Thomas Moore

The Moratorium

Well it was officially over at the end of March and things still are not where they should be (REO Listings wise). I know this is older news but I wanted to wait a few weeks to see if I noticed a change in the inventory. Just stay patient and these REO listings will come eventually. I have been tracking the auction properties to determine how many properties were either postponed, sold 3rd Party, & which ones reverted back the bank. The numbers are just as high as they have ever been for Banks taking back the property at auction. So what are the banks doing with this stacking inventory??

There will be a burst of properties that hit the market but there will be an attempt to stagger these waves. Anybody knows for the last four months it’s been nothing less than horrible for trying to obtain new REO business. The only ones who were getting anything were agents that already been established. So don’t panic if you have been busting your butt out there to get REO work and it’s not happening. Things will get better and all you have to do is keep grinding away and pushing forward.

When these properties finally do hit the market, the first one’s that will benefit from this will be of course the already working agents. Shortly thereafter, the abundance of REO’s will be even too great for all those agents to manage all of the properties. It will be the rookies that then will get first stab at their very first listing. Once you do get your first property, impress the asset manager with your best work possible and continue to do so.

It’s going to be a hot summer and you better believe that it’s gonna rain REO’s. Keep getting your name out there, call these asset managers, and think outside the box. It will happen for you if you remain patient and be consistent. I have some students who are finally seeing the light 5 months. It really does take that long and nothing good comes easy.

A special shot out to Eric Green, David Quintanar, Sam Xavier, and Ryan Rivera for sticking through all this slowness and never giving up!! Hard work pays off!!

Here is an article that further explains the Moratorium:

Thomas Moore

702-580-0125 cell

www.eBrokerHouse.com

I must admit something to everybody out there. Here I consider myself a systems and technology guy and I have been the one who “dropped the ball” lately. I am speaking about my Contact Management System (CMS). It’s been exactly one year since I started to develop what is now known as www.eBrokerHouse.com full time. Along the way last I must have spoken to over different 500 individuals on the phone, over 2,500 emails, and many Tweets of course. All of these communications were primarily topics of this new virtual office I was creating.

About 3 months ago I stopped entering every single person that I came across into my CMS. I am currently using Google Apps but before that I was extremely into MS Outlook. I really like the Google Apps because it is 100% web based and I don’t ever have to worry about backing up the data myself. We all know that we never are diligent enough on backups and will always eventually get burned. But I am not here to write about the details and my thoughts on which CMS is best or easiest to use. etc

Here is the trick in whatever system you use, BE CONSISTENT. It may sound easy but it is not if you don’t train yourself to do it every single time. I fell victim as I neared the end of my project and was obviously overwhelmed. I thought I could remember everybody by situation and was not entering names, phone #’s, emails into my CMS for three months!! I just started to notice over this last week how crippling that was to my operations. Had I been too engulfed in my project that I forgot to do the little things? NO!! I was being lazy and not tracking every single lead that came my way. I am revamping my systems and getting things back on track. EBrokerHouse is now launched and ready to make the changes that our Beta Testers suggested. I will now have time to reorganize and rebuild my CMS into a masterpiece that is updated consistently and accurately.

To anybody who may have noticed this and maybe felt like I was being a little distant, I am sorry and it was nothing personal. I challenge everybody out there to contact me!! Let me prove my systems are back functioning. We are only as strong as our weakest link and I plan to fix mine!! Get out there and hustle and there will be plenty of good things to come your way.

Thomas Moore

702-580-0125 cell

Thomasgmoore222@gmail.com

www.eBrokerHouse.com

Well it has been a long while since I have posted here and I must apologize. I have been very busy completing eBrokerHouse.com and its finally launched!! I wanted to thank everybody that helped in the beta testing for your great ideas and suggestions to this wonderful product.

There will be many more changes and additions that will be taking place for eBrokerHouse. We are adding reporting, mapping, pre-set tasks, and many other features.

We are already over the 100 user mark even only after launching just a few days ago. We have had a lot of great feedback and I encourage you to keep the ideas flowing. You can go directly to www.eBrokerHouse.com and sign up for a FREE 30 day trial. We are still in the very early stages of this so we are encouraged to add and improve and thing that you guys need or want.

