| | | Terry Bontemps, America's Leading Authority on Buying Non-Performing Paper from the Banks at a discount, has taken time to respond to the questions that were asked on last weeks call. (Go Here to listen to replay) SEE BELOW to read Terry's answers to all questions asked during (and before) the training call where he taught us how to buy notes from the bank at a discount!
"Tamera,
Of all the questions I'm receiving, here is the main one:
What do I do when I HAVE NO money and real bad credit?
I had bad credit when I started investing. I lost my house to foreclosure. I was just like the majority of you when I started. What you need more than money and credit is knowledge. Not just any knowledge! You need the Specific knowledge that I'm teaching my students in my coaching program.
You Need Me To Teach You How To Make Money Starting With No Money! I will show you how to find the money if you will take action on what I'm teaching you!
The reason you're struggling financially as a real estate investor is because you have no money, no credit, you're not taking any action and you have no knowledge of how to overcome these hurdles.
My mentor always said, "the teacher will appear when the student is ready." I'm here to help you!
Terry Bontemps" If you have an interest in being mentored or coached by Terry Bontemps, Click Here! (Go to bottom of page and type COACHING PROGRAM in the box when submiting your information) | | | CLICK HERE TO LISTEN TO REPLAY * And pick up generous gifts offered to listeners by Terry! | | | | | Hello Do you want to learn more about Terry's system for buying notes from the bank at a discount? How To Quickly DOUBLE, Triple even Quadruple Your Real Estate Profits This Year...
Buying Defaulted and Distressed Mortgages...
in Today's Foreclosure Market...
At A Substantial Discount
Go here to listen to the replay now!
PLUS....Terry has taken time to answer all the questions that were submitted on the night of the training. WOW- - -more great information from Terry below.
| | |  Q & A - Answers From Terry
Q: PLEASE GIVE POINTERS ON HOW TO BUILD A REAL BUYER'S LIST
A: In order to build a buyers list you must have deals that have money in it for the buyer. Here's a deal with money left over for the buyer. I will run this ad in the classified section of the newspaper:
"Just Bought $150,000 House
For $80,000, Need One (1)
Money Partner NOW! Call
555-555-5555
Collect all the names, addresses, email, and phone number of the people that call you. That's your buyers list!
Q: HOW DO I GET MY LETTER OPENED WHEN I KNOW THEY ARE GETTING LETTERS FROM OTHER INVESTORS?
A: 1) Test different envelope colors 2) Put information on the envelope that say's "In foreclosure - we help you keep your home" 3) Never quit and never give up
Q: HOW CAN I DO REO WITH BAD CREDIT AND LITTLE MONEY?
A: Unfortunately I'm not in the REO business so I can't answer your question. If you were referring to buying Nonperforming Notes you simply find the deals then flip it to a money partner. Use the ad above to find your buyer. Here's an ad I can run for the $160 million dollar portfolio I have.
"Bank Has $160 Million Dollar Portfolio
Of Nonperforming Notes. Willing To Sell
For 8 Cents on The Dollar. One (1) Money
Partner Needed Now! 555-555-5555
Q: HOW DO YOU GET TO THE PERSON TO DISCUSS BUYING THE MORTGAGE AT A DISCOUNT?
A: Start with the first person who answers the phone. Tell them your company buys nonperforming notes across the United States. Then ask the person on the phone "does your company sell it's nonperforming notes?"
Here's how simple it is. Victoria listened to the conference call with Tamera and myself. She did exactly as I taught her. Here's her results 1 day after with no formal training from me:
Terry, I Need to make immediate changes in my life. I listened in on Ispiproperties.com teleseminar on 7/2. On 7/3, I contacted a local bank about their Non-Performing Notes. After a brief conversation, the party obtained my name, number and asked what company I'm with. I provided my name, number and advised I work with a financial partner who purchases Banks Non-Performing Notes (just like you told us to). I was then provided the name, number and extension of the main contact and decision-maker of the department that manages the bank portfolios (8 locations). This contact returns on Monday, 7-7 and I want to follow-up with a call. Terry, I was inspired and motivated by you to just take a "leap in faith" and make calls to banks. My last call for the day ended with a live voice and a definitive contact name. This could be a life-changing "moment" that will lift me off the ground - running. I'm sincere in considering avenue(s) where this will be a financial opportunity...
Q: HOW DO YOU KNOW WHAT GUIDELINES INVESTORS GO BY? DOES THIS WORK WITH ALL INVESTORS?
