Have a Professional Image
Website/Emails
Get a website. Get an email address that has a real domain name, and not @Gmail.com or @Yahoo.com at the end.
When you get into this realm, you’re dealing with professionals. You want to be taken seriously.
People want a way to see if you’re for real or not, because this industry is full of fakers that will waste people’s time.
Have a nice signature at the end of your emails.
While there are “old school” players in the game that don’t have these things, they don’t need to, because people know them, and know they’re for real.
If you’re a new name or face, you need everything going for you that you can, so that you can be taken seriously.
Phones
Learn how to overcome rejection and objections, and talk with asset managers and Bulk REO traders.
You’re not going to get anything accomplished with these people if you don’t know how to say the right things to these people with confidence.
If you have issues speaking with confidence on the phone with strangers, get that in order before you start taking action on bulk REO’s.
You might even want to consider making some scripts to follow. A lot of the initial calls with these people are going to be the same.
You want to get to the point, and establish credibility and professionalism quickly. The simplest way is to have a script you can follow.
Once you’ve been in the game for a while, your “spiel” will become like second nature, and you won’t need that script as much.
Cherry-Picking
When I first heard about buying properties in bulk packages, I thought you had to buy them sight-unseen. And that’s not the case.
You can build relationships with people that buy bulk foreclosure packages, and cherry-pick from their acquisitions.
If you cherry-pick, you’re going to pay more per house than you would if you bought the whole package off of them, though, so just know that.
How much more? It varies, but from our experiences, it floats around 10% or so more per house.
Let’s say there’s a tape of 100 properties that you’re looking at, and you notice that 60 of them are located locally to where you live.
You can drive by those properties and determine which ones are priced right.
Or you can even use Google Maps to get an idea of what that property looks like.
That way, you can save time and gas money, and only drive by the ones that looked good from what you saw online.
You might be anticipating me get into how to find tapes. That’s not that hard. I’ll get into that shortly.
What’s more important is how you’re going to PROFIT from them with you get them.
And you might be delighted to find out that you can make money off these packages without spending any of your own money.
How to Make Money Off of Tapes
There’s probably other ways to make money off these packages that I’m not aware of. I’m just sharing the ways I’m familiar with.
Who Buys these Things?
From my experiences, most of the buyers of these bulk packages are investor groups, hedge funds, and to a lesser degree, some individual investors.