I'm one of the "Find a Lender" lenders, here are my thoughts

[Erik Browning]

Pro's: 

It's great to have BP as a trustworthy partner to give clients a level of trust that they will be taken care of. BP cosigns our ability to operate and vets us both on the phone and online prior to featuring us. If we do a bad job, then it looks like BP also does a bad job. Neither party wants that.

I've helped out a handful of people that found me on the platform and heard a variety of unique and exciting stories from real investors that need some help with their situation. Whether it's a refinance on a balloon payment coming due or as simple as an active duty military person wanting to house hack their first home. Really rewarding when I can help them meet their goals.

The cost of the service is pricey, however it can pay itself off if you are helping folks consistently.

Most of the clients that come in are not qualified or don't actually want financing, however there are some folks that are indeed serious.

Con's:

Incorrect phone numbers and email addresses

Delusional keyboard warriors threatening to start being an investor. These folks are imagineers that have a real estate empire in their own heads.

Many folks that fill out the "Find a Lender" form just want to talk to someone for educational purposes and are not interested in actually purchasing a property. Instead of reading one of the many books and podcasts BP publishes on the foundational elements associated with REI, they would prefer that I take 1-2 hours out of my day on the phone to explain everything. I'm a complete stranger. Although I'm happy to talk about REI (it changed my own life), the purpose of the platform is to facilitate financing, not to be a full time educator. This happens so frequently that changed my lender page description's first line to read, "SERIOUS INQUIRIES ONLY."

Dopamine hits. In the age of same day delivery and on-demand streaming, filling out a form gives newer folks a hit of dopamine and makes them feel like they are doing something positive in their lives. How do I know this? Well, I've done it myself and so have you, if you're being honest. "Learn to code and create a coding portfolio to get a $100k job in just 18 weeks!" Regrettably, I've filled out that form many years ago and ultimately decided that's not what I want to do with my life just 30 seconds after filling it out. When folks fill out the find a lender form that have not put in the simple research into what it takes to buy a house or investment property, the euphoria quickly fades and they go back to work and forget they ever filled it out.

New client inquiries from the "Find a Lender" platform keep coming in the middle of the night when I'm sleeping and cannot reach out immediately. I've set up a Zapier zap to text my phone whenever I get a new client message because folks are very impulsive (see above about wanting education and dopamine hits). The impulse and question they have quickly subsides once they get off of the BP platform and they go back to their late night cocktail, TV show, or go to bed and forget they even filled out the form. Again, many folks are just looking to talk to someone about HOW TO START investing in real estate instead of having a basic foundation of what is feasible - and they want the money right now. Often times, folks have little to zero income, little to zero capital, and want me to sell them the dream of purchasing real estate with no money and no job. I'll leave the dream selling to David Greene and Tom Cruz.

Fake leads. I've sent support a number of bots or fake leads with false information. 

Our job as lenders is to provide education for clients for THEIR SPECIFIC scenario, not to educate the population as a guru on why they should get into real estate investing. Folks will need to decide on their own if REI is right for them and have a basic understanding of how it works - it is very personal to them. I am not a guru or a podcast host, just a resource to help you carry out your plan

[Jason Sousa]

Quote from @Erik Browning:

Pro's: 

It's great to have BP as a trustworthy partner to give clients a level of trust that they will be taken care of. BP cosigns our ability to operate and vets us both on the phone and online prior to featuring us. If we do a bad job, then it looks like BP also does a bad job. Neither party wants that.

I've helped out a handful of people that found me on the platform and heard a variety of unique and exciting stories from real investors that need some help with their situation. Whether it's a refinance on a balloon payment coming due or as simple as an active duty military person wanting to house hack their first home. Really rewarding when I can help them meet their goals.

The cost of the service is pricey, however it can pay itself off if you are helping folks consistently.

Most of the clients that come in are not qualified or don't actually want financing, however there are some folks that are indeed serious.

Con's:

Incorrect phone numbers and email addresses

Delusional keyboard warriors threatening to start being an investor. These folks are imagineers that have a real estate empire in their own heads.

