Vena is a national speaker and one of the best. She talks about my favorite subject, preforeclosures. She talked last night at the REI club meeting. After I heard her talk, I realized that I did not learn any new concepts and understood 100% of what she was saying. Thats interesting...
However, I did learn a few details on marketing.. Anyway, I thought that I would share my notes so you guys can benefit as well.
- The next 3-4 years will be good for preforeclosure investing. As everyone knows, foreclosures are at a all time high..
- She feels the Phoenix real estate bubble will burst in the next 18 months
- When a seller gets behind in payments by 3 months, there's a 12-15% chance that he will be foreclosed on
- She's a fan on VA auctions because they will offer good financing to investors
- Doing short sales is not the only thing you can do to discount notes, you can "buy" the note at a discount and sometimes is easiest.
- Don't forget, you can work with preforeclosures and get paid to help them get a forbearance agreement w/ the banks. The commission should be $500-$700.
- Tucson is one year behind in the national trend of foreclosures
- Best way to buy foreclosures
- Private Lenders (12%)
- Hardmoney (14%-16%)
- Partners using retirement funds to get the profits tax free
- She gets good buys through REO's because she pays cash and she can close in 10 days. I told you guys!!!
- When marketing to preforeclosurers, make sure your letters show value to the seller. not just I want to buy your house..
- 9 out of 10 sellers cannot complete a bk
- #1 reason to sell the house - Divorce
- #1 reason to go into bk - medical
- Best reasons to convince banks to agree to a short sale 1) seller going into bk 2) seller has predatory loan
She was selling a 4 1/2 day seminar w/ food and lodging for $1300. Tempting, but I'll pass.