1 00:00:00.000 --> 00:00:03.420 Johny Fernandez: Is should people buy old loan applications 2 00:00:03.450 --> 00:00:04.530 as leads? 3 00:00:06.580 --> 00:00:09.220 Sean Murray: All right, so this is a great question. Should 4 00:00:09.220 --> 00:00:13.960 people buy old loan applications as leads? We talk about leads on 5 00:00:13.960 --> 00:00:17.350 here quite a bit. You can buy all different types of things, 6 00:00:17.350 --> 00:00:20.200 people who are interested in funding, people who might who 7 00:00:20.200 --> 00:00:23.020 meet the criteria for funding, people who meet the criteria for 8 00:00:23.020 --> 00:00:25.600 funding and are interested, you can get these leads from the 9 00:00:25.600 --> 00:00:29.350 internet, you can get them from transfers, you can get them from 10 00:00:29.380 --> 00:00:34.030 referrals. But then we kind of go into a different area. And 11 00:00:34.030 --> 00:00:37.180 that is I want to sidestep all that I want to talk to people 12 00:00:37.180 --> 00:00:41.530 who not only were interested in funding before, but also sent in 13 00:00:41.530 --> 00:00:45.760 all of the paperwork. In fact, I want to buy their paperwork so 14 00:00:45.760 --> 00:00:48.550 that when I go and I call them, I can say, I already have your 15 00:00:48.550 --> 00:00:52.210 bank statements. I already have all the information, the only 16 00:00:52.210 --> 00:00:55.150 thing I need from you is just up to date stuff, right? I don't 17 00:00:55.150 --> 00:00:58.480 need anything else. I have your whole file and this person on 18 00:00:58.480 --> 00:01:00.940 the other end of the phone, you might think that you're making 19 00:01:00.940 --> 00:01:03.430 it convenient and easy for them. Yeah. Right. But at the same 20 00:01:03.430 --> 00:01:06.070 time, they may be wondering, how did this random person who I 21 00:01:06.070 --> 00:01:10.540 never met, get a hold of my bank statements and application? And. 22 00:01:10.540 --> 00:01:13.960 Yeah. My old maybe a copy of my lease and stuff. Like, how do 23 00:01:13.960 --> 00:01:18.700 they even have this stuff? Yeah. Not going to be good, if they 24 00:01:18.700 --> 00:01:23.740 start to think about it very critically, because we're now in 25 00:01:23.740 --> 00:01:27.280 an area of I don't know, identity theft, you know, we're 26 00:01:27.280 --> 00:01:31.450 venturing we're in the gray area of this information not being 27 00:01:31.450 --> 00:01:34.570 something that you were legally entitled to have. Yeah. Think 28 00:01:34.570 --> 00:01:37.480 about it. If I wanted to go out and buy a bunch of social 29 00:01:37.480 --> 00:01:41.350 security numbers with cash, you might think, well, you know, 30 00:01:41.590 --> 00:01:44.170 that's a good source of leads. Yeah. Somebody else, like the 31 00:01:44.170 --> 00:01:47.110 government, or the law enforcement might think that I 32 00:01:47.110 --> 00:01:51.010 was up to no good. And I was engaged in some type of fraud, 33 00:01:51.130 --> 00:01:53.860 or identity theft, that you can't do something like that. 34 00:01:54.130 --> 00:01:57.610 And so the notion that you're gonna go out and buy a copy of 35 00:01:57.610 --> 00:02:01.180 someone's bank statements, or their application with a social 36 00:02:01.180 --> 00:02:03.460 security number on it, and be like, oh, it's just really good 37 00:02:03.460 --> 00:02:07.150 leads, I think it's probably a very bad idea. Now, I'm not I'm 38 00:02:07.150 --> 00:02:10.690 not a lawyer. So you can have a lawyer tell you for sure. But I 39 00:02:10.690 --> 00:02:13.240 think if you're like, oh, this is easy, I'm just gonna call him 40 00:02:13.240 --> 00:02:16.330 up with a full package. Law enforcement could easily turn 41 00:02:16.330 --> 00:02:18.010 around and be like, you're buying people's social security 42 00:02:18.010 --> 00:02:22.180 numbers and their bank statements. And how are, how are 43 00:02:22.180 --> 00:02:26.440 merchants going to feel when you call them? Maybe they'll be 44 00:02:26.440 --> 00:02:29.110 like, oh, this is great. Thank goodness, you bought my bank 45 00:02:29.110 --> 00:02:31.780 statements on the black market and now I don't need to send you 46 00:02:31.780 --> 00:02:33.970 anything I'm basically just to prove, oh, this was so 47 00:02:33.970 --> 00:02:36.760 convenient. On the other side, they could be like, oh, really? 48 00:02:36.970 --> 00:02:40.270 Oh, you know what, let me go call the cops. What do you mean, 49 00:02:40.270 --> 00:02:42.550 you have my bank statements, social security number, I'm very 50 00:02:42.550 --> 00:02:46.210 concerned, that could end up very poorly for you. So I would 51 00:02:46.210 --> 00:02:49.570 highly advise as a non lawyer, just don't do it. Don't buy 52 00:02:49.570 --> 00:02:52.270 applications. It might seem like a brilliant idea. 53 00:02:52.300 --> 00:02:54.910 Johny Fernandez: Yeah, it sounds like it sounds like an idea 54 00:02:54.940 --> 00:02:55.990 where you can get money. 55 00:02:56.520 --> 00:02:58.830 Sean Murray: Yeah, it's like, oh, I'm just buying it, you 56 00:02:58.882 --> 00:03:02.295 know, I'm buying some people say I'm buying a full package. Yeah. 57 00:03:02.347 --> 00:03:05.445 I'm not buying just regular leads I'm buying full packages, 58 00:03:05.497 --> 00:03:08.805 where all I need to do is call them up and close them and maybe 59 00:03:08.857 --> 00:03:12.112 get an updated bank statement and then the whole deal is done. 60 00:03:12.165 --> 00:03:15.367 I'm brilliant. But really, if you boil it down, you could you 61 00:03:15.420 --> 00:03:18.360 could just say you bought someone's bank statements, and 62 00:03:18.412 --> 00:03:21.667 you paid for the social social security number. And that could 63 00:03:21.720 --> 00:03:24.870 end up going very poorly for you. Yeah. And I would just say 64 00:03:24.922 --> 00:03:28.020 stay away someone selling full packages, don't buy them, if 65 00:03:28.072 --> 00:03:31.275 you're thinking about selling full packages, don't sell them. 66 00:03:31.327 --> 00:03:34.530 And it might be different if you buy a company and as part of 67 00:03:34.582 --> 00:03:37.680 buying that company you get access to all this information. 68 00:03:37.732 --> 00:03:40.567 It's quite another if you're like, I bought a bunch of 69 00:03:40.620 --> 00:03:43.717 people's bank statements today. I wouldn't do it. So, so if 70 00:03:43.770 --> 00:03:46.762 someone's offering you like you know a great deal on full 71 00:03:46.815 --> 00:03:50.017 packages or applications and bank statements, just stay away. 72 00:03:50.070 --> 00:03:53.272 Or you console with a console with a high price attorneys who 73 00:03:53.325 --> 00:03:55.320 tells you how to handle that properly.