Has anyone used distressedpro.com

Question

For those in note buying, especially NPNs, has anyone used this site, the Bank Prospector Software, or anything else from this site? Successes?

Brett Burky · Answer

Agree with Scott on this. Consistency is key to Bank Prospector. Also what we've done is use Hunter.io to get the right person's contact. I wouldn't expect the contact information to be accurate like you are hoping for - just focus on what is in default.

Then use Sales Navigator and Hunter.io and build the relationship. You have to know how to approach some of the people at the bank.

They're at a corporate gig and aren't entrepreneurs. Their needs are different than what your want - tell them how you can make their job easier.

Work your script in email and use an email tracking service like Hubspot.

It's not an overnight success thing - give it at least 6 to 8 months of working it consistently.

Lastly - I wouldn't start with the phone calls, I would start with Linkedin, email and then phone calls. It will be a warm lead by that

Eddie Starr · Answer

@Reginald Willhite

I gave it a go, and honestly, it's not really worth it. I'd say probably 85% of the financial institutes, it doesn't have up to date info on the decision makers. Even then, 90% of those that they do have, won't respond. You would have to go, in person, to talk with them, and develop that relationship, and that's assuming that the small town community banks/credit unions even have any REOs or mortgages they want to get off their books.

Even the "REO disposal companies," those that handle dealing with REOs that didn't sell at auction, it doesn't really do much, unless you're local, and can meet, in person, with the same assumption as the above: will there be any, and any that doesn't go to big hedge funds.

IF you can find the notes, the only thing that's possibly of value is the list of reo/note buyers. BUT, you MUST be 100% sure that these notes/REO haven't been "shopped around." That's why I've not put a lot of focus on this area, because every time someone (broker or other) send me something, and I passed it to the buyers, without fail, they'd already seen them.

Scott Carson · Answer

Hey @Eddie Starr ,

Distressedpro is effective in reaching out to the asset managers if you do it more than once.  80% of sales comes after the 5th contact and we've used DP to help us build a large list of asset managers that we market to on a monthly basis.  Yes, it takes time, but the best deals come from those that aren't being contacted on a regular basis.

Chad U. · Answer

If you take a list from someone else, then pass it along to another list of potential note buyers, that's what we call in the note and NPN investing community a "Joker Broker".  This does everyone a disservice as it is a huge time waster.

Mike G. · Answer

note investing is very intriguing to me is it calling banks and loan brokers to see what NPNs they need to sell off at a discount from their list?

forgive me if my question comes off as novice as this niche is NOT my area of expertise, but im interested to learn about it. .

thank you my fellow BPers

Reginald Willhite · Answer

Hey @Eddie Starr, did you ever hear from anyone about distressedpro and their personal experience?

Has anyone used distressedpro.com

Most Popular Reply