All Forum Posts by: Walter Edmondson

Thank you @Christopher Phillips!  That definitely illuminates the concept for me :)

Very much appreciated.

Hello!

I was just reading up on one of the Bigger Pocket newsletters and I saw this: https://www.biggerpockets.com/renewsblog/get-start...

One of the things it mentioned is a term called "Referral Agent", which is a licensed real estate agent that primarily works with investors.

I knew I wanted to work with investors when I got my license, but I didn't know there was a specific term for it, so I am wondering if there are any tips and/or good reads people know of or would be willing to share, that I might be able to better educate myself on the matter :)

Any help or guidance you all have would be greatly appreciated!

Much thanks and Merry Christmas!

Thank you @David Heath!  I am going to try that :)

Thank you all for your feedback, I guess I need to take this one back to the drawing board :/

It just feels like Dallas/Collin is such a hot seller's market right now that there is no negotiating deals other than offering full or above list price currently, so I was trying to be creative in thinking of other alternatives that would give me more negotiating power.

I understand that sellers in pre-foreclosure are probably not going to give me or the lender any money, but do you think it would be worth it to them to redo the deed in a land or living trust with joint ownership(with me) if I were to 1) bring the loan current and 2) take over the payments, so that their credit score wouldn't be wrecked?

Hello!

I would like to attempt to direct mail to pre foreclosures in Texas(preferably in the Plano/Dallas area) in hopes of possibly taking over their mortgage payments to stop the foreclosure from happening.  I help them by stopping the foreclosure from wrecking their credit, they get to stay in the house, and I am now collecting equity in real estate.

I read that realtytrac is a good option to pay for recent and accurate lists of pre foreclosures in Texas, but I am wondering if anyone knows of more up to date lists, or thinks I'm going about this all wrong :P

Any wisdom you would be willing to share would be greatly appreciated!

I think it's illegal to pay a % of the deal after the deal closes which would be most ideal, which is why I am doing this up-front method.

Ideally this would be people that are already driving around such as pizza delivery persons, mail deliver persons, etc.

Hello!

I am just about to start hiring bird dogs, and I wanted to get feedback on if you feel my payment structure and tasks are unreasonable.

These independent contractors(scouts) will drive neighborhoods to identify various types of distressed properties.

Base: just take pictures and give you the address $2

Level 1: Base + owner's name and phone $4

Level 2: Level 1 + loan amt and reason for selling $6

Level 3: Level 1 + research Superior court records for probate information $6

Payments made every Sunday, up to a maximum of 10 leads unless renegotiated.

Scout will never contact property owner.

Optional banner with call number(built in tracking) may be placed on back windshield for additional $25/2 weeks.

I would greatly appreciate your thoughts!

Awesome!  I didn't know there were such awesome resources on this website!  I am also going to check out Sean Terry's book -- Thank you all so much!

Thank you all so much for the words of wisdom, I truly appreciate your great insights and will take all of this to heart!!

Much <3

Walter

Thanks, Craig!

Their software is essentially a map that has addresses of people selling their houses or pre-foreclosures. And also a list of cash buyers. It allows you to then plug this information into something called REI Blackbook 2.0 that does mailing marketing, phone marketing, and e-mail marketing. The software they have also calculates what type of deal would be best to do on a property.