| How To Find Notes-Speak My Language? A Lesson 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. How Is This Related To Buying Notes? Because Joe told me a little story today that demonstrates one of the most important lessons in the world of how to find notes. Relationships matter. In addition to these relationships, you should find "commonalitites" with your seller. This will also help you when you're trying to find notes. 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 Little Gem - His Story on How To Find Notes Take a look at what he wrote to me: "I am the owner of a Korean Investment Club. I do not undertand the note buying business very well and therefore I am not ready to think about buying notes. Last week I was approached by a big Korean bank who wanted me to buy their notes. They told me to offer any amount for the first trust deed. The property is a 79 room motel with attached restaurants. It is worth over $4 million and the defaulted mortgage has a face value of about $2.7 million which includes interest. I am really interested in buying the notes. Thank you for time." What is the situation here? There is Joe, the owner of a Korean Real Estate Investment club. And then we have the big Korean Banks offereing an interesting lead. Is There Anything That Joe Knows About Buying Notes? Of course not, he told us this in his email. Did Joe pitch to the big Korean Investment Bank that he was the best candidate to buy their non performing notes? No he did not. The note buying opportunity found him. And it also seems that they are willing to accept any offer that he makes 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. Let me point out something to you. The answer is so simple when you are trying to find notes, it doesn't have to be complicated. What kind of a bank is this? Korean. And where's Joe from? Korea. So when this note, which is on California property, lands on Joe's lap...it souldn't be a surprise. A Good Tip On Finding Notes Remember when you are trying to find notes, banks often want to sell notes to people that they can talk to. Most of the time, the people that they can talk to have other similarities. They might look like them, talk like them, do business like them, live like them, or enteretain themselves just 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. So start applying this note buying tip today. Find the similarities that You and your Seller share. Find someone that speaks your language and ask them if they have any 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 |