| How To Find Notes-Do You Speak My Language? A Tip on Buying Notes |
| Articles - Mortgage |
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Do you recall the 1981 hit from "Men at Work called Land Down Under?" (and yes, I was a big Men-at-Work fan.)
Do you recall the 1981 hit from "Men at Work called Land Down Under?" (and yes, I was a big Men-at-Work fan.) When I received an email from a Korean guy that went by the name Joe, It got me thinking about the show. What Is The Relation To Buying Notes? Relationships matter. This is one of the most important lessons that you will learn in the world of finding notes, and Joe's story demonstrates that. When you're trying to find notes, you should look for ways to strengthen ties with your sellers. Not only do relationships matter, but finding "commonalities" will make you successful as well. These commonalities can be a number of things, they can be social, sports-related, cultural. Any type of activity can be a good point of commonality. Some examples are sports, hobbies, favorite pastimes, favorite foods, music, etc. Joe's Story -A Little Gem Of How To Find Notes Here is the email that Joe sent to me: "I am the owner of Korean Investment club, but we are not ready to think about buying notes yet. ( for lack of understanding) I was solicited last week from a big Korean bank to buy the notes from the person in charge of the defaulted mortgages. He ask me to offer any amount for the first trust deed with face amount of 2.5MIL or more (including interest will be 2.7 Mil) collateral behind is the 79 room big motel with restaurants. I am really interested in buying the notes, because I know it's worth around 4Mil. Is there any way to make it through? Thanks for your advice." So what are we looking at here? We have a big Korean Bank that has just sent out a very good lead. And we have Joe-the owner of a Korean Real Estate Investment Club. What does Joe Know About Buying Notes? No - he admits as much in the first line of his email. So do you think that he pitched to this big Investment Bank that he would be the perfect guy to buy their non performing notes? No - this note buying opportunity just "landed" in his lap. And from what he writes, they're offering to him to make "any" offer on that note. Now try to not to focus on the the great opportunity that has been offered to Joe, who might be albe to make a low bid on this note. Don't focus on the fact that he might be able to foreclose on a $4 million dollar motel. I want to point out something that is so simple when you are trying find notes. It is so simple, you probably looked it over thinking that there is a bigger lesson here. Joe is from Korea, and this is a Korean Bank. So the fact that this note, which is on a California property, happens to land in Joe's lap, should actually come as no surprise. Tips on Finding Notes Remember when you are trying to find notes, banks often want to sell notes to people that they can talk to. And sometimes, the people they can talk to look like them, talk like them, act like them, do business like them, live like them, and entertain themselves like them. Chances are: even if I were Mr. Well Known Note Investor and I found a way to that Korean Investment Bank, I would probably never get the same reception and credibility when trying to find notes that Joe has. You see, they'd rather deal with him than you or me because Joe is one of them in a way that you and I never will be. So the process of "getting to know one another" for Joe and this bank will always be a whole lot smaller than the same process for your or me. Now go out there and apply this note buying tip. Find the Commonalities between You and your Sellers. Go find someone who speaks your language, and then see if they have notes for sale. 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: How To Find Defaulted Mortgages Real-life, Up-to-Date Information for You. Visit NoteBuyingProfits.com or Call 718-783-7605 Or Click Here: Buying Notes From Dean Engle & NoteBuyingProfits.com - This time on How To Find Notes |