I have also been speaking at NFSTI and wanted to give a special thanks to Dan Waterman for allowing me to promote my product at his events. The NFSTI seminars are so packed full of great information and I definitely encourage everybody to attend one of these wonderful seminars if you are able to go. Brian Knight did a superb job speaking at the last even which was actually in my home town Las Vegas. GO Brian!!

If anybody has any questions reagarding eBrokerHouse please hit me up and I will get right back to you!

Thomas Moore

eBrokerHouse

702-580-0125 cell

Here is a great example of what I teach my students and having it work out! He also was cc: on this email so he aslo picked up an extra of his own asset manager leads.

This is an email that was sent from an acutal asset manager at Citi Mortgage about one of our students. She sent this exact email to 16 other asset managers at 8 different companies. Old Republic, Indymac, Equity Pointe, PMH Financial, LandAm, Etc.

She sent this out as a favor because he convinced this asset manager that he was going to get her attention.

This type of email that she sent out is priceless!! Even better,,,, The first time that this student actually contacted this asset manager she turned him down for work. But he kept on working that lead and building a relationship up with this lady. Now shen ended up sending this email right before Thanksgiving and got our student his first big account! She still has not given him any work directly but she is the one to credit for his new Old Republic account!

Hey guys,

Here is an eager agent. Please consider him when assigning properties in his area.

Thanks guys, D***

**I will be out of the office tomorrow**

Happy Thanksgiving

Gobble Gobble

D*** ******

Citi Mortgage/REO Department

(714) 347-4700 office

(949) 862-3165 fax

d******@citmortgage.com (preferred communication)

P.S. Please Include an REO or loan Number with ALL Communications. "The information in this email, and any attachments, may contain confidential information and is intended solely for the attention and use of the named addressee(s). It must not be disclosed to any person(s) without authorization. If you are not the intended recipient, or a person responsible for delivering it to the intended recipient, you are not authorized to, and must not, disclose, copy, distribute, or retain this message or any part of it. If you have received this communication in error, please notify the sender immediately."

Keep up the great work and we can all learn from this students tenacity!!

Thomas Moore

702-580-0125

CASH FOR KEYS Procedures (C4K’S)

1. Occupancy check has been completed and holdover tenants are currently occupying the property.

2. Determine the Cash limit provided from the property’s asset manager.

3. Visit the property daily until some contact is made: Upon making contact with the tenant make sure to get the following information

a. Full Name’s of all people occupying the property (even minors)

b. 3 phone numbers if possible. The more the better

c. Their plan of exiting the property. Where and when they are going?

d. Check list of interior condition –make sure to keep these handy in your vehicle

e. Visit the property at different times to try different schedules if you are not having any luck catching somebody home.

4. Start low on the price amount that is being granted by the asset manager and only give the full amount if a very quick move out date is negotiated.

5. Upon a deal negotiated: a. Determine move out date and KEEP reminding the tenant that you cannot get them any money if they don’t keep to their promise of a move out date. b. Visit the property 2 days before actual move out date to ensure that the ball is in motion for moving.

6. KEEP THE ASSET MANAGER UPDATED!

a. They must know about any changes as well as the progress of during the entire process b. Notify the A.M of any changes in agreement and send weekly emails about status.

7. Keep in touch with the tenant and let them know you will have the check ready as soon as the property is entirely vacated and empty.

8. Check will only be provided to tenant upon move out 100% successful and all debris is moved. We do not expect them to clean the place but you should always ask. Everything must be completely out of the backyard, sheds, garages, front yards, and interior, everywhere.

Thoughts to remember

The goal is not always to negotiate down the C4K amount. The banks care about getting the property’s vacant as fast as possible. Just simply start low because most tenants are not expecting anything, so $500 might sound like a real bonus

Look for signs of vacancy. Water and power could be off. The front door step may have tons of old advertisements. Use the neighbors around the property. The more information you can gather the easier it will be to facilitate the move out quicker.

Don’t always assume the house is vacant. Always be careful when entering yards, backyards, and properties that you’re not familiar with.

**Asset managers often give you a bonus which is paid the same time that the tenants are paid. This means that you can get up to $500 right off the bat of your new listing!**

Professor

Thomas Moore

702-580-0125 cell

www.ReoProfessor.com