Sign Massachusetts Banking Forbearance Agreement Mobile

Industry sign banking massachusetts forbearance agreement mobile

[Music] all right how's everybody doing getting the camera going here and getting logged in excited to have you with me today today we have an amazing topic we're going to be getting into which is becoming an insider with bank owned homes and there's there's no question we've got a ton of people that are in pre-foreclosure status and we're going to get in some numbers here specifically but i see in the future here there's going to be some opportunity for bank-owned homes right now it's not a huge opportunity it's something you should be aware of something you should be coming up on so you're ready to go when this opportunity hits because i don't know if you know the definition of luck but luck is when preparation meets opportunity right and so if you're here you're working on getting prepared so that when the opportunity happens you're ready for it and i want to make sure that you're ready when this opportunity happens and you know what to do so you can have the best results possible and people will say holy cow you're lucky i don't know if you know this but most overnight success take decades to come about a great example of that you've probably seen the dollar shave club several years ago they came out with a youtube video that everybody thought just went viral automatically and uh the reality is that he actually the guy that started that actually started about 10 years earlier and he went to you know he went to school business school and then after that he went and got into comedy so he could understand what made people laugh and and then with that he started put putting some videos together and then with that he went and pitched a bunch of investors and they spent a whole bunch of money to make sure this video was going to be amazing posted on youtube spent some marketing dollars and all of a sudden it did but they kind of planned on that because they did a lot of things it was 10 years in the making but everybody said oh this is an overnight success and i find that the same with real estate investing a lot of people say oh that guy man he just found a property right away it's like well most overnight successes are a decade in the making um so it starts with getting prepared and that's why this ins bank insider that we're going to be talking about with bank owned properties is really important because i don't know when the moratorium's going to be lifted on government-backed loans but when it is i think you're going to see some opportunity there based upon the number of people that are behind on payments that will help you become the investor and find some of these properties so that's what we're diving into today is becoming an insider on bank owned homes so excited to have you with me today let me just get this uh loaded up and we'll get rocking here all right uh becoming that bank insider um what you are going to learn today number one how many leads you need to find a great deal this is a question i get asked frequently is how many how many doors do i need to knock how many people i need to talk to how many meetings do i need to have before i find that great deal i'm going to deep dive into that we're also going to talk about why postcards are something that can help speed up your success and how to use those that's going to be part of our property finding tip um marketing lists to go after websites to find reo agents and reo and properties we're going to go through that in detail and then warnings of wholesaling bank owned homes we're going to talk about those for those of you that are new welcome just to give you an idea for our format we typically we do some intro and some welcome and then we get into the market and some conditions and then we do a property fining tip of the week and then from there we get on our main topic which today is about reo properties becoming a bank insider and then from there we do kind of a wrap up we're typically anywhere from 30 minutes to an hour depending upon the subject matter and we're every single tuesday at 6 p.m eastern time so thank you for being with us um those are things we're going to go through today we talked about oops i just went through the today's agenda oh i forgot about there's two things we also do we do a free t-shirt giveaway every single week and we also do a free tool of the week my gift to you guys to help you in your real estate investing so this show is for entertainment purposes only before making any financial moves consulting real estate professional attorney cpa or other professionals in that specific subject matter everybody's situation is different there's no one-size-fits-all approach dhm may receive payments on the show for sponsorships guests and forms of books giveaways items discounts or immunizations as with anything life results come from education following a system hard work determination to follow through until the end welcome welcome if you haven't already follow the example of some of those that have and give us your first name and a state you're investing in i love to know that i build content around that and i give some examples about specific states if you're watching this as a recording please join us live the big benefit of being live is you can ask questions you can type in the chat for those of you that are with us live type in the chat with your question is and i'll answer that it can be on our subject matter or even if it's not i'd be happy to answer it anything real estate investing related okay actually i'll answer anything um and so you're going to want to join us we got a bunch of welcomes that i need to give out here don murphy from south carolina don thanks for being for with us carl ross from north carolina is in the house thanks thanks for being here carl um gay leno uh from atlanta let's see here curtis from chicago and vegas curtis chicago and vegas are a long ways from each other how does that work out you're half and half or something uh let me know put it put it in here um let's see here who else