Video 4 – How to Find Deals

Hey there! Things have changed here a bit, for the better! I recently updated the free course to help you get to a pay check even faster, and do it with greater ease and consistency, too.

Go HERE to access the new course. You’ll be pleasantly surprised ๐Ÿ™‚

Best,
Matt Theriault

Matt_Theriault

Comments

  1. Great info here. However, I have a question or so which maybe you’re answer in a future video. I actually quickly signed up to ForeclosureRadar.com. It seems to be an awesome site…except that it only covers four states. I live in one of the other 46 ๐Ÿ™‚ Do you have other similar sites you might recommend? I found a couple and signed up to one and it’s interesting, but it functions somewhat differently than ForeclosureRadar.com. Secondly, and I know this is probably a dumb question, but can you explain the differences between actual foreclosure and pre-foreclosure? ForeclosureRadar seems good at identifying both, but several of the services I looked at seemed troubled at providing pre-foreclusure (almost as if that information isn’t available in my city of nearly 1/2 million). I’m also finding that at least one state, and perhaps more, simply aren’t all that free with some pre-foreclosure information.

    Thanks for the awesome vids!

    • Thank you for bringing that to my attention. I was unaware of ForeclosureRadar.com’s limited reach. I haven’t used it outside of my state and assumed it was national. My apologies. I’ll be on the lookout for a new service… a national service (if one exists). Nonetheless, I’m sure each state or region has something similar. The search concepts and practice will be the same. Regardless of what service you use, as long as you can pull up pre-foreclosures that meet your criteria and get the mailing address of the property owner… you’re golden! I haven’t use them before, but I have a partner that does. Try this service as an alternative http://foreclosurealert.com/

    • Oh, and the difference between a foreclosure and a pre-foreclosure is that the foreclosure is controlled by the bank or lending agency that foreclosed on the property. A pre-foreclosure is still controlled by the property owner. Just a slight difference in words, but a huge difference in dynamics. Without getting too elaborate and confusing you, stick with pre-foreclosures for the purpose of this course. They allow you the greatest flexibility in the negotiation of terms of which gives you the greatest possibility of success using no money.

      • Thanks — after spending some time and thinking about it, I see the obvious difference between foreclosure and pre-foreclosure. I understand how a foreclosure status gets dropped into a database, but I’m not sure who is submitting the pre-foreclosure info to the database (I assume the bank is doing this as well). Finding pre-foreclosure status seems a bit more difficult (perhaps due to the way they’re being reported), so maybe I’ll need to broaden my search to a larger area. And yeah, it wasn’t immediately obvious that ForeclosureRadar handles only a few states. I subscribed to it before I realized. At the very least, I’ll get to play around with the features and learn a bit before I cancel my subscription. I searched further than found a few other sites which contain similar information…and I subscribed to http://foreclosurelistings.com They seem good, but I bet there are better ones out there to be uncovered. It’ll just take some time to eventually find the best for my needs. Thanks!

  2. Not clear on criteria for deal. Most pre-foreclosures are people who are underwater with their mortgage. Is it worth talking to a homeowner who has more than one loan and/or who is underwater with their mortgage? They would need permision from the bank to sell their home for less than what they own, right? If this is the case, the homeowner is not the decision maker, right? So is it possible or worth your time to continue negotiations through a bank representative? Through my own experience, I know that banks are not authorizing a lot of short sales.
    So do I need to only locate people that have equity?

    Thanks for the info
    Dallas

    • Hi Dallas,

      In today’s climate, you will find that many of the property owners that are in pre-foreclosure are underwater. In this scenario, the deal is a “short sale” (as you know) and there aren’t too many options other than negotiating for a lower payoff amount with the loan holder (bank) with the intent of generating some equity. You are correct, the bank is the decision maker.

      Is it possible or worth your time to continue negotiating with a bank representative? Well… the answer is it depends. First, yes it’s possible. I’m closing 1-2 short sales per month, but you are right. It is becoming more challenging to getting decent approvals from banks. Second, it can be worth your time if you don’t need the money ASAP and are well versed in negotiating short sales. For the purpose of this course, however, I would recommend passing on short sales or refer them to someone you know that would be willing to take it on and pay you a referral fee. Further, a short sale will limit your exit strategies and you will likely need money to close. In that case, a short sale doesn’t fit within the scope of “doing deals with no money required.”

