Trying to look for mortgages/ foreclosed assets
Hello, as we all know with the corona virus amidst our economy (referring specifically to the United States). My family is interested in heading to medium/small sized banks to buy up distressed assets aka foreclosed. However, we do not have any contacts with anybody on the corporate side. I am trying to take up my own part in this project but it isn't as simple as walking to the closest branch and doing these types of deals (bc the branches are so unrelated to corporate + they're closed lol). I guess I just want to figure out how we can approach these banks. If we have no contacts, is it just cold calling? I feel like cold calling would not be as effective. Please advise if you guys have any tips or websites, I'm just trying to get information. PS. This isn't the only subreddit im posting this on but I figure people who divulge in commercial Real Estate would possibly have some advise to offer.
[{"id": "fmae9cj", "text": "Are you investing more than 2m or less?", "replies": [{"id": "fmaj7ad", "text": "depends on the property", "replies": [{"id": "fmb6ga0", "text": "No I mean cash.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fmb0adl", "text": "Not the time to be doing this. No one knows how this plays out. Banks, the Fed and everyone else learned from the last recession that massive foreclosure isn\u2019t the answer. Loans will be adjusted to accommodate the current economic climate. \nBtw, there\u2019s a special place in hell for profiteers looking to capitalize off others misfortune!  There\u2019s a time and place for everything and now is not the time and this is not the place.", "replies": [{"id": "fmg30vb", "text": "Not sure why this is being downvoted.  GSE loans can use forbearance without penalty (besides losing right to evict) for multi.  For struggling retail, most bank lenders are willing to work with you, especially if you're leasing to small businesses and were doing well pre-Covid 19", "replies": [{"id": "fmgdwqh", "text": "Guess I was a little too harsh. All apologies for that. I was just thinking about that first domino that would fall in order for a property to be in foreclosure. Like a guy who has put a second mortgage on his home to open a business and is doing well and then he\u2019s blindsided by something he has no control over. I was blindsided like that in 2008. Wasn\u2019t the only one though.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fmhggcj", "text": "Check out properties in Realtor or Zumbly.  Zumbly only caters to Chicago and LA though.  It is the best time to buy right now in my opinion.", "replies": [], "depth": 1}]