we got curtis roche roche you've been here for a while now thanks for keep coming roche i really appreciate it from atlanta georgia um and we've got georgia and louisiana uh let's see um we got a bunch of stuff to go over i'm really excited but if you have not yet put your name in here let us know who you are and where you're investing i know there's a lot more out of you than a lot more of you than are putting your names in here and i'd love to give an introduction and say hello but let's talk about our t-shirt giveaway what we are giving away at the end of each live cast we will announce last week's winner okay so at the end of this live cast we've already decided who last week's winner is their name is on the slides and it's going to be coming up and it may be one of you okay what i'm looking for is people that ask great question they have great interaction they comment on the recorded video once we do this live the recording goes and that actually is a video you can watch and go back and and especially say hey ryan you talk so fast no problem go back and watch that recorded video and you can leave some comments like what you liked about it um that can be really helpful but those are the things that i use and each week i choose one winner so we're starting now for next week's winner and if you like these live casts you want to see them continue i really need your help we're currently at 4 subscribers and my goal for february was 4 710 subscribers we hit our subscriber goal for february and we still got about a week left so we're hoping to actually do a little better than that we reached the goal big thank you to all of you that are subscribers if you're listening and you're not currently a youtube subscriber to the do hard money channel please go and hit that subscribe button and when you do type it in the comments and say i'm your newest subscriber i mean that could help you win be our t-shirt winner of the week but i put a little scratch 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go live so if i'm doing something special you alerted that and again that's the do hard money youtube channel leave a comment on the recorded video but most importantly please tell somebody about it that's the biggest compliment you can give me is telling somebody about this channel okay i gotta grab a drink all right all right let's keep rocking here um we love your comments um like we've got here new subscriber great information please as you leave comments it means a lot to me also i talked about a free giveaway property value analysis is what we're giving away today this will be absolutely free what this helps you do is analyze the value of the property what you do is you come in put your area boundaries you put the subject property some notes on it it gives you whoops it gives you a place to do as is fha arv you put the actual comps helps you put a comparison with sold and with active this scrolls down i just took a little screenshot we're going to give you a free copy of that for those that stick around we'll give you the link on how you can get a free copy of this at the end of today's live cast let's see chandra is here from north carolina thanks for being with us let's jump into this real estate market update what's happening in the real estate market what is happening in your area uh what questions you have for me that i can hopefully answer for you please type it in the comments below so that i can i can get those going for you i can get some of those questions answered for you okay real estate all right real estate market update this is why i'm giving this on becoming a bank insider right now there's 2.72 million homes that remain in forbearance what does forbearance mean forbearance means they're behind on payments but their work they've worked it out with the bank now the problem is at some point they're not going to continue to renew that at some point they're going to say you know what we now are going to have to take let nature take its course and those that are not able to make the payments we're going to start with a foreclosure they've given plenty of time uh that looks like it's getting extended again but sometime i think by the end of this year we're gonna be looking at some of those foreclosures starting to happen um and this doesn't count all these home floods the housing market at once price is driving down scary would be homeowners away from purchasing so let's just be aware of this right this is happening this is a 2.72 million homes remaining in forbearance this shows you how many there were it got all the way up to 4.5 million and we're seeing this starting to trend down a little bit because people are getting things worked out or working on getting their jobs back and that type of stuff but in the end of this there are going to be some foreclosures we want to get ready for this realtor.com reports the u.s luxury market has strong end of 2020 especially in suburban and second home areas it's interesting to know because typically when you're dealing with a market crash second home areas typically hit first condos second and then you get into a single family high-end homes hit first and then you get into your regular fha homes uh the hottest 12 housing markets in 2020 i know we got a few texans from eddie to who who else have we got here from texas eddie's from el paso john um i don't know how close you guys are to houston or to dallas um or to austin but all three of those were some of the hottest housing markets in 2021 so far uh houston texas being number 12 miami florida being number 11. uh doubt or las vegas nevada being number 10 who is from las vegas i think it was eddie um who we got on here from las vegas uh trying to go through oh yeah curtis i'm sorry curtis is here from vegas riverside california washington dc dallas texas hey as i'm going through these if you're investing in one of these hottest housing markets type it in the comments there's some pros to that and there's some cons to that so type in the comments and let me know if you're investing in one of these denver colorado atlanta georgia