A: I never worried about guidelines and other investors. I bought the notes from the bank and the homeowners paid me. Other investors are irrelevant to me being successful financially as a real estate investor.
Q: CAN YOU BUY THEM ONE AT ATIME, OR DO THEY HAVE TO BE BULK DEALS?
A: It depends on the bank. I bought singles and then I've bought as many as five at a time. Just ask and see what the bank says.
Q: WHAT KIND OF DISCOUNT CAN YOU USUALLY NEGOTIATE?
A: There's no set standards. Each bank is different. Everything is negotiable. I determine the profit I want to make and I base my offer upon that amount.
Q: WHEN YOU BUY MORTGAGE NOTES THAT ARE IN PRE-FORECLOSURE DO YOU NEED THE OWNERS PERMISSION?
A: No
Q: SOME BANKS DON'T WANT TO SELL TO A "NEW INVESTOR", HOW TO BREAK THROUGH AND WHERE TO GET HARD/SOFT MONEY?
A: Find an investor that has experience and become their partner. You get paid to find the loans. Break through by keep asking regardless how many times you get rejected. Find someone that has money and show them how they can make by investing with you. OPM
Q: WHO IS THE RIGHT PERSON TO TALK TO, WHEN CALLING MULTIPLE BANKS?
A: The right person is the one that can answer your question as to whether their bank sells their nonperforming notes. Keep asking until someone say's yes or no.
Q: HOW DO YOU GET AROUND SEASONING?
A: First of all I keep all my notes. I have never sold or flipped to another investor. Another investor or lender talks that language about seasoning. On my Case study that I taught my lender told me to get 3 payments from the homeowner and then he could refinance them. Do it and you get paid. It's no big deal when you understand there are 7 exit strategies. Refinancing is the only one that may need seasoning.
Q: WILL SOMEONE SHOW HOW TO BUY PROPERTIES ONLINE?
A: Sorry I'm not in the business of buying properties online. I can show you how I buy notes across the United States using the internet but I can teach you here.
Q: CAN WE FIND FORECLOSURES OURSELVES?
A: Yes you can if you know where to look for them and how to find them.
Q: WHO DO YOU CONTACT AT THE BANK TO FIND OUT ABOUT THE NONPERFORMING NOTES?
A: Start with the 1st person that answers the phone and work your way through to the right department. There is no Nonperforming Note department yet. Hopefully they will get that department very quickly.
Q: HOW DO WE FIND LEADS? HOW DO WE CONTACT THE DEFAULTED LOAN DEPT? WHAT DO WE SAY TO GET A LIST OF BAD PAPER?
A: My advice is for you to keep it simple - this is not very difficult. Most people over analyze this, you think there is some magic words to be successful.
You find leads by calling the bank. You find your contact by talking to the people that answer the phones at the bank. Here's what you say, "my company buys Nonperforming Notes across the United States. Does your company sell it's Nonperforming Notes"
Here's how simple it is. Victoria listened to the conference call with Tamera and myself. She did exactly as I taught her. Here's her results 1 day after with no formal training from me:
Terry, I Need to make immediate changes in my life. I listened in on Ispiproperties.com teleseminar on 7/2. On 7/3, I contacted a local bank about their Non-Performing Notes. After a brief conversation, the party obtained my name, number and asked what company I'm with. I provided my name, number and advised I work with a financial partner who purchases Banks Non-Performing Notes (just like you told us to). I was then provided the name, number and extension of the main contact and decision-maker of the department that manages the bank portfolios (8 locations). This contact returns on Monday, 7-7 and I want to follow-up with a call. Terry, I was inspired and motivated by you to just take a "leap in faith" and make calls to banks. My last call for the day ended with a live voice and a definitive contact name. This could be a life-changing "moment" that will lift me off the ground - running. I'm sincere in considering avenue(s) where this will be a financial opportunity...
Q: CAN ONE GET STARTED WITH NO MONEY?
A: You can start with no money but you can't start without knowledge. Unfortunately and it's a shame that most investors think it has to be their own personal money to fund deals. They never get started in the business because of this self defeating attitude. You need me to teach you how to use OPM.
I'm Here For You If You Want To Learn!
Q: WHO ARE YOU? LIKE YOUR BACKGROUND? HOW DO YOU GET THE FUNDING IF YOU'RE LOW ON CASH AND CREDIT CHALLENGED?
