The 90-day late, lis pendens, market is getting saturated. Everyone is after these leads.
Has anyone had any success buying leads from mortgage companies for people who are only 30-60 days behind on payments?
Heck no - I just hook up with Loan Officers and Mortgage companies direct and they refer leads to me that they cannot refi - offer them a little incentive and get the deal done. DOn’t spend your money on 30-60-90 day leads - they are a sure waste (to me anyway). It’s all about networking. I’ll scratch your back if you scratch mine :biggrin
Do all loan officers have these leads? Because these 30-60-90 day leads don’t seem to be common knowledge. They seem like a potential gold mine to me.
What’s a good approach in getting these loan officers to refer leads to you? I’m guessing you use them for your mortgage needs and have them refer their dead leads to you?
All loan oficers have clients they can’t refinance.
You can offer them a bird dog fee and many will be interested… they are not making huge money these days as you probably know.
I would still market to lates. I have not marketed to them yet, but I do plan on doing so. Networking is great, but takes time to build and while you are working on it, you need other source of marketing.
If you don’t market to lates, then who do you market to?
My point is that the 30-60-day late crowd has less competition pursuing them. In NJ, the 90-day late crowd is public information and everyone markets to them. My response rate lately has been going down b/c everyone that’s 90+ days late has already taken some action to either get their home listed or begin a short sale.
I don’t like preforeclosures because now I have to come up with money to bring the loans current. I much rather find houses that are about to become late, or sellers are current and just want out so I can buy them with no money down.
Now, 30-60-90 lates are good because they do not have junk fees and can be brought current, thats why they interest me. I just hate preforeclosures due to the upfront dollar sign attached to them.
I am not marketing at the moment till I finish a rehab I am working on (bad idea, but cash flow is tight till I sell it and don’t want to spend money on marketing). But when I do, I usually do targetted marketing to demographics based on $Cash$'s system or internet marketing. I usually look to get at least 1 deal per $1000 of marketing cost.
I was sending out FC letters and running “I Buy Houses” ads for years with mediocre results. Then I stumbled across a 30-60-90 day list broker. I bought 2500 names a few months ago, even picking the lowest fruit I still know I’m missing good deals, just can’t follow them all up. I have found juicy Sub2s and Short Sales. You gotta be doing Short Sales right now. I’m not used to having so many leads, I’m looking for an assistant right now so I can expand. You need to have a good printing company do the printing and mailing or you’ll be overwhelmed. Call or e me and I’ll send you the list guy’s number.
This is sketchy. Especially when brokering a 30-60 day list is illegal, and these leads can’t be sold to the general public. It sounds like you/your buddy are trying to scam people.
LO’s have been a good source of leads for me. One of the first things most homeowners do is try to refi. More often than not they don’t qualify and they get foreclosed upon. The handful of LO’s I’ve been working with refer those people to me when they can do nothing more for them.
GooD LucK! :beer
Isn’t it slightly unethical for us loan officers to provide that information? I do understand it may be the only way for the borrower to save their home, but there just seems there is something wrong with that.
Not in my situation. The LO’s don’t give/sell me the leads, they refer the leads to me. This way there is no privacy issues or laws I need to worry about. Simply, when the LO informs the client that there is nothing they can do for them and that nobody else will refi them either because of X, Y, and Z, they tell them that I might be able to help and that they should contact me. Then I do my thing.
GooD LucK! :beer
I’ve asked the borrower if they want to have someone call them and sometimes they say yes. I’ve done that before.
NJ Bird Dog,
You PMd me asking for info on where I buy my 30-60-90 lists from, and I replied, trying to be helpful. I’m not sure why you’re afraid of these names; it’s a list you buy like any list.You still gotta market to the names, the list won’t do that part for you. If it’s not for you that’s fine, but I’ve been very happy with the deals I’ve gotten from it.
I appreciate you trying to be helpful, but something isn’t right about your source being able to openly sell these leads, while everyone else is saying that it’s illegal to sell to the general public. I’d order the list in a heartbeat, but I don’t feel safe sending money to your source.