License Or No License This Is The Question
Correct me if I am wrong. To sell a lead of someone looking for a loan you have to be a licensed loan officer. To sell a lead of someone in a default situation after talking with them and education them about Loss Mitigation issues like a pre foreclosure sale, you do not need a license?
I know for instance that HUD will not work with people willing to work with homeowners whom are in default unless they are a non profit organization.
So, Lets say someone wanted to work with defaulting homeowners to determine they want to sell. Instead of selling a lead to an investor, is there any information around on how to partner up with investors to obtain an even higher income VS. the $500-$1000.
Anyone have any contracts they use between themselves and investors or have you just formed new companies together?
You are not correct as far as I know. You can sell a lead if you can find someone willing to pay for it. You do need a license to broker a loan but this is different from selling a lead. Information about people that are in default on a loan is a matter of public record. If you spend time to compile a list as a service, and then sell that list, you do not need a license, only a willing buyer. If you want to work with a homeowner in default, and have a limited power of attorney from them authorizing the release of information, and authorizing you to negotiate on their behalf, you can act within the limitations of the power of attorney agreement, non-profit or not.
Some Subject 2 investors work with people in default all the time (though it's not necessary that they be in default). These investors commonly net 20k or more per deal using very little money to gain control of the properties.
You can get an independant contractor agreement from many office supply stores. you can modify that to apply to your sitaution, and use it. They work fine.
Keep reading here at TCI, you'll learn alot within a short time. It's amazing how much support is here for the asking.
Good luck,
Jeff
Okay but now let me ask you this.
How hard would it be to get paid at the closing and would my check come from say the miscellaneous funds of the HUD-1?
Or, would you or anyone else not recommend this.
How did you get involved with the deal so far. if you have an assignable contract with the seller, you can influence the escrow instructions as a principal in the deal. you can be listed as a payee from the proceeds on the HUD-1 if you wish. You could be paid when you assign the contract, or you could negotiate with the assignee. You are in control until you give that control away. I generally purchase the property when I'm involved in a transaction, so I've not actually done this.
Hang around there are others here that do this sort of thing often that will help.
Jeff