When I talk to new attorneys to find Residential Back FlipTM deals instead of saying “Hey I’m looking for deals”, take a totally different angle, especially when you’re first making contact with a new attorney and say something like this.
First off, I’ll explain what we do. “We do bridge deals, providing short term money to help high end home owners who want to complete a workout on their residential mortgage.”
“We run into a lot of home owners that are in this situation, they need our services, they need a bridge loan to pay off their overleveraged mortgage at a big discount. We’d like to help them but we’re really not comfortable working with owners directly.
Our model is that we only work if there’s an attorney involved and so we’re looking for competent attorneys. And I’m wondering if this is what you do because we run into a lot of owners and I need a really good attorney that I can refer them to. Are you open to that?”
So in other words, you go to attorneys and instead of saying “Hey give me leads” you go to them and you say “Hey I’ve got leads for you, are you interested?” So you are telling the attorney, “I’m going to bring you money, I’m going to bring you clients.” Almost everybody knows somebody who owns a residential property and they’re upside down.
I’m sending my good attorney contacts leads like crazy. This saves you time by letting your attorney work through these leads because I don’t want to dig into a deal that doesn’t already have an attorney involved and it’s already to a certain point.
So when I get a fresh lead on a high end property owner that’s upside down I don’t know where they’re at, I don’t know if their bank is willing to accept a discount – I don’t know anything yet.
And rather than get in and invest my time trying to work the deal on my own I’d rather refer them to an attorney, one of the attorneys that we have a really good relationship with that’s already in our network, and let the client hire that attorney.
Then we can let the attorney contact the bank and start working on the case and start figuring out this stuff, and then the attorney can come to me and say “Hey Jerry I’ve been working on that case for a month and we’re finally at a point where it meets your criteria. Now why don’t you come into the picture and take a look at this.” And so it’s an awesome way to weed through leads on possible Residential Back FlipTM deals that are just too early in the process.
So once you join our team you can be saying to every single attorney you meet, “We have a big network, we do these types of deals all over the country.”
I make sure to ask questions like “Can you do deals out of your state?” We have a lot of owners that we work with that are out-of-state, so once you join our team you can say that. This way you are able to build your credibility because you’re telling the attorney that you’re networked and that you can get a lot of leads for them.