Over the last several posts, I’ve mentioned 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 additional 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 obtaining a foreclosure list that updates daily with newly published leads.
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!
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) Find a realtor who can pull comps or look into accessing the MLS yourself so you can research sales trends and property values.
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 generating valuable leads for your business!
Now, let’s build on what you’ve done so far! A huge part of a successful real estate investment business, particularly one that focuses on pre foreclosure or foreclosed homes, is getting your deals financed. Since the foreclosure process is one that requires that you be quick on your feet and even quicker sometimes with your financing strategies, I want you to complete the following action steps that will help your pre foreclosure business:
1) Understand your own credit and buying power. This means both identifying what cash reserves you have and your consumer credit rating.
2) Get pre-approved for investment loans so that you have this base covered by the time you start pursuing live deals.
3) Look into sources like retirement accounts for funding deals. Accounts like IRAs can easily and legally be used for funding your business so it is worth looking into. I recommend a group called Equity Trust (www.trustetc.com) for this purpose.
4) Start brainstorming a list of prospective private lenders who may help you fund deals. This is a very important step and I will be devoting an entire later portion of my home study course to this very topic.
Since you are in the mortgage lending business already, the financing side of things should be something that you are well on top of, again a huge advantage you have over other investors.
Trust me when I tell you that these action steps are critical foundations to your business and that they will bear results, but only if you complete the above checklist! The mortgage lending business is intimately tied to real estate and puts you in a great position to profit from the booming preforeclosure market.
Please take the time to review the action steps from all of my recent posts and make sure you’ve done them because we’re going to move onward and forward and I want you to be in an ideal position to act upon what you are learning. 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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