get them on the phone start the dialogue that makes perfect sense so so other than that do you have any other helpful communication tips when you're talking to a seller well I mean here here's the other marketing tip I can give if you're able to you know you have a friend pass on a somebody's name that's going on pre foreclosure having a hard time and you're able to actually get their cell phone number you can send them a small video and in their text just basically introducing yourself and saying you know such and such gave me your number and if I can be of any help I'd be more than happy to just put a little video together they see a face they put yeah you know they attributed the name to the face and it kind of breaks the ice so that's that's another thing but as far as automation well I had a gentleman that I worked with about a year ago he was disabled he was in a wheelchair he said that's great going door knocking Jim but I'm in a wheelchair so I said okay well here's what I would do I you have any local colleges in the area and he said yeah I do I said well you know college kids they're always starving they're always looking to make a few bucks you know most of them don't want to do Doordash or whatever the latest hottest thing is I said so go ahead and um call the college and ask them to put on their bulletin board you know a little classified saying hey you know I'm an investor I need some help have them call you and then you have you train them to go door knock for you yeah you know and he's like I would have never thought of that and I'm like yeah you know and it's budget friendly too it's like you're not gonna spend a lot of money on a college student as if you were to engage somebody that's looking for a part time job yeah no that make that makes a lot of sense so little market reality check going so how how are current factors like high home prices and mortgage rates affecting pre foreclosures and investor opportunities all around well you know we had this thing that we all went through called Covid and that just changed the landscaping as far as prices and so forth it was ridiculous I mean people were you know putting their homes on the market and um you know and they were getting five six seven offers above ask and so forth but now we're coming to the realization that okay these people are realizing they bought these overpriced houses at high interest rates and now a lot of people are being called back to the workplace and they're like this wasn't a good idea and unfortunately they're starting to walk away from these properties okay so that's why we're seeing the uptick in foreclosures right now because people are washing their hands they say hey I'll let them foreclose on me I'll keep my nose clean for a year and then I'll be able to buy a house again hmm you know so then it gets to the financials okay The Federal Reserve has been cutting interest rates but unfortunately that hasn't translated to the 10 year Treasury for us as investors we look at the 10 year Treasury bond as the kind of the barometer where mortgages are gonna go what we've been seeing in the last year and a half is it hasn't really been translating to the 10 year meaning the Fed is cutting but the 10 year is not going down yeah when the 10 year goes down mortgage rates usually follow 30 yeah yeah but that's not happening hmm so we're seeing stagnation here we're seeing a lot of things happening that it's developing into a perfect storm you know everybody's crossing their fingers that you know in may when there's a regime change at the Federal Reserve if they cut further that it's finally gonna kick in I personally don't see that and you by kicking in do you mean um a some kind of market correction or do you think a boost in the market is that what do you mean by kicking in I think the market's gonna continue to go down I think everything is overvalued I mean you know we talked about in some locales in Florida yeah if you if you go to Zillow and plug plug in Palm Coast Florida you'll see there's over 15 existing homes on the market and they're contending with all these builders that are coming in yeah now so the so this narrative in the media about there's not enough inventory I mean I don't see it here yeah I have to agree and something that I've really kind of been keeping an eye on is you know you hear people say golden handcuffs so how many people want to move whether they want to downsize or you know or someone like me who has a small family wanting to get a bigger home you can't move without losing your mortgage rate and it just doesn't make financial sense when you're looking at a more expensive home or even a less home with with that type of increase in the mortgage rate so I I also think that's gonna be a lot of inventory when they start dropping rates as well on top of the distressed and the builders yeah and people just having to go back to work so and don't even get me into the condos in Florida I mean that's enough that's a scary level when you look at the increase in in inventory across the state I mean there's not I mean even Miami which is still kind of holding steady as far as price you look at inventory and and you know something's gotta give and and I don't think people people just can't afford it you know you can kind of see that in mortgage applications you know people are just not even in the game right now especially in comparison to like pre pandemic so this is great information I well let me just let me let me just say this to let me interject here I don't please I I think people