Building Buying Investor's List
What I am currently doing is finding great deals that I could possibly assign to other investors. I know that I have to have a number of buying investors in place before hand so I have someone to sell the deal to. My question is what exactly do you say to them when you call? Are there any scripts that you guys use that are in my position? Any suggestions on where to find them?
Thanks.
[addsig]
Hello Kyle,
I have a little bit different approach to building a Buyers list than that. My preference is to have a good wholesale property tied up, and then advertise that property, and capture the calls that come in from the ad. Some of the responses will be from diy types, and alot will be from Rehabbers. It'll be obvious when you talk to them which is which. Tell the investors that you find good deals all the time, and ask them if they would like you to call them when you have properties. If their response is favorable, you can get more specific info. where do they prefer to invest? what areas do they avoid? If any. Is there anything in particular that they are interested in? You get the idea.
I just think that they are more apt to respond in a positive manner when they know that you are for real, and not just a wishy-washy hopeful taking their time. (I'm not calling anyone names. I'm just setting in the chair of the investor getting a call from someone I don't know.)
Good Luck,
Jeff
Thanks Jeff. Makes a lot of sense.
I had an office on Sunset Blvd on the Strip. It was a combination Real Estate and Construction office. The property was a two story A frame with a little patio in front and a board fence around the front. You looked out on Sunset Blvd. It was conveniently located between a Liquor store and a night club and was only 13 feet wide. I bought it the day it went on sale, paid way over price almost $30,000. but who cared. My office on the ground floor with kitchen and bath and a unit upstairs so tiny you had a feeling you were in Japan some where off the Ginza. It had a bathroom and a small combination bedroom main room. What you would call a 5 mat house in Japan. I could retreat up stairs play my Shakuhachi and shut out the world. Great.
Across the street was a Savings and Loan known way back then as Litton Savings and Loan. We made lots of money off of that savings and loan. We bought their REO's, mostly units in parts of town where the investors carry machine guns and walk in groups of four. This was the early days of machine records so they had a print out of all of their loans and all of their depositors made every 15 days. Of course that generates a lot of paper and they would throw out the full paper file every 15 days, it took up a lot of space. Where did they throw it? Why in the trash of course. So on the 16th of the month and the 2nd of the month one of my secretaries duties was to go to the trash bin and pick up those full files of all the Savings and Loan Activities. Of course we learned the coding. We could tell which loans were 30 day 60 day and 90 days behind. Which ones had NOD's filed and which ones were slated for sale and when.
Borrowers name, Tele No. address of property orig amount of loan and present balance etc etc. On the other portion of the report where all of their depositors, with name, telephone number mailing address, amount on deposit type of deposit max CD's whatever.
With this intelligence information we were in Mortgage Brokers Pig Heaven. We could attend all of the sales. Knew which ones to bid and which ones to wait and buy from the REO which was staffed by rejects from the local schools for the socialy insane. To obtain lenders and investors we merely picked up the phone and offered them more interest and the same security that the Savings and Loan www.offered.Real Estate and we gave recourse on most transactions so they were fluid, could get there money back within 30 days of request. We massaged so many of those loans I could have qualified as a chiropractor. Lots of fun. Black Bart Litton was a little annoyed cause we were buying all of the REO's but wot the hell it got him fluid. One night in a restaurant, he was seated at the table next to mine and he called me several really bad names. When I complained to the Restaurants Owner, The owner was very nice about it. He said I really could not complain because the remarks were true. I had to agree, I sent a bottle of a really good red wine to his table, he sent me a bottle of vineger with his www.complements.I asked where was the crown of thorns. That did it we were friends. It was a fun time. In any case that was one way to get investors and leads. Now days it is a little different, If you really want to know who is active investor in paper or property you obtain run time on the master recording entries from the Hall of Records, you run it and abstract the many many names and addresses to which the deeds etc. are mailed. To do this is big time. There are some changes coming on the internet as to search engines programing to accomplish this result. Wait about six months the world will be turning again as new tek comes on line. Bart never did give me my crown of thorns. Cheers Lucius
Lucius,
Its always a pleasure reading your delivery of wit and wisdom. You are a great story teller.
Thanks,
Jeff
Quote:
On 2003-10-04 00:25, Lufos wrote:
I had an office on Sunset Blvd on the Strip. It was a combination Real Estate and Construction office. The property was a two story A frame with a little patio in front and a board fence around the front. You looked out on Sunset Blvd. It was conveniently located between a Liquor store and a night club and was only 13 feet wide. I bought it the day it went on sale, paid way over price almost $30,000. but who cared. My office on the ground floor with kitchen and bath and a unit upstairs so tiny you had a feeling you were in Japan some where off the Ginza. It had a bathroom and a small combination bedroom main room. What you would call a 5 mat house in Japan. I could retreat up stairs play my Shakuhachi and shut out the world. Great.
Across the street was a Savings and Loan known way back then as Litton Savings and Loan. We made lots of money off of that savings and loan. We bought their REO's, mostly units in parts of town where the investors carry machine guns and walk in groups of four. This was the early days of machine records so they had a print out of all of their loans and all of their depositors made every 15 days. Of course that generates a lot of paper and they would throw out the full paper file every 15 days, it took up a lot of space. Where did they throw it? Why in the trash of course. So on the 16th of the month and the 2nd of the month one of my secretaries duties was to go to the trash bin and pick up those full files of all the Savings and Loan Activities. Of course we learned the coding. We could tell which loans were 30 day 60 day and 90 days behind. Which ones had NOD's filed and which ones were slated for sale and when.
Borrowers name, Tele No. address of property orig amount of loan and present balance etc etc. On the other portion of the report where all of their depositors, with name, telephone number mailing address, amount on deposit type of deposit max CD's whatever.
With this intelligence information we were in Mortgage Brokers Pig Heaven. We could attend all of the sales. Knew which ones to bid and which ones to wait and buy from the REO which was staffed by rejects from the local schools for the socialy insane. To obtain lenders and investors we merely picked up the phone and offered them more interest and the same security that the Savings and Loan****Must Reach Senior Investor status before posting URL's*** Estate and we gave recourse on most transactions so they were fluid, could get there money back within 30 days of request. We massaged so many of those loans I could have qualified as a chiropractor. Lots of fun. Black Bart Litton was a little annoyed cause we were buying all of the REO's but wot the hell it got him fluid. One night in a restaurant, he was seated at the table next to mine and he called me several really bad names. When I complained to the Restaurants Owner, The owner was very nice about it. He said I really could not complain because the remarks were true. I had to agree, I sent a bottle of a really good red wine to his table, he sent me a bottle of vineger with his****Must Reach Senior Investor status before posting URL's*** asked where was the crown of thorns. That did it we were friends. It was a fun time. In any case that was one way to get investors and leads. Now days it is a little different, If you really want to know who is active investor in paper or property you obtain run time on the master recording entries from the Hall of Records, you run it and abstract the many many names and addresses to which the deeds etc. are mailed. To do this is big time. There are some changes coming on the internet as to search engines programing to accomplish this result. Wait about six months the world will be turning again as new tek comes on line. Bart never did give me my crown of thorns. Cheers Lucius <IMG SRC="images/forum/smilies/icon_cool.gif"> <IMG SRC="images/forum/smilies/icon_cool.gif">
I cant be alone when I say 'I Love this Guy' lol always interesting..