 President's
Corner
I hope your summer is going
well!
This week I need to be straightforward
with you (as I always am) because lately I've been hearing things from new
people in the note business and there seems to be an illusion out there that the
note business is easy. I have always said that while the note business is
simple it is far from easy, especially in the beginning.
While many people are already
experiencing the joy and tribulation involved in running their own note
business, many others are still considering starting or even expanding their
existing the note businesses. Those of you already in the note business
are now contemplating the possibility of buying your first note! If you
are considering starting your own note business and then getting to the point of
buying your own notes, you need to consider the good, the bad, and the ugly
truths of the note business itself.
What is good about the note business? In my opinion, the the single greatest
benefit of the note business can be summed up in one word -- opportunity. There
are numerous opportunities to start and grow a note business, whether brokering
or buying. Probably the most desired opportunity of all is the ability to
do what you want to do, when you want to do it and to have the money to do it
with. There are also many opportunities to learn everything you need to
know about doing the note business from blogs and newsletters, articles, books,
products, live workshops, conventions, webinars and forums.
What is bad about the note business? The prevailing myth that you can get rich
quick. Yes, there are many people making good incomes in the note business and
some people even manage those staggering numbers that are heard on the late
night infomercials. But that isn't necessarily the reality of it. The
real, cold, hard truth is that it takes time to learn how to do the note
business and it takes time to be a success in the note business. Once you have
done your groundwork then you may well also achieve those amazing financial
results, but many people give up long before and miss out on their
opportunities.
What is ugly about the note business? The simple fact that scams abound. So many
people buy into the myth of the note business as a get-rich-quick-scheme that
they are willing to put down hundreds, even thousands, of dollars to buy into
the dream. Many of the people touting these "successful" programs are not
actually rich or successful themselves nor are they even practitioners, current
or past, of the note business. In fact, their only income generated may be by
scamming newcomers. So how do you embrace the good, avoid the bad, and ignore
the ugly?
First you must explore your opportunities. Remember that the internet really is
the information superhighway. Study and learn and question -- and continue to do
all three even after you have started your own note business and even after you
have reached your own success in the note business.
Second remind yourself, daily if necessary, that no one gets rich quick on in
the note business but that the money is there for the making if you only put in
your time and learn. Learning isn't necessarily just book learning but
also learning through your own experiences and the experiences of others in the
note business before you.
Doing the note business is much like the tortoise and the hare. Slow and steady
wins the race every time.
Third do not sign up for any scheme, program, or partnership that involves
sharing your credit card information until you have thoroughly studied the
situation from all angles. There are reputable and worthy opportunities that
might involve a fee, but if they are worthwhile and reputable then they will not
expire in 24 hours, there will be ample material available to study, and you
will see evidence of the program's success.
Don't let all that is ugly and bad overshadow the true good that can be
accomplished in the note business. The note business may not be for everyone and
I have repeatedly educated people on that fact. But for those of you who the
note business is for, you won't know until you try. You can start your own
note business, you can make it successful, and you can make it lucrative -- and
it doesn't need to cost you tens of thousands of dollars. You do need
money for marketing but after that it's just your time, ingenuity, focus,
effort, desire, knowledge and persistence.
The note business can literally be done from anywhere! That is what is truly
amazing about being in the note business. I hope that this
clears it up for some of you about the note business in general. For the
others I hope this was a good reminder of why you started the note business in
the first place.
That's it for this
week, have a
wonderful August! Remember, Success Demands
Action! Keep on marketing, it’s going to
work! TWITA!
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Question of
the Week
Q – Hello Jeff:
A note holder
responded to our offers with the
following “…Thank you for the
details surrounding the offer
for my note. I have received
another offer which came in
quite higher on a Full buyout.
I'd like to ask if you were
interested in making a
counteroffer. The new offer I
received is still below what my
husband and I discussed would be
our "magic number" to sell
however we may need the money
sooner than anticipated.. Please
let me know if you are still
interested…” So Jeff, your offer
for a full purchase is VERY
close to the full offer they are
looking for; however, if we
quote her your offer, we'd get
no commission. I'd like your
advice concerning the best way
to "counter-offer". Should I
push the partials explaining how
our partial offers, in the long
run, are actually better for her
than the full purchase offer
made by the other Note Buyer?
What is my best approach? Thanks
for your help with this.
~
Mary
A
–
Hi Mary!
This is what I
would do and it is my suggestion
to you. Tell the seller that you
are not sure our underwriters
will be able to go as high as
they want, but, if you give us
a copy of the note, copy of the
settlement statement and the
signed Authorization to check
credit, we will have our
underwriters do some initial
investigating and give you some
firm options based on the buyers
credit. Then if the credit is
good we may be able to pay more
and give them what they want or
at least closer to it. :) Hope
this helps!
~ Jeff
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