How To Find Notes-Can You Speak My Language? Tip on Buying Notes
Do you remember that 1981 hit from "Men at Work called Land Down Under?" (OK, so I was a big Men-at-Work fan, I admit.)
I recieved an email from a Korean by the name of Joe and it reminded me of the show.
What Does This Have To Do With Buying Notes?
The story that Joe shared with me involvd on of the most important lessons in the business of how to find notes. Your relationships matter.
In fact, not only do relationships matter, but "commonalities" matter. In other words, what you want to do when you're trying to find notes is to find out ways to build ties with your seller.
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 of A Story On How To Find Notes
Here's what he wrote to me today:
"I own a Korean Investment Club, and last week I was approached by a big Korean bank. They wanted me to the buy the notes from the person that was in charge of defaulted mortgages. Because of my lack of understanding, I'm not ready to think about buying notes yet. The first trust deed had a face value of about $2.7 million including interest, and the the property was a 79 room motel with restaurants. The Bank asked me to offer any amount for the note. Now I am very interested in buying the notes. This property is well worth over $4.1 million. What do I need to do? Thank you for your help."
What is the situation 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.
Does Joe Know Anything 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.
But hang on a minute. I want to point out something that is so simple when you are trying to find notes, that you probably glossed over it already, thinking that you're supposed to be looking for something more complicated.
What kind of a bank is this? Korean. And where's Joe from? Korea.
It shouldn't be a surprise that this note, which is a California property happens to find its way to Joe.
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.
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.
The Korean Investment Bank preferred to work with Joe because he was one of them. Even if a well known investor walked into that bank trying to find notes, they wouldn't have gotten the same reception as Joe did. The bank automatically felt comfortable doing business with Joe, a process that would be a lot longer for you and ame.
So start applying this note buying tip today.
Find those commonalities between You and your Sellers
Try to find someone who speaks your language, and see if they have any notes for sale.
I recieved an email from a Korean by the name of Joe and it reminded me of the show.
What Does This Have To Do With Buying Notes?
The story that Joe shared with me involvd on of the most important lessons in the business of how to find notes. Your relationships matter.
In fact, not only do relationships matter, but "commonalities" matter. In other words, what you want to do when you're trying to find notes is to find out ways to build ties with your seller.
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 of A Story On How To Find Notes
Here's what he wrote to me today:
"I own a Korean Investment Club, and last week I was approached by a big Korean bank. They wanted me to the buy the notes from the person that was in charge of defaulted mortgages. Because of my lack of understanding, I'm not ready to think about buying notes yet. The first trust deed had a face value of about $2.7 million including interest, and the the property was a 79 room motel with restaurants. The Bank asked me to offer any amount for the note. Now I am very interested in buying the notes. This property is well worth over $4.1 million. What do I need to do? Thank you for your help."
What is the situation 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.
Does Joe Know Anything 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.
But hang on a minute. I want to point out something that is so simple when you are trying to find notes, that you probably glossed over it already, thinking that you're supposed to be looking for something more complicated.
What kind of a bank is this? Korean. And where's Joe from? Korea.
It shouldn't be a surprise that this note, which is a California property happens to find its way to Joe.
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.
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.
The Korean Investment Bank preferred to work with Joe because he was one of them. Even if a well known investor walked into that bank trying to find notes, they wouldn't have gotten the same reception as Joe did. The bank automatically felt comfortable doing business with Joe, a process that would be a lot longer for you and ame.
So start applying this note buying tip today.
Find those commonalities between You and your Sellers
Try to find someone who speaks your language, and see if they have any notes for sale.
About the Author:
Interested in learning more about the Note Buying Business? Access to Hours of FREE Training Videos here: How To Find Notes 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
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