The last time I posted, I introduced what you may already see as an obvious reality, that being the current challenges in working the mortgage business. After all, what are the formal mortgage broker training, attendance at mortgage seminars, and time and effort that you’ve put in doing for you now? There has to be something else in today’s market. As someone who has had mortgage loan training and who I’m sure pays attention to the news and realizes how many foreclosures are out there right now, aren’t you ready to learn how you can profit from the current real estate economy and, in doing so, earn 10 times what you would make for simply originating a loan?
In my last post, I also introduced some more detailed steps for building your preforeclosure business. Remember, this is not loan officer training, mortgage training, or a mortgage seminar. It is simply cutting edge training that focuses on preforeclosures and short sales so the specific action steps are very important. Let me quickly summarize what we covered last time. In my most recent post, I asked you to:
1) Look into setting up a business website for your real estate investing pursuits ( I suggest www.getyourinvestorwebsite.com)
2) Explore joining a local real estate investment club (REIA). You can find a list of local clubs at http://www.nationalreia.com.
3) Acquire a map of your target market
4) Establish a business specific mailbox that has a physical address, NOT a PO Box! (e.g. the UPS Store)
5) Look into getting a regular notary who can formalize your paperwork with your pre foreclosure clients
6) Interview at least two more realtors if the first one didn’t pan out for you and start researching real estate trends for your area
How did you do? If you didn’t complete some of the action steps in the list, make sure you get to them right away because they are very important to your business!
Now, let’s build on what you’ve done so far! A big part of a successful real estate investment business, particularly one that focuses on preforeclosure and short sales, is a good source of leads.
Since the foreclosure process is one that is in the public domain, there are quick and cost effective ways to find quality leads. I want you to look into the following tools that will help your pre foreclosure business:
1) Look into obtaining a foreclosure list that updates daily with newly published leads. You get what you pay for so be wary of low-cost online services as their information, however accurate, may be very outdated.
2) Explore what are called PRE-NOD lists, which identify late paying distressed sellers before a formal Notice of Default has ever even been filed! Our team can provide this valuable information to you for a nominal fee.
3) Check out a skiptracer service that can help you locate and contact distressed sellers so you can better pursue the leads you acquire.
4) Good leads are as much linked to seller motivation as they are to the financial strength of the deal itself. You must have a realtor who can pull comps or look into accessing the MLS yourself so you can research sales trends and property values.
Trust me when I tell you that your leads are critical foundations to your business and that they will bear results, but only if you complete the above checklist! As I mentioned the last time I posted, the fact that you are in the mortgage lending business puts you at a tremendous advantage when it comes to the basics because you either a) have already done some of these things or b) have the resources and contacts to make them happen easily. The mortgage lending business is intimately tied to real estate and puts you in a great position to profit from the booming preforeclosure market. I’d like nothing more than to help that happen for you so stay tuned, I have so much more to share with you, and all the best to you in success.
The Short Sale Expert to Mortgage Brokers
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