All Forum Posts by: Ted Schmidt

What if...

I took title to the property for $1 subject to the first and second, then get on the phone with the bank. Offer the bank a deed in lieu in exchange for a 5 year lease with purchase option?

Does anyone like that idea?

Zestimate $98,906

Here are more details.

Sale Date: MAY 15 2014

1st mtg balance: 95,000

2nd mtg balance 30,000

includes fees

taxes: assume 2 yrs behind

The seller just wants to sign it over to someone subject to that can possibly buy out the 2nd and just pay B of A.

This lead came in on my website today. How would you handle it?

Bedrooms:3 beds
Bathrooms:2 baths
Single Family:1,486 sq ft
Lot:8,750 sqft
Year Built:1990
Last Sold:Jun 2005 for $119,000

• Description: SFR Vacant
• Condition: Good
• Why do you want to sell?: Get weight off my back. I cant worry about the house now
• How much do you owe? $125,000
• Who is the lender? B of A - Select portfolio1st is about 90k second about 30k
• Are you behind in payments: yes - 2 years or more

• What is the least amount you would accept? $1
• What are your goals for this property? I just want to get out from under it

@Taylor Zenter I recommend buying internet leads from foreclosure lead companies. There are dozens listed here https://www.google.com/search?q=foreclosure+leads About 6,050,000 results

You can buy foreclosure leads with phone numbers for less than $1 each. Call the people and ask if they want to sell - no brainer.

The way to do it legally is to pay per lead not pay per closed deal. Set a minimum standard that the lead has to meet. This would start with providing correct contact information for the seller. You can add criteria - minimum home value, geographical criteria or what ever you want.

Pay them $50 per lead whether you buy the house or not - as long as it meets your criteria. If you buy 1 house for every 10 offers then its the same as $500 per deal and wont trigger any license requirement.

Bird dogs like it because they get their money quicker and never have to worry that they are getting cut out.

Have a simple contractor agreement with your bird dogs that spells it all out. Clean and tidy.

I put ads on the Internet for homeowners facing foreclosure then I sell the resulting leads to hard money lenders, lawyers and loan mod companies. I call the people after 30 days and ask if they would consider selling. Lead sales to the lawyers pays for the marketing resulting in practically free foreclosure leads for me. -There, now everyone knows my secret.

@Jerry Puckett

Yes. Do you also sell leads?

Targeting the correct suspects is essential to the success of any marketing campaign. Whether that list is from public records or from proprietary data. I advise anyone using foreclosure data to send your letter or email - phone call - whatever, consistently. Every 30 days they ought to see something from you in their inbox/mailbox as long as they are still on the list and haven't asked you to stop calling.

I'm not a licensee in your state, but are you allowed to share fees with non licensees? Be sure and check to see if that is legal..

See if you can get a create referral network that just refers leads not cash and you could always buy leads and keep all your commission.

Brian,

I try to stay with leads where the people actually have asked for help to stop foreclosure or have requested an offer from investors because they need to sell fast.

The benefit of these leads is that they come with the owners name and phone number and sometimes email address and the owner has given his permission to contact him.

That way you can connect directly with property owners that want to talk to you instead of just waiting for the phone to ring.

-Ted