We take a run through on a mistake opportunity that Chase has to improve how he is working with his servicer. Given the loan they were servicing was a newly re-performing loan; he hadn’t had a reason to log into the servicer.

Now that the loan is no longer performing, there is a bill from the servicer that caught his attention.

This opportunity highlights that our listeners need to have these things sorted out prior to boarding a loan with their servicer.

Additionally, Robby highlights that Chase needs to make a call to his newly non-performing borrower, and that he needs to get his servicer to update their collection efforts on the loan.

There is no reason to delay.

Never put off 'til tomorrow, what can be done today.

While we’re talking about opportunities to improve our businesses, Robby feels he is struggling to get out into the market to find more sellers of notes. As he has said in the past, you vote with your dollars and he is still having the standard headaches when buying from some of the same sellers in the marketplace.

A hit on the Pareto Principle (80/20 rule) that Robby is buying 80% of his inventory from 20% of the sellers that he is working with, and he needs to be rotating in new sellers from outside his current structure.

We have an upcoming meet up with our Master Mind group next week in San Antonio, TX. We strongly feel that everyone should be part of a mastermind if they can join one.

It is all about whom you spend time with and your exposure to other people and opportunities.

In an effort to continue highlighting marketing efforts, Robby highlights that you should “not shut up” about telling people what your doing in your note business.

You may be hesitant to start asking for outside money because you haven’t closed any deal yet, if that’s the case, use the success of your network to tell your peers about the deals they have finished.

Remember that everyone you meet falls into one of three categories for your note business: Buyer, Seller, or Investor. They might even fall in two or three of those categories as your business grows.

Chase points out for us that one of the best things you can do to be prepared to talk to people about your business is to always be practicing your elevator pitch.

It’s a version of baiting your hook, but with just a piece not the entire thing.

As always send you questions to [email protected].

Thanks for listening to our show! We’ll be back next Wednesday morning.

Cheers,

Chase & Robby