Free Webinar

Are you having a tough time just getting started as a real estate investor?

Do whatever it takes to clear your schedule for one hour this Thursday, October 30th at 6:00 p.m. PST/9:00 p.m. EST

Register now by clicking HERE!

https://www1.gotomeeting.com/register/718322160

During my “How to Get Started Creating Quick Profits in TODAY’S Foreclosure Market” WEBINAR you’ll learn:

How to survive and prosper in TODAY’S down real estate market

How to find the hottest NEIGHBORHOODS to buy in RIGHT NOW

How to find the deals right from your kitchen table (without needing to fund them)

AND so much more….

Watch the demonstration on your computer EXACTLY how you can do what I’m doing to THRIVE in today’s market.

Click here to register:
https://www1.gotomeeting.com/register/718322160

One of my biggest frustrations as an instructor of is the lack of success my students were having BEFORE they met me.

That’s right, I’m talking about people who have spent tens of thousands of dollars on courses, coaching, and mentorships–yet they’re not making money as investors.

My frustration comes from the fact that their previous instructors didn’t teach them the SIMPLE, BASIC fundamentals to making QUICK cash in TODAY’S market.

That’s why you should attend this training webinar “How to Get Started Creating Quick Profits in TODAY’S Foreclosure Real Estate Market.”

You’re invited to this free webinar this Thursday at 6:00 p.m. PST/9:00 p.m. EST where you’ll learn how to create this “Quick Cash” in TODAY’S market.

I’m not going to waste a single minute on principals that used to work, nor am I going to spend any time talking about what you could do if you had access to financing.

That’s right, you will learn how to find the deals, and then “farm” them without needing to “fund” them!

Register here:
https://www1.gotomeeting.com/register/718322160

See you Thursday,

Mark

P.S.  I’ve got a special bonus for EVERYONE that is serious about taking their real estate business to the next level.  You will hear about it on the webinar.

Banks Are Running Scared….And I’m Laughing!

The number of homeowners falling behind in their mortgage payments  is at the highest levels in history.

Some of the larger banks are allowing some borrowers with ARMs and interest only loans to refinance without paying any closing cost. Countrywide Home Loans and several other larger lenders have instituted call outs. The lender is calling homeowners just days after the homeowner misses a payment when this does not fit their normal payment habits.

This rise makes for increased opportunities for short sales and lenders are expecting investors to call. Lenders know when an investor calls offering a short sale, it translates into a faster and cheaper process. It becomes a win for the bank, for the investor and the homeowner avoids foreclosure.

While some lenders are more than eager to help homeowners with short sales, many loans are packaged and sold as mortgage backed securities, then sold to investors. As a result of the sale , the amount of leeway given to the homeowner may vary. When the securities are created, specific rules are also created regarding defaulted loans. For example, some loans will not permit loan modifications or they will limit the circumstances under which the loan can be modified. Some securities can and will either cap the number of loans restructured or cap the dollar amount of the portfolio to be restructured.

The east and west coast are seeing some of the biggest increased for foreclosure. California, for example, has made it hard for people to afford homes, so it stands to reason why the foreclosure rate has climbed.

Some lenders have become really aggressive in reaching homeowners. They have reached out to local churches and housing counselors and the United Way to find homeowners to talk to. Some lenders are posting workout information on their websites on ways to solve their problem.

As a real estate investor, you should do the same. Networking is the easiest and cheapest way to get homeowners in foreclosure. As an example, I just had lunch with a loan officer and what was the topic of discussion? How I help homeowners avoid foreclosure. We talked about the foreclosure process and how she could help me help her. How? By simply sending he people she could not help. By simply networking, it translates into profits for you and your family.

Ask The Expert

These are recordings of interviews I’ve done with experts. They cover a variety of topics from students providing their own insight to how they actually run their short sale business, to students laying out exactly what they do to sell houses. Two of my favorites are the Valarie Scott Interview. She outlines how she does short sales for other investors and makes a ton of cash doing it. I also interview my friend Bill. He provided some incredible tips on improving your credit. Trust me, you have never heard his tactics at a real estate seminar before!

