It’s great to make money and earn commissions in the note business but first you must find deals! One tried and true method of finding notes is targeting a list of existing note holders with a direct mail campaign.
It sounds simple enough. Obtain a list of note holders and mail them a letter or postcard offering to provide cash now for the purchase of future payments. But beware, not all lists are created equal.
When looking for a list source you must ask a few very important questions:
- Where does the information come from?
- Is it a reliable source
- What is the cost?
- What format does the information come in ?
- How much must be purchased to get the best price?
- What types of notes are available to purchase?
We are often asked what list company we have successfully used at Diversified Investment Services, Inc. We are pleased to recommend Fidelity National Data Service, a reliable and direct provider of seller carry back records across the United States.
Their data is compiled directly from the County Recorder and Assessor. When a deed of trust, mortgage, or land contract is delivered from one of the 1,800 counties compiled, it is then put into 1 of 3 categories: Institutional, Private or Seller Carry back. If the Lender’s name on the document matches the seller’s name, it’s a prospect!
Fidelity National Data Service can help you with owner-financed notes secured by a variety of property types including residential, commercial, condo, vacant land and PUDs. Many other fields such as loan amount, loan date, and property address, are “captured” fields, which can be used in marketing pieces.
The unique advantage with Fidelity National Data Service is that you can order a specific county, loan amount range, loan date range, property type and even lien position!
The records are delivered via email in an Excel spread sheet. It only takes about 3 days to complete the whole process of setting up an account and specifying your list parameters.
It can be as easy as going to your local office supply store, purchasing letterhead or postcards, importing the data to Word and mailing with a stamp. You also have the option of incorporating a few of the data fields such as note amount into your postcard and you get to mail to the prospect as many times as you would like.
Based on our long-standing working relationship, Fidelity National Data Service is willing to offer our readers a customized list at the cost of only 12 cents per record. They will also waive the standard $200 set up fee. You only need to mention Diversified Investment Services to receive this special offer.
To find out more about purchasing seller carry back records from Fidelity National Data Services contact Carolyn Covington by email at: Carolyn.Covington@LPSvcs.com
She will quickly respond with the coverage, data sample, pricing options, and an order form. Don’t forget to mention DIVERSIFIED INVESTMENT SERVICES, INC. to have the setup fee waived!
Editor’s Update: Carolyn is no longer with Fidelity. We now suggest working with Scott Arpan at Advanced Seller Data Services. You can learn more about him and his list services in this interview Finding Cash Flow Notes With Note Seller Lists.