Private Money411 Magazine - The Source for Real Estate Finance PRIVATE MONEY411 - BAMF | Page 36
Session #3 – Summary of
Options
The next trainer went through the
major options a distressed owner has
to save their home or equity. Each
option is linked to the foreclosure
timeline, so the distressed owner
knows when and how to act. This
leads to a great number of
transactions for the investor and or
Realtor®.
Breakout Session –
“FacetoFace Marketing”
PreForeclosures
The next trainer/investor also
defined the foreclosure process,
discussed the foreclosure timeline
(in California), and explained the
90day notice of default and 21day
trustee sale leading to foreclosure
and auction. Rounding out the
discussion, he explained how to
search county records, which
websites treat foreclosures, and how
to find comparable sales.
Guest Speaker – Kathy Fettke
Kathy is Founder and CEO of
Real Wealth Network, a national
investment organization, and a
frequent speaker. She discussed our
nation’s debt situation in cautionary
terms, as excesses seem to be
building in personal, corporate,
financial and government sectors.
She then went on to explain the
difference between cities that are
good for cash flow, and those that
are good for equity growth. (They’re
not always the same!) She gave
examples to make her point.
Session #2 – Researching
Here, the trainer/investor
explained how to find owners and
phone numbers using “skiptracing”
websites, how to find unpaid loan
balances and pastdue payments, and
how to search public records using
the property tax parcel number. They
also presented a “contact list” Excel
spreadsheet that can be downloaded
by the students.
Guest Speaker – Jasmine Willois
Jasmine is Founder and CEO of
Note Assistance Program. She spoke
on the topic of investing in “Non
Performing Notes”, which are
delinquent and therefore non
performing. Interestingly, two of her
students gave testimonials of their
success under Ms. Willois’ coaching.
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The workshop broke up into four
groups of 15 or so, and we met in
separate rooms, led by a coach. The
process centered on the use of scripts
when meeting with homeowners.
While roleplaying, the students
improved their performance each
time their turn came around.
Learning was taking place!
Session #4 – Making the
Offer
Lots of content here! First, the
trainer described how to calculate
the offer amount. Then, he went over
the scripts to be used “at the kitchen
table”. He spent some time
discussing the important clauses
before presenting the: 1) Purchase
and Sale Agreement and 2)
Assignment Agreement. The
agreements are included in the
playbook, and students are able to
download an Excel spreadsheet used
to calculate offer alternatives. The
leader also went over many sources
of money, which were described
further in the playbook.