All Forum Posts by: Michael Flynn

Hello All!

I am from Massachusetts and unfamialir with the local customs in Florida. In Massachusetts we have a weekly newspaper which I subscribed to called “Banker & Tradesman” it is a weekly industry publication with news articles but more importantly it has all of the foreclosures, pre-foreclosure, bankruptcies, and tax liens listed in it for that week for the entire state. Is there a similar weekly publication like this in Florida?

I purchase a monthly list of probate leads in my county. The list includes the property address, name of decedent, and the name of the estate personal representative but does include contact information for the personal representative (address, telephone number, email address, etc.)

I skipped traced a list using a company called Clear Skip. They skip traced the names of PRs and came back with a list of next of kin of the PRs which is not very useful. I was expecting to get the addresses and telephone numbers of the PRs.

Does anyone know of a data company or skip trace service I should be using in order to obtain the addresses and phone numbers for the PRs?

The craziest thing is made his pitch to me via text message which I thought was it's given that the manner he wanted to conduct the transactions did not seem ethical or legal and perhaps violated his fiduciary responsibilities. I've been using around trying to figure how to get the REO deals. I drive around neighborhoods frequently and find houses all the time that are vacant and then learn they are bank owned; however, I rarely find REO listings on the MLS which makes me wonder how they are being sold. I spoke to a friend of mine the other day who recently became an agent and asked if there was an REO specialist in his office. He said yes there is and that he currently has 30 listings that were not on the MLS and he confirm my suspicion that these agents work with an exclusive group of buyers. Trying to figure out the system and how I can get into it.

Hello All, I've noticed for quite some time that REO properties rarely hit the local MLS and always thought that was odd considering the amount of REO properties that I am aware are out there in my community and the volume of foreclosure notices I see the the local newspapers. I have been asking around and doing my research and learned that REO agents are very difficult to connect with because they typically work with an exclusive group of investors. I spoke with one REO agent and he wanted me to meet with him at the cost of a $300 "consultation fee", he also said that he would want a "success fee" of a third to one half of the sale proceeds after the property had been repaired and flipped, and so on so forth. I thought it was bizarre that he requested a consult fee and wanted a piece of exit action. He also wanted the listing for the flip. He refused to commit any capital resources to the deals. He refused to meet with me unless I consented to paying his consult fee. He offered his contacts for contractors and to pay septic inspection fees and part of closing costs. Regardless of the fees and way he wanted to structure deals I will it be working with him because I found him to be skeevy with the sales pitch of a used car salesman. Anyhow, my question is; is it typical of REO agents to charge fees like this or to try to get in the deal in some way? It is my understanding that REO agents make very little 1-2% on sales commissions for selling the property which is why they try to work with an exclusive group of buyers. With that said, is it common practice for REO agents to make deals to get a piece of the action and is that the reason why they will only work with exclusive buyers? Lastly, what is a good strategy to start establishing relationships with these agents? They seem to be tough to find and what I have found so far, the best way to learn who's who in the REO game is to network. Any advice on this subject is much appreciated. Thanks, Mike

Good morning, I am in search of a good letter template to mail to pre-foreclosure prospects. Does anyone have a good letter that has proven to work in the past? Does anyone know of a website with a bank of different letter templates? Also looking for a good letter to send to tax lien property owners and divorce properties. Any input is much appreciated. Thanks, Mike

Hello All, I am in search of a reputable yellow letter direct mail company. I think I am going to use yellowletterhq.com. Can anyone provide any feedback on yellowletterhq.com or perhaps suggest another vendor? Thanks, Mike

Hello All, I am in search of a source for pre-foreclosure mailing list list. Does anyone have a good recommendation? Thanks, Mike

Hello All, I am new to the real estate game and am planning on dropping a yellow letter campaign in the next couple of weeks. I live on cape cod which is a unique market in that it is filled with summer homes (second homes, absentee owners) and retirees who also may own multiple homes. I work probate leads and have sent pre-foreclosure mailings in the past but can only come up with a few hundred names at most from these two markets to send letters to. With that said, I cannot find enough names to put out 5-10k piece mailing for yellow letters. I am considering an absentee list to mail to for the yellow letters campaign but am a bit Leary since I anticipate getting many call backs from people with second homes looking to sell at retail prices. I am looking for suggestions as to what would be a good market to mail to for yellow letters in my market. Any input is appreciated. Thanks, Mike

From the brief reading I have done on this matter thus far it seems the Massachusetts Association of Realtors frowns on wholesale deals. After reading the MA Association of Realtors standard offer to purchase form I noticed there isn't a section that addresses assignment of the contract. With this in mind, my questions are:

1) is the standard MA Association of Realtors offer to purchase assignable for wholesale deals?

2) If not, where do I find an appropriate offer to purchase form that is assignable to use when making offers on probate properties?

My concern is that the typical "guru" offer to purchase contracts used by most wholesalers will not pass the sniff test of the probate attorney and I will be perceived as not being a serious buyer by the probate attorney.

Hello, 

I am looking for a list to cold call on for prospective sellers. Has anyone done this and had success with it? If so, what was the list you were calling on (pre-foreclosures, tax lien, something else?).

I am looking for input as to what type of list would be good for this and also looking for a resource for these kinds of lists. 

Also, many marketing lists that can be purchased typically have only home telephone numbers on them which people rarely use or answer in today's world. Is anyone aware of a technique to mine cell phone numbers?

My goal is to locate properties to wholesale. The market I am in is Barnstable and Plymouth Counties, Massachusetts. I am seeking properties that are valued under 300k.

Any input is much appreciated.

Thanks, 

Mike

Hyannis, MA