Hello Ring Members,
Do you know how to get some good deals by working with local banks, credit unions, and finance companies? These smaller lenders are a lot easier to work with thanthe big banks.
If you understand their needs and challenges, and the limitations they have to workaround you can offer them very attractive solutions to their problems.
Depending on which stage of the foreclosure process a property is in, you may beable to work a short sale or buy the defaulted note, or buy the property directlyfrom them if they have taken it back.
Remember that they are not in the real estate business, they are in the lendingbusiness. So your expertise could help them out of a tight situation and putyou into a profitable opportunity.
Our monthly meeting is coming up on the 2nd Tuesday of November!
That's going to be on November 12, 2013.
Our guest speaker this month is a Fellow Ring Member, Longino Richardson. Gino served as a bank officer dealing with defaulted loans at a local Louisiana lender and has first hand knowledge of how and who to speak with.
Here is some of what he will cover:
I. Financial Institutions a. Developing Relationships b. Understanding and being empathetic towards their position c. Negotiating, timing, and how it impacts their decisions
a. Collection activity/Notice of Default
b. Short Sale Opportunity
c. Being in position as an investor to act quickly
a. Understanding the impact on the lien holder
b. Sheriff Sale
c. Opportunity for sneak peek at property before it goes to market
IV. Post foreclosures (REO)
a. Additional fees at stake during this stage
b. Open competition
c. Monitoring activity, placement and adjustment of offers as necessary
V. Establishing a Game Plan
a. Targeting specific institutions
b. Develop a niche
c. Effective Follow up
Mark your calendars for Tuesday, November 12th.
Here are the details...
Tuesday, November 12th at 6:30pm!
We'll be meeting at Burk Baker School of Real Estate on Sherwood Forest Blvd.
Burk Baker's School of Real Estate
2834 S. Sherwood Forest Blvd.
Baton Rouge, LA 70754
Organizer, The RING
Real Estate Investor Network Group