Niches That Bring You Riches Pre-Notice Of ... - Real Estate Investing

• STEPS TO DO PRE-NOD REAL ESTATE INVESTING:

1. Establish Personal Goals
2. Research Your Market
3. Research and invest in necessary Tools and Training
4. Invest in a personal coach/mentor
5. Establish Your Real Estate Investing Goals
6. Put together qualified Power team
7. Market to develop buyers list
8. Get financing options in place
9. Purchase a Pre-NOD leads list from reputable list company
10. Market Yourself (I Buy Houses)
11. Interact with Sellers
12. Evaluate Property and Profitability
13. Develop Exit Strategy
14. Get into Contract
15. Rent or Sell it!

Pre-NOD lists may be found and purchased at the following online resources, (The purpose of these references are only to give you some resources to do your own due diligence. I do not endorse these companies and am not getting paid for these referrals. Do your own due diligence?as always).

• When buying a list, consider these parameters to be included in your report:
  • Homeowner type
  • Income Level
  • Age
  • Race
  • Length of time in property
  • # of months behind on payments
  • Loan type
  • Interest Rate
  • Fico score modeled / actual
  • Mortgage amount
  • Home value
  • Mortgage date
  • Lender name
  • Lender type
  • Loan to value %
  • Revolving debt load
  • Trade lines borrowed
  • Phone Numbers
  • Geographic locations
  • State, county, zip code, area code, city
  • Customized data delivery to you
• Here are some lists types you might consider asking for when buying leads for Pre-Notice of Default niche:

TRIGGER DATA

Mortgage trigger leads are hard inquiries into a person?s credit report generated daily. These consumers have just had their credit checked within the past 7 days, specifically for a mortgage loan approval.

Mortgage trigger data is one of the most sought after data products in the mortgage origination industry. They allow you to target prospects that have already shown an interest in completing a mortgage transaction.

The problem is that the pricing structure in most cases is such that only the larger companies can afford to take advantage of this product. Vendors have typically required buyers to make large monthly commitments, often tens of thousands of dollars, in order to be able to purchase this data.

ADJUSTING ARMS DATA

This database contains homeowners that have deeded with a typical sub -prime lender and have an adjustable rate mortgage, likely to expire and adjust, either from a 228 or 327 loan program. This database is the most targeted approach towards marketing to non-prime homeowners with an ARM about to roll out of their prepayment penalty time period or impending interest rate increases. These homeowners have a variable rate mortgage and are affected by interest rate fluctuations. Set the time when the homeowner took their arm loan out to go after those 1,3 and 5-year loan programs.

CONFORMING DATA

This database contains homeowners with good credit scores, above 640. These homeowners are quick and easy to the closing table.

CREDIT SCORED DATA ? Compliance paperwork must be filled out prior to order

This data and time stamped data is coming directly from the credit bureau. This data is an actual snap shot of the homeowners? credit report. This data is the highest quality as a result. Set your exact fico ranges you wish to work with.

MORTGAGE LATE DATA

Make a pre-approved offer to either prime or sub-prime refinance candidates who have at least one recorded late payment on their mortgage in the past twelve months. Quite often, a late mortgage payment is a sign of impending financial difficulty, therefore these homeowners are very likely to respond to a debt consolidation or cash-out offer.

NON-PRIME DATA

These homeowners have all deeded with a typical sub-prime lender, with modeled fico scores between 520-640. Require % of equity to work with on your list.

PROPERTY TAX LIEN DATA

These homeowners have underpaid escrow and have not paid their property taxes. These homeowners need assistance to get these paid off right away

Watch for my next article sharing information on Niche #2 ? Pre-foreclosures.

Source: http://www.reiclub.com/realestateblog/niches-that-bring-you-riches-pre-notice-of-default-pre-nod-part-2/

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