A: This is my favorite question everyone. It's really simple. I'm just like everyone of you. I want just like you to have a better life financially. I don't want to ever have to say the words "I can't afford it" again. I want to work when I want to work and set my own hours. Play when I want to play.
I had the funds to purchase my deals. Being low on cash and being credit challenged is always going to be the same unless you change. Robert Kennedy had a famous saying that I want to share with you, "Without risk - there is no reward."
Do you want to keep living the life you have now financially or do you want to have more? You can continue doing things the same or you can make a change. I decide to change and put into action the strategies and concepts that my successful real estate mentors taught me.
I'm Here For You If You Want To Change! As my mentor taught me, "You can either make money or make excuses but you can't do both." I hope this helps you develop the courage to take a chance on your future.
Q: IF YOU BUY A SECOND AND HAVE TO FORECLOSE BECAUSE OF NON-PAYMENT BUT THE FIRST IS CURRENT, WILL THE FIRST ALLOW THE SECOND TO FORECLOSE.
A: The first lender has nothing to do with the second. The first lender has rights. The second lender has rights. Each of them has the same amount of power to foreclose and neither one of them can stop the other.
Q: IS THERE ANY ISSUE WITH GETTING A DEED IN LIEU, SUCH AS CIRCUMVENTING THE HOMEOWNERS RIGHTS? DON'T YOU HAVE TO GO THROUGH THE SAME PROCESS THAT A BANK WOULD BY LAW?
A: Any homeowner can give the bank a deed in lieu of foreclosure. I am a bank and I operate by the law. I can get a deed in lieu of foreclosure on any of the notes that I own.
Q: DO YOU PARTNER WITH YOUR STUDENTS? IS THAT HOW I CAN EXPECT TO BUY DISTRESSED SECONDS SO WHEN IT'S TIME TO FORECLOSE YOU WILL HELP PAY OFF THE SECOND?
A: This is a personal question that I will address with each individual student. I don't want you to assume anything until you are in my coaching program.
Q: IS THERE ANY LEGALITIES THAT WE SHOULD BE AWARE OF IF WE DECIDE TO BUY AND SALE DISCOUNTED MORTGAGES?
A: My advice is that you simply learn the foreclosure laws for the state you live in.
Q: SOMEBODY TOLD ME THE PERS IS IN CONTROL OF THE TOWER PROPERTY. IS THAT CORRECT?
A: This question is from a local investor in Sacramento. If you are not aware of this property disregard this question. PERS was in partnership with John Saca to develop the Towers. John Saca borrowed $22 million from a bank in Roseville and defaulted on the loan. An investor like you and me named Muhammed bought the note from the bank in Roseville. All the documents regarding this transaction is located at the County Recorders office downtown.
Q: YOU SAID YOU BOUGHT THE 2ND NOTE WORTH $40,000 FOR $10,000. HOW DID YOU END UP GETTING THE 1ST NOTE PAID OFF OR GIVEN TO YOU FROM THE BANK? DID I MISS SOMETHING?
A: The homeowner refinanced their loan. The 1st was paid off from the refinance. They now have a new 1st and new 2nd with me. The owners paid me $29,000 of my $40,000. The balance of $11,000 is my new 2nd.
Q: TERRY SAID WE COULD EMAIL HIM TO FIND OUT ABOUT HIS PORTFOLIO. WHAT IS HIS EMAIL ADDRESS?
A: I don't remember saying this because I'm not looking for money or investors. I don't sell my notes, I keep them. If you want to contact me, sign up for the free call where I will negotiate one deal with a homeowner in foreclosure for you.
Q: HOW DO WE GO ABOUT WORKING WITH TERRY? I HAVE NPN'S THAT I NEED HELP WITH?
A: Sign up for the free training that I'm offering. I'll negotiate one deal for you.
Thanks everyone for those great questions. I hope that you all have learned a lot about foreclosures and the nonperforming note business. If I can be of further assistance please consider joining my coaching program by contacting me here:
www.ispiproperties.com/terry. Just type COACHING PROGRAM in the box.
Wishing You Success, Happiness, Health and Prosperity,
Terry Bontemps | | We hope you have learned as much as we have from Terry. If you would like to contact Terry re: his coaching and mentoring program, GO HERE. (Type COACHING PROGRAM in box provided and submit your contact information to him).
To Your Massive Profits,
Tamera and Michelle | | | | | | | |
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