All Forum Posts by: Robert Hytha

I guess I can't disagree that public records are the best source for finding people with self-directed IRA but I would have to agree with everyone who mentioned providing education to the clients of various self-directed IRA providers.

Just to introduce myself as I'm very new to this forum, I work with US Mortgage Resolution, we purchase non-performing second mortgages and work with homeowners to get them paying agian. I have had the opportunity to do a lot of different things to market and source notes as well as find investors.

Our company and the two principals Tom Dunkel and Joe Downs have been teaching free classes on notes to clients of a local SDIRA provider in Blue Bell, PA. I had the task of finding other IRA providers nationwide to provide educational webinars to. This is a lot better than cold calling people you find in public records because you establish yourself as an expert and it becomes much easier to influence investors.

IRA providers have to be careful not to endorse any investments though so it is important to be strictly educational and not attempt to market your specific investment opportunities when you are presenting education to their clients.

My advice would be to start locally and find a provider of SDIRAs in your area and approach them with a plan to provide classes that will increase transactions within their existing clients IRAs. Then they will be happy to market your webinar or classes to their clients.

We have had great success so far with this and as a matter of fact, Joe is on a webinar as we speak with a Florida SDIRA company. We have a good schedule with other providers across the country in the coming months thanks to a few hours of calls I made a few weeks ago.

This thread has been interesting to read as I'm also just beginning to talk to banks about purchasing their non-performing notes. To first answer Justin's question,

, the banks benefit from getting the note off their books and freeing up loan loss reserves. Normally most banks can handle around a 2% foreclosure rate. With the rate of foreclosure where it is today, small specialty servicers can help the homeowner begin making payments again in a way the bank is incapable of.

I work with US Mortgage Resolution, we purchase non-performing second mortgages for a discount and work-out a creative solution for the borrower that saves them money and is a win-win solution for everyone.

Rather than cold call the banks, we started by creating a brochure that explains why they will benefit from exiting their "toxic" assets. We are only on our second mailing at this point and haven't had a lot of success yet but after they have received a few of these brochures it will be easier to talk to them when we call.

As far as who to talk to, I'm told the Loss Mitigation Office in larger banks is where to call, in smaller banks, the CFO, CRO (Chief Risk Officer), or CLO (Chief Lending Officer) might be the best place to start.

Rob Gillespie's point about getting involved in networking groups and getting introduced to bankers is probably the most effective way to get business from banks. If your in the Philadelphia area you should come out to our meetup group specifically for learning about notes. (www.meetup.com/Philadelphia-Note-Investors-Group/)

We also have a national meetup group where instead of meeting up in person, we have a weekly radio show, webinars and online interaction. We're just starting this group and could use your help getting it off the ground.(http://www.meetup.com/US-Mortgage-Note-Group/)

Just to be completely transparent and not mislead anyone, my primary objective for joining the bigger pockets forum is to find new sources of NPN seconds. If anyone has any connections with banks or hedge funds selling large pools of non-performing residential second mortgages we would love to get in touch with you. email me: [email protected].

You can email me if you have any questions about the market for second mortgages or specific investment opportunities with our company as well (the fund we are launching right now pays 18% over three years paid in monthly payments).

I'm glad I found this forum and I think we can all learn a lot from each other as to what works and doesn't work in this awesome industry.