Welcome to my Mentorship – Partnership Program!
First, let me congratulate you on taking action toward building your Real Estate Investing business. We are excited to have you on board and look forward to working with you in ways that are effective, efficient and different from the other programs out there today.
I’d like to take a minute to tell you a little bit about the “Mentorship – Partnership” concept and what it means to me, and why I structured it this way.
The reason why I’ve combined Mentorship & Partnership is so that we can work with you and show you how we do deals so that you are set up for success and able to effectively partner with me. This is not a “Mentorship” program in the conventional sense where you are given the “How to’s” and structured lesson plans, but one that is action-based and outside of the box where you can not only LEARN, but also DO, thereby creating a solid foundation and successful investor habits.
I wouldn’t be where I am today, or at least not have gotten here as quickly, if I didn’t have Mentors to share ideas with and have success models to build from.
Can you do this on your own? Absolutely! You can do anything you put your mind to. The added benefit of Mentoring and Partnering is to help you reach your goals faster, cut down the “learning curve” and avoid many of the pitfalls or mistakes others have made in this business.
"A mentor is someone who sees more talent and ability within you, than you see in yourself, and helps bring it out of you." - Bob Proctor
We look forward to bringing the best out of you and helping you turn your goals and dreams into a reality. Thank you for choosing to work with me and giving yourself this rare and unique opportunity.
To Your Success,
Cam Dunlap
General Contact Information- For iFlip, Cash Buyer Data Feed and Private Lender Data Feed support, please use the following:
Phone: (607) 527-6097
Email:
Hours: 8:30 a.m. – 8:00 p.m. Eastern Time
Mentorship Contact Information- For the Mentorship Resource Site, scheduling, deal partnering and program support, please use the following:
Phone: (607) 936-2200 Ext. 236
Email:
Hours: 8:30 a.m. – 5:00 p.m. Eastern Time. Also by appointment, if after 5:00 p.m.
Real Estate Questions- In between your weekly sessions, please submit your questions to your mentor through the Mentorship Resource Site, or call into the help line.
Real Estate Helpline Phone: (607) 218-4111
Days: Every Tuesday & Thursday
Hours: 10:00 a.m. - 1:00 p.m. Eastern Time
TABLE OF CONTENTS
Contact Information 2
About Your Program 4
Resources 6
Step 1: Locate 7
Step 2: Evaluate 13
Step 3: Making the Offer 19
Step 4: Finding the Buyer 23
Step 5: Financing your Exit Strategy 24
Glossary of Terms 27
Sessions
Your program may come with a specific number of one-on-one exclusive sessions with your personal “Transaction Manager.” These sessions will occur once a week at your agreed upon day and time. During those sessions, your Transaction Manager will go through the wholesaling process, including locating leads, evaluating, making offers, finding the buyer and financing your exit strategy. To keep your progress moving forward in between your sessions, submit questions to your Transaction Manager through the question bank located in the Mentorship Resource Site. In addition, each session is recorded and posted to the call archive in your Mentorship Resource Site for easy reference later.
Missing Sessions
The one-on-one sessions are scheduled to be consecutive. We find the program works best when you are steadily involved and engaged with your Transaction Manager on a consistent basis. Staying committed to your scheduled time is a huge part of accountability and will impact your progress. However, we understand life circumstances may occur and there may be a change in your weekly schedule at some point. Therefore, we do allow one exception for an emergency and/or vacation with a minimum of 24 hours advanced notice.
If you are unable to make a scheduled mentoring call, you will want to call Member Support at (607) 936-2200 Ext 236. Notify them of the session you will be missing and whether you would like to reschedule, or push the session to the end of your one-on-one schedule. Your Transaction Manger will be notified of this change and your sessions will resume on the date agreed on with Member Support.
It is important to not skip your session without notifying Member Support. The Transaction Manager blocks that time out of their schedules. If there are two missed sessions without notification, your program will be placed on hold until you are able to recommit to the program weekly. We have these guidelines in place for your benefit and to encourage your forward momentum and success.
