Investing in Notes-Everyone Asks The Same Question
What is the most common question asked? At least 58 different people have wondered the same thing that I did when I completed my first course on How to Buy Notes 4 years ago. Where is the list of banks that sell?
That was the only question I had for my instructor, Mark. By the time my 3 day workshop was done, I was so eager to get a hold of the list. I didn't understand why he was waiting so long to give it to us. Why couldn't he have just handed it out at the beginning of the course?
The "Magic Binder" - Banks That Sell Notes
When I finally got the list from Mark, I quickly skimmed through each page to gather any information that I could. Do you know what happened after that? What did I do next with my valuable list? Nothing. This is what happened when the course was over.
a) Most of the banks didn't even exist anymore. (Look at Indymac. If they were a bank that I wanted to target, I bet I would have had a hard time dealing with the FDIC)
b) Most of the phone numbers were useless. They were just main numbers, the same numbers that I could find through a google search or in the phone book.
c) Some of the banks weren't selling their notes anymore
d) There were banks that weren't on the list that actually did sell notes and defaulted mortgages
e) The name of the bank wasn't enough. And whether they sold notes or not wasn't as important as me finding the right person to talk to. The person to pitch.
And now...what do you think happened to the magic binder of banks that sell? It is still propped up in my bookcase and hasn't been touched.
So Here is my Point on Buying Notes
The list is huge. There are so many banks that sell notes and defaulted mortgages.
In most situations, who you know at these banks is most important.
So as a matter of fact, the people that know the list better than anyone are...Who do you think?
a) In today's market, only a few banks and lenders that sell notes.
b) The people that I know run funds of $1-50 million. These people buy from less than 20 lenders and most have less than 10 people that they buy from. (hint...good brokers are hard to come by, so when you find one...treat them good)
c) A colleague of mine had one exclusive seller. That one relationship made him very wealthy. Imagine that, he spent 7 years buying notes from one source.
d) So here's the secret about the one thing in common that these "professional" note buyers share.
A Note Buyer's Success - Their Secret
They can talk the talk and walk the walk. The professionals not only know exactly what to ask for, they know what to do with the information once they've received it. You get that? What you do with what you know is more important.
Try to picture this, you are on top a New York City building and beside you is one of the most knowledgeable Note Buyers in the industry. (the Zen Master of Note Buying). You can see the lower east side from where the two of you are standing.
The view is spectacular. You follow her onto the firescape, and all the loud noises of the city suddenly rush through your ears. She then points to the highest buildings and whispers..."There they are...". You are confused.
"What are you looking at?" you ask.
She answers...."They are....The ones you are looking for...".
You are looking in the direction that her arm is pointing, but don't know what you are looking for. You are getting ready to ask what she means...but she cuts you off.
"You have doubts don't you?" she says to me.
"Let me share a story with you".
Her story is about a time when her master taught her where to look for the Fountain of Perpetual Notes as he called them. "Look for the suffereing". These were the 4 words that her master spoke to her.
As she is pointing across towards the buildings, she whispers something to me. "Now...I will tell you".
"If you want to find the Fountains of Perpetual Notes, look for the suffering. That is where you will find it".
She motions for you to go back into the building over looking the Lower East Side.
Find the Fountain of perpetual notes. Look for the suffering.
I'm just looking for a list of banks that sell notes!
The relation between Suffering and Buying Notes
There is suffering everywhere.
A few lenders exist that do not have non performing assets on their books.
There is a ton of lenders out there that are selling notes to all investors.
Lenders are even being forces to sell notes to investors that they don't know.
Many investors are asking lenders to put them on a list to become an approved investor. A list of banks that sell will serve you no purpose. I might as well just tell you to go pick a number and stand in Katz's deli during lunch hour rush.
Now...go..."Look for the suffering".
It's not a question of "if" but "to whom". Have the belief that every lenders sells.
What is the most common question asked? At least 58 different people have wondered the same thing that I did when I completed my first course on How to Buy Notes 4 years ago. Where is the list of banks that sell?
That was the only question I had for my instructor, Mark. By the time my 3 day workshop was done, I was so eager to get a hold of the list. I didn't understand why he was waiting so long to give it to us. Why couldn't he have just handed it out at the beginning of the course?
The "Magic Binder" - Banks That Sell Notes
When I finally got the list from Mark, I quickly skimmed through each page to gather any information that I could. Do you know what happened after that? What did I do next with my valuable list? Nothing. This is what happened when the course was over.
a) Most of the banks didn't even exist anymore. (Look at Indymac. If they were a bank that I wanted to target, I bet I would have had a hard time dealing with the FDIC)
b) Most of the phone numbers were useless. They were just main numbers, the same numbers that I could find through a google search or in the phone book.
c) Some of the banks weren't selling their notes anymore
d) There were banks that weren't on the list that actually did sell notes and defaulted mortgages
e) The name of the bank wasn't enough. And whether they sold notes or not wasn't as important as me finding the right person to talk to. The person to pitch.
And now...what do you think happened to the magic binder of banks that sell? It is still propped up in my bookcase and hasn't been touched.
So Here is my Point on Buying Notes
The list is huge. There are so many banks that sell notes and defaulted mortgages.
In most situations, who you know at these banks is most important.
So as a matter of fact, the people that know the list better than anyone are...Who do you think?
a) In today's market, only a few banks and lenders that sell notes.
b) The people that I know run funds of $1-50 million. These people buy from less than 20 lenders and most have less than 10 people that they buy from. (hint...good brokers are hard to come by, so when you find one...treat them good)
c) A colleague of mine had one exclusive seller. That one relationship made him very wealthy. Imagine that, he spent 7 years buying notes from one source.
d) So here's the secret about the one thing in common that these "professional" note buyers share.
A Note Buyer's Success - Their Secret
They can talk the talk and walk the walk. The professionals not only know exactly what to ask for, they know what to do with the information once they've received it. You get that? What you do with what you know is more important.
Try to picture this, you are on top a New York City building and beside you is one of the most knowledgeable Note Buyers in the industry. (the Zen Master of Note Buying). You can see the lower east side from where the two of you are standing.
The view is spectacular. You follow her onto the firescape, and all the loud noises of the city suddenly rush through your ears. She then points to the highest buildings and whispers..."There they are...". You are confused.
"What are you looking at?" you ask.
She answers...."They are....The ones you are looking for...".
You are looking in the direction that her arm is pointing, but don't know what you are looking for. You are getting ready to ask what she means...but she cuts you off.
"You have doubts don't you?" she says to me.
"Let me share a story with you".
Her story is about a time when her master taught her where to look for the Fountain of Perpetual Notes as he called them. "Look for the suffereing". These were the 4 words that her master spoke to her.
As she is pointing across towards the buildings, she whispers something to me. "Now...I will tell you".
"If you want to find the Fountains of Perpetual Notes, look for the suffering. That is where you will find it".
She motions for you to go back into the building over looking the Lower East Side.
Find the Fountain of perpetual notes. Look for the suffering.
I'm just looking for a list of banks that sell notes!
The relation between Suffering and Buying Notes
There is suffering everywhere.
A few lenders exist that do not have non performing assets on their books.
There is a ton of lenders out there that are selling notes to all investors.
Lenders are even being forces to sell notes to investors that they don't know.
Many investors are asking lenders to put them on a list to become an approved investor. A list of banks that sell will serve you no purpose. I might as well just tell you to go pick a number and stand in Katz's deli during lunch hour rush.
Now...go..."Look for the suffering".
It's not a question of "if" but "to whom". Have the belief that every lenders sells.
Interested in learning more about the Note Buying Business? Watch Hours of FREE Training Videos here: http://www.notebuyingprofits.com
Real-life, Up-to-Date Information for You. Visit NoteBuyingProfits.com or Call 718-783-7605 Or Click Here: http://www.notebuyingprofits.com/blog
From Dean Engle & NoteBuyingProfits.com - This time on Buying Notes. by Dean Engle
