7 Things to Do for Your Note Business Right Now

The note business may be one of the world’s most creative and flexible financial businesses.

The essence of note buying is basic. You are purchasing an existing cash flow (typically at a discount). But the benefits are anything but basic and small!

One key advantage of the note business is its flexibility. You can operate from anywhere and set your own investment goals, and the entry requirements are relatively low. You can purchase notes using your own money or flip notes using someone else’s money and earn a referral fee. Those two benefits alone make it an attractive wealth-building option for many people.

With all that going for it, it is still a business; you need to operate it like a business.

I’m a big fan of to-do lists. They help keep me on track, and over the years, I have learned a couple of things about them.

For starters, they need to be action items.*

If you have never read it, check out The ONE Thing by Gary Keller and Jay Papasan.

The other thing is that 41% of items on a to-do list are never completed. Ever. Be mindful of what you put on the list matters. Think about your priorities.

So, if you are in the note industry, here are…

Seven Things You Can Do Right Note for Your Note Business

1. Make a Plan

If the first half of this article didn’t make that clear, let me make it the first thing on the list: You need a plan—not a to-do list. You need a plan.

Set goals for where you want to be in five years, two years, one year, and six months. Then, work backwards.

Want to own 10 notes in five years? Do the math. That means you need only to pick up one note every six months.

The second part of that plan is HOW to accomplish that. Maybe you need to contact 10 potential referral sources every week. Maybe you need to direct mail 500 prospects every week.

Pick a method and back into it to match your timelines, then make your plan.

2. Get Online

Do you have a website for purchasing notes? If not… you need one!

Chances are you are reading this online. So, the good news is you are already halfway there.

It does not need to be fancy, and it does not cost a lot to make one. You can build one yourself by grabbing a URL and a WordPress template and writing the content. Or you can purchase a turn-key website.

Websites work 24/7, and today since we no longer have a Yellow Pages book sitting next to the phone, people are looking up companies and people online—you need to be there.

3. Get Offline and Network

I don’t think there is a city in the United States that doesn’t have some sort of real estate club or group that meets weekly or at least monthly.

They meet in the back of a Denny’s restaurant, library, or community center. They talk about buying, selling, flipping, leases, tenants, and, yes, notes. They are a GREAT source of networking and getting your name out there.

If you are just starting out in the note industry, just go and listen. There is ZERO pressure to do anything; just start networking.

4. Master the Calculator

The financial calculator is a game changer. The more you know what to do with it, the more deals you will make.

Even if you have yet to do a note deal, and we can’t imagine why, the financial calculator will change your life.

If you have a basic knowledge, now is the time to UP YOUR GAME and master it. Classes like How to Calculate Cash Flows will get you in the right direction.

5. Check Out Listing Platforms for Practice

One of the most incredible things available to note buyers today is an online source of deals.

Now, since they are so out in the open, they will not all be the best price (as opposed to you finding them directly), but they are still a great source.

Sites Like Paperstac.com are perfect for honing your note-buying skills behind the scenes. You can search for notes that match your buying parameters, such as ITV, location, and interest rate.  Hundreds of notes, right there on your laptop to explore.

We have an extensive list of note-selling platforms in our Note Buyer Directory.

6. Set a Date to Attend a Note Industry Conference

There are some great note events held around the U.S. Not only are they great for informational sessions, but they are also a great source of networking.

There is something about an in-person that motivates people. Events like Note Expo, DME, or Quest have annual events you can attend.

Only some people can jump on a plane or drive to an event. If that is your case, check out Cash Flow Expo or another ‘online event’ you can watch from home!

7. Find an Accountability Partner

You don’t have to do it alone. People in the note industry are typically glad to share information.

When we built NoteInvestor.com, we wanted to share information about the note industry with people. Later, we created the Note Investing Tools Membership as a way to give back to others the knowledge we learned from our mentors. We limit the membership because we are very hands-on with our members.

Find a friend, mentor, or accountability partner who will motivate you to take action on your to-do list.

Stop Waiting, Get Going on Your Note Business Now

There you have it — seven things you can do to move your note business forward.

Write them on a note card and put them in front of you. Do something EVERYDAY, and before you know it, you will be that much closer to your goals.