| Buying Notes-Where's the List of Banks That Sell? |
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Investing in Notes-The Most Common Question
Investing in Notes-The Most Common Question A common question asked when investing in notes is...Where are the list of banks that sell? How do I know this? It has probably been a question that I have been asked over 58 times now. Based on the responses, I know for certain, this is a question that you want an answer to. I admit that it was one of my first thoughts when I finished a course on How to Buy Notes. My first course that I completed 4 years ago. That was the only question I had for my instructor, Mark. By the time my 3 day workshop was done, I was so eager to get a hold of the list. I didn't understand why he was waiting so long to give it to us. Why couldn't he have just handed it out at the beginning of the course? Banks That Sell Notes...The "Magic Binder" When Mark handed it to me, I wolfed it down. I skimmed every page for nuggets, details, of every bank that "the Master" knew. And here's what happened. Here's what I did with that information...Exactly ... nothing. Why? Let me walk you through what happened after the course was over. a) Most of the banks didn't even exist anymore. (Look at Indymac. If they were a bank that I wanted to target, I bet I would have had a hard time dealing with the FDIC) b) Most of the phone numbers were useless. They were just main numbers, the same numbers that I could find through a google search or in the phone book. c) Some banks on the list didn't sell anymore (so they told me - however whether they would mention something differently to him I didn't know) d) Some banks that were not on the list, did sell notes and defaulted mortgages e) The name of the bank wasn't enough. And whether they sold notes or not wasn't as important as me finding the right person to talk to. The person to pitch. And now...what do you think happened to the magic binder of banks that sell? It is still propped up in my bookcase and hasn't been touched. So Here is my Point on Buying Notes The list of banks that sells notes and defaulted mortgages is huge. And of course, everything is based on who you know within. The people that know the list inside and out are....Think about this for a second: a) I know - personally here - less than 3 dozen banks and lenders that sell notes in today's market b) The people that I know run funds of $1-50 million. These people buy from less than 20 lenders and most have less than 10 people that they buy from. (hint...good brokers are hard to come by, so when you find one...treat them good) c) An individual that I worked with in the past became very wealthy from one relationship. He spent 7 years buying notes from The Associates. They were his only seller. d) All "professional" note buyers have one thing in common... The Secret To A Note Buyer's Success They can talk the talk. These people know exactly what to ask for, how to ask for it, and most importantly what to do with the information once they've found it. Do you understand what I just said? In other words, "It's not about what you know, it's about what you do with what you know." So picture for a moment that the most knowledgeable of all Note Buyers (think of this person as the Zen Master of Note Buying) and you are on the 20th floor of a New York City apartment building looking out over the Lower East Side. The view is magnificent, but we don't really hear the city at all, so she asks you out onto the fire escape. You crawl out through the open window, and there, with the noisy backdrop of honking cabs and the rumbling of air conditioning fans, she grabs your arm and points out to the high buildings all across the horizon. And then she says, in a hushed voice: "There they are." You glance at her, quizzically. "Who is there?" you ask. "The ones you are looking for...There they are..." she answers. You are looking in the direction that her arm is pointing, but don't know what you are looking for. You are getting ready to ask what she means...but she cuts you off. "I can sense your doubts." she tells me. "Let me tell you a story." She shares a story with you about her master and the time he taught her where to look for the Fountains of Perpetual Notes. She tells me the four words that he spoke to her..."Look for the suffering". She whispers to you while she is still pointing up into the sky..."So now, I tell you". "Look for the suffering and there you will find the Fountains of Perpetual Notes." She leads you back into the building. Find the Fountain of perpetual notes. Look for the suffering. All I'm looking for is a list of banks that sell notes! The relation between Suffering and Buying Notes There is suffering everywhere. A few lenders exist that do not have non performing assets on their books. But there are a lot of lenders that are selling notes right now. To both investors they know and investors they dont know. Lenders are even being forces to sell notes to investors that they don't know. There are many investors that are calling up those lenders asking to be put on the "list" of approved investors. If I were to give you the list of banks that I know sell, it would be like telling you to go pick a number and to stand in line at Katz's deli at lunch rush-hour on a weekday. So just go and "Look for the suffering". It's not a question of "if" but "to whom". Have the belief that every lenders sells. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Interested in learning more about the Note Buying Business? Watch Hours of FREE Training Videos here: Buying Non Performing Notes Real-life, Up-to-Date Information for You. Visit NoteBuyingProfits.com or Call 718-783-7605 Or Click Here: Buying Bad Paper From Dean Engle & NoteBuyingProfits.com - This time on Buying Notes |