Many folks that fill out the "Find a Lender" form just want to talk to someone for educational purposes and are not interested in actually purchasing a property. Instead of reading one of the many books and podcasts BP publishes on the foundational elements associated with REI, they would prefer that I take 1-2 hours out of my day on the phone to explain everything. I'm a complete stranger. Although I'm happy to talk about REI (it changed my own life), the purpose of the platform is to facilitate financing, not to be a full time educator. This happens so frequently that changed my lender page description's first line to read, "SERIOUS INQUIRIES ONLY."

Dopamine hits. In the age of same day delivery and on-demand streaming, filling out a form gives newer folks a hit of dopamine and makes them feel like they are doing something positive in their lives. How do I know this? Well, I've done it myself and so have you, if you're being honest. "Learn to code and create a coding portfolio to get a $100k job in just 18 weeks!" Regrettably, I've filled out that form many years ago and ultimately decided that's not what I want to do with my life just 30 seconds after filling it out. When folks fill out the find a lender form that have not put in the simple research into what it takes to buy a house or investment property, the euphoria quickly fades and they go back to work and forget they ever filled it out.

New client inquiries from the "Find a Lender" platform keep coming in the middle of the night when I'm sleeping and cannot reach out immediately. I've set up a Zapier zap to text my phone whenever I get a new client message because folks are very impulsive (see above about wanting education and dopamine hits). The impulse and question they have quickly subsides once they get off of the BP platform and they go back to their late night cocktail, TV show, or go to bed and forget they even filled out the form. Again, many folks are just looking to talk to someone about HOW TO START investing in real estate instead of having a basic foundation of what is feasible - and they want the money right now. Often times, folks have little to zero income, little to zero capital, and want me to sell them the dream of purchasing real estate with no money and no job. I'll leave the dream selling to David Greene and Tom Cruz.

Fake leads. I've sent support a number of bots or fake leads with false information. 

Our job as lenders is to provide education for clients for THEIR SPECIFIC scenario, not to educate the population as a guru on why they should get into real estate investing. Folks will need to decide on their own if REI is right for them and have a basic understanding of how it works - it is very personal to them. I am not a guru or a podcast host, just a resource to help you carry out your plan

 I am an agent an did their find an agent program too. I would agree with most of what you are saying. I feel the program needs more of a "certification" process for the leads. It took so much of my time to verify these leads. It is like paying to do what BP should have done. I will not make that mistake again.

[Erik Browning]

Quote from @Jason Sousa:

Quote from @Erik Browning:

Pro's: 

It's great to have BP as a trustworthy partner to give clients a level of trust that they will be taken care of. BP cosigns our ability to operate and vets us both on the phone and online prior to featuring us. If we do a bad job, then it looks like BP also does a bad job. Neither party wants that.

I've helped out a handful of people that found me on the platform and heard a variety of unique and exciting stories from real investors that need some help with their situation. Whether it's a refinance on a balloon payment coming due or as simple as an active duty military person wanting to house hack their first home. Really rewarding when I can help them meet their goals.

The cost of the service is pricey, however it can pay itself off if you are helping folks consistently.

Most of the clients that come in are not qualified or don't actually want financing, however there are some folks that are indeed serious.

Con's:

Incorrect phone numbers and email addresses

Delusional keyboard warriors threatening to start being an investor. These folks are imagineers that have a real estate empire in their own heads.

Many folks that fill out the "Find a Lender" form just want to talk to someone for educational purposes and are not interested in actually purchasing a property. Instead of reading one of the many books and podcasts BP publishes on the foundational elements associated with REI, they would prefer that I take 1-2 hours out of my day on the phone to explain everything. I'm a complete stranger. Although I'm happy to talk about REI (it changed my own life), the purpose of the platform is to facilitate financing, not to be a full time educator. This happens so frequently that changed my lender page description's first line to read, "SERIOUS INQUIRIES ONLY."

