As 2018 winds down, thoughts turn to 2019. There is no question that I am a big fan of goal setting for both short-term and long-term goals. At the end of each year, Tracy and I get together for an entire weekend and focus on what we want to accomplish the following year. The list is certainly not limited to ‘work’ related goals. Sure, that may be the majority of the list…and the primary purpose of the list, but personal goals are just as important. After all, life is about … [Read more...]
How Do I Find Notes For A Sale On A Budget?
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Wondering how to find real estate notes for sale on a budget? You are not alone. Here are some helpful tips in answer to a common note broker question. I previously owned a mortgage broker business and in 2007 did dabble in the note business. I also closed about 4-5 deals as a note broker. I have since closed my mortgage broker business and would like to get into note brokering, but I have a limited budget to start with (about $2000 - $3000). I purchased your program for support and to … [Read more...]
The Most Important Task In The Note Industry
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It is 10:30am and I have wrestled with my computer for the 4th time. As I return to my home-based office from a coffee run (which is really just a short shuffle to the kitchen) I pass by the laundry room and realize that I really should get some laundry done at some point. Oh yea…I really need to get the tires on the Jeep checked. And a grocery run. Yep. Pretty much looks like the inertia of life is sucking up as much time as possible today. The problem? None of those items will … [Read more...]
Work the Note Business One Day a Week?
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We receive a lot of questions about the note industry. Some questions are about the potential money that can be made, some are about finding more notes, and some are about what it really takes to run a great note business. Despite creating hundreds of articles and/or videos, we always get a couple of core questions that people just (seemingly) don’t like the answer. One of the most frequent questions deals with “working the industry part-time.” Can you work the note business … [Read more...]
Why We Don’t Provide Note Broker Mentoring
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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?
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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
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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
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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?
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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?
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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...]
