Did you know...

     The Beatles did not create their own music and become hugely successful until after they perfected playing the music of their mentors. What does that say about your note business?

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 President's Corner

       If you are sitting around just procrastinating day in and day out over starting your Note Business just stop over-thinking. Shut off you brain. Just put on your clothes – or sit down at the phone, computer or wherever you need to be – and go and just do it. When our thoughts and feelings and constantly holding us back then I think that you sometimes just need to stop listening to them and take action.

          This is easy to say of course. It’s a bit harder to do and to develop into a consistent habit. But it is possible. Thinking has its place but it isn’t action. No matter how much you think you still need to take action. Developing a just do it habit can make taking action easier and will stop you from wasting a lot of time going over different scenarios – that are mostly negative – over and over in your head.

          Just getting going and doing something even if your thoughts and feelings want to hold you back becomes easier if you have small list of positive benefits in your mind or on a piece of paper. Then you know why you should go even if you don’t feel like it and are having negative and self-defeating thoughts and feelings at the moment.

         And if you think back to the times in past when you first felt hesitant you may remember that those negative feelings pretty quickly were replaced with more positive ones. And you were happy that you got started. It’s pretty likely that the same thing will happen this time too.

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

Question of the Week

Q - Hi Jeff,

          Question for you, when someone sells a property and holds the trust deed does it matter that they are also holding the title insurance or does it have to be from the buyer?  Also what happens when the buyer has a lower credit score than 650 - lets say between 550-600 (this is on the 72K Minneapolis note) How much will the amount being offered go down? Would it even be an option for them to get money? Thank you for your help!                                            ~ Leslye

A - Hello Leslye!
          There are two kinds of title insurance - Lenders or Mortgagee title insurance that protects the note holder and Owners or Mortgagors title insurance that protects the buyer of the property and payor on the note.  If there is no title insurance at all we will get it.  If there is only an existing Owners policy it will be quicker for us to get a Mortgagees policy through the same title company AND if there are already both an Owners and Mortgagees (or just a Mortgagees) that makes it easier and a bit cheaper as well.
          YES!!! We give prices based on best possible scenario (for notes secured by residential properties 650+ credit, an appraisal for at least the sales price and clean and clear title) So, if the credit comes in lower or the appraisal isn't acceptable the price will be lowered.  I have closed on notes with as low as a 402 credit score, it just depends if the note seller needs the money bad enough and will take the discount. There is no cut and dry percentage that the price will go down, it just depends.  Hope this helps!

                                                     ~ Jeff

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