Badass Kass - Foreclosure Auctions

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Badass Kass - Foreclosure Auctions par Mind Map: Badass Kass - Foreclosure Auctions

1. Questions

1.1. How did you get into doing this?

1.2. Why do this?

1.3. Who are at these auctions - the players

1.4. How much time does this take?

1.5. How does someone get started?... process

1.6. How do people mess this up? What Tips?

1.7. What's the language?

1.8. How to position as an expert?

2. Why do this?

2.1. Find clients at auctions

2.2. Find Referral Partners

2.3. You can speak investing language to them

2.4. You become a trusted authority/advisor

2.5. Catch them earlier in sales cycle, before they get an investment property.

2.6. Investors have good credit

2.7. Investors are Less emotional - less exhausting

2.8. They have money & are able & willing to invest into the property

2.9. Provides you better quality inventory - rehabbed - they take advice on fixing property

2.10. Keller Williams Quote???

2.11. Made me a more compassionate property manager

2.12. Improving communities

3. How

3.1. Steps to Target the Auction Reps

3.1.1. Ask your network who you know that works foreclosure industry

3.1.2. Identify where & when the public auction is held

3.1.3. How A typical Auction Looks

3.1.4. Attend the auction and try to identify the players: get just their business cards.

3.1.5. Follow up with business cards (of AuctionReps) & ask them when their open-to-public meetings are

3.1.6. Attend an Auction Rep's - Intro to foreclosure 101 course

3.1.7. Start Attending Their Ongoing Meetings

3.1.8. Bring buyers to those meetings

3.1.9. Study their packets (Auction List) & figure out Rent Rates for each - find ones that makes sense.

3.1.9.1. Get good at rent rates

3.1.10. Become the Rent Rainman! at auctions. Expert on the spot - providing rates... they line up to talk to you.

4. Tips, Mistakes, Lessons Learned

4.1. Work it - don't let it work you

4.2. Auction Reps are sales people - know your place (don't step on their ego).

4.3. Warn your investors - inspect what you expect - due diligence

4.4. Don't put all your eggs in 1 basket - just one auction rep relationship

4.5. Consistency - Go every week

4.6. Be non-emotional - it is a business transaction

4.7. Build a list!!!! iPad with a Landing page - have them fill out the form first before giving advice.

4.8. Good Bad Ugly - who to be safe with - position with, buddy up with?

5. Who's There - Good Bad & Ugly.

5.1. Foreclosure Auction Reps

5.1.1. Pain

5.1.1.1. Need to move houses & beat competition

5.1.1.2. Need more/constant investors (more=better) - investors come & go

5.1.1.3. Want higher bids: Need investors willing to bid higher than flippers

5.1.2. Has weekly meeting pitching investors on their services

5.1.3. Opportunity to have a PM person to help them close more deals.

5.1.4. Doesn't want to have to talk about Rent & things they don't know

5.2. Hard Money Lenders

5.2.1. Pain

5.2.1.1. Need to move money.

5.2.1.2. Looking for any vehicle that moves their money

5.2.2. High interest / collateral (the house) loans

5.2.3. Give Foreclosure Auction Reps Cash to facilitate deals - because auctions are usually cash only - guaranteed funds

5.2.4. Gateway to/Has connections to many Auction Reps

5.3. Traditional Agents

5.3.1. Pain

5.3.1.1. Outside their comfort zone dealing with foreclosures (otherwise they would be auction reps)

5.3.1.2. Needs a team (auction reps, hard money lenders, property managers)

5.3.2. More tenacity / experimental

5.3.3. More open/innovative (to Rentals & Property Management)

5.3.4. Has access to the buyers

5.4. Traditional Loan Officers

5.4.1. Pain

5.4.1.1. Want long-term loans

5.5. Buy & Hold Landlords (Investors)

5.5.1. Pain

5.5.1.1. Realtors only interested in commission & not savvy on property management challenges/foresight

5.5.1.2. Accidental Landlords - couldn't get property sold.

5.5.1.3. Amateur landlords not knowing what it takes to manage

5.5.2. Want to build a portfolio

5.5.3. Great PM clients

5.5.4. All about the ROI & peace of mind

5.5.5. Great referral source

5.6. Flippers

5.6.1. Pain

5.6.1.1. Flipping houses are saturating the market...homes get bid up to a point there is no margin for filpping

5.6.1.2. Not enough inventory

5.6.1.3. Not into traditional real estate deals

5.6.1.4. MLS is heavily worked-over - want other stuff

5.6.1.5. Fix up costs are hard to estimate at auctions & are usually higher (auction rep doesn't know & just wants to sell)

5.6.1.6. Changes in the market/laws affect their ability to sell

5.6.1.7. You Inherit humans (homeowners, renters, squatters). - People have rights - Cash for keys?/negotiation as part of PM Management

5.6.2. Goal: convert them to Buy & Hold mindset.

6. About Kass

6.1. 1) You & Your Business

6.1.1. Closed 3000 vacancy lease-ups filled

6.1.2. Million $ PM company in under 3 years

6.1.3. Foreclosure Prospecting was how!

6.2. How did you get into Foreclosures?

6.2.1. Auction Rep Story