All Forum Posts by: William S

Thank you Will...

Appreciate it..I'd love to see some numbers on that, if possible an example would be phenomenal.

Kind regards,

William-

Thank you Steph!

Will,

Yes, double close will be the way to go down here.

'It is much more productive to get deals BEFORE they hit the MLS!'

I hear you there... I have "learned" a way to do this and will put it to use very soon

I go to my countl FC auction once every 2-3 months to meet potential PL's, networking, be on top of winning bids, etc...and one way is to approach the attorney representing the lender and ask a few questions...if a particular property that you may be following did not sell, you can then ask him/her who would be handling that REO back at the bank. You could also just call that attorney right after the sale, as that info is public anyway.

One of the main reasons I want to go out with my R E Agent is because South Florida is inundated with inventory... and MUCH more to come. My rational is that I'd focus on the ugly ones which have been listed for quite some time, maybe north of 120 days.

Have you ever made that many offers on a consistent bases with thorough follow up (constantly resubmitting bids every 3 weeks or so)

Value any feed back you have.

Thanks in advance,

William

Question: What's the incentive of your Private Lender in loaning you their money for such a short term?

Curious..

Steph,

Starting on the 21st of this month, I'll begin going out with my RE agent every Monday and placing offers on REO's in my backyard. Have my funding in place via a few of my private lenders (not hard money), I will begin making 6-7 all cash offers a week on properties that will need some repairs. Plan to resubmit offers from the month before along with new batch of offers and so on...drip, drip

Currently, at the FC sales, the average transaction is anywhere between 65-70 cent/1.00 and, of course, most properties up for auction are going back to the banks. Buyers/investors their, some at least, are buying in an area that I'm targeting for myself as a principal investor...

Question: how do I compensate my RE agent when I do decide to whole sale a particular deal instead of eventually giving her the listing to sell the property later?

She's great person to have on my team and would like to know how this could be done. Would like to be as transparent with her as possible and do what's right.

Thanks in advance,

William

WOW!!!

The guy comes here with good intentions, nothing less... and you guys with "wounded ego's" from some self-imposed mental story, saturated with insecurity, go into "attack mode."---Wicked smart!

Interesting to say the least.

Welcome to the forum Ian. Your intentions are appreciated.

The following is for those of you who are active in the NP residential arena....

Let me tell you a little about what I'm in the very process of establishing. In attempting to leverage the time it takes to establish direct relationships with sellers/and follow up (banks) and finding a way to use what comes natural to me, qualifying the seller needs/building relationships, I've noticed in the last few month that some specific changes in our industry have taken place. And what I've seen is a real need and willingness from the real brokers out there, with direct contacts to sellers, to work with other brokers that have direct relationships with buyers.. It dawned on me that there was an opportunity for me to become much more efficient and at the same time provide a substantial value to others who don't have the resources or the time in place. But to do so now, really requires a shift in perspective and a willingness to trust.

There is that word....

We all know one must establish some credibility first, then the opportunity for trust can grow around that.

My motivation and direction behind establishing this trust is pretty simple: There is no other option to becoming successful long term... PERIOD!

Let me explain why...If my goal is to enter and share in your "space of business" or "circle of influence" and you in mine, what point would there be in beginning to build that bridge, invest my time, energy and money just to deliberately tear it down before it really had the potential to become something valuable. It would be nothing short of ignorantly paralyzing a port of profit and commerce just as any real bridge provides in the real world. It would be completely inefficient and truly counter intuitive to do so. People who take that approach are fly-by-nights not only in business but in life as well. So, what I'd like to do instead is build a solid, cable enforced, 21st century bridge where you and I can work freely and efficiently and continue to expand our business' while continually solidifying our relationship.

That's my goal. This I how I personally feel. These are my values and how I choose to approach my business. I realize that is counter to how most ignorantly conduct their business. I'm just not one of them. It's time to do something bold and put yourself out there in order to have the opportunity to grow and expand your business. The fear not to act is costly. We are truly in the midst of tremendous opportunity in our industry and the time to act collectively and productively is right here. I'm taking the first step...

There is no business plan in place, not necessary, I am only executing immediately on what I know I can provide as value.

This is as clear and concise as I can be. I already have several serious residential note buyers as well as several brokers in place, along with my own direct seller and buyer relationships. However, I am only looking for 4 on the buyer side and 5 on the broker seller side on each side of our equation.

If you are a broker who is direct to the seller ( NP residential 1st and 2nds...)
Do not contact me with seller mandates or with demands for LOI's or POF's.
Contact me if you are truly direct to the seller (the bank, servicer or secondary market investor)
Even if you are new to the business, contact me if you are direct to the seller.
Only contact me if you are ready to bypass all the BS and allow me to use my strengths in establishing the lenders needs as efficiently as possible.
I'm also looking to form more relationships directly with buyers...

If you are a serious residential note buyer who buys 1st's or 2nd's (or both) and...
You can make an all cash closing (individual or small pools) within 5-7 days after offer approval.
Would like to have a steady stream of resi NPN's to bid on a monthly basis.
Can do so with a direct contact to the seller
Do not have to worry about daisy chain repackaging BS, because you will be direct to the seller

PM me so we can talk more.

William S.

Your best approach is to ask, " Im looking for the person or dept which is in charge of selling your banks non-performing or defaulted mortgage loans. Who would i speak too??".

With each bank that dept varies. It could be a portfolio mananger, special assets, secondary marketing mananger or risk management,,,just to name a few.

In my experience its better to simply tell the receptionist/operator what it is that you do and follow up with whats written in the first paragraph.

Will

I HIGHLY recommend [REMOVED]. It's a complete and very transparent course. No fluff. Straight to the point. But decide for yourself.

Good Luck,

William S.

Found this on youtube:

http://www.youtube.com/watch?v=TH9VwxIPD6k&feature=related

Thanks caitlyn,

Had googled that as well. That's somewhere in th ball park but still a little in the grey area. I guess I will shell out the expense and just have my attorney draw up that contract. Thanks for the effort though! Early Feb will start bidding on secured, non-performing 1st mortgages,,, straight from the bank. Will definately have all contracts in place by then to secure my private lenders.

Thanks again.