All Forum Posts by: Brett Burky

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 

@Martin Saenz can you tell us more about your ROI spreadsheet? We have one but always like to learn how others are doing things.

Agreed, it's an art and a skill that takes time. The best thing to do is learn the steps and then start there and run through a number of them. Start with your exit strategy first and then work from there. 

For example - if you're into keeping people in their homes and restructuring the loan - then that is your first filter Owner Occupied homes. Make sure it is their primary residence. Do some Google Street view, look at the time of the photos and virtually drive around. Are they mowing the yard? Do they keep their home in good shape? Are there things for children in the yard? 

You're trying to get a feel for their attachment to the home and if they've just been tossed around by the big banks. 

From there I would start doing my other forms of DD (title, taxes, BPO) using something like Pro Title for most of that. 

If on the other hand, your exit is for the property - start with the vacant homes. 

But like @Chad U. said it can't be summed up in one post because there are so many facets to what can be done. Listen to @Scott Carson he gives away gold on his podcast and every Monday night. Here is an example of one he did on DD: On Due Diligence.

There are two things that can help out a lot - letterfly.co if you're an iOS user and then onlettermarketing.com - it's going to cut down a lot of unneeded work that happens. 

Best of luck and good luck out there. 

First off congratulations on getting your first NPN, it's a great business to be in. In terms of exit strategies a good question to ask for someone to provide the best options for you would be - are you looking for a long term strategy or a short term? How do you want your money to work for you? If we know that the exit strategies can be customized for a better answer.

 Thank you so much Bernard. If you have any more questions, please let me know. 

Hello @Josh Oaten - @Shanna Bechtel makes a very good point of the taxes. If those aren't up to date that can concerning, just make sure you work that into your purchase price. 

Somethings to evaluate when looking at offers are UPB - what is left to make money from once it is purchased.

Do a drive around with using Google Earth. You want to give it a cursory glance (are the neighbors cars on bricks, etc). 

Those are some examples with that property above. Here is the steps we go through on any property.

1. Establish value - Do this through a BPO, get the comparable sales data for that property, pictures, opinion of value. 

2. O&E Reports - make sure the chain of assignments are good - that can be a deal breaker. 

3. Taxes - make sure they're paid, know the difference between tax certificates and tax deeds. If you have a tax certificate you're still OK and it can be fixed. If a tax deed it's gone DON'T BID. Taxes can be fixed if behind just calculate into your offer. 

4. Collateral File - Important for the chance that you have to take the property back in a foreclosure. Look for original loan amount, the pay history, credit score, original lender, number of assignments, borrower correspondence and loan mods. 

5. Assignment Chains (AOM), verify this, you're looking for a clean chain of assignments. We use a spreadsheet we've created for this - find it here.

6. Look at bankruptcy to see if there has been any CH7 or CH13. 

I might have gone a bit overboard there but figured I'd break it down a little better. I hope that helps out Josh. 

Sounds great @Judson Osbon you probably know our building its the only new building on Dillard and it's 3 story. If you're interested in grabbing a lunch let us know. Next week we could arrange a time to chat. I'll PM you with my contact information. 

Have a wonderful weekend. :)

@Pari Thiagasundaram let us know how that goes I'd really be interested in seeing what you came up with. We've got an active campaign account up and running but would love to see how you ended up making it work for your note business. 

@Kevin Frett, @Federico L. we're right here in Winter Garden and are actively investing in mortgage notes. We also have some training that we'd be willing to let you in on if that interest you. 

Also always willing to sit down and chat. Let me know were right off Dillard Rd and here all week every week.