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Tip of the Week
Did you know....
If you buy 1/2 of the payments remaining for 1/2
of the balance owed your yield will be 2 times the face interest rate of the
note?
If you buy 1/3rd of the payments
remaining for 1/3rd of the balance owed your yield will be 3 times the face
interest rate of the note?
If you buy 1/4th of the payments remaining for 1/4th of the balance owed your
yield will be 4 times the face interest rate of the note?
Try it out on your calculator!
Product Highlight
Negotiation starts from the
moment you first connect with a
note holder and guide you "Scripts and Tips - A Handbook for the Serious Note Broker"
is the resource.
Every month I am asked about what to say to note holders when they contact you
on that first phone call, when giving the price and negotiating. In
addition, there are lists for you more specific questions for certain situations
and property types including
condo's, commercial properties
and land. It also spells out a
few of what I call "magic" questions to determine that
all important motivation or need that the note holder must have if you are ever
going to get them to accept an offer on your note.
Click for more info and to order
TODAY!
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Upcoming Events
March 17, 2012
Chicago, IL
RE and Note Intensive
Spring 2012
San Antonio, TX
Note Symposium
May 2012
Los Angeles, CA
Secrets of Paper
September 2012
Chicago, IL
Secrets of Paper
Ask Jeff to come and speak
or teach to your group or at
your event!
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Training,
Tools
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Quote
of the Week
"The three foundations of learning:
Seeing much, suffering much and studying much.” ~ Catherall
 President's
Corner
How many times have you allowed
a situation that you could have
changed, by acting positively,
get totally out of control? Let
me give you an example.
After working on a note purchase
transaction for over 11 weeks,
assisting with cleaning up a
variety of title issues, I was
asked by the investor to cover some additional non-normal charges before they would
close the transaction (there was
a land survey and extra charges
by the title company for
clearing some of the title
issues). Even though it would
lower my net commission down to
almost nothing I, without
hesitation, agreed and let them
close the transaction. After all
a closed deal is better than no
deal.
There was a time when I would
have argued that they were
wrong, delayed or even lost the
transaction and I would have
burned my bridge with that
investor. I'm telling you now
this business is too small to
burn ANY bridges. Since that
transaction I have closed
countless more deals with that
investor and continue to do so.
One of the best lessons I've
learned in business and in life
is the quote from "The Serenity
Prayer". "God, grant me
the serenity to accept the
things I cannot change, courage
to change the things I can, and
wisdom to know the difference."
A strong positive attitude helps
you to know the difference and
accept those things you cannot
change. I know one thing
for sure: I, and only I, am in
complete control of my attitude.
Attitude is everything!
Remember, Success Demands Action! Keep
on marketing, it’s going to work! TWITA!
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Feature Article
Persistence Pays
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One of the most
overwhelmingly common
questions that brokers asked
me is, "How did you become
successful in this
business?" and "What can I
do to be successful in this
business?" Well as everyone
that attended my sessions
knows, when I started in
this business they only
taught us about seller
financed or private
mortgages. At my training
class there was no
factoring, business notes,
equipment leasing, medical
receivables, or any of the
60 or so other cash flows
that are now available. If I
was going to make it at all
it was going to be in the
private mortgage arena.
Some of my success I
attribute to my own
self-motivation. I highly
recommend a book by Napoleon
Hill entitled Think and
Grow Rich. I have read
this book from cover to
cover at least a dozen times
in as many years. I first
read it around the end of
high school and the
beginning of my college
days. It inspires me and
refreshes my thinking each
time I read it. Two other
books that have recently
kept me on track are The
Millionaire Next Door
and The Millionaire Mind
by Thomas J. Stanley. There
is something about knowing
how a millionaire thinks and
what a millionaire does
that...
Read more...
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Question of
the Week
Q
- Hi Jeff, with most of the real estate values down across the country, what is the effect of purchasing notes where the fair market value of the property is lower than the
balance of the note? - Rupert
A
-
Hello!
Thanks for the question! When we get an appraisal of a property back and the value
of the collateral is lower than the balance of the loan two things can happen 1)it's too much risk
and we cancel the transaction or 2) depending upon other factors like the
payor's
credit, seasoning, amount of cash down payment, etc. we may only offer to
purchase a small partial to effectively lower our risk. Push the Partials! You
will be much more successful
with getting transactions to
close. Hope this helps!
TWITA!
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So you want to invest in or broker
notes?
Been trying for awhile with limited
or no results?
Check out the most talked about, current and innovative educational tools,
training, mentoring, assistance and support services in the industry! Updated for
2012, click here to start growing your note business today!
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