| greg
I appreciate the reply.
my initial reaction to this thread was 'over the top' . I could not believe he got 80 phone calls off 250 mailers. That is insanely good.
Even though he only turned 10% into loans , that is still way beyond industry norm, and i of course have done direct mail as my advertising since i started in the industry.
I can believe he did get calls because they are sub prime /hard money deals, and anyone with 1/2 a brain would call hoping to get into a better situation.
Even i would call.
However, i dont believe still he will fund 8 loans out of 250 mailers. That would be some kind of fantastic result and even if that were true, i doubt it would become a reality on some kind of regular basis.
I will continue to 'sharpen' my target audience to what my sales data tells me i am consistently selling, but i will not target sub prime.
We all know subprime brokers must also have an economy bottle of asprin beside their desk. If half of them fund, we are praising god.
I like the idea of getting the arm after one year and shoving them into FHA, but the asset requirements and LTV room are issues. Also, judgements, job status, mortgage history are also a mess quite often . FHA doesnt like to screw around, and i cant see that many people per 250 mailers needing and QUALIFYING for FHA after they had such a bad history they needed a rough deal to begin with.
For me - i will steer clear of Sub prime high ltv deals.
cheers |