have to get their heads around that they're never at least in my lifetime maybe hopefully not in yours but you're never gonna see three three and a half percent interest rates anymore and you know people call my office all the time and they're like or I go speak at real estate investment clubs and they're saying hey I'm priced out of the market I can't afford it and I tell them all the time I said well what can't you afford is the problem the price of the house or the monthly mortgage payment and they always say the monthly mortgage payment I'm like well why don't you pay down the rate yeah and they look at me and they're like what what do you mean I said you can pay down the interest rate based on how many points you bring to the table I said you know we saw this you know in the early 90s and 2007 during a housing crisis that when interest rates were affordable for people they just bought down the rate and they're like well why didn't my mortgage person tell me this I said well you know I'm not gonna comment on that but I think we know why but a lot of ethical people will bring that out of the table so I mean that might serve you and going down yeah the path you're going down looking for a bigger dwelling for your family that's a great idea yeah no and I'm I'm trying to make the numbers work but also be conservative because we don't know what's gonna happen here in the near future and we're yeah kind of waiting and seeing so I I don't think I'm the only one that's doing that especially around my peers you know yeah so how can an investor ethically structure a lease option or a short sale um to help families avoid foreclosure while still you know being an investor still profiting from the deal okay well here's the good news the good news is that an ethical investor which sometimes is a contradiction of course you know it's like everybody loves a lawyer until you need one you know but um ethically you have to be honest to see if there's a deal to be had there you know I've done this for a number of years and it's very hard sometimes to be able to tell the person across the table that you know I can't help you you're so far underwater or the numbers don't work or you don't have a hardship enough where I can call the bank of a mortgage company and put a package together that they'll say okay because even with a lease option I'm still gonna have to talk to the bank or the mortgage company because they wanna make sure that you're not subletting and you're not doing this and you're not doing that to violate the terms of of the contract otherwise they'll automatically call the loan due okay so I need to know all the players involved and I have to know is there any leans on the house you know with all due respect should your house be on the cover of Better Homes and dumpsters because it needs so much repair those are the things that I can't help people with if if it needs a lot of work it doesn't make sense to me as an investor because there's just not enough of money in the spread but if I sit down with somebody first of you know like take take for instance in a short sale you have to put what's called a short sale package together for the bank of the mortgage company and some of the things that you have to put in there you have to put in a hardship letter you have to explain how you got here from there the other thing that you have to put in is the numbers the numbers never lie I need to know what their income is and so forth and make a case it's kind of like being an attorney when you're advocating for your client before a judge and saying judge this is the reason why that you should grant the short sale is because of this they're underwater you know here's their hardship here's the money that's coming in they can't keep this thing in the float and the thing that we as investors have to keep in our in our mind and we just have to let the owners know too is that the banks don't want to foreclose it costs them a lot of money to foreclose so if they if you're reasonable they'll sign off on your deal because nobody wants to go to an auction because as you know nine times out of 10 the banks gonna buy the property back at auction and then it goes into their R E o portfolio so you have to put them at ease and you have to let them know I'm not here to take advantage of you because they're gonna gonna be skeptical skeptical how many other people did they speak to before you yeah but I found out you know that honesty is the best policy I'll work the numbers with them and say this is what I can do I think we can do a short sale here or I think the best thing for us is to do a lease option and then a year from now we'll sell the property pay your note off and you'll be home free hmm that's great yeah communication is key oh yeah absolutely you have to communicate with people um and you have to be crystal clear don't be ambiguous don't talk in generalities you know I I have this form that I use on all of my real estate deals it's called the must sign document you know if your viewers reach out to me at coach at JG h dot com and say hey send me the document I'll be more than happy to okay it's basically a disclaimer and I hate to use this vernacular but it's like planning for the divorce before it happens and it goes through all the things it's a disclosure to them that hey we talked about this we talked about that you know um if you're over the age of 60 you had somebody present that was able to go ahead and just verify what we spoke about I'm sorry bless you bless you thank you thank you um you know that