tampa florida nashville tennessee phoenix arizona and austin texas and let's talk a little bit about i think the advantages of this are that you're gonna have an easy time selling properties the disadvantage is you're going to have a harder time finding properties and that's why we've got to be looking at off market properties for the most part it's what you need to be going after okay joe just subscribe would love to have that shirt all right i didn't you know what i think i messed up i didn't even show you guys the shirts um what we're giving away i should have done this earlier um i probably should put a little prompting so we've got a dhm mask we'll be sending your way super nice masks and we've got the um i made it through rehab shirts we give these out to everybody that does alone with us once they get their rehab done we send these out and then the other shirt we have these are super cool shirts we have the other one that's um i flip and did it shirt um which is also a classic and and with both of them we sent out a mask as well so that's the shirt that um who wants it joe wants to have so joe's investing in chicago and indiana um let's see here curtis houston jumping all right uh curtis you're in one of the hottest housing markets of this year um let's see here let's see galen gannell is in georgia curtis dhm doesn't land in nevada that's true we don't curtis um we used to we we looked into it as probably what i should say and there's just some technicalities but we can still help you um and that's why you're here eddie considering investing in dallas that's great um dallas is a super hot market so you've got to be prepared for the uh for the um off market curtis says love the shirts which one do you like better curtis you like the uh i made it through rehab or i flip and did it um loves to know your feedback and and for everybody let me know which shirt you like better which one would you want if you if you got one um okay open house cause traffic jams in crazy hot real estate markets this is really important because as we talk about this um you want to be going after off-market properties and so mortgage delinquencies in november fell to the lowest level since the start of the pandemic six percent of u.s mortgages 2.7 million homes it's going down as we talked about but the portion of long-term unemployment also remains troubling with four million who have been actively looking for work for more than 27 weeks and that's what i'm concerned about as we start dealing with this and the bank owned properties that are going to be coming up okay um curtis says he loves that i made it through rehab shirt yeah that's awesome joe loves both of them and i flippin did it uh fantastic fantastic mortgage delinquency in november's fell to the lowest level since the start of the coronavirus pandemic at some point these turn into pre-foreclosure buying opportunities that's what i am talking about that's why we're talking about bank owned properties today national inventory in january decreased by 42.6 percent the inventories newly listed properties declined by 23 percent and january's national median listing price was 346 thousand dollars up 15.4 percent um large metro archers saw about a 10.9 percent compare to the prior year it's really interesting uh january data nationally the typical home is spent 76 days on the market which is 10 days less than it was the year earlier 2021 foreclosures foreclosures will make headlines in 2021 but real estate investors stockpiling crash in hopes of a great recession part two will likely be disappointed and i agree with this but i still think we're going to see some bank owned foreclosures um i just don't think we're going to see a huge bust that's going to be going on out there the fed and congress have slowed have showed little desire to allow mass wave of evictions and foreclosures and we should expect more of that from the playbook in 2021 and 2021 foreclosures for real estate investors that means off-market deals will once again be where most opportunities reside until we start seeing some of these foreclosures actually going through which i think will be the end of this year so you want to be prepared for that and know what to do housing market gains more value in 2020 than in any year since 2005 after a record-setting year of home sales in 2020 the housing market still shows no signs of cooling off housing market stays tight as homeowners stay put the typical homeowner in 2020 had remained in place for 13 years which is up slightly it used to be 12.8 years and in 2010 it was 8.7 years according to redfin um something to be aware of people are staying a little longer um once the inventory opens back up i think you'll see that come down just slightly um ten years i think is probably where most people end up but you gotta you gotta think somebody stays in our house for like 50 years really skews the averages homebuilders kb home kbh released tuesday evening shows builder went up 42 in purchase contracts 42 more people put properties under contracts in q4 than they did in prior quarters uh that's the highest increase in quarters since 2005. um the u.s housing market the housing market is expected to remain hot but the frenzy that was hallmark and the majority of 2020 is likely to die down this basically according to realtruck.com will be somewhere in between 29 2020 uh 2019 and 2020 somewhere in between there is where we're going to end up in 2021. the u.s housing market prices won't go down but they won't keep escalating as rapidly but high demand will continue to keep prices high estimating ranges two percent annual increase to around six percent mortgage rates could rise while rates aren't expected to shoot up this year they'll likely increase a little moving back up around three percent we're seeing that right now mortgage rates going up just a hair okay president-elect biden his plan for first-time homebuyers this has the potential to help make buyers overcome the major obstacles of home ownership the daunting down payment but with historically low inventory of homes for sale the move could