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Expert Interviews

Often times when I teach a new student how to profit with Short Sales, they are often intrigued by what others are doing.  In other words, “How does she use your system Mark?”  So what I have decided to do was go back and interview students who have taken what they have learned and “tweaked” for their lifestyle.  Some of the interviews are students who are solely working Short Sales for other investors only.  Some are working full time jobs.  While some only want to work Short Sales part-time.  Hear their stories!

Influencing The BPO

The Broker’s Price Opinion, or the BPO is by far one of the most important aspects of short sales that you need to understand because it’s where the difference between a $10K profit and a $50K or more profit get made. So you’ll want to take a few notes here.

So what is a Broker’s Price Opinion? A Broker’s Price Opinion, known as a BPO, is the bank’s opinion of what they believe the property’s as-is fair market value is based on their own inside appraisal. In other words, the bank sends their own appraiser to the property to determine its fair market value, which the bank representative will then turn around and use in negotiating with you on price.

Now, here are a few little known facts about the BPO that are vital for you to understand. First, the bank will typically set the BPO price based on what they believe the home can be sold for within 90 days.

Below is and in depth look and the this part of the process that will yield you huge profits. Place close attention the my 5 techniques for getting the discount that I want.

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Free Videos

Short Sale Tips

When I first started this business, I spent hours on the phone talking to or attempting to talk to loss mitigators. As we all know, trying to reaching them can be a chore.

I remember calling and calling and in some cases never getting through. I would get really nervous because sale dates were approaching and I was still attempting to reach the “right” person.

When Ashlee came to work for me, she suffered through the same thing. She would make numerous calls to the point of frustration having never reached the loss mitigator. She saw homes sell on the courthouse steps because she never reached the right person.

While loss mitigators have caller ID and they use it to their advantage like some terrorists use explosives to promote their own cause. There are in fact ways to combat what they do.

Most loss mitigators, when they don’t answer, will indicate through their message, “leaving more than one message will delay my response to you.” Personally, I think it’s a load! Again, they use this as a tool to prevent interruptions.

So there are several ways to attempt to get through to the loss mitigator. You should leave just one message as indicated. But that DOES NOT mean you should only call once. How many calls should you make? As many as necessary without leaving a message. Again, leaving more than one message ticks them off.

Here are several ways to fight back against the establishment. First, never call from the same number. If you have multiple lines, use them. If you are using a cell phone to conduct business, use a land line to attempt to get through to the loss mitigator. Here’s something else to consider….use the *67 function on your cell phone or land line. Using this function, it prevents the person you are calling from seeing the number and identity of the caller. Loss mitigators will, in most cases, answer.

So here’s what NOT to do when you finally get the loss mitigator on the phone. DO NOT began yelling at the loss mitigator. Yelling gets you a dead deal. A dead deal means no profit. No profit means no vacation. No vacation means you are emailing and faxing me telling me “this doesn’t work.”

So pay close attention here.

When you get the loss mitigator on the phone, simply act as though you just talked to them yesterday. Never let them see you sweat. Never remind them you have called 100 times in two days. I listened to a call with one student who literally kept throwing things in the loss mitigator’s face the fact he faxed over an offer on three different occasions. While the student was right in what he was saying and he clearly documented in his file what he had done, the loss mitigator was in control.

At my events, I play an audio recording of a conversation I had with a loss mitigator who was clearly a liar. While the situation I called the loss mitigator on clearly shows him to be deceitful, I lost the deal anyway.

Remember, never let them see you sweat. Be firm in what you want if you are up against a sale date and you’re talking to them for the first time. Just don’t flip out!

What’s Up With Realtors?

There has been and will always be this division between Realtors and Real Estate Investors.

Realtors have this opinion that investors are crooks. They believe investors are out to take advantage of homeowners and in many cases make tons of money for selling something that isn’t theirs.

Realtors believe we should be regulated or forced to get a license.

Investors who don’t hold a Realtors license, hold several misconceptions. I have heard investors believe Realtors are closed mined. Realtors are dumb.