you know they they have a command of the English language and so forth so it goes through all the possible pitfalls not only does it protect you as the investor but it protects them as the seller of the property or the potential seller of the property yeah and I think there's some trust building in that process too cause you're communicating the worst case scenarios I believe that's what you would do in business with an operating agreement if you're gonna join you know do some sort of joint that's great advice and to kind of to go on dig in a little bit deeper what what key advice would you give a new investor preparing for this potential next wave of pre foreclosures wow well you know first of all is be educated about the process there's nothing worse that I've seen over my 40 years that investors go out there and I I call it the shotgun blast mentality they'll shoot a shotgun and they'll hope to hit the target yeah you know they they don't know the nuances they don't know how things work they don't know the specific laws of their state what they can do and what they can't do and and they'll get themselves in a lot of trouble and second is like the first know thy numbers know what you can do what you can't do how much money you're gonna make in the spread because you know I tell people all the time it's r O t everybody said well I know what r o I is but what is r O t return on time sometimes yeah that's good yeah return on time because you know what we all have one thing in common 24 hours in the day and it's how it's how we use them and it's no use in putting all this time and effort into a deal that's just not there and at the end of the day you look at okay what do I have to show for it I just lost 80 hours of my time that I can't get back and I'm better off probably working at the Golden Arches restaurante flipping burgers for minimum wage than I am a real estate investor I think we're gonna have to change the title of this interview to R 0 t that's amazing advice I mean coming from someone who's spun their wheels on a few projects didn't that didn't go anywhere yes that makes a lot of sense so thank you for that um acronym that's a great breakdown and something I really it hit hard because it's something you don't think about until you know I'm getting into my 40s and you're like wait a minute what happened to the the last you know couple years and so yeah the time the clock starts ticking a little bit more in your head with that so thank you very much and we're almost out of time here but I'd love to hear your thoughts on on the current real estate market and and where you think we're heading in 2026 I know you touched on this but you know if you had a crystal ball and you had to make an educated guess right over 40 years of experience and wisdom what what would you say to these new investors these new people trying to get into real estate you know I have my my little cousin who's you know 21 and he's gung ho about wholesaling and it and I'm I'm I'm proud of him because he's taking those steps forward to learning it but it also makes me nervous because he's trying to invest out of state you know he's just kind of it seems like there could be some liabilities that he's not considering he's only seeing the profitability of the opportunity and so yeah just curious you know I find that a lot too it's I call it the shiny Pebble syndrome you know people hear hear things like about oh you gotta go and invest in Missouri or Arkansas because prices are really cheap and I found out as a landlord pretty early in my career if you can't get somebody to behave 20 minutes away from you how you gonna do it when they're 14 miles away now and and I'll I'll go ahead and preface this with that's okay as long as you have some not only wisdom but some experience uh huh so start in your own backyard first before you start branching out to other states and so forth because then you have to put a certain model and with property management I mean it can be done but you have to have the experience yeah you know just like in in the course that I do on how to use foreclosures with lease options I have a course on that one of the first things I tell people is don't bite off more than you can chew look at the dynamics and feel the pulse of what's going on in your local so if you're let's say that you're in Florida was cause both of us right now are in Florida alright well get a pulse of what's going on in your county you know I mean if if you're in a north northeast county don't be worried about what's happening in Miami down in Metro Day yeah let's see what's going on in your own backyard yeah but you know what it comes down to education knowing how to communicate and putting together resources one of the things I Learned over the years that's imperative is that you put a power team together uh you have all these people over here giving you council so to speak I mean obviously you're the president of your own business but you need to know you have to have a good realtor because realtors know what's going on in the market you have to know a good mortgage or bank person so you have to put all this together as far as what I see for 2026 there's a lot of wild cards out there and again this is not a political thing I'm a business guy so when I'm doing business I put my political affiliations over here because it's all about business for me so I'm hearing things like 50 year mortgages I mean that that'll be a game changer if that ever happens 50 year mortgage I don't see it happening because I don't see the mortgage