also hurt by exacerbating demand on rising prices buying the first down payment tax credit if implemented would create a permanent refundable tax credit for first-time home buyers first-time home buyers meaning you haven't had a loan in the last three years on a primary residence roche says she loves i made it through rehab shirt i love that one too uh president-elect's plan for first-time homebuyers shout out to rocky uh if you're listening that was uh one of his ideas some industry experts um are little concerned about the tax credit that that are concerned the tax credit could cause a demand of rising prices see we have a problem with home affordability we have a problem with inventory if we all of a sudden make it easier where when you buy a house you can write off the entire down payment if you haven't owned a home in the last three years that's going to keep prices going up so the national associate realtors is concerned about that um yoon who is the association of realtors chief economist says sales could be 20 higher in the third and fourth quarter compared to prior years additionally you see his house place rising five to ten percent in 2021 um that's kind of what we're seeing the other thing that biden's talking about doing is getting rid of the salt cap which basically itemized deductions went away he's talking about bringing those back that can be really helpful for real estate investors regardless of where you sit on the political side of things all right guys let's jump into our property finding tip of the week but before i do what is happening in your area what are you seeing what's happening with inventory with prices type in the comments i'd like to know while i grab a drink and we get ready to go over a property finding tip of the week alright alright let's do this property finding tip of the week what i want to talk about today isn't not how to find the properties but it's the strategy to use to get people to call you which is called postcards and postcards have been used for a long time and many people just overlook it too many people underestimate the number of properties they have to go through to actually find a great deal okay so let's talk about the numbers and these are just some averages so it will give you an idea for what we're seeing on the big marketplace um but it's not something that is exact but it gives you a good idea so for every 1200 leads you get that'll turn into 60 conversations meaning you've got to talk to 60 people if you talk to 60 people you'll end up with about 17 prospects with 17 prospects that'll turn into about four appointments 4.25 appointments that'll turn into about 3.18 offers or just call it three offers which will turn into one contract so the question is is how can i have 60 phone calls 60 conversations because that's what's going to turn into prospects that's what's going to turn into appointments that's what's going to turn to offers and that's what's going to turn into a contract so you got to talk to about 60 people and that's really what it's going to take for in order for you to get a deal joe says his marketplace is super busy i think we're seeing that almost everywhere uh this is going to vary based upon location it's going to vary based upon price ranges it's going to vary based upon skill set it's going to vary based upon competition but it gives you an idea or something to shoot for so how how postcards really play a role in this postcards can save you time you need to have these 60 conversations so the question is how are you going to end up getting them so the first thing is you define a list to go after this could be long-term owners or multiple properties owned or bankruptcy or involuntary liens or high equity probate estate sales with all of that you can use investors edge we actually pre-sort filters let's just take dallas texas for example what we do is we create these buckets these customized buckets across here so vacant properties is how many vacant properties that are single-family houses that are unlisted that have equity in them 50 000 or more these are involuntary liens that are single-family not listed on the mls that have 50 000 more of equity these are ones in bankruptcy single-family unlisted plus equity all of these are not listed on the multiple listing service we now have fifty thousand dollars where we estimate have fifty thousand dollars or more of equity and are not listed on the email a single family house all of these these are the ones are vacant these are the ones that have involuntary liens there's ones that have bankruptcy these are the out-of-state owners these are not occupied so these are pre-foreclosures and these are the failed listings so that's what you're looking for and so what you do is you actually put your list together and if you're using investors edge that's already done for you out of state owners free and clear non-occupied bank owns vacants whatever the case is you build this list and then as you build this list you also want to combine it with equity which is why i showed you the buckets we've already put together and then you want to make sure it's a single family maybe up to a four plus ice my filters are single family but you can go up to a four plugs these are unlisted that are currently not listed with an agent and the question is how are you going to contact these people you can knock on the door if they're out of state owners that's not going to work you can call and sms them you've got to skip trace them first which is great you can send them postcards you see some people you'll send a postcard to and you'll skip trace but you won't be able to get their number but the postcard could reach them so you're getting people that you wouldn't otherwise get you can network to get referrals so let's talk a little bit about postcards um curtis say chicago a lot of those and multi-units available yeah there's there is there is a lot for sure okay on the postcards postcards are going to run you about 50 cents depending upon the volume that you send the more you send the cheaper the less you send maybe a little