Dopamine hits. In the age of same day delivery and on-demand streaming, filling out a form gives newer folks a hit of dopamine and makes them feel like they are doing something positive in their lives. How do I know this? Well, I've done it myself and so have you, if you're being honest. "Learn to code and create a coding portfolio to get a $100k job in just 18 weeks!" Regrettably, I've filled out that form many years ago and ultimately decided that's not what I want to do with my life just 30 seconds after filling it out. When folks fill out the find a lender form that have not put in the simple research into what it takes to buy a house or investment property, the euphoria quickly fades and they go back to work and forget they ever filled it out.

New client inquiries from the "Find a Lender" platform keep coming in the middle of the night when I'm sleeping and cannot reach out immediately. I've set up a Zapier zap to text my phone whenever I get a new client message because folks are very impulsive (see above about wanting education and dopamine hits). The impulse and question they have quickly subsides once they get off of the BP platform and they go back to their late night cocktail, TV show, or go to bed and forget they even filled out the form. Again, many folks are just looking to talk to someone about HOW TO START investing in real estate instead of having a basic foundation of what is feasible - and they want the money right now. Often times, folks have little to zero income, little to zero capital, and want me to sell them the dream of purchasing real estate with no money and no job. I'll leave the dream selling to David Greene and Tom Cruz.

Fake leads. I've sent support a number of bots or fake leads with false information. 

Our job as lenders is to provide education for clients for THEIR SPECIFIC scenario, not to educate the population as a guru on why they should get into real estate investing. Folks will need to decide on their own if REI is right for them and have a basic understanding of how it works - it is very personal to them. I am not a guru or a podcast host, just a resource to help you carry out your plan

 I am an agent an did their find an agent program too. I would agree with most of what you are saying. I feel the program needs more of a "certification" process for the leads. It took so much of my time to verify these leads. It is like paying to do what BP should have done. I will not make that mistake again.

 The fix is simple. Have BP make them run, and pay for, their credit report. If they're not serious, they won't pay. If they are serious, they will pay.

[V.G Jason]

Quote from @Erik Browning:

Quote from @Jason Sousa:

Quote from @Erik Browning:

Pro's: 

It's great to have BP as a trustworthy partner to give clients a level of trust that they will be taken care of. BP cosigns our ability to operate and vets us both on the phone and online prior to featuring us. If we do a bad job, then it looks like BP also does a bad job. Neither party wants that.

I've helped out a handful of people that found me on the platform and heard a variety of unique and exciting stories from real investors that need some help with their situation. Whether it's a refinance on a balloon payment coming due or as simple as an active duty military person wanting to house hack their first home. Really rewarding when I can help them meet their goals.

The cost of the service is pricey, however it can pay itself off if you are helping folks consistently.

Most of the clients that come in are not qualified or don't actually want financing, however there are some folks that are indeed serious.

Con's:

Incorrect phone numbers and email addresses

Delusional keyboard warriors threatening to start being an investor. These folks are imagineers that have a real estate empire in their own heads.

Many folks that fill out the "Find a Lender" form just want to talk to someone for educational purposes and are not interested in actually purchasing a property. Instead of reading one of the many books and podcasts BP publishes on the foundational elements associated with REI, they would prefer that I take 1-2 hours out of my day on the phone to explain everything. I'm a complete stranger. Although I'm happy to talk about REI (it changed my own life), the purpose of the platform is to facilitate financing, not to be a full time educator. This happens so frequently that changed my lender page description's first line to read, "SERIOUS INQUIRIES ONLY."

Dopamine hits. In the age of same day delivery and on-demand streaming, filling out a form gives newer folks a hit of dopamine and makes them feel like they are doing something positive in their lives. How do I know this? Well, I've done it myself and so have you, if you're being honest. "Learn to code and create a coding portfolio to get a $100k job in just 18 weeks!" Regrettably, I've filled out that form many years ago and ultimately decided that's not what I want to do with my life just 30 seconds after filling it out. When folks fill out the find a lender form that have not put in the simple research into what it takes to buy a house or investment property, the euphoria quickly fades and they go back to work and forget they ever filled it out.

