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We’re all, at different stages of our lives, struggle on a regular basis with things. One of the biggest things we’re always struggling with is finding focus. It’s a constant work in progress because we’re always dealing with the shiny object syndrome. We’re all struggling with a variety of different things to get things done. You’re not supposed to have a perfect balance wheel with everything. What you have to do is find some sort of semi-flat part of that circle or something that works well to help you get some sort of balance with things. Most people are struggling with focus because they’re trying to do way too much than what they need to be doing. They need to keep the whole idea of KISS, keep it simple, silly. Find out why you need to find focus in your life and your real estate business so you can get things done and be more productive.
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A successful note investor is like a professional baseball player who uses five of the best tools in his arsenal: somebody who throws, catches the ball, plays defense pretty good, runs the bases, and with his eye trained on the ball like a hawk on its prey. And when it comes to real estate and note investing, scoring base hits and home runs early on can boost your financial standing among your peers. Home runs are great. God comes with big home runs, big checks – and what causes big checks?
You either bind the right price or the property has appreciated over time frame, or hold on to that note through foreclosure. You end up negotiating, maybe you speed up a foreclosure time frame and are able to offer cash for keys or the hedge fund messes up on the value. Then you see the value that you find is a lot more than what the seller believes it is, and you’re right and they’re wrong. But I’ll let you in on a secret: when you swing for the fences, when you’re constantly swinging for home runs, you’re likely to strike out more. If your deal is a home run, you’re going to make a whole lot more offers.
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No leader is a jack of all trades. You need to identify your one cause if you wish to successfully lead your tribe. Learn how to delegate tasks with efficiency, in such a way that the company’s vital responsibilities are evenly spread all throughout your tribesmen, freeing you up to envision bigger plans for the future. The world needs more leaders than followers these days. Every time when there’s a true absence of leadership, people will literally listen to the loudest voice. Learn how to make your voice matter and stand out from the crowd as a reliable tribal leader.
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We’re all real estate investors of some sort, whether you’ve done a thousand deals or are looking to get started. Note investors are a big percentage of who we deal with, and building your note business plan is one of the most important things you can do. We all start somewhere and a lot of people don’t have any type of business background, and that’s why it’s even more important to have a business plan. So many real estate investors and entrepreneurs struggle for failing to plan and putting some guide in place. If you could just spend time on a good business plan, it’ll give you more guns than anybody else. Discover everything you need to know about business plans as Scott dives into the different types and breaks down what needs to go into your note business plan.
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No portfolio is too big or too small. That’s Madison Management’s company statement. Office Manager Shante Duffy talks about the services their company offers. They primarily handle loan servicing and asset management. They understand that as a note investor, you have to start with one note, test the waters, see how it goes, and move up from there. What separates them from other servicers is that they want to sit and take the time to help you out with your loans as much as they possibly can to get you familiar with how to deal with it and understand what you’re doing.
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There are a lot of very basic blunders that unfortunately most people just don’t know and nobody’s ever sat down and told them how to avoid these things. Most people that come into real estate don’t have the marketing and business background. Scott Carson talks about the ten basic blunders that we see people make, especially in their first year or two, in real estate. These are things he believes every serious note investor need to learn not to do so even though they switch some things up, it doesn’t shoot them in the foot going forward. One big thing you need to look out for is overanalyzing. If you’re constantly over analyzing and trying to overdo things, your biggest problem is you. Understand that not every deal is going to be perfect. Sometimes you just got to focus and roll with it..
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Finding a deal is always a big step for any note investor. There is also the temptation of buying from hedge funds because that means there’s less work to do. Reaching out to private sellers is a good move, too, but their assets are always the leftovers of other investors and can be overpriced at times. The secret to sourcing note sources is through public records where most information is free. This way, you find assets that other investors don’t have a clue about.
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To keep in line with their goal of helping 10,000 note investors, We Close Notes invented the Note Funding League which is a list of assets made available to those who want to make a deal off of them. This time partnering with the Singer Law Group, all cases are solid with handful of flexible ones. With the breakdown of these performing notes and REOs, note closers are expected to close within seven days from acceptance.
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The most important tool any note investor should have is an ROI calculator. With notes, ROI calculators come with a set of rules so that you don’t kill every deal when you over-analyze everything. They differ for rentals, fix and flips and owner financing. One of the biggest and simplest rules is to pick two or three states when you’re just starting because you will have more problems than you can deal with if you spread yourself out too thin. The less variables you throw in for now, the better so you can put your focus on them.
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From the publisher's feed
Unlock Six Figures & Beyond in Distressed Debt Investing.
Welcome to "Note Night in America," the essential weekly podcast for savvy real estate…
Since 2010, Scott has mentored the "Who's Who" in the note industry, helping investors close on thousands of deals and providing the specific coaching needed to build a successful real estate business.
What We Cover (Topics & Keywords):
Meet Your Host: Scott Carson
A 20-plus year veteran as a real estate investor and entrepreneur, Scott is a multiple award winning educator and podcaster, and a media favorite, featured in The Wall Street Journal, Inc.com, Investors Business Daily, and hundreds of conferences, podcasts, and real estate clubs across the country. He brings honest, no-bull experience to help you reduce your learning curve and maximize the learning process.
Join the Tribe:
Subscribe now and start your journey to financial freedom through debt investing!