      Yes, you will want to find people with equity. They are out there, plenty. At the moment, banks control 2/3 of the inventory on the MLS via REO or Short Sale. Don’t let that discourage you, though. There is still 1/3 of them that aren’t bank controlled and do have equity… that’s still millions of listings that aren’t bank controlled. I’m not recommending looking on the MLS for finding deals with equity, but rather demonstrating that there is plenty (in the millions) of opportunity available.

      Thank you for your comments, you are helping me improve this course and the Epic Pro Academy with your questions. Please feel free to reply if anything was left unanswered or if I inspired new questions.

      • Thanks for the prompt reply Matt.
        Ok now that I know that I need to narrow my search down to homeowners with equity, can that be done on foreclosureradar.com? I’m working on my list to send out my yellow letters and I have already signed up on foreclosureradar.com. Appears to be a powerful tool if it is accurate because I noticed that in the results that come up, it shows if there is more than one mortgage, how much equity homeowner has, how delinquent homeowner is on payments, and all kinds of other useful information. Is this information accurate because if it is, it can really prevent me from sending out a ton of useless yellow letters. Can I count on foreclosureradar and its info that shows up?
        Also I currently live in Imperial Valley, CA which I believe has a population of about 150,000 – 175,000. Is this area too small for running into significant deals or should I just keep my nose to the grind stone?
        When calculating initial value, do you always put $20,000 for estimated repairs? After you do an official inspection and you find that repairs may only be $6000 or so, should you adjust that initial $20,000 estimate to be able to negotiate to a price that a seller might find more attractive?
        Thanks again for all the info.
        Dallas

        • As far as I know… Foreclosureradar.com pulls its information from tax records. If the information is inaccurate, it would be because the tax records are inaccurate (of which is not uncommon).

          For now, I would stick with Imperial Valley. This particular system would be extremely time consuming if you venture too far from your primary residence.

          Yes, I always put $20K for estimated repairs, it’s just my starting point. Yes again ๐Ÿ™‚ You can adjust that number after your inspection.

          You’re on the right track with the right mindset, keep going!

          Stay in touch and let me know how I can further help.

  3. Hi Matt, Great video! I really appreciated the info on the audio business card. I never really knew what to say at those REI meetings. I would just hand out a few cards that said I was a real estate investor to those sitting near me whether they were actively investing or not. With your help I know I will be more productive next time. I also like how you showed the importance of using the daily success workbook to keep me on track as well as the people skills. Just as a side note, I was not able to download the two pdf notes for the A.B.C. My computer kept saying the the files were “damaged”. Is it possible to send them as a Word doc?

    Thanx again for the excellent videos,
    Ben

  4. Gabe Stockton says:

    Hi Matt,
    God Bless you for sharing your wisdom! I have been chasing the dream of becoming an investor for years and trying to figure out the “way”. The action plan you are laying out is awesome. I am putting it into play now starting with yellow letters and internet advertising.
    Just wanted to let you know that you are helping another grateful student!
    Thanks again for sharing,
    Gabe Stockton
    San Diego

  5. Have you ever heard or used Freedom Soft? It is a management system database for wholesales. If so what are your thoughts? If not, can you help me with my analysis of it and check it out?

    Thanks

  6. Hi Matt,

    I plan to follow this course to the T. I’m lucky enough to discover this at a young age. I have a curious question for you. In regards to the Yellow Letter, is it best for me to list a local contact phone number or should I get a toll free number?

    • Hi Jeff,

      Congrats on your commitment.

      I think a local number works best, but… it’s always recommended to test different ideas and approaches. But again, by the nature of the yellow letter and how it shoes up into a Seller’s mailbox, I think a local number will work best.

  7. Hello Matt,
    First off I’m compelled to tell you that I am deeply touched that you are freely helping people achieve their dreams. I only came across this last night, I have been through the intro and the first 4 videos, and I already can tell that, just from reading some of the comments and since You are right in line with all the TRUE success teachings I’ve heard over the years, and have put it into something a practical and usable peoples lives are being changed all over the place, thanks to you, and I can’t wait to jump in.
    I have 2 questions, first you mentioned go at the pace of the instruction. are we to take certain actions steps before watching the videos all the way through or would it be best to watch them all thoroughly first and then begin?
    My 2nd question is in regards to the “middle men”, I can understand why we shouldn’t do deals with them, but I am uncertain what to look out for. Could you give a couple examples of what they might be.
    Thank you.

