Finding Your First Deals

Be The Bank. Buy Notes.

PERSPECTIVE

What Institutions Should I Approach?

Hedge Funds, Private Equity Funds

Hedge Funds, Private Equity Funds

Not regulated as closely as banks.

(Until 2012)

Watch news articles for activity and names.

Example Article

Source: http://southfloridarealestate.citybizlist.com

Example Article

Source: http://www.dailymarkets.com

Banks and Credit Unions

• FIRP Financial Institution Research Platform

– Example: First Interstate Bancorp of MT

• Office of Thrift Supervision

– Enforcement Actions and Letters

– Exam Results

Mortgage ServicersRemember Who They Work For…

Start With Properties

• Foreclosure/Notice of Default Listings

• Vacant Properties

• FSBOs

• Expired/Cancelled Short Sale Listings

Foreclosure Filings and NOD

• Sources for Data

– Paid Services

– County Sheriff – Online Data?

– Legal Newspapers

• What to look for

– Smaller banks

– Investment companies that are foreclosing

Vacant Properties

• Drive Neighborhoods You Like

– Look for the signs of a vacant property

• City Vacant Building List

I Found Some Properties – Now What?

STEP 1 Title search to see who started the Foreclosure or who holds the mortgage

I Found Some Properties – Now What?

STEP 2 Title Search using that lender’s company name; find signed

docs

I Found Some Properties – Now What?

STEP 3 Contact Research on those names

I Found Some Properties – Now What?

STEP 4 Contact the lender and try to get a referral to that person

Email, Fax, Letter or Call!

I Found Some Properties – Now What?

STEP 1 Title search to see who started the foreclosure or holds the

mortgage

STEP 2 Title Search using that lender’s company name ; find signed docs

STEP 3 Contact Research on those names

STEP 4 Call lender try to get referral to that person

Property ExampleBeebe Rd., St Paul, MN• 4-Plex• Bought 2nd Mortgage to facilitate

short sale

1st Mortgage $275,000 (shorted)2nd Mortgage $75,000

Value 350,000Had an end buyer

1711 Beebe Road

1711 Beebe Road

1711 Beebe Road

1711 Beebe Road

1711 Beebe Road

1711 Beebe Road

• Identified a property with equity potential through short sale

• Bought $75,000 2nd mortgage for $7,500

• From initial contact (Feb 7) to closing (March 31)

1711 Beebe Road

Institution Example

Start with FIRP

(Financial Institutions Research Platform)

Choose an Institution

Institution Example

Start With FIRP Data

PrivateBank and Trust Company

Use the Company’s Website

PrivateBank and Trust Company

PrivateBank and Trust CompanyLeadership BIO Page

PrivateBank and Trust Company

We have names, now what?• Go to About us page on Website• Go to Newsroom Page – search for interesting or

relevant news• News article search for those names (try using

Bank president’s name too)• News Article search for that Bank name• Go back to FIRP and review what assets they have

Finding Your First Deals

Be The Bank. Buy Notes.