All Forum Posts by: Robert Lorenz

I second that, Greg that's pretty harsh.

oh I like it, thanks @Art G.

I would say that's a pretty valuable service, though you might be best off teaming with a few wholesalers or flippers who could make the most use of your time and effort.

Solid advice... so, no go on the letter?  What would you use instead? 

Ok so I have my NOD list all made up are ready to go door-knocking, and went to hit it this afternoon and think I need to work on my elevator pitch. Also wouldn't mind some feedback on my flyers...

Quick pitch:

Hi, I live here in the neighborhood and try to keep an eye out for neighbors that may be in some kind of trouble I can help with.  I saw your address listed by the county assesors office as having fallen far enough behind on payments that the bank may be considering foreclosure.  I can help get you out from under your mortgage, get you caught up on payments, and even help you find another place tolive if need be.

...That's pretty much it.  The leads I hit today were all in a Habitat for Humanity neighborhood. I didn't seem to scare any of the homeowners when I mentioned them being late or near foreclosure, and one woman even told me "they won't foreclose, you know this is a Habitat for Humanity neighborhood, right?"  Not that I'm sweating it, I knew these adresses weren't on the prime end of my list... but I need to get a decent pitch and follow-upready so I'm prepared when I do.

...don't know why the pic is sideways, but here's the note I'm sticking on doors with no answer.

As the landlord, you can set up an account for the renter at RentReporters.com (or their competitors) to help them build credit by just paying their rent.  Depending on how involved in the process you want to be, you can also contact local mortgage lenders to work with the client to pay off any outstanding debt they may have that could stand in the way of their attaining the mortgage. Nova Home Loans is local and does this for free.

Keep in mind the end result, which is to bring OPM into the system you're designing so you can get the house sold (at the higher price point) and get paid.  As added incentive to the renter, you can offer some sort of match in the form of a price concession IF they get their credit to a point where they can qualify for the loan AND close on the house.  This used to be called a rent credit, but Dodd-Frank fogged that up a bit, though with a little creativity it can still be tossed in with a little rewording.

Short sale (get an experienced realtor to do this and split the profit) or you could sub2 if it's cashflowing and she's willing, then set up the tenants  (current or new) on a Lease with Purchase Option and either keep it for yourself or assign it to someone else.

Michael Quarles also has one he gives out when you sign up for his mailing list.

Not yet, but how much work is it really?  I hand-written note and a quick contract write-up, plus a stamp.  All in, you're looking at MAYBE $2-3?  If that stretches your cash or time budget, you may need to rethink your career choice.  It only has to work once!

This is just me, but I'm kind of type A about stuff like that... I would immediately write them an offer good for ~96 hours and drop it in the mail with a postage paid return envelope and a sweetly written note offering any additional support they may need through this difficult process.  And a "PS, I sincerely hope you move forward with the right decision for you and your family.  If you need anything at all, please don't hesitate to call me!" If they asked to be removed from your list, do that... but still send the offer ;)