Western Capital Investments, Inc. is offering a unique mentor program for cash flow brokers specializing in owner financed notes. Note Investor (NI) recently interviewed Lynda E. Vaillancourt (LEV), President, to learn more about her company’s services and investment parameters.
NI: How did you get started in the business?
LEV: Before moving to Raleigh, NC back in the 80’s, my background was commercial insurance and small business lending and development. In North Carolina I spent a year with Management Recruiters, learning the art of cold calling and marketing. I then took a job with Metropolitan Mortgage and Securities.
Although I didn’t know it at the time, Met was the oldest and largest investor in privately held mortgages in the country. Working with such notables in the industry as you, Tracy, and Fred, Bob Repass and Mike Kirk, I learned all the ins and outs of purchasing every type of receivable imaginable.
When an opportunity came up for my husband and I to move back to Colorado, I opened a branch office for Met in Durango. About a year later, Metropolitan closed all of its branch offices and at that time I decided to go out on my own, first brokering notes and later becoming the investor.
With all my experience in the cash flow industry, real estate and small business finance, I thought it would be easy………it wasn’t. I had many of the same problems that all start ups have but through that process I gained some very valuable, hands on, experience.
NI: What is the current focus of your company, Western Capital Investments, Inc.?
LEV: Like everyone else in the industry, I think, I have gotten more conservative in my old age. I focus primarily on purchasing receivables in the Four Corners area (Colorado, Utah, Arizona and New Mexico) and Wyoming. If something comes across my desk that does not fit my portfolio, I assist the broker or note seller to place it with one of my contacts. Being in the industry for so many years has given me an exceptional network of investors to draw on.
NI: What services do you offer to note brokers?
LEV: I have recently started a coaching practice for cash flow brokers. It’s a one of a kind opportunity for them to have an experienced professional “on tap”. Tracy, you and I have often spoken of the need for a program to assist new brokers who have taken a course but get home and just don’t know how to proceed. Some have “dabbled” in notes but now want to get serious; some are more experienced, great at getting the notes but needing a deeper background in closings.
Most of us in the industry would like to help every new broker but there’s only so much time in a day. When I was actively growing and promoting my business, I just couldn’t do much mentoring. But I’ve always liked working with the “newbies”, so I decided to offer my services as a coach. I limit the number of clients I take on so that I can guarantee they each get my personal attention. In addition to having someone answer their questions, many of them like being accountable each week for completing assignments which have been designed to fit their specific situation.
NI: How does your mentor program work?
LEV: After an initial consultation, if it looks like a fit, I’ll schedule our first telephone session. Sessions usually last for one hour. In addition, clients can email me as often as they like during the week and they also have my personal cell phone number to call in the event of an emergency.
I know there are other mentoring programs out there but I think mine is unique. I don’t know of any where the number of clients is limited or the broker has personal access to the mentor and not just an employee counselor.
Also, I’ve deliberately kept the pricing low so that it should be affordable for everyone. Each weekly one-hour session is only $70. There is no long-term commitment and I’m not using this as a way to sell other courses or services.
NI: If you could only give one piece of advice, what would you suggest to someone who wants to make money in the note business?
LEV: Focus, focus, focus. Lack of focus is the number one reason most businesses fail.
NI: Where should people be focusing their efforts in the current market environment?
LEV: Develop a network of people who can feed business to you. It may not be the quickest way to get a deal but in the long run, it will be your bread and butter.
NI: How can notes brokers contact you?
LEV: They can call 970-276-1292, fax to 970-276-1295 or email me at firstname.lastname@example.org. If emailing, please put the word “coach” in the subject line. (Snail mail: P.O. Box 429, Hayden, CO 81639)
NI Summary: Helping sellers convert future mortgage payments for cash today is one of many cash flow categories where consultants can earn commissions by referring transactions to funding sources.