companies jumping on board with it yeah yeah you know so I don't see that happening but on the outside chance it does you know the government comes out with a program on its own for 50 years I mean obviously that's gonna pick the market up will that do anything for foreclosures probably not yeah probably not could decrease it in some ways I think because exactly gives people that chance as you mentioned earlier with the low modification to the 40 year or 50 year probably even more on cash flow and that's interesting you say that cause I just did an interview on portable mortgages which they do in in Europe and Japan specifically and you know also how that would affect it but why haven't they brought that here and probably the the mortgage markets a little greedy they don't wanna they don't wanna lose no money in it yeah exactly I'm gonna bring my interest rate you know it's like they're like what yeah so exactly wait a minute so I'm gonna give you three and a half percent again when I can make six over here yeah the banks don't like that yep no no so but that but you know I think the um administration should look at these cause I think people need some some help you know but I'm sorry I didn't mean to cut you off no no that's okay you know the other thing we have to look at is the 800 pound gorilla in the room is AI AI is gonna change the landscaping of employment yeah okay so we're gonna see a lot of pressure with employment because I was just watching the news this morning as I do when I have my morning coffee I was watching the business channel and they were talking about how AI is gonna affect our service industry it's not gonna affect doctors and nurses maybe they'll use AI for certain procedures and robotics and everything but it's AI is gonna really attack the service industry so if you do not have a high paying skill you're not gonna be employed yeah unless you have a Plan B so how is that so that that could affect dramatically cause they they're saying within the next 18 months you think AI has changed things now wait till the next 18 months so it's gonna it's has to affect where people live yeah wow that's real I love AI I use it in my business every day but it's a tool because you know even in my industry people say well nobody's ever gonna ask you to come speak at real estate clubs anymore because they got AI they'll just do a presentation or they'll have a Avatar you know or or whatever the case may be and I said well I disagree with that and and they'll always say to me how do you disagree with that I said AI is a tool you use it as a tool it's artificial intelligence it will never replace me or my again I'm not trying to be self absorbed but my wisdom or my knowledge which is kin to wisdom of course but my experience yeah 100% with the dynamics situations in real estate from you know just today talking about lease options versus short sales versus foreclosures knowing the difference when someone's in a situation that you could potentially help or you can't help you know and and knowing that yeah that makes a lot of sense and I think you always want to have a trusted team with you I think everybody I talk to that's done this successfully I think that's they they always emphasize that being the most important part is you know making sure you're surrounded with contractors agents you know money lenders that know what they're doing and wanna they're looking out for your best interest as well which not always the easiest in business but hopefully some of those communication tactics can help with that right and the last thing is you have to have the mindset not to give up because no matter what comes we've seen cycles before and cycles and patterns tend to repeat themselves and you don't want to give up because if you look at anybody that's ever assembled any form of wealth one of the common denominators is they've always been involved with real estate to one extent or the other hmm and I applaud I would you say it was your cousin or your nephew that you were talking yes my little cousin yeah yeah your little cousin you know I applaud him for you know hey I'm gonna do wholesaling because he probably doesn't have a heck of a lot of cash in his pocket and he's like well how can I you know jump into this where I can make a few bucks to go ahead and reinvest in a property or something so yeah um I think I personally think 2,026 is going to be the resurgence of the real estate investor because I think over the last year since Covid real estate investing hasn't looked really sexy to people because everybody was concerned about not catching Covid so yeah lot to lot to consider yeah yeah I mean you know it is a lot to consider but we're gonna get through this we're gonna get through this cycle and you know the people that are teachable and the people that seek knowledge and constantly tuning their craft meaning their real estate investing and their strategies because that's what it always tweak them you know and right now we're we're going into a foreclosure cycle and there's gonna be a lot of money made well I'm excited to rewatch this interview to learn for myself as well you know cause I'm still a student in the game for sure Jim thank you so much for your time this this has been fantastic I I've Learned a lot and I think our audience will as well so for anyone that's still watching please don't forget to like and subscribe so you get more of these tips and tricks and don't forget to sign up for our free foreclosure email alerts until next time I'm Tim Jones and thank you for watching