bit more but typically about 50 cents um that's postage printing sending mailing you know the whole deal you don't need to run a skip trace to send a postcard that's a nice thing because skip trades are going to cost you like 12 cents i think is what they're at right now you want to send the postcard to where the property tax notice is being sent not necessarily to the property you want to send it to where the property tax notice is being sent to and i like to send the 4.25 to 4 and a quarter by 6 rather than the oversized postcards i just don't think the oversights are worth the money mercedes saying too many bidding warrants and over price roche are those mls properties or those off market properties be interested to know what's going there uh the message on your postcard your postcard has to have a message to match the audience for example burnt out landlord message should be about the hassle of tenants behind on payments should be about facing foreclosure for our bonus our members they have access to over 100 postcards that are already pre-made and sen ready to send you just come here and go to campaigns and you come to postcards let's just go next here and these are different this is a facing foreclosure this is a warning thinking of selling um you know good house bad house um you need a quick sale so these are this is over there's over a hundred different you know cash for your house so you can match the message to what you're actually trying to send houses wanted whatever the case is so these are all here you you simply just select them you already have your information in so it will mail out to whoever the owner is put your phone number in and it's all ready to go which makes it super super easy to send out some of the postcards but the point is you want to have the message match who you're going after um let's see here yeah rochet i'm i'm really wondering are these on off market properties or are they properties that are currently listed that you're getting lots of offers on because if you're talking listed properties that's the case everywhere upset calls you are going to get calls from upset people okay they're going to be saying hey how did you get my information how did you get my phone number i don't want to sell you'll get a few calls from people who do want to sell the key is having enough mail consistency to get deals i start with a small sample size i typically do 2 000 to 4 000 mailers i'm doing a mailing campaign next week uh the week after actually march the 1st of march is i'm doing mailing i think we're doing 1500 postcards we're testing a little new strategy and we want to see what results in that make sure to answer your phone if you're going to spend lots of money make sure you answer your phone now if you're doing voice broadcast which is a different strategy you don't want to answer your phone you want to have a voicemail that it goes to if you're doing postcards you want to make sure you're answering your phone the reason for that is the voice broadcast has lots of upset people and you have a voicemail that just says hey i was calling about your property if you're interested in selling i pay all cash leave your voicemail if you're not interested in selling no need to leave a voicemail wish the best have a great day if you are interested leave your information we'll be giving you a call back so that's what you do with voice broadcast little pro tip there for you but if you're doing postcards you want to be answering your phone you spend a lot of money to do this so you want to make sure you're answering your phone guys what questions you have for me about postcards as a finding tip of the week if you've got some type in the comments and then we're going to be deep diving into our becoming an insider with bank owned homes our main event of the evening type in the comments you've got questions on postcards guys all right well we're going to keep going i don't see any yet but as they come in i'm happy to answer them for you i want to make sure you're getting what you need out of this becoming an insider with bank owned homes today what you're going to learn is how many leads you need to find a great deal marketing lists to actually go after websites to find reo properties how to find reo agents and some warnings about wholesaling bank-owned homes i recognize there may not be a ton of bank-owned homes right now or when you're watching this but there's over 2.7 million homeowners in default in the u.s as of right now and this could become an amazing opportunity in the future let's talk just bank owned homes once the bank does a foreclosure the property is now bank owned or reo so this is after the foreclosures already been done prior to that is called pre-foreclosure we've got all kinds of stuff on pre-foreclosures if you haven't seen it you're going to want to check it out but reo stands for real estate owned and this is how the bank considers reos a non-performing asset where before the load was a performing asset because he's making those payments or could be making those payments because they are an asset but they're not making money it's called a non-performing assets and banks are motivated to sell these properties but they are not stupid about it they're not just going to give them away so reo can limit banks it can limit their lending power and put them in trouble due to stress tests as they can get from government agencies and so the banks really want to limit the amount of bank home properties they have to a manageable level so it doesn't hurt their ability to borrow funds in the future i have done a couple of bank owned deals i've done a lot of bank owned deals actually but the one that i wanted to share with you today um was a property that i was working as a real estate agent to do a short sale on and um i brought him an offer it was a it was a new build property that new build property is all about um the builder finished it up they did all kinds of nice stuff they finished it way over the top and the market started to correct and this is right right in the 2008 and um right before the crash