All Forum Posts by: Ted Schmidt

Curt,

I would save them in a database and do a drip email campaign to them.
That way your name stays in front of them and when the situation changes they might call you.

-Ted

I was thinking the same thing exactly!

I can't sell myself or talk about politics - good lord! what else is there? I think the moderators got it right. Politics and business don't mix well anyway.

@Brian L. That's very funny, but what is really funny to me is why would the government require a lender to verify that a borrower can afford the loan? Ummm duh, I can't remember ever making a loan to someone without knowing how I was going to get repaid. Can you?

After all, home sellers and private lenders aren't running the securitization shenanigans that were common before Dodd-Frank. We can always thank the government for solving problems we don't have.

-Ted

@Jenn St.Pierre:

I use Internet leads. You can get leads from people that have previously asked for help to stop foreclosure.

Do an email and telemarketing campaign to these people to find deals.

The leads will cost $0.50 - $1 each depending on the age of the lead.

The call script is quite a bit different on this type of lead. Most people are trying to save their home or live there till the sheriff arrives.

Jenn,

Welcome to BP. I don't have experience with mailers but I can give you help with the initial phone call when they respond to your ad.

Make a second line with some kind of distinctive ring or announcement so you know when it's an ad call. I use a cloud based phone system that shows me the number dialed before I answer the call so I always know which ad they are responding to and I answer appropriately.

I would write out a simple call script that establishes the framework for collecting a lead and deciding if they are a qualified prospect. The initial call is an information gathering exercise. Have a form handy that you can fill in as you go that has all the pertinent questions. Use a web form or set up a form on your computer that you can save the data and use later.

Most callers will start asking questions to see if you are a qualified buyer. You want to take control of the call from the very beginning. Let them know that you have strict buying criteria and the only way to know if their property qualifies is to go through the questions.

Get facts about the owner with complete contact info including email. Get the facts about property, how long they have owned why they are considering selling, how much they think it might be worth, what they owe, who the lenders are, who is on title etc..

Don't decide what to do with lead until you have all the facts and have had a chance to do some analysis. Part of real estate investing is building your database of property owners. Always collect a complete lead before making any disposition.

Be polite but non-committal. Limit the amount of information that you give and encourage your prospect to talk about himself.

Here is how my incoming call script for property sellers looks:

Get the facts, end the call by letting them know that you will start the review process immediately and you will let them know as soon as you do some homework. Don't make any offers over the phone and don't commit yourself until you are sure.

Using a set script with a structure to collect a lead will help you to be consistent and populating your database with leads keeps the hopper full.

Best of luck.

Ted

@Joshua Dorkin:
When I upgraded to pro I was prompted to made another company profile and I am having trouble deleting the extra one. Could you delete the extra one for me?

Hi Erica,

I recently upgraded my account so I could have a link to my website in my signature, see who has visited my profile and also to get more keyword alerts and text alerts.

There are other benefits, but that's why I upgraded to pro.

Kristen,

I agree with all I read in the comments.

Why do you want to be private lender? Do you want a better return on investment, do you want to limit your involvement with the property itself? Private lending is now regulated under the Dodd Frank law and they have taken nearly ALL the fun out of it.

Before I would offer advice to someone looking to become a private lender, I would need to know why and what the ultimate goal was.

Ted Schmidt

Jerry,

The question I like to my mentors is, "How can I help you?". By helping my mentors I show that I have something of value to offer them - me. They will generously give back if what I deliver is valued by them.

Tell us what you have to offer. Is that time, connections, a unique skill. Everyone has something of value to share.

-Ted