(Don’t email or fax me telling me how stupid I am or how close minded I am….Or how ridiculous my article is…While I value your opinion, it’s my blog and my thoughts)

Anyway, I was reading an article written by a Realtor on the subject of Short Sales. The Realtor clearly has no idea about Short Sales and it’s such false information that eventually weaves it’s way into the inbox of investors. Like a cancer, such bad information spreads and eventually I am left to answer dumb ass questions as a result of this Realtor that has spewed.

In the article, she addresses the need to find “good deals” for clients in California. Homeowners are requesting houses at discounts and are specifically looking for foreclosures. In her article, she talks about how she tells them, “there’s no such thing as a good deal in foreclosure. Se believes banks will not discount properties that are in foreclosure. She then speaks of “bogus” websites offering foreclosures at discounts.

She obviously has never talked to a bank about discounting properties.

What do YOU Say To The Homeowner?

Once you have established that a homeowner is ready to sell or dispose of their property, now it is time to start getting the necessary information to begin the process of a short sale.

The next question you will ask the homeowner (remember this initial contact is most usually over the telephone) is:

“Will you be willing to sell the property for what you owe?”

If the answer is “YES”, then you keep going.  If it’s “NO”, then you want to find out from them some more information about the property and at some point you will ask them how much above what they owe are they willing to accept.

If the homeowner is not willing to sell it for what they owe, then you need to find out some more details about it:

• How much above what you owe will you sell it for?  Don’t be worried about unrealistic numbers.  Just accept their number and move on.  You won’t be able to tell them a good number until you’ve gotten more information.

• What will the house appraise for?

• What repairs does the house need?

• How many payments are you behind?

• What’s your interest rate?

• How much are your monthly payments?

• Who is your lender?

• How old is the house?

• How long have you lived there?

• Have you made any repairs or updates to the house since you have moved into it?  If the answer is “NO” and they’ve lived there a long time, then the answer to this question is going to be “YES” even if they stated “NO”!

• What is the square footage?

• Does it have a garage?

• Does it have a basement?

• What is the size of the lot?

• Is the house currently vacant?  If not, how soon will you be moving?

• Is the insurance up to date or do you have force placed insurance? Force placed insurance is placed on a property when a homeowner fails to keep it insured.  The lender will then put insurance on it and that insurance is typically 2-3 times higher.

• Is it listed?  Can the listing be cancelled?  How long have you had the listing?

• When is the foreclosure date?

• Why did you call me?  Here, is where you are looking for their motivation.

• What are your needs?  What are you looking to do?

Once you get all this information, then you can set an appointment date and time to actually meet the homeowner in person.

Social Proof: No one says it better!

As a real estate investor you should know something that is so important, it’s damning. Brace yourself because you may not be able to handle what I’m about to tell you. You are a salesperson. Yes.

When I was first told that, I dismissed everything else I was told by my instructor. It was days later when I finally accepted what he said and meant by the statement. Don’t be offended…just keep reading.

Everything you do, everything you say you are selling yourself. When you applied for that first job, you had to sell the employer on why they should hire you. When you met your first boyfriend or girlfriend, you sold yourself on why he or she should go out with you. When you courted them, you sold yourself on why he or she should marry you.

People and companies attempt to sell themselves to you every minute of the day. When you watch television, you are bombarded with messages trying to sell you something. Some messages get through and some are rejected by you. Why? Lack of social proof.

Let me explain how social proof applies to you and your real estate investing business and more importantly to your potential clients, the homeowner.

Homeowners will forever be skeptical of you, what you say and the claims you make. When you tell a homeowner you have success in helping homeowners avoid foreclosure, many will not always believe what you say. Internally, there are doubts….Is this person a scam artist? Should I believe his claims?

If you have done a very good job at building rapport with the homeowner, why should they give you the deed? Why should they trust you at all?

There is a simple way to solve that problem. Get testimonials. Testimonials are a great way to have others say good things about you and your real estate business.

How do you get them? Ask. When you have done your absolute best to help the homeowner, ask them to write down their experience with you. You want to know how you did. Notice I said nothing about a positive outcome with their situation? I’ve had homeowners, whom I could not stop their foreclosure, write the most glowing testimonial about my company and refer business to me years later. Why? Because we did what we said we would and we tried. That’s more than they got from the bank!

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