[florida man]

Guys

When i first came to florida, i did try a huge package with the deed, mortgage, advice, graphs and whatnot. I sent out 20 of them, and i did not get one single reply. I was as surprised as you guys would have been.

I have to be honest here. 80 calls off 250 is a fantastic result. If i could do that, i would be rich.

However, thats if it worked for my target audience. For hard money/ sub prime deals, i dont believe that i even WANT those deals. For me its a numbers game. In my first year of biz on my own down in florida , i sent out direct mail to EVERY homeowner. Thus i got calls from every tom dick and harry with every single situation possible.

I can tell you a huge difference here for my company.

I funded almost every app that could go conforming. The only thing at stake was MY sales technics, which included meeting my clients in person, marketing as the 'trusted guy in the community' , joining the chamber of commerce, better business bureau blah blah blah......

I have never lost one loan after i met them in person and signed them up. Why? because i met my clients in person, am the 'local guy' and i didnt try to make more than 2 points on the loan.

The ONLY problem i had was of course it was my first year and people didnt know who Davie Mortgage Group was . Quite often my mailers paid off as INTRODUCING myself to the community, not having them call me. The second, and third mailers started to generate more calls.

Sub prime was another story. Every single guy was more than EAGER to have me help them . But as the file went on, different stips, different docs and other follies popped up -as sub prime usually does. I was able to fund 5 sub prime deals ALL YEAR. One was a referral . I must have had 50 or so apps off subprime this year.

I can tell you that i spent WAY more time on those 50 apps than i did FUNDING the other 34 conforming apps. My first year produced 32 loans only due to the trial and error and whatnot of starting a business in a new state. However, those 32 loans produced 135k in fees. Higher than the 3k target i expected.

34 conforming apps - 27 funded loans . The 7 i lost were a combination of people 'rate shopping' and letting me take the entire app. Usually rate shoppers wont let me pull credit and just want the info. 7 of them played along thru the entire app.

28 subprime apps -5 loans . ALL subprime folks eagerly wanted me to do an app. However, this was out of 50 or so calls , and from talking to them, i declined a good 20 before i even pulled the app. Most of the reason why these 28 turned into apps was because they presented themselves as conforming people , all to find out that their credit was nowhere near what they said, and they had a pile of judgements etc.......

I tried my damn hardest to find these 28 people a loan that has a reasonable benefit to the borrower . This means that for the prepay and closing costs they have to give up, i must be putting them is a substantially better situation. This is where it became most difficult.

So when i analyzed my sales data for the year, I didnt have to be albert einstien to see what was happening.

Sure you can get TONS of calls off subprime, Tons of 'mini apps' but in the end, you CAN HAVE THEM , in my humble opinion.

Recently, i bought $7200 data from Site x data. It gave me all the county stats , lender, loan amount, type blah blah blah AND it gave me the AVM included
Thus i could scrub that data for the WHOLE county , and send out mailers to the audience i have that proves to FUND. Thats the bottom line.

I have big hopes that 2007 will be a much smarter and time managing year.

In a perfect world, we all would LOVE to have everyone who called FUND. This is what i am trying to accomplish to the best of my ability. Its about working smarter, not harder.

I would rather have 3 calls and 3 loans

than 25 calls ,12 apps, and finally after many hoops, 4 funded loans.

I would send out more mailers.

Just my .02