Posted by Ron M on November 06, 2002 at 10:10:53:
Sounds like a good gig to me.
Can you explain what a Mortgage Inspector does and how I might go about finding a position like this. I happen to know my community of about 350,000 residents extremely well. As it turns out, I’m about to find myself unemployed and am looking for a position that will augment my investing career.
Thanks,
Ron M (WA)
Offer to become a Mortgage Field Inspector - Posted by Kevin(TulsaOK)
Posted by Kevin(TulsaOK) on November 05, 2002 at 23:20:49:
Ok, so I networked myself to become a Mortgage Field Inspector. I received a call from a company today that does thousands of these a month. They said I would be doing up to 60 per day at $4.00 each. However, I would have to expand my coverage area to about a 50 mile radius to be able to work for them. $240 a day is nothing to sneeze at, but when will I find the time to invest if I’m spending all of my time on the road working for them (I also work a 40hr a week job)? I’d like to stay in the Tulsa, OK. area, but 60 leads per day sounds to good to be true. Should I take this offer, or wait for a company that needs me locally? Is there a better way to get a jump on motivated sellers?
Thanks!
Re: I see a couple of things - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on November 06, 2002 at 19:13:37:
that I would question. “Up to” 60 per day, could be two. Also a 50 mile radius could locate the two properties 99 miles apart. So could you do that for $8? I could not.
Next question is what exactly would you be doing for $4? Not much I hope.
Most situations have a condition that you not use or divulge the information that you get by having this job. I see a bit of a problem there.
The best way to find out is to give it a try and let us know if it works out.
Re: Offer to become a Mortgage Field Inspector - Posted by Richard Dean
Posted by Richard Dean on November 06, 2002 at 01:21:14:
This is one of those deals that sounds better than it really is. I know of two investors that tried this and they both got busted. The lenders found out by homeowners calling and asking who they were releasing the info to. Why else would anyone know they might need to sell? Both investors were quickly former field reps. Even if you have someone else contact them, no one knows about the situation except the lender and the homeowner. So it doesn’t take long to add two and two together.
Yes, but Joe Kaiser said… - Posted by Kevin(TulsaOK)
Posted by Kevin(TulsaOK) on November 06, 2002 at 10:05:48:
…on this message board just last week, that this is a great way to find motivated sellers. In fact, correct me if I’m wrong Joe, this was one of the things he did when he was just starting out and the leads where great.
Also, I have friends who bought a house off of one of these lists (they had a friend who was an inspector) and that house is their most profitable house. The inspector told them that if the house is vacant then it is fair game, but if it is occupied, then be more discreet. Send generic looking “I Buy Houses” post cards that look like they are being sent to everyone. Unless the homeowner actually asks his neighbors to check their mail(unlikely) they shouldn’t suspect a thing.
The Field Services company did say that “you can’t mention anything about them being late on payments, just tell them that the mortgage co. wants them to call ###-###-####.” However, my thought is that would be a good time to give them my business card. I’d just say “I also buy houses on the side, if you are intersted in selling please give me a call.” Is this too threatening? If I show up at their doorstep one night for a “field job” and I don’t give them a business card, then I send them a post card and they call me, I can’t go to the house again or they will remember me. BUSTED!!!
Of course, the vacant houses will be fair game, but finding people who don’t want to be found can be tricky. The people who are still in their houses are the easier deals. The other question is: can I be sued if they find out that I am doing this? If the answer is yes, then I guess I should pass. If the answer is no, you will only lose your “Rep.” job, then why not. If I only buy one house out of this it would be worth it. What do you think?
Thanks!
Kevin(TulsaOK)
Re: Yes, but Joe Kaiser said… - Posted by Fred
Posted by Fred on November 08, 2002 at 10:25:22:
Kevin,
Can you point me to the correct thread where Joe talks about this
Re: Yes, but Joe Kaiser said… - Posted by Richard Dean
Posted by Richard Dean on November 06, 2002 at 15:08:24:
Well, in his courses Joe mentions several ideas that I would have an ethical problem with. Not trying to slam Joe, but I don’t blindly follow anyone. If you are told not to share the info or contact the homeowner in any way other than what they tell you, I would comply.
Could the lender sue you? Yes, but they won’t, they’d just get rid of you. I’d stick to vacants, and I would think you will be fine.