November 18th, 2014
Watch the training replay for November 18th, 2014.
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0:00: Introduction and Announcements
December 12-13th – Workshop
Thursday, December 11th – 1-6pm. Workout Mastermind. Bring your files you’re working on and we’ll work through them with you. NOTE: Members of Co-Invest group only
December 12-13: Guest experts. Jillian Sidoti. Will help teach how to structure your business correctly.
Matt Kelly – Will be going through some specific files.
Representative from SCI on the services side to represent them.
Friday night (Dec 12th) – Member Appreciation Event for all members. Plan on coming out!
4:45: Saprina: At the event she will help you work through your files.
We will send out a confirmation email with a link to register for the December event.
6:45: Travis goes through a deal.
10:34: Saprina analyzes the deal and goes through how to work it.
– Have someone else be the contact
– Do a door knock to put some heat on the borrower
– Deed and lieu
Deed and lieu versus a short sale
19:34: Getting photos
Give them an incentive to send you photos in exchange for something they may need.
Explain the benefits to them of each option in their terms.
Big mistake is thinking your benefits are the same as their benefits.
23:40: Q&A with Saprina and Travis
31:45: What to consider before doing a deed and lieu
34:31: Q&A on Member Deal
39:31: Pre-Deed and Lieu Checklist
We will put together an official list. Here are some of the things to keep in mind:
– Property taxes. Current? Any been sold?
– Any special assessments?
– IRS tax liens recorded against property?
– Pictures – find a way to get those prior
– Unpaid principle balance on the first?
– Has the first been modded with that particular lender?
– Is there a desire to go back into the house?
– Do they have the authority to sign off? Getting a divorce?
– Is the borrower in an active bankruptcy? If so, you need permission to take the property back.
42:50: Question on taking back as the entity that holds the note
Question and Answers on:
– Principle reduction red flags
– Deed for keys
– Dealing with the note regarding 2 entities you have interest in.
– Taking the property back in a different entity
– Using a mobile notary
54:31: Travis goes into information regarding putting people into Bankruptcy
55:50: Question: Can we use the term "Clean Slate"?
56:54: Ken, Rosette, and Saprina go through a file.
– Important to Google the borrower’s name. Can tell you if they are deceased. Google first and last name, and put the address with it.
– Go to county website and see how estates are handled in that county. Is there a foreclosure, who is the executor, etc.
– Time consuming but you need to go through each result in your Google searches to find what you’re looking for.
– Reach out to attorney who is handled the foreclosure and offer to buy the first for 20 cents UPB.
– Get the worst photos of the house to paint the ugliest picture for when you send the offer in to the attorney
– A to Z can go get you interior photos so you can assess the property before you decide if you want to buy the first
– If you take it from foreclosure you can sell the property after fixing it up
To recap the steps:
Step 1: Get A to Z to take some pictures
Step 2: Come up with the dollar amount you want to pay for it
Step 3: Reach out to the attorney that is handling the foreclosure. Prepare for a counter
If you go into another pool purchase, make sure to do your due diligence even while waiting for your collateral files and for your services to be released.
1:14:10: Question & Answer Session
Question on the pay-to-date
– On the credit report, last paid date will tell you what the next due date is
If we can handle it on the next call, mention that. If urgent, put [Urgent] in the message so we can take a look as soon as possible.
1:28:22: Wrap-Up Announcements:
Mark your calendars for December 11th from 1-6pm : Workouts Mastermind where we’ll be able to work on your files
– Workshop and Training.
– Jillian Sidoti on Raising Capital
– Live Case Studies
– Member Appreciation event / Christmas Party on Friday night (12th)
Link to register for the December event will be added to the members area soon.
Thanks for joining us this week! We’ll see you on next week’s call!