was starting so i listed as an agent and brought an offer for 1.2 million dollars i think we're offering asking like 1.5 million dollars and the bank said no we're not going to take it because that was less about 1.5 would break the builder even 1.2 would be a loss um and so time went on and then we got an offer for like a million dollars and we took it to the bank and the bank said nope we're not going to take it and then we can offer for like hundred thousand dollars and took it to the bank and banks like why don't we get that offer back at a million dollars and said you know the market's changed and uh you're chasing the market um and then um we ended up getting an offer for like six hundred thousand they're like nope we're not going to do it so then what happened is the bank actually went through on the foreclosure and the bank called me out of the blue and it's a smaller bank and they called me out of the blue and they said hey um do you know anybody's going to buy this property because we really need to get this property off our books meaning from a non-performing asset to a performing asset and i said you know this is monday morning i said the only one and they had to have i done by friday and i said the only one crazy enough to do that would be me and they said well are you interested and i said well would you finance the property for me um with no money down and i'd buy it a half a million dollars and he came back and said we'll do 550 you put no money down and we'll finance it at a low interest rate and i said that's really interesting let me call my wife so i called my wife and said hey honey um i just bought us a brand new house we need to go look at it we're living in another house um and so i said i think you're gonna really like this one so we ended up buying that house and we closed by friday and it got it off their books now they still had the loan right it just went from an reo to actually a performing loan and so i've done lots of those things i've sold since sold that house i bought another house that was a bank owned property that i currently live in and this isn't to mention some of the bank owned properties i bought is investments i'm just talking about the ones that i've i've been that i've purchased for myself so that's really uh a great way and and some things you can be doing when it comes to bank owned properties um so when the bank actually does the foreclosure the next thing the bank has to do is if somebody's still living in the property they have to do an eviction now if there's stuff in the property they have to do a personal property eviction if there's not stuff in the property and the person they just have to do a property eviction and many times the banks have to evict the person that was the former owner um after the property is foreclosed they've got to do the eviction and the bank then has this assessment that they do and they say what is the property worth what's it worth as is what's it worth once we fix the property up and then they run a formula and with that formula they decide if they want to sell to see about going as is or arv excuse me some banks always fix and flip and always sell as arb and some bakes want to just sell as is it's just a question if the owner of the loan wants to dump more money into it or if they would rather just sell it as is and avoid additional cash calls and so they have a formula they run and with that they make a recommendation to either solid as is or do after repaired and fix the property up most banks work with reo agents and this is an agent that specializes in reo properties meaning they have a contractors they can do repairs they can do maintenance on the property for the bank if it's being sold in as is conditioned banks will do an as-is sale and as a condition but don't let this scare you because every property sells in as-is condition even if the property's had work done to it they're doing it as an as is property they're not doing it as an arv property and so make sure to get a full inspection done if you are doing this as an azid property so you're aware of any of the problems that can actually come up if there are any problems like that reo agents let's talk about reo agents these are agents that get assigned the property long before the home makes it on the market the reo agent is going to give them some values the reo agent is going to give them some prices if they're going to do remodels this reo agent is typically going to help with contractors the reo agent is required to give all offers but sometimes reo agents can help give you a jump start and say hey i've got this property take a look at it let me know where they can pass around to their network before others will know about the property and they may get you access to the property before it's actually on the market they can take an offer to the bank on a deal that they were going to do a fix up and say you know i had somebody drive by and they're interested in selling that or buying this as is would you consider that those are types of things reo agents can do once you form a relationship with them my current home i talked about an reo agent let me in early because i knew him i was able to run my numbers look at the property make a determination say hey i'm willing to buy the property and here's what it is so i could be one of the first ones to get an offer out there so the question really just is is how do you actually find reo agents and there are networks and communities of reo agents so one of the communities is reonetwork.com and the reason why there's this network is banks can go to reo network and they can find reo agents to help them and so reo agents pay a small subscription fee to be listed on that site and then they're part of a community they share best practices and they can work together and then banks are going here to say hey i need an reo agent in this area this is another one this is reo broker same thing you can do a search if you're a bank if you're an agent you can go there if you're an investor you can go talk with them and say i'm looking for these types of