    Respecfully,
    Phillip Rushford
    Calgary

    • Hi Phillip,

      Thanks for the nice words, and I’m glad you found us ๐Ÿ™‚

      When I use the phrase “move at the speed of instruction” the real message is don’t wait to learn EVERYTHING before you get started. You’ll never know it all, so don’t wait until you do. The important part is to just begin. To answer your question on whether you should watch all videos before beginning, it really depends on how fast you watch them. If you watched 3 per day in consecutive days and took action on what you learned as you learned it, you’ll do just fine. Or, watch them all in one sitting and go back to the beginning and take one video at a time and get going .

      “Middle men” are real estate agents, brokers and many of the wholesalers you will encounter. The important parts to grasp from this is to keep in mind where their incentive is and question their credibility. Their incentive may not be in alignment with your goals, and if they’re talking a good game but can’t back it up… they’ll waster your time. Not all “middle men” should be avoided, but most (from my experience).

      Hope that helps.

  8. Great Videos!!

    I have visited and tried several website to find pre-foreclosures but was unsuccessful.. Either they don’t cover my state Georgia or they had very few pre-foreclosure and had massive foreclosure listings, short sale etc..
    I need to send out yellow letters to only pre-forclosures right??

    Is my only option to find it at the county’s recorders office??? This would be too much work every time I want to send out yellow letters?? I would really prefer something online…

    Thanks,

    Chris

    • Hi Chris,

      I’m always in search of new sources of leads. It’s just part of the biz.

      Pre-foreclosures are just one type. Probates can be found at the court house. Absentee Owners can be found through your title rep. Expired Listings can be found through your Realtor. Or, you can subscribe to websites that do nothing but generate lead lists. You’ll find a few of them listed on this page EpicProDownloads.com under the Buy a Million section.

      Best,
      Matt

  9. Hi Matt,

    First of all, this group of videos has been amazing. I have learned more from you in the past 2 hours then I have in the last month from other so-called “gurus” out there. I really appreciate it.

    I have a quick question for you. I live in Washington state, and although the foreclosure process is similar to that of California, the documentation process is different. Pre-foreclosures are a little harder to find in Washington simply because the Notice of Default is not recorded…only the Notice of Trustee Sale is. By that time the homeowner is deep into the foreclosure process. This makes it more difficult to deal directly with the homeowner rendering this type of list less strong then the one outlined in your video.

    When I go to ForeclosureRadar.com, the only listings that I can recieve in my state are Bank owned properties and Auction properties. I have looked into getting 30/60/90 day late mortgage leads so that I can begin a mailing campaign truly worthy of calling a pre-foreclosure list, but I wanted to get your take on it.

    How can someone like me in Washington target a true pre-foreclosure list through direct mail?

    Thanks for you help!

    Jordan

    • Hi Jordan,

      Thanks for the nice words.

      I wish I could give you some concrete information on what you ask. You’ll want to confirm this with foreclosureradar.com, but I believe “Auction” properties in WA are in pre-foreclosure (not bank owned yet). Somewhere on their website they outline the foreclosure process for each state and include that state’s terminology (i.e. auction = pre-foreclosure).

      By the way, it’s okay to still mail to distressed sellers that are deep in the foreclosure process. The more you work direct mail, you’ll find that most of your responses will come from people deep in the process. I’ve found most people won’t respond to mail and ads until they’re desperate, and desperation sets in when an auction date is set. Make sense?

      • Additional lists you can send your yellow letters to are probate, inheritance, expired listings and For Sale By Owners. Keep in mind that no list is really better than others. Your intent is to find motivated (distressed) sellers. The categories that I’ve mentioned are simply places where you’re most likely to find a volume of motivated sellers. Crappy things in life happen to everybody, so use your imagination on where people who are experiencing some sort of adversity gather. For example, look to add a Family Law (divorce, bankruptcy, probate, etc…) attorney to your network. They can be a great source for leads.

  10. John Savage says:

    Hi Matt,
    Just a quick message to say I love your brilliant real estate and do over pod casts. I have gleaned tons of extremely useful and helpful information from them without having to wade through lots of bull. Keep up the great work
    . Any plans to visit the UK in the near future? I may have a business idea for you.
    John in Liverpool, England, UK

  11. sheldon hall says:

    I noticed the epicdatabase.com site is not working, and idea when it will be up and running thank you and I like the videos very much

  12. willie says:

    HI Matt, great video’s so far, thank you.
    I wanted to know, on your last podcast I think # 50 or 51 you mentioned you might start your own landing page/website. Is that coming soon? thanks and have a great weekend.

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