Why We Don’t Provide Note Broker Mentoring

Note Broker Mentoring

I don’t think a week goes by that someone doesn’t call or email us to “mentor” them as a note broker. I get why they call. We have been around for a long time, done lots of note buying deals, and like sharing information. So, why don’t we mentor people? Well, the answer may surprise you… We don’t really believe in expensive mentoring programs for note brokers. Don’t get me wrong, we understand that people need support from time to time and we have even had pros provide assistance to … [Read more...]

Does Social Media Really Help Your Note Business?

social media note business marketing

This week Patrick Clark at Business Week penned the following statement based on a recent [flawed] release of a Gallup Poll… “Tweets, Likes, and Shares Don’t Make Us Buy Stuff, Americans Say.”  Of course the Gallup report was also deeply flawed with old data (circa 2012), and no one should have been surprised when people were asked if they are influenced by ads they responded, “No.” In any case, Clark's points make an interesting premise when you are talking about selling things like … [Read more...]

Dodd-Frank Fallout: Colorado Removes Seller Financing Provision From Contracts

Owner Financing Sign

Colorado... Where it’s easy to buy marijuana but hard to sell a home with seller financing. In reaction to the Dodd-Frank Act, the Colorado Real Estate Division has issued a bulletin on the removal of the seller financing provision in the state regulated Contract to Buy and Sell Real Estate. While the creation of new seller-carry notes is holding strong since the implementation of the Act in early 2014, we are starting to see changes in the way individual States, real estate professionals, … [Read more...]

The Good, Bad, and Ugly Note Sellers

Note Sellers Good Bad Ugly

When dealing with a mortgage note seller, what is the most important element of the negotiation process? The amount of the discount? How long it takes to fund? The reputation / credibility of your company? At the end of the day, it is none of the items listed above. Sure, some people will say “price” but the fact of the matter is the value of the note (your bid) is a much smaller piece of the puzzle than people realize. First off, everyone wants 100 cents on the dollar…or more. How … [Read more...]

What About Brokering Non-Performing or Defaulted Notes?

non performing note broker

It’s no secret the economy and housing crash resulted in record numbers of missed mortgage payments generating investor interest in delinquent, defaulted, and non-performing notes. In November, the MBA (Mortgage Banker’s Association) reported 9.75% of combined loans at least one payment past due or in foreclosure on residential 1-4 property, the lowest in five years. While these numbers are down from the highs of almost 15% in 2010, there are still plenty of mortgage delinquencies on the … [Read more...]

Are You Quitting The Last 41 Miles Of Your Note Business?

note business race

I wonder how successful a Daytona 500 driver would be if they just quit the last forty-one miles? I mean, go full-out, committed the first 459 miles, and then stayed in the pits while the people on the track completed the last forty-one miles. It is kind of the way I look at the month of December for the Note Business. It is so easy for me to get distracted between Thanksgiving and New Years that I often write off the whole time. The fact of the matter is that if I “check out” from … [Read more...]

Tracking and Testing Your Note Broker Marketing

Note Broker Marketing Tracking

How is your note broker marketing plan performing? Do you get more inquires off your website or more calls from your mailings? What is your average cost per lead? Is that cost less on a professional referral or a paid ad? For every dollar you spend what multiple can you expect to earn in return? These questions can only be answered by... Tracking Your Note Brokering Lead Sources To measure the effectiveness of your marketing, it is vital to track the origin of each lead generated. … [Read more...]

Shortcut To Your First Note Broker Deal

First Note Broker Deal

Let’s face it. Who doesn’t like to take a shortcut? Whether you are on the way to work, the mall, or just trying to find your way out of an IKEA® store, shortcuts can come in handy. This week I was posed the question… “What are the best shortcuts to getting a deal in the note industry?” It is a fair question, and, at first, I found it difficult to answer. What I mean is, I don’t think you can build a long-term note business on shortcuts. BUT, I think you could score a deal or two with … [Read more...]

You Are Not Alone In The Note Business

note business trainings

I am not going to lie, it really sucks doing things on your own. I suppose there is some person in this world that would like nothing more than to be left alone, sit in a room, and learn the note industry…but I doubt at the end of the day they would be very good at it. When I look back over my note business career, there were several quantum leaps. Each of these leaps was less about solitude and more about interaction…interaction that stimulated action. When I started, I was learning how … [Read more...]

Marketing For Notes: There Needs To Be a Reason “Why”

Note Marketing Why

One of my favorite things to do is pick apart marketing pieces. Ok, that sounded unkind. Let me rephrase… One of my favorite things to do is pick apart any marketing piece…including my own. I don’t care if you are trying to buy a note, sell a car, get someone to dine at your restaurant, or voting for Miss-YouTube-Kitty-Of-The-Month*, There needs to be a reason “WHY” *I don’t know that this actually exists – I made the Miss Kitty part up, but I am afraid to go check, as I would not be … [Read more...]