properties also you can go to linkedin on linkedin you're going to find like reo network and you're going to find different communities of reo agents this is another one called reo pro network which is been around since 2008 and there's many others out there so you can get familiar with all of those reo network they typically give their membersh information for free meaning they tell you who their members are that's their goal is to help their agents make more money and get more exposure especially to the bigger banks and the reason why agents like working with banks is they get paid a little less than normal however they typically get consistent business they keep getting more and more and more off that one client so they're usually willing to discount a little bit to make that happen and you can also market directly to the bank i found this not to be the most useful unless it's a small community bank or a small local credit union um if you're trying to call you know bank of america or chase jpmorgan chase it's probably not going to be the most beneficial but if you're calling a small local credit union or a smaller local branch you can probably can get through and have some more success there but one of the things you've got to realize is banks don't like you to wholesale properties they look at that as them losing money if you put it under contract and you can flip it to somebody else and not do any work to the property for ten thousand dollars more the bank looks at that and says we should have sold the property for ten thousand dollars more now if you're going to fix the property up and resell it they're okay with that um they just want to make sure in most cases they want you to wait 90 days before you actually close on the resale we workshop pretty well because by the time you buy the property you fix the property up you list the property it it's going to take at least 30 days to fix the property up it's going to take you 30 days to find a buyer it's going to take that buyer 30 days you're already at day 90 day 91 it's not a problem and not all banks have issues with this if the bank doesn't have any type of deed restrictions or anything that says you've got to wait the 91 90 days then it doesn't apply and you can just resell the property but if it is a bank owned property and you're trying to wholesale it they don't like that so i wouldn't recommend that strategy if you're trying to wholesale properties you can you can try and you can see what restrictions they may put in place in most cases they've got this 90-day deed restriction as we talked about another thing hud homes fha will will do hud foreclosures um they give homeowners the first shot of those and afterwards they let investors make bids on properties i think i've only bought one or two hud homes one of them is not too far from my office and i bought it as a hud home and you got to make a lot of offers because most those homes get bought up by home buyers because they get preferential treatment and then after that it goes to investors so you've got to be on it because investors get second tier or second look if you are looking for hud homes you want to go to hudahomestore.com i know it seems like it's not a real website but this is the u.s department of housing and urban development which is fha or hud this is their official website hud homestore.com check that out that can help you and you can see what hud homes are available in your area and which ones are open to investors right now this should be a place you're looking on a regular basis for finding some of these properties now let's talk for a minute about making offers to banks you want to make sure you have a pre-approval letter ready to go and if you're one of our members you can actually print those off on your own without even having to call us and banks want to make sure that you're ready to go with the loan they don't want to be messing around that's one of the first things like hey is this the guy legit is he ready to go are we gonna have any problems that's what they're gonna be looking for and right now due to the memorandum there are very few bank owned homes but that can drastically change in the future so you should always be aware of what's on the market and be willing to start making offers on that all right guys we got a bunch of comments here i want to go somebody just called me so i'm looking to assume the loan yeah assumptions are a little different than doing subject twos assumption is usually have to credit qualify to assume the loan you probably are more looking to do and that the bank has to approve that you're probably more looking to do what's called subject to where you buy the loan subject to the existing loan mortgage i've got a whole live cast that we did on that wayne um check it out it's on youtube that can help you out if you have some more questions on that let me know rasheed says one was an off market and the rest is mls over 45 days old yeah roche especially in atlanta i wouldn't be messing around on the mls to find properties it's just going to be super super hard how do you send postcards to business owners um so basically all your whether they're a business owner or whether they're not let's just go back to like dallas texas here um it doesn't matter who the owner is like if it's owned by an entity let me just grab one of these it doesn't matter okay this is an owner this is an llc this is a company this is the mailing address for the owner of this property so um 684 or 6848 the mainly addresses dragon street okay so it's just right here so the way you get it is the tax information wherever the government wherever the county is sending the tax bill to is the mailing address you want to be going to so if the tax bill is being sent to the same address as the property that's typically an owner occupied if the tax bill the property tax bill is being sent somewhere else that's considered a non-owner occupied because the tax bill is not being sent to the property it's being sent somewhere else now we'll take it a step further if the tax bill is being sent outside of the