The MeterDrop Digital real estate course has to do with searching for bankruptcy filings and identifying the homeowners. The program then advises you to sell them to other investors.
There is nothing novel with this. Most of the bankruptcy filings that involve homeowners also are going to show a foreclosure filing (that’s not news either).
Here is the concept of this course:
The homeowner/borrower gets into financial trouble of some sort and misses mortgage/loan payments. Lender starts foreclosure proceedings. Homeowner/borrower does not want to leave (or lose) the house, so after exhausting alternatives (sometimes not even trying alternatives) they file for bankruptcy. Those that want to stay won’t be responsive to the bankruptcy marketing – it is going to mean selling, and they aren’t (yet) interested in that.
The ones who struggle in bankruptcy are the ones trying to make payments on the amounts due to the bankruptcy trustee and trying to stay current on other payments. These people eventually become more motivated to sell after they have tired of the struggle.
After the homeowner files a BK they have now bought months and months of time even if the plan isn’t confirmed. They breathe a sign of relief and could care less about you the investor.
Where the money lies is to keep tracking them on the Fed BK site (www.Pacer.gov). The lead is to be located by looking for a motion to dismiss the case, or a relief from stay filing on the house.
You can get to the homeowner early this way as it takes a few weeks to a month to process out the request. The file come out of the bank BK department, and foreclosure proceedings to start again.
EASE OF USE ??? NO WAY
It’s not as “easy” as the program makes out, as it entails hours of sitting on the computer and checking tax records. I do not recommend to resell leads. If a lead is good why give it away? Many times I find that the name belong to a relative of the owners (spouse, child, siblings), and lots of these houses are not listed or have equity.
You then have to mail the leads. The seller postcards that came with the program mentions in plain sight “avoid foreclosure” and such verbiage. This is usually not be a good thing to say for privacy reasons and may turn the seller off. I would definitely tweak the postcard .
BACK GROUND – WHAT YOU NEED TO KNOW
It turns out the term “meter drop” as a real estate investment method of doing quick and easy (though much less profitable) strategies was coined by Wade Cook. I looks like this course is Wade Cook’s material. Since Wade Cook is in jail, what can he do?
Remember Stacey is the same guy sued for copyright infringement.
Stacey Kellams is an Internet marketer! He is trying to make money without much work on his own. He even uses questionable internet marketing techniques to make sure you buy. Try and leave the page and you will get a $30 discount!
Again..this is old knowledge recast with a fancy name to believe it is different.
This course in actually is NOT ABOUT THE METER DROP METHOD! That’s the gimme product that’s super cheap, but it’s about getting people enrolled (up-sold) into the $97/month REI Matcher by Phil Grove.
My recommendation – LEAVE IT ALONE! DO NOT BUY