Warm leads are leads who are most likely to do business but not until after 90-120 days. It may also vary on how a warm lead is identified from 1 investor to another. These are leads who became unresponsive after first contact so the investor would opt now to have this type of lead be in a Drip Campaign for a long term type of a follow up.
Hot leads on the other hand are leads that most likely will do business almost immediately so investors would be more aggressive on the follow up that they will be doing with these leads.