state that's called an out-of-state owner right so this one is a non-owner-occupied because the tax bill is being sent somewhere else and it is an llc that owns it and that's where the taxes is being sent to roche i hope that helps chris says hello everybody thanks for being here chris appreciate you um let's talk if you are interested if you're currently not a member you're going to want to check out our find fund flip system we have dozens of hours of trainings we have deal finding software we have access to our 100 financing loans do hardmoney.com backslash get started check it out we just put a link in there you can click on that doherman.com backslash get started wayne says i'm ready to go ahead and submit the rehab application after my review thursday fantastic wayne we're excited um we're excited to work with you uh let's see here chris i just missed out on subject two will this stream be available later of course it will uh this will go to a recorded copy and then you can watch it and i do have subject twos last week you can go onto youtube and find it and chris if you're not a subscriber hit the subscribe button and it'll make it easier for you to find everything and know about our new ones okay guys i promise this this is our property value analysis if you want to get a copy of this go to do hardmoney.com backslash livecast dash pva for property value analysis again do hardmoney.com backslash livecast pva we'll put that in comments as well and you can download your free copy of this to help you in valuing your properties which is one of the biggest things you've got to do as a real estate investor if you haven't already hit that thumbs up button hit the subscribe button leave a comment tell somebody else about it that's how we help grow this channel means a lot to me to see and help people have success um and again go to dohermy.com backslash live cast dash pva so you get a free copy of the property value analysis now what would you guys like to have for future topics i've got some on the screen here type in the comments what would you like to have as a future live cast about because we want to make sure you're getting what you need out of these all right and that we just posted that do harmony.com backslash livecast dashpva to get a free copy of that um yeah if you'd like to see some of the subjects type these in the comments in if it's the recorded video you're listening to type it in the comments there we check those comments we'll make some live casts around this and if you have enjoyed what you've heard today check out my podcast it's called income hacker income hacker and you can check out other topics and you can listen to that on itunes or stitcher or spotify wherever you listen to podcasts even your alexa and google home you can say play income hacker podcast and it will play i'm getting some feedback and he wants to know more about probates that's awesome i can help out a lot with that curtis wants to know first steps in getting started chris wants to know virtual wholesaling um michael wants to know about income properties great we're hearing all kinds of things and he put probate in twice i love the enthusiasm andy curtis i just finished the course and now i'm ready for first steps fantastic let's do that curtis i'm excited about andy's like probate again okay guys let's it's time it's that time let's give away our t-shirt winner of the week okay who's with me we need a drum roll let's get excited about this okay guys our winner of the week and i think this week it's i flip and did it shirt but honestly if you like one over the other let me know and as long as we have your size i'm happy to send it out to you but we're going to be giving away the i flip and did it shirt and we're giving away the do hard money mask our winner for last week is marissa stokes marissa you with us today i hope so if so put it in the comments please everybody give marissa a thumbs up give her a high five she is our winner of the week thank you for your participation last week marissa you are a winner of the week to claim it go to support do hardmoney.com shoot an email over support it do hardmoney.com in the subject put shirt winner put your screen name or your real name your mailing address your cell phone number and your shirt size and we'll get you over your free shirt sent out louis hello everybody i'm having a hard time finding properties in my area however how do i get a hundred percent financing uh lewis great question um there finding a good property is how you get 100 financing because the when the lender takes on more risk you've got to find a better deal for that so or you can use alternative ways so we have a whole thing on 17 ways to get 100 financing uh louis you're going to want to check that out it's going to help you mentally and then secondly you're going to want to be using the tools for off-market properties like we've been going after and i've got several other live casts about that so i'd highly recommend you check those out i hope that helps if not hit me up with some more questions um let's see here o'shea yes you are welcome chris gives a thumbs up um to our winner of the week um okay guys for all those who participated this week and for those who will participate throughout the week by watching the recorded version find out next week if you are the t-shirt winner show up next week same time same place tuesday 6 p.m eastern standard time we will tell everybody who the winner of the week is we'll have a new finding tip of the week we'll have a new main event where we go over something like we did today where we talk about bank owned properties if you haven't already please grab that property value analysis go to dohardmoney.com backslash live cast dash pva again do hardmoney dot com backslash live cash dash p v a to claim your free copy of that uh lewis says thank you uh jermaine says seattle area all right uh jermaine uh thanks for being with us today all right guys thanks so much for being with me i'll be here same time same place next week in the meantime make it a very profitable day and bye for now