Please keep in mind that when your program is placed on hold, you will not have access to your included services such as iFlip, Cash Buyer Data Feed, Private Lender Data Feed, the Mentorship Resource Site and your weekly sessions.
Small Group Mastermind Sessions
After you have completed your one-on-one sessions, you will then migrate directly into the small group mastermind sessions. These sessions happen weekly as well. Much like the one-on-one sessions, these group sessions are designed to give you direct communication with your Transaction Manager. We aim to schedule you with the same Transaction Manager you who you originally were assigned to, so they have all of the background and inside knowledge on your specific deals. There will also be a small amount of other investors on the call as well. This helps give you a different kind of support and ability to see what is or isn’t working for other investors in other markets. These calls are also archived in your Mentorship Resource Site.
While involved in the small group mastermind sessions, you will be placed in a group based on your skill level (novice, intermediate and advanced.) As your skills progress, so will your group level.
Target Trainings
Throughout the year we also offer several topic specific “Target Trainings.” These trainings are given by our Transaction Managers and are designed to give extra insight and training on topics which are most useful to our students. If you aren’t able to attend a target training, they are recorded and posted to your call archive for easy reference.
Feedback
Throughout your program, you will have opportunities to provide feedback on several different areas of the program. These areas include, but are not limited to, the program overall, the Transaction Manager, and the services included in the program. We take our students feedback and input very seriously and want to be able to make the program work best for you. Please keep in mind that we welcome your feedback at any time during the program.
Title Profile is a site where you can pull property reports, comparative and comparable reports, lender profile reports, and other offline documents.
Website: www.titleprofile.com
Site X Data provides convenient and cost-effective access to real property assessment, ownership, deed history and comparable sales. With a SiteXdata.com subscription, you can tap into the industry’s most robust, accurate, and up-to-date data resource.
Website: www.sitexdata.com
LLC Publishing is a great low cost and easy place to go to get your entity formed.
Website: www.llcpublishing.com
List Sources for letter and postcard campaigns:
www.melissadata.com
www.alescodata.com
www.listsource.com
www.usleadlist.com
www.defaultresearch.com
www.click2mail.com
www.yellowletters.com
County Recorder
Court Records
*If you are looking for a closing agent, please call the office for a referral. (607) 936-2200 Ext.236*
Resources:
FCWF-Pages 15-17
Foreclosure University – Lesson 1
Target Properties:
· Junkers in good neighborhoods
· Vacant homes with no “For Sale” sign
· Entry level homes
· Appeal to rehabbers and first-time home buyers
Locating Target Properties:
Vocabulary:
MLS=Multiple Listing Services
FSBO=For Sale By Owner
There are houses on the MLS. There are house that are FSBO, for sale by owner, and there are vacant houses which have no for sale sign on them at all.
Where do you suppose the greatest inventory is? We are in a market where there are a lot of houses for sale, so the inventory is without a doubt on the left side of this scale. There are more houses listed on the MLS then that are FSBOs or vacant. Where do you suppose the competition is hanging out? They are over there on the left as well. Where do you suppose the greatest opportunity is? On the right. The thing about vacant houses with no for sale sign on them is that they are not being advertised as a FSBO, and not in the MLS. So who knows about them? Nobody! After all these years, and to this day the best deals come from vacant houses with no for sale sign.
Locate: Vacant Proprieties
Resources:
FCWF-Pages 18-34
Foreclosure University - End of Lesson 1 into Lesson 2
Why Do Houses End Up Vacant?
· Foreclosure Sale· Divorce
· Job Transfer
· Burned Out Landlords
· Pre-Foreclosure
· Job Loss
· Property Taxes Delinquent / · Failing Health
· Death
· Moved to a New House
· Out Of State Heirs
· Military Transfer
· Expired Listing
How to Spot Vacant Houses?
· No Curtains· Doors/Windows Open or Broken
· Grass Grown High or Dead
· Pile of Newspapers / · Stickers on Front Door
· No Tracks in the Snow
· Mail Falling Out of the Box
· Electric Meter Missing
Who is Going to Spot Vacant Houses?
Bird Dogs
Resources:
Foreclosure University - Lesson 2
Who are Bird Dogs and How to Find Them?
What do the Bird Dogs need to Provide?
More Ways to Find Leads
Talk with your mentor to see if any of these are good options for you in your area.
1.) www.iBuyHousesLeads.com - is the most recognizable and memorable Real Estate domain on the internet and it can be exclusively yours, in your market. It allows you to choose the zip codes you want to invest it, and any leads that come in are yours and only yours. It will enable you to eat the competition's lunch and dominate your market.
2.) Letter or Post Card Campaigns to the following lists:
#1 Most Profitable: Absentee Owners
· Inherited by out of state heirs
· Probate
#2 Most Profitable: Pre-Foreclosure
#3 Most Profitable: Free & Clear Property
· Owned 15+ years
More Lists to Consider:
· Bankruptcy· Bankruptcy Attorney
· Probate Attorney
· Eviction
· Divorce
· Divorce Attorney List
· Delinquent Tax
· Fire Damage
· Code Violation
· Tax Lien
· Expired Listings / · 30-60-90 Lates
· Mortgage Broker
· Realtors
· Builders
· Absentee-Out of state Owner
· Vacant Property
· Health Code Violation
· Investors
· Quit Claim Deed
· Sheriff Sale
List Sources for Letter and Postcard Campaigns:
www.melissadata.comwww.alescodata.com
www.listsource.com
www.click2mail.com / www.defaultresearch.com
www.yellowletters.com
County Recorder
Court Records
Find the Seller - Privately Owned
Resources:
University Foreclosure- Lesson 3
Tax Assessor will let you know if it’s owned by an individual or bank owned. It is possible that these records may not be up to date. If the owner tells you, that it was foreclosed on, you can find out which bank owns it by asking the Foreclosure Trustee. You can do this through your county annex.
Sources to find the seller:
You can also send a letter or post card to the house that is known to be vacant. Add “Address Service Requested” to it. The post office will forward your letter, expressing interest to buy the home. They will then also send you a photocopy of your mail piece, with the new address and the new forwarding address.
Vacant Bank Owned REOs
Resources:
FCWF-Pages 80-84
Foreclosure University - Lesson 4
Pre-List Opportunity to Beat the Competition:
If you see a property with a lock box on the door and no sign out front, you are most likely looking at a “Pre-List Property.” This means there is no listing agreement yet. Therefore, no one knows about it. These can be hot deals.
Property Preservation:
Before a foreclosed property can be listed it needs to be cleaned up, including clearing out any garbage, fixing the broken windows, mowing the lawn, changing the locks, so it doesn’t get a code violation and it’s secure. This can cost thousands of dollars at the agency expense and isn’t reimbursed until the home is sold. Agencies can have 20 to 100s of these listings, with property preservations in each of them while they are listed.
This is why many agents like pre-listing offers from investors. It’s a win-win. The investor is getting a great deal before it’s even on the market. The agent gets a quick sale, and it’s a double commission for them, since they are the listing and selling agent.
Working with Realtors
Get the Lock Box Combination: It’s okay to ask for the lock box combination. Realtor’s are already giving it out to the appraiser, locksmith, and handyman etc. Plus if it’s a Junker, there is nothing to steal anyway. There are two kinds of realtors; those who are focused of protocol and those who are focused on productivity. Work with the ones who are productive.
You Choose Who Gets Paid:
· If it’s a pre-listing deal, contact the pre-listing agent, so they can collect a double commission.
· If your offer doesn’t get accepted and the property gets listed, go back to the listing agent for your future offers, because you already have a relationship with them.
· However, if the property is already listed, contact the agent you like working with.
By doing this the realtors will respect you because you understand how it works. Then for your future deals, you will have realtors who will be working hard for you.
Key Factors in Pre Screening the Deal