I’m presenting this question from the perspective of a REALTOR who is also an investor. I’d like to challenge myself to work more files. I’m only working 4-5 and I’d like to go to the next level, which I see as about 20. This will require that I streamline the process, and step up my game a bit. Here is my major problem – it takes time to assemble the docs from the borrower and someone needs to ride herd on them until that work is complete.
Someone needs to take photos to submit with the package, to write a narrative about the property’s condition with each of these photos, to prepare a market analysis; this all takes time yet it’s not something that the investor should need to personally perform every time.
So, I’m considering outsourcing. I’d like to pay $X to ride herd on assembly of the Seller/Borrower docs, and allow this person to work from home. And, I might pay a X% to this person, if the deal closes. To me, it doesn’t make sense to pay by the hour – a flat fee would work better for an independent contractor. And, since not all deals close, I’d want to make X% high enough to be an incentive but low enough to not break the bank.
i have streamlined my ss process well, every thing i do is over the internet. i no longer send pic, bpo, cover letter, i send every bank the same thing hard ship letter, financial, 2 month pay stubs, 1 year tax ret, 2 month bank statement with only the first page, listing agreement, power of attorney, and offer. i have had a better success rate and quicker response time since i have sent in the min requirement and also cut my file time alot. I also will not list the property till i have all docs from the seller. if there not willing to give me the min docs it a waste of my time. I also have hem give me power of attorney so i control the deal and i do not have to get in touch with them. them i turn it over to my loss mitigator who i pay 1000 per closed deal they are lis Reltors.
wow that is interesting… and i will also say pretty gutsy. i’ve had negotiators actually read the hard ship letter and other docs. how do you send the same pay stubs etc.? they need to see the borrows name…and how about financials? this sounds a tad risky.
at any rate, i’m curious about your system since it seems to give you back alot of your time. perhaps some of your techniques could be used in a less bold manner to provide a better system for myself and others.
… but cant’ figure out how this sentence ends. “lis Reltors”? Help me out with with statement.
I’m tracking with you that one needs to refine their system. And, with experience, it goes more quickly each time. I think the statement, “I will not list the property till I have all the docs” is some advice I’m going to take to heart. No use even putting the sign in the ground until you’re ready to submit, especially if you’re trying to do arbitrage. I “lost” a couple of deals recently because the retail offer came in before I could even get the package assembled. Not a good plan, so thanks for your tips!