Did you know....

              Seventy percent of your time as a Note Broker and Note Investor is spent on marketing?

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President's Corner

       If we look at a single transaction where a note broker finds a note seller, gets a price accepted, submits the copies to a funding source and the note is purchased the note broker earns a fee. How many different people had something to do with the note broker earning the fee? How many people “touched” the file? Let’s see if we can separate all of the participants of the team that had a hand in getting the note to closing.  You might say the obvious participants are the note broker, the funding source, an appraiser and a title company.   Let’s break it down even further into two segments - before and after you get a call from a note holder.

       Before a note holder called you that first time you had to do your marketing.  You might have contacted a newspaper and developed a relationship with the sales person or a list company and formed a bond with the list manager or a direct mail company and built a rapport with the owner.  Each of these individuals and companies are a part of your team and you deal with them every month.  They want you to continue to deal with them so they assist you in every way they can to give you what you need to get your phone to ring.  They know if your phone doesn’t ring you will not be back for more ads, lists or letters and envelopes.

       After a note holder contacts you there is another part of your team ready to work with you. When you send a worksheet to the funding source for pricing there may have been a contract buyer that gave you the price. When the transaction was accepted you sent it in to the funding source and their transaction manager developed a list of items required to close the transaction (a “stip” list). Then yourself or your own processor gathers the required items and works with the appraisers, title companies, real estate attorneys or whoever else needs to be contacted.  When all of the stipulations have been received and contingencies met the file then goes to a closer who works with the funding sources bank to transfer he money to the appropriate individuals and funds the transaction.

       Already, that is over a dozen different individuals not counting the people contacted to fulfill the “stip” list.  These are all members of your team.  As a note broker work in conjunction with all of your team members to get a transaction closed and funded.  You may be a one man operation or have several people that work for your note business but you are not alone.  The funding sources, investors and service people in the industry are there to assist you and work with you to get your accepted transactions to closing, because no one makes money unless a transaction is funded.

       Andrew Carnegie said, “Teamwork is the ability to work together toward a common vision.  The ability to direct individual accomplishment toward organizational objectives.  It is the fuel that allows common people to attain uncommon results.” Recognize who is on your team and utilize them to help you reach your goals in the note industry. 

       Remember, Success Demands Action! Keep on marketing, it’s going to work! TWITA!

Question of the Week

Q - Hi Jeff,

          I am a new note broker and I subscribe to your newsletters.  I am working with a note seller on a $52,500 note, 10 year amortization secured by a modular home on a permanent foundation with 0.6 acres of land. Internet sites appraise the property at $60,000.  The only issue is that the payer is a divorcee on disability (starting over).  Her credit rating last fall (the most recent information I have) was 580. She has made payments like clockwork on this property for 11 months now. Also, the note seller bought this property in 2009 (two years before they sold it to the current payer in 2011).  All in all, this looks like a good note except for the credit rating. I've been told that no one will touch a full purchase of the note with a credit score lower than 600.  Is that true?  This note seller is not interested in partials.

                                                                            ~ Lisa N.

A - Hi Lisa!

       Thanks for the email! :) The short answer is NO this is not true. It may be the case for the few institutional note buyers that are out there but in fact there are quite a few private and individual investors that will buy a note with poor credit.

       The real question is... is the seller realistic? Meaning because of the poor credit the discount will be greater and a full purchase price much lower than they may want to accept.

        If you want to fill out my worksheet or submit the info to me on my website form here: http://armstrongcapital.com/sellyour.htm  I would be more than happy to see what we can do for a full purchase and some options on this note for you. Hope this helps! TWITA! ~ Jeff

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