New client inquiries from the "Find a Lender" platform keep coming in the middle of the night when I'm sleeping and cannot reach out immediately. I've set up a Zapier zap to text my phone whenever I get a new client message because folks are very impulsive (see above about wanting education and dopamine hits). The impulse and question they have quickly subsides once they get off of the BP platform and they go back to their late night cocktail, TV show, or go to bed and forget they even filled out the form. Again, many folks are just looking to talk to someone about HOW TO START investing in real estate instead of having a basic foundation of what is feasible - and they want the money right now. Often times, folks have little to zero income, little to zero capital, and want me to sell them the dream of purchasing real estate with no money and no job. I'll leave the dream selling to David Greene and Tom Cruz.

Fake leads. I've sent support a number of bots or fake leads with false information. 

Our job as lenders is to provide education for clients for THEIR SPECIFIC scenario, not to educate the population as a guru on why they should get into real estate investing. Folks will need to decide on their own if REI is right for them and have a basic understanding of how it works - it is very personal to them. I am not a guru or a podcast host, just a resource to help you carry out your plan

 I am an agent an did their find an agent program too. I would agree with most of what you are saying. I feel the program needs more of a "certification" process for the leads. It took so much of my time to verify these leads. It is like paying to do what BP should have done. I will not make that mistake again.

 The fix is simple. Have BP make them run, and pay for, their credit report. If they're not serious, they won't pay. If they are serious, they will pay.

99% of folks that are serious, were serious. What I mean by this is the entire game of REI has now vaulted into the top 10-20% of W2 folks, but really the top 5% mainly the top 1-3%. It use to be the 20-40% could get into it. The 40-50% were the reach.

Now the 10-20% are on the outside looking in, likely the one's that are calling you. Therefore, you're getting a really, really shallow pool that can qualify but BP pushes this REI as if it was the yesteryears to where most could qualify. So the pool is shrinking as BP provides the leads to the original pool

With that said, the actual mechanism of BP's paid program I am sure it could be better but your strike rate is just going to get even more minute. The top .5% enter cash only or CRE, or rarely finance out. The .5%-5% are hesitant as the REI profile is as disastrous as they've seen and they keep reading stuff from pre-covid to judge the analysis and we all know that won't materialize.

Then for 5-15%  is nervous cause the COL has jumped in their face, plus the aforementioned issues. The lender is now the barrier of entry of their risk appetite and they'll need you to gauge if it's healthy or not-- it's not your job, but there's too many headwinds for them not to do that.

[Joshua Mckenzie]

Quote from @Erik Browning:

Quote from @Jay Hinrichs:

Quote from @Chris Seveney:

Quote from @Jay Hinrichs:

just a side note I get leads as well.. And what I find out is there is no context to them folks dont take the time to explain what they want.. also on the form i get from BP it cuts off the e mail address if its a long one so I cant even e mail them back..

But we do have to remember BP is basically an incubator site but there is plenty of active investors watching etc so there are lots of highly qualified folks as well.

Seems to me BP is justs following the same play book as Zillow RE leads.. But I do know they are concerned about FAKE lenders so that is a good thing. 

 we do much better organic and thought the cost for BP was very high compared to using other avenues - what we also see no matter where you are promoting is a lot of the leads want to pick your brain or want 100% financing... If you do this, make sure you have a separate email address just for them.

U know I offer 100% financing and very few people actually contact me.. But of course we are very particular so most would not qualify anyway..

I think it's odd that non-VA 100% financing is so underutilized. I, and I'm sure you guys do also, have EPM's FHA Forgivable DPA product that I think is great for first time investors. It's BPC, but with the right house, the seller can pay that plus the closing costs. Then they can streamline refinance in 7 months! Such a good product. Maybe I'm just not marketing it right.

 My wife and I did this about 13 years ago we had the chafa program I didn't know this was still available to first time  home buyers 

it is essentially down payment assistance you put the majority of the down payment into a 2nd loan 30year fixed with means your mortgage payment go up like 100.00,  we then payed off that with the tax savings the following year..

don't quote me I am not a advisor . Entertainment purposes only 

[Erik Browning]

Here's a fun example