The,Most,Common,Mistakes,Bulk, business, insurance The Most Common Mistakes of Bulk REO Investing
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Mistake 1 Not Recognizing Daisy Chains Unfortunately in this business you will encounter a collection of never ending daisy chains of brokers and self proclaimed mandates constantly misrepresenting product they do not control nor have the proper authorization to advertise or sell. Only through training and experience will you be able to recognize these clowns of the business within 2 minutes of being on the phone with them. You will learn early on that it is not about finding the deals, but learning how to spot these clowns and get off the call as fast as possible.These people who obviously have nothing else better to do will be your downfall if you do not learn early how to get pass them and on to the real product source, which is the most difficult point to locate.Mistake 2Not Performing Due Diligence Any time you are investing you need to run a thorough due diligence to make sure the numbers make sense. This is the main cause of failed stories about investing in this industry. The slightest mistake can empty your pockets in the blink of an eye; this is why mentorship and training prior to investing is crucial in this business. Hire local Realtors to run your BPO (broker price opinion) and establish real market value with updated figures for todays Real Estate market. A lot of newly formed hedge funds find themselves guilty of this crucial mistake. They let ruthless sharks that have been around for a while talk them into buying a tape which is either full of garbage assets or over price.Mistake 3 Not Cherry Picking This has to do more with being affiliated with a real source or company that will give you access to their product and thus cherry pick from their lists or properties. Instead of waiting for that home run of 100 properties, you can work on those one base hits by cherry picking one property at time from a tape. Rehabbing and selling these one at time will put money in your pocket immediately. You can always wait for the big deal this way. Investing ONLY in the right type of properties will bring you success and eventually fortune in the Bulk REO industry. This is the easiest and most effective way to make money when you get started. Most companies and individuals will not circumvent you when dealing at the one off level.- CONCLUSION -Be alert and be realistic and you will find the right source and the right training to be successful in Bulk REO and Non Performing Note investing. Read, research and listen, but as everything else in life, you need to make up your own mind and choose your own path to success. By trusting your instincts and using some basic common sense, you can make this happen and earn small fortune in the process. I wish you the best of luck in your future endeavors. Now, go make a fortune. Happy Investing! Ray Piel
The,Most,Common,Mistakes,Bulk,