All Forum Posts by: Rick Allen

Vendor List

Inventory

www.paperstac.com Trading platform with plenty of tech and inventory.

www.fciexchange.com – the “original” trading platform, linked to their servicing arm so it usually has inventory.

www.notesdirect.com – Note School site, has some deals, not sure if open to public yet.

www.Debtx.com – Mostly pools of assets on this site, signup fee, big players at this site (newbies proceed with caution.)

Note Education

Note School http://noteschool.com/ This is the most extensive education available, the cost is on the higher end. Note School was created by Eddie Speed, who has been in the space for more than 30 years. Without a doubt, this is the “Harvard” of the note space.

We Close Notes - http://weclosenotes.com/ This is lead by Scott Carson. Scott offers several training options and Facebook Live updates.

Note Force Academy http://noteforceacademy.com Note training for investors who are interested in wholesaling notes 

PPR Note Co – This one is lead by another industry influencer, Dave Van Horn. You can do everything from learn how to invest in notes, to participate in his fund.

RESOURCE SITES

• http://nvms.com/ (Greatest vendor mgmt site)
• http://www.bestplaces.net/ (breaks down area demographics, crime rates, income, housing)
• https://www.google.com/earth/ (virtual Drive bys on the house and surrounding area)
• http://publicrecords.netronline.com/ (for public records research)
• Zillow.com (value)
• Pacer.gov (Bankruptcy info)
• Narrpr.com (if you are a realtor this is a great source for information)
• Homesnap.com (value)
• Realquest.com (this is a pay site, good for information) www.express.realquest.com
• Wegolook.com (awesome site, pay someone to go out and look at property for you and inspect it)
• http://shackshout.com/ (research site)
• http://www.rentometer.com/ (Great site to get rental rates)
• http://www.gosection8.com/ (Section 8 Rentals)
• http://www.foreclosurelaw.org/ (foreclosure information)

(Statistical references for the industry)

www.census.gov/housing/

www.nahb.org/(Housing Statistics)
www.nahb.org/(Housing Economics)
www.Mortgagestats.com
www.nationalmortgageprofessional.com/
www.calculatedriskblog.com
www.housingwire.com
www.bankregdata.com/main.asp www.realtytrac.com/
www.realtor.org
www.corelogic.com
www.realtor.com/news/real-estate-news/
www.dsnews.com
www.dataquick.com
www.bloomberg.com/
www.bankregdata.com/
www.deptofnumbers.com
www.deptofnumbers.com/rent/us/
www.mortgagenewsdaily.com
www.mybudget360.com/home/

(Legal Reference sites)

• http://www.alllaw.com/

Servicers

FCI Lender Services http://www.trustfci.com/

SN Servicing https://borrower.snsc.com/

Driving for Dollars made easy.

CLICK HERE

Do You Drive for Dollars and still write down addresses on a piece of paper then enter them into a spreadsheet for your mail merge?  IF so, you need to watch this short video,  you will thank me. Watch Now

Welcome to Bigger Pockets.  Anytime in a neighborhood, its always a good idea to drive for dollars in the neighborhood.  I have purchased countless houses by recording an address and sending a letter. 

@John Thedford, with full disclosure the sellers property, there should be no issue as long as licensed.  I am not sure about your market, but in Orlando, there is actually a group of wholesalers that all work together called the Alliance, and they all market each others properties. There are no markups on price and the profit is split.  I think in this market, it is a good way to start looking at assets and getting an idea of what is out there. 

Alex, good luck on your journey to start wholesaling. I would encourage you to become familiar with all areas of Orlando because each area will can produce different product. I was a wholesaler in Orlando for 7 or 8 years, I made good money and learned a ton. You will make a lot of contacts that can lead to other opportunities, so with that in mind, be sure to deal honestly with people.

To get started, the fastest way is to market other peoples properties. Instant inventory will give you a location to start working. To gain access you may want to call off of other peoples bandit signs and go to the local real estate investment meeting. I believe the local meeting is this Wednesday at Edgewater High school and the name of the group is Central Florida Realty Investors (CFRI) http://www.cfri.net/default.aspx.

Once you gain access to a list of wholesale properties, go look at all of the houses, even if one goes pending. Once you look at the house, drive the neighborhood and look at other houses in the neighborhood, this is called "driving for dollars." You are looking for two kinds of opportunities, other houses that are being neglected and may be in need of a letter and houses that are being remodeled, which would be an ideal spot to stop and possible pick up a new investor. When you are driving around, you can write addresses down on a note pad, then transfer them to a spreadsheet and conduct a mail merge, or you can use an app to record the address and either send the letter with the click of a button or do your own mail merge. 

If you want to do a mass mailer,  I would use a service like real quest to pull the leads.  

I never gave the sellers a non-refundable deposit when I was purchasing off MLS, from a letter or sticker, however, I always took a non-refundable deposit from every buyer. If the buyer bailed and I was able to resell the house, I usually gave the money back. Try to make it a point to never cancel on contract, even if it means making no money. Unless you made a really bad buy (it will happen) and you have no way to close on the house, its best to follow through to the best of your ability.

It is an interesting play, one I have thought about in the past. I don't think every deal would warrant the "partner up and take the fee on the backend" scenario, but it is something I would do on a few deals a month. Like anything, it would take a while to build your pipeline, but once it was built and the fees started coming in regularly, life would be good. I think you could easily set this up with single use LLC's and an operating agreement that would outline all of the details. Once you have created this once, the cost would drop, and of course, the cost of everything would come right out of the deal.

Driving for Dollars has historically been a time consuming process that requires you to write down addresses, enter them into a spreadsheet, print the letter, stuff the envelope and drop it in the mail.   www.LetterFly.co allows you to record addresses and then download them into an excel spreadsheet, saving you a ton of time and keeping your addresses in one place.  The app also lets you push a button and send a letter right from your phone.  If you are D4D and find a house, just press the "send letter" button and your rewritten letter goes out, you have to just sit back and wait for the phone to ring.  For $10 a month you can record and download as many addresses as you want.  Letters can be sent for as little as $1.59 a letter. 

I found this product and it is a great way to stop people from kicking in your doors.

http://armorconcepts.com/door-armor/?gclid=CjwKEAjwj6PKBRCAy9-07PeTtGgSJAC1P9xGGgFwAjaHFKhFcKJTbmcb4pFTOfDaI--Ej6m2V8HD2BoCxFzw_wcB

I would order a skip trace.  You can sign up for a service that will cost you 5$ a search.  http://www.tlo.com/  The searches will provide a lot of information like phone numbers, alternative addresses, possible relationships, arrest records etc.   In the past I used this to locate someone who was in prison.   It allowed us to get a deed in lieu of foreclosure on a property.  Very good source for tracking people down.