Right now I have an agreement with 3 investors who have agree to share a portion of the profits for any prospects I send their way if they close.
For example, one gentleman has promised if he makes $20k, my share will be $2k. It sounds like a fair deal to me if I find him a good prospect who is willing to let him handle the issue with his lenders, stop the foreclosure process, and be willing to sign an offer to purchase contract and some other paperwork. He is looking for homeowners who want nothing out of the deal except to get the house off their hands. I am in the midst of looking for these prospects from different sources. I am getting ready to try make acquaintance with:
– mortgage brokers
– note brokers
– realtors
– bankruptcy attorneys
– foreclosure attorneys
– probate attorneys
– Realtors that work
* With County & Circuits courts as
mediators and appointed as Ad
Litem reps
* With REO & BPO for lender and
Asset Management companies.
* BPOs are ordered by many lenders
before the foreclosure is
public. You can promise them
the listing and they have an
inside on the value if they
share with you.
* With Loss Mitigation Consultant
(LMC) for lenders or those who
work directly for those in
default.
These are good source for pre-foreclosure leads before they become public knowledge in newspaper lis pendens or notice of default. But I have one more question. Before I approach these brokers and attorneys, what could I as a finder/birddog have to bring to the table to offer them in return for giving me good leads to give to my investor? Of course I will do as much legwork as I can before giving these leads to my investor.
To be honest Linda,
Why are you giving someone $18,000 when you can do this just as easy. You will find investors all day who want to do this with you. Why don’t you keep the $20,000 yourself? If you haven’t bought the short sale program you need to, I think it will be well worth the investment, especially if you plan to bird-dog. You are doing the hardest part and someone else is making all the profits.
When you approach the attorney(s), just tell them you work with several individuals on a daily basis and if any need a bankruptcy attorney or divorce attorney, then you will send them his way if he will send you any leads.