Uses for Roddy Report?

Question

Hey there BP,

I recently had the next 6 months worth of the Roddy Report fall in to my lap, and I'm trying to determine how best to make use of it. Does anyone see any value in using it as a mailing list?

I understand that with 21 days to auction, as these properties and owners are supposed to be, many may not be in residence. It looks like this list was designed for people who want to bid at auction, but surely there is a use for this info?

I have a fairly large gap in my Real Estate education when it comes to foreclosure investing. I'm looking to correct that with your help. I need to start from the ground up, and add a strategy to coincide with my other wholesaling efforts.

Bill Gulley · Answer

I don't know your appoach, but I never used the mail, especially in pre-foreclosures as the is not time to waste 4 or so days, IMO. You might mail a letter and say you will be calling soon, but I just got on the phone!

If it's in town, I do a drive by after searching the on the area and comps (use to when I strated, but I knowmy area so well I can picture almost all the neighborhoods and know where the addresses are)

If it is of interest, then knock on the door and start in. The very worst thing that can happen is that they say no and slam the door...and I say next! But really, that didn't happen to me.

I strate out quickly saying who I was and why I was there and hope that we could do something that could solve their problem and that would work for both of us. And, begin my asking what they plan on doing and would they be interested in avoiding the foreclosure? Most will say yes....a few are so made at the bank they want them to eat the house.

About all I can say with the info at hand.

If you don't want to buy the house, they may need a place to move to, so you might have a buyer for an installment deal on another property.....screen closely.

Good luck

Bill Gulley · Answer

Guess you left the building, LOL

Sorry, I got off topic up there...but it goes to the urgency of contacting these people.

They are in a position where they may not care what happens, dispair, anger, under stress wondering what they will do and where to go.

That's obvious. What you can do is negoiate with the bank to buy the note at a discount and take a deed in lieu or immediatley seel the house, say to another entity. This will be a sale fromm that owner to the next entity and the company that bought the note gets paid off.

Lots of ways to do this.

It really depends on what you want to do with the family in the house. Are you helping them and modifying the deal or are you buying the home? You could move them into another property and trade equities to some extent as well. You could lease to them. And, they could just move on. You need to find out where they are and what they would like to do. They may not get what they want, staying in that house, but you can get them into another house, one more affordable, in other words, they step down, which is better than stepping out!

What's the goal?

Bill Gulley · Answer

I bet anyone that I'm one of the best door knockers ya ever met!  Betcha!

I was in the insurance businesss when I got out of the Army. I sold P&C, auto and homeowner. I found out that the fire protection class code (the basis for rating homeowner's policies) was based on a rural fire depratment for a huge subdivision just outside the city limits. I talked to my underwritters and said hey, the city takes care of that area. They said get it in writing. I did just that, the city gave me a letter stating that they would answer the fire calls, but charge em. OK, what's next.

I went in that neighborhood (I'm new out of the Army) and said basically that I'm so and so with such and such and we have just changed the fire protection class code for your neighborhood that will allow us to provide substantial savings on your homeowners policy. I'd like to give you a bid.

Then they would basically say sure, some would invite me inside, some would ask a couple questions and while being polite, I'd turn them down. I would not go in or get out by applications! Some really wanted to change right then! But I said no, we can do it later on.

I told them that I had to notify everyone in the neighborhood by Friday and that I would just like to set up an appointment with them when we could officially write a policy if they wanted to change. What's better for  you, Monday afternoons or Thrusday evenings?

Bam! Done! Like shooting fish in a barrel!

It just so happens my company was running a contest (insurance comapnies and car dealers always run contests. I won that month on placed policies for the Southeastern District of the entire country,, only one guy beat me in California who was some big time agent. Got the plaque and letter from the company president to prove it, LOL .

DOOR KNOCKING WORKS!!! I can get 4 appointments or face to face qualifying interviews out of 6 doors being answered! 80%+
But I never tried vacume cleaners or magazines!
My batting average is about the same on the phone with cold calls. If you have the gift of gab, exploit it, use it and profit from it.

That's what I did to start off, knocked doors, canvased neighborhoods, knocked on doors at real estate offices, cold calls made appointments and got my foot in the door!

Frankly, IMO, many Realtors would do much better if they got out from behind the computer screen and went to work. When people see that you actually work meeting people, do you think they might use you or the guy that wants them to stop by the office? I mean really!

Sorry, just side tracked, but a thought!

Account Closed · Answer

Driving around to look at neighborhoods, talk to potential sellers and buyers as well as many other business related activities are all tax deductible activities.

I would agree that at this stage in the process your best bet is face-to-face contact with these potential sellers.  Many of these homes will probably not sell at auction as well and will become REOs.  You will be in a good position to follow any property of interest.

Chris G. · Answer

Like Bill stated, it seems a little too late in the game to do a mailing.

I've been doing a lot of thinking the last couple days about starting to door knock. It scares the living piss out of me to think of doing it, but I know if I just start doing it, that I'll do just fine.

You're already way ahead of the competition if you are there and able to speak to them. The biggest hurdle in direct mail is to get them to open the envelope, and then it is a whole other hurdle to get them to call you. If you're on their door step, you've already overcame both of those road blocks.

And, if I remember correctly, and you you do it in the correct manner, you can log the mileage in your car and take it as a tax write off.

Greg B. · Answer

I have sat in on Roddy's lessons on the Texas foreclosure process.  I also subscribed to their lists for a few months.  I didn't have the drive to knock on doors so that was out.  I did try to use the list to scope out auction properties.  Many of the properties never made it to auction.  Several were not deals at all due to outstanding balances.  The auction scene was an adventure.

I dropped their service because buy and hold was my strategy.  I still like to see or hear their reports occasionally.

Jerry Puckett · Answer

Bill, what I'm attempting to do is capitalize on some free information I have at my disposal. I want to begin marketing to folks who are in pre foreclosure.

The Roddy Report is a list of homes just filed on, who's owners have 21 days until the auction. It contains the address, owners name, the tax appraised value, the original loan amount, the unpaid balance, and the interest on the loan.

There are many on here who already market to pre foreclosure, and I'm wondering if there is any value in the direct mail approach, considering there is not much time. As Steve Babiak pointed out elsewhere, many of these folks are not exactly in touch with reality at this point, and may not wish to be found.

I have no experience in marketing to this segment, so any tips or advice is greatly appreciated.

Bill Gulley · Answer

Ed, what are you doing and what information is in the report?

Uses for Roddy Report?

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