The Best Of Scott Carson - Mastering the Art of Note Investing

Even in a strong market, there are always non-performing loans to buy. Scott Carson started out during the financial crisis in 2008 buying non-performing loans, restructuring them, and turning them into profitable investments. A decade and hundreds of transactions later, Scott now runs We Close Notes. His company actively invests in non-performing loans around the country and teaches new investors how to do the same. On this episode, Scott shares with Drew that after declining for many years, the number of foreclosures is actually on the rise. Distressed property may be poised to be a great investment, especially if the economy weakens. If you’re interested in hearing about this lucrative niche in real estate, you don’t want to miss this episode.

Real estate note investing is not your typical investing business. The most critical aspect is knowing what your financing options are, as well as how and when to use those options. –Forbes

This week I sit down with Scott Carson, CEO of We Close Notes. His company focuses on buying pools of distressed assets on residential and commercial properties direct from banks and hedge funds.

On today’s show, Scott takes us from his low period in which he sold everything but his dog and his truck to generating $500MM in assets. He has managed to pack in a lot of information on this episode from how to negotiate with borrowers to the step-by-step process of how anyone can get into the note business. Scott also discusses the process of taking over from a bank, what kind of deals you can expect buying distressed notes as well as where to find capital.

Tip of the Day:

Stop daydreaming and start focusing and taking action to make it happen. -Scott Carson

#INVESTTHIS EP 12: Niche Market Real Estate: Do You Find the Deal or the Money First?

Start In Wholesaling:

Want to start in wholesaling? I got my first deal going using Real Estate World Wide. TRY IT YOURSELF!

Welcome to Part 2 in the "Starting on a High Note" Series with Scott Carson, Real Estate Note Investor and CEO at We Close Notes!

In Part 1 we went through hour by hour a day in Scott’s life as a Real Estate Note Investor. In this episode, we’ll take you through Scott’s career journey so you know what skills and experience are necessary to land a job as a Real Estate Note Investor. Let’s learn how he did it so you can too!

What does it mean to be a Real Estate Note Investor? What do they even do all day? Welcome to Part 1 in the 2-part “Starting on a High Note” Series! In this episode, we’re going to experience a day in the life, hour by hour, of Scott Carson, Real Estate Note Investor and CEO at We Close Notes so you can decide if this is a career you can see yourself doing! Let’s get right into the day… As always, you can check out this episode’s Show Notes Page to find the toolbox, photos and how you can connect with Scott.

In this episode of Step Up Your Game, Dan interviews Scott Carson, CEO of We Close Notes, Real Estate Investor, Entrepreneur and Podcast Host of The Note Closers Show Podcast. Scot’s main marketing strategy to attract people to his business has been Online Events, and he has become quite an expert on it. Listen as Dan and Scot go over everything you need to know about the planning and production of virtual events.

Podcast Show Notes:

I’ve known Scott for a few years, and he’s a stand-up guy doing great business. I’m so pleased to have him on “The Real Estate Raw Show” to talk about his career and his tactics.

For your convenience, I’ve provided timestamps below so that you can navigate the conversation Scott and I had at your leisure:

1:25—The sudden and drastic downturn of the market in 2008 that caused Scott to leave the mortgage industry to turn to buying distressed debt

2:10—What exactly does it mean to buy notes?

5:30—What is the best time of year to buy notes, or is it year-round?

9:40—Scott’s words of caution to anyone out there teaching about note-buying

11:20—For those just getting started in the business, what is the hardest aspect of the job?

13:00—Different states have different foreclosure time frames, so are some states easier to work in than others?

14:15—Start-up fees and ongoing monthly fees for new arrivals to the field

17:00—A quick break in the discussion and a word from our sponsors

20:33—What kind of numbers are in play in the note-buying game?

25:00—What to say in tough situations involving tenants of the properties

28:30—The market is shifting; inventory is staying on longer and prices are coming down. What impact does that have in this business?

32:00—Scott’s preferences among asset class, storage, apartments, shopping centers, single-family homes

34:25—Is negotiating with the banks difficult?

35:45—Is there a minimum buy-in?

I really appreciate Scott spending time on our show today to share his words of wisdom. If you’d like to speak with Scott about buying notes or any aspect of his business, he can be reached at (512) 585-3810 by phone or at [email protected] by email. You can also visit his website at www.WeCloseNotes.com.

For any questions you have for me, you are always encouraged to reach out to me. I hope to hear from you soon!

In this episode of the Cash Flow Guys Podcast, I get the distinct honor of interviewing Scott Carson of the We Close Notes podcast. Over the years I have recorded hundreds of episodes but this one was certainly the most fun. Scott brings a unique energy and personality to an otherwise boring (yet profitable) field of note investing.

During the episode, we discussed the fact that many investors lately seem to be overpaying for notes, just like investors buying properties. The note business is active and remains active regardless of market cycles. We find that far too often new note investors are not willing to do the work to build relationships first before making note purchases.

When you rush into a note purchase I guarantee you will almost always overpay. Worse, when in a rush due diligence is often overlooked or shortcuts are taken. Be careful of rushing just to “get a deal”, take your time and do your homework.

The good news is that there are plenty of notes for sale every day of the year, regardless of what is happening in the news. Take the time to network with hedge fund managers, asset managers and small local and regional banks in order to source opportunity. Be sure you are in a position to close on a note before making an offer. The one thing that will quickly tarnish your reputation is to not be able to close after making an offer for a note. The other major taboo thing is to try to “wholesale” a note without the knowledge or consent of the note seller.

In the note business, competition really is low, virtually non-existent. Instead, we rely on our relationships with fellow investors to help grow our portfolios and network.

We also touched on Scott’s marketing domination, he is truly an expert in marketing his business, ALL entrepreneurs need to take notice of how well he markets his business. Scott is rapidly becoming one of the most effective marketers in the real estate space. Being effective as a marketer generates leads, and leads always equal opportunity. Anyone listening to this episodes should immediately go to WeCloseNotes.com and register for Scott’s upcoming trainings.

On this episode I'm joined by Scott Carson, the brains behind WeCloseNotes.com Scott and his team not only buy and sell bank notes at a discounted rate, they also help people get into the note business. Scott knows the value and importance of creating digital content, and it shows with the raving success his podcast, "The Note Closers Show Podcast" - that has thousands of downloads on a monthly basis AND it's monetized with monthly sponsors who come on the show to talk about their monthly calendar of events and promotions.

11182018

Welcome to the REIM podcast.

Our guest today, Scott Carson, is going to teach us about buying notes. You’re going to want to listen and take notes!

Scott lives in Austin, Texas, and he’s been investing in real estate since 2002. He didn’t get off to a great start… mostly lost money on flipping properties.

Scott started focusing on buying distressed debt in 2010. He was buying debt in other states, so he left Texas at that time and traveled the country, purchasing debt and speaking at real estate investment clubs.

Even though we’ve officially been out of the financial crisis for a while, 1 out of 9 American homeowners are still underwater and looking at default. Recovery is moving slowly in some states.

Once Scott buys a note, