NOD Lists - Posted by Cindy L.

Real Estate Investing
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Posted by Charles on October 28, 2005 at 21:08:40:

Thank you Cindy,

I started learning about real estate investing about 35 years ago in pre-foreclosures. Getting OTS training, (On the Streets). I spend hours listening to tapes, taking every real estate seminars available and trying to find someone to train me. (They called it mentoring now).

I hated the learning curve, felt frustrated and always confused and fearful of making offers and talking to sellers.

Starting your investing career in foreclosures can be a very difficult (It’s like practicing law after the 12th grade).

Direct mail for discounted real estate and other gorilla marketing techniques would be an easier start.

Learn about “Control & Roll” techniques, credit lines leverage, public auctions, R/E Locator profits.

I always remember who my seminar gods were; Jack Miller, Barney Zick, Jimmy Napier, Bill (Tycoon) Green, Nick Coons, members of the Washington Real Estate Exchange, lawyers who were investor friendly to up-start real estate investors (with no money) and lawyers who were not so friendly, hard money lenders (you learn really fast with these folks), tenants (the best education), and the many mistakes made, but made only once!

Real Estate Investing is wonderful; the absolute best money making equity building investment ever (A rags to riches story every time).

The long apprenticeship is the hardship; it takes practice, skills in negotiating, contract engineering, and market knowledge. Master this and you?ll become an expert.

There is too much emphasis on GETTING RICH IN REAL ESTATE; but, what these product sellers don’t talk about is the ?Empathy Factor?. Sellers are truly hurting, their shelter is being taken, and their life is at a high stress level.

It is OK, to earn a profit, but it is not OK, in my opinion, to steal equity, or to ruthlessly take advantage of anyone. All transactions have to be fair and equitable. Leave some on the table.

Charles

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NOD Lists - Posted by Cindy L.

Posted by Cindy L. on October 27, 2005 at 17:11:25:

I have a list of NODs, the normal count is about 200, every other week. I don’t want to mass mail the entire list all the time, since I mail a series of letters to each list. It seems like more than half will cure or of no use. What is the best way to screen the lists to mail only to the best NOD candidates?

Please HELP!! Tired of wasting stamps. Thank you.

3

Re: NOD Lists - Posted by E.Eka

Posted by E.Eka on October 31, 2005 at 14:30:03:

Cindy, How do you get your NOD lists?

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Re: NOD Lists - Posted by mike

Posted by mike on October 29, 2005 at 20:36:41:

looking for nod lists can you advise please email thanks mike

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Re: NOD Lists - Posted by Charles

Posted by Charles on October 28, 2005 at 24:20:00:

Don’t be foolish, mail to all of them, lick the stamps, pay the freight…this is a numbers game, play if for keeps.

If you are wasting stamps, maybe your message is wrong, re-visit your marketing methods, your approach. Give up the program and try other methods for deals; try radio, TV, advertise and train real estate locator.

Put your program into automatic…let others do the licking…save your tongue.

Good luck???Charles

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Re: NOD Lists - Posted by Cindy L.

Posted by Cindy L. on October 28, 2005 at 11:35:42:

Hello Charles,

I’ve read some of your posts on this board, and you seem to know what you’re talking about. What would you do in the following scenario:

Three days ago I mailed approx. 200 letters to NOD owners. I received one call today, and this was there situation:

FMV $850,000
1st $690,000
2nd $170,000
3rd $ 12,000

They’re about (5) months behind in payments ($20,000)
Property tax is due 11/1 (1/2 $5,000)

The 1st and 2nd are owned by the same bank (subprime lenders). And the 1st is foreclosing.

Is there any oppt. to buy this prop and flip for profit? I don’t see any options, but I am no pro in this field.

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Re: NOD Lists - Posted by Charles

Posted by Charles on October 28, 2005 at 17:39:49:

Cindy, Not much juice in this one, but here are some ideas:
Contact the first mortgagee, ask if they would sell you their mortgage at a discount for all cash. If so, have your title company draw up a contract of sale, subject to a title and lien report. If you have the money, put it in escrow. You than have the option to continue the F/C, you can also ask the owner for a deed in leiu of F/C (always be kind to the owner, offer them some cash)

If you cannot buy the first (or take an option to purchase the first), contact the morgagee of the second and the third, offer to buy their mortgage, they should be motivated since, they may be wiped out at the F/C auction sale. Instead of actually buying their mortgage, take an option to buy, offer them $100.00 for that option and it should be subject to title and lien report (this will buy you time)

Now if the first has a F/C auction and it sells, you could be in a postion to exercise your options and collect the overage that would be due to the 2nd and 3rd.

Next idea: Try to get an option to buy all three mortgages at a discount. Tell the ower to work out a forebearence agreement (this will buy you time).

Than call an auctioneer (I am a real estate auctioneer)put the property up for a public auction subject to a reserve, take it to auction and hope for the best, you could make some serious money.

It seems like a lot of work and it is, but it is more about how to negotiate the transaction than sweating at hard work. When you are ready, I may be able to refer a good auctioneer to you.

Wishing you the very best…have empathy for the owner and always offer them a way to benefit from your from the transaction.

Charles Parrish

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Re: NOD Lists - Posted by Cindy L.

Posted by Cindy L. on October 28, 2005 at 19:39:53:

Thanks Charles. I find your knowledge in foreclosure investing very interesting.