Hi all, and thanks ahead of time ...
I was told by a 7-figure earner in the online marketing (not notes specifically or even REI) space over the last 15 years personally yesterday that it's strictly illegal to text a person withOUT their consent. So when I skip trace a list of noteholders and use CALLTEXT.COM to text them 1 text a week for 4 weeks that is STRICTLY ILLEGAL since they never "opted-in". I assume this guy is 100% right and that I should stop (I have btw) doing that immediately.
What say you?
Technically emailing people for solicitation also violates CAN-SPAM as well
That person is correct you cannot randomly text people for soliciting them
I would be very surprised if you were to get much, if any, response by unsolicited texting- potential illegalities notwithstanding.
Whereas, direct mailing to a good purchased list of note holders can be quite profitable, especially once you've been at it for several months. Follow-up is key. If you just send out one mailing, that's not going to cut it over time. In my experience, most of the closed deals are unearthed on the follow-up.
Thanks. DM is over $1k / per month though and therefore out of my budget. But I have heard from many sources that it is the best way to market for notes.
Here is the difference and issue with wholesaling notes vs real estate and the issue
For real estate you can direct mail anyone and hope they are looking to sell and find a buyer. There are vast people buying and selling real estate.
For mortgage notes it is a very limited pool - you may find someone who originated a note but then you need to confirm it was Dodd frank compliant and using s licensed servicer etc. it is very difficult to find. Legitimate brokers have relationships with hedge funds who don’t want to have a trade desk and to break into that is difficult. Most who broker are joker brokers attempting to sell an asset from another investor.
I would love people’s opinions but I do not believe being a note broker will be profitable or sustainable. Curious as to others thoughts
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