i am new in the investor end of real estate, but have been working in the industry for 13 years. i know this is the time to have detailed knowledge in NODs and short sales to help my business and my invesments. i went through it when i first started in the business in 1993. i need to know where to start.
i am interested in learning what to do when approaching a homeowner in NOD, what steps to take to process a short sale, and other avenues that appear in this process.
i have been reading some of the comments in this website and find that a lot of the members are be very giving with information, and that is the way i’ve been with my career by teaching others how to get started.
i am very excited to be a part of this forum and look forward to learning from everyone.
i need to get started somewhere. i have a lot of NODs on my desk, but do not know how to approach and what to expect.
How do you plan to buy the property?
What do you plan on doing with the property once you get it??
Rehab, wholesale, rental??
Partnering up with a reputable local investor seems like the way to go. If you can consistently
supply leads on nod’s then finding someone to work with you should’nt be a problem.
If you are looking at going alone then I would suggest sending out marketing materials to these
homeowners as well as going door to door to get things started.
Sounds like you need a business plan w/ exit strategy before you approach these homeowners.
I do not own any properties under my name. I plan on financing the first home as an owner occupied home. I am able to move from one place to the other because i live alone. i also pay low rent, so i would be able to keep my current place if i wanted to. being a first time home buyer, i know i have a lot of 100% finance options. i know i qualify because i’ve been working in the lending industry for 13 years. i do not want to use any of my capitol until i have increased it more and then i will start purchasing non-owner occupied homes. What i plan on doing with the property depends on condition and seller’s price. i might want to rehab or live in it for a while, then rent, and move to the next one.
i tried partnering up with an investor a couple times in the past. it did not go well. i felt the investors just used me for my knowledge in the lending and real estate industry, and they did not want me to succeed in the REI field. it is hard to find someone you can trust.
I started to send out marketing materials to these
homeowners as well as going door to door, and that has been a big challenge with the competition and the availability of the homeowners.
in the past 13 years i have been working on the most important field…how to finance the homes and where to get the money. i have been working side by side underwriters and learning the easiest way to have people approved for the loans. i’ve had great opportunities working with fannie mae execs and other large corporations in the lending industry. then i got the contract and real estate agency experience. therefore today i own a mortgage, real estate, and escrow company. now i have over 20 loan agents and real estate agents and it is time to venture into the REI field and i prefer doing it with my business partners and my investor clients. i have a lot of tools and advantages on my side, however i am the only one in my company that went thru this experience in the 90s, but did not take advantage of it.
i have started a business plan, but need a little guidance as to what are the best results. if i am not able to get any good info, then i guess i will have to go thru trial and error.
this year i had all my agents get educated in short sales and NODs. my main goal is not to make great investments. my main goal is to help homeowners out of their unfortunate situations that their previous agents got them into (bad loans and bad RE representation). from there we can help people refi, sell, or invest. i have a list of investors that i also want to help. i want to create a win-win factor for everyone. hard goal, but not impossible.
thank you for taking the time to communicate with me. i wish i can show you my accomplishments so far, but i know i cannot do so on this website.