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Finding Your First Deals
Be The Bank. Buy Notes.
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PERSPECTIVE
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What Institutions Should I Approach?
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Hedge Funds, Private Equity Funds
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Hedge Funds, Private Equity Funds
Not regulated as closely as banks.(Until 2012)
Watch news articles for activity and names.
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Example Article
Source: http://southfloridarealestate.citybizlist.com
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Example Article
Source: http://www.dailymarkets.com
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Banks and Credit Unions
• FIRP Financial Institution Research Platform– Example: First Interstate Bancorp of MT
• Office of Thrift Supervision– Enforcement Actions and Letters– Exam Results
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Mortgage ServicersRemember Who They Work For…
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Start With Properties
• Foreclosure/Notice of Default Listings
• Vacant Properties
• FSBOs
• Expired/Cancelled Short Sale Listings
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Foreclosure Filings and NOD
• Sources for Data– Paid Services– County Sheriff – Online Data?– Legal Newspapers
• What to look for– Smaller banks– Investment companies that are foreclosing
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Vacant Properties
• Drive Neighborhoods You Like– Look for the signs of a vacant property
• City Vacant Building List
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I Found Some Properties – Now What?
STEP 1 Title search to see who started the Foreclosure or who holds the mortgage
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I Found Some Properties – Now What?
STEP 2 Title Search using that lender’s company name; find signed
docs
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I Found Some Properties – Now What?
STEP 3 Contact Research on those names
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I Found Some Properties – Now What?
STEP 4 Contact the lender and try to get a referral to that person
Email, Fax, Letter or Call!
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I Found Some Properties – Now What?
STEP 1 Title search to see who started the foreclosure or holds themortgage
STEP 2 Title Search using that lender’s company name ; find signed docs
STEP 3 Contact Research on those names
STEP 4 Call lender try to get referral to that person
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Property ExampleBeebe Rd., St Paul, MN• 4-Plex• Bought 2nd Mortgage to facilitate
short sale
1st Mortgage $275,000 (shorted)2nd Mortgage $75,000
Value 350,000Had an end buyer
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1711 Beebe Road
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1711 Beebe Road
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1711 Beebe Road
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1711 Beebe Road
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1711 Beebe Road
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1711 Beebe Road
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• Identified a property with equity potential through short sale
• Bought $75,000 2nd mortgage for $7,500• From initial contact (Feb 7) to closing (March
31)
1711 Beebe Road
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Institution Example
Start with FIRP (Financial Institutions Research Platform)
Choose an Institution
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Institution ExampleStart With FIRP Data
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PrivateBank and Trust Company
Use the Company’s Website
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PrivateBank and Trust Company
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PrivateBank and Trust CompanyLeadership BIO Page
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PrivateBank and Trust CompanyWe have names, now what?• Go to About us page on Website• Go to Newsroom Page – search for interesting or
relevant news• News article search for those names (try using
Bank president’s name too)• News Article search for that Bank name• Go back to FIRP and review what assets they have
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Finding Your First Deals
Be The Bank. Buy Notes.