Coming to you from San Antonio, TX this week. We have discovered that bagels in Texas are the same size as the national average, so not everything is bigger in Texas.

Chase has resolved the account issue with his servicer, FCI. While sorting out the issues he took the opportunity to escalate his loan to Full-collection Specialty Servicing.

The real nugget here has to do with the fact Chase was distracted by life over the past two months, which led to a lack of focus on the note while it became non-performing. Additionally, he never reached out to the borrower based on fear.

One of our favorite authors, Steven Pressfield, calls this The Resistance.

“Fear is good. Like self-doubt, fear is an indicator. Fear tells us what we have to do.

Remember our rule of thumb: The more scared we are of a work or calling, the more sure we can be that we have to do it.

Resistance is experienced as fear; the degree of fear equates to the strength of Resistance. Therefore the more fear we feel about a specific enterprise, the more certain we can be that that enterprise is important to us and to the growth of our soul. That's why we feel so much Resistance. If it meant nothing to us, there'd be no Resistance.”

He is essentially putting the future of his asset in the hands of his borrower. 

A peer investor of ours will be at NoteWorthy discussing some of his top tips on making borrower contact.

Robby feels he has an opportunity to increase his business by focusing more on his servicer and his foreclosure attorneys. It is very easy to let a week go by without following up, and these weeks begin to add up and start to take a toll on your bottom line.

Robby updates us on the 2nd position liens he had put offers in on. Admitting that he wasn’t settling on price, when the reality was he knew he should be focusing on his core business, which involves only 1st position liens and a new project that he is going to be releasing next week.

However, the reading of Performance Anxiety by Gordon Moss was still a big benefit and added some extra knowledge to his note game.

Back to the Pareto Principle, Robby is putting in offers this week with a new note broker in hopes to expand his buying opportunities. This new broker has been hustling to make contact, so it is much better than another seller that still can’t get due diligence documents sent over after three weeks.

Some good tips on JV investing and coordinating putting in offers and funding deals with outside money.

Robby goes DEEP into his double BK property down in Tampa, FL. We’re not giving it away in the show notes, so listen in and find out what’s going on and how he’s handling it.

As always send you questions to [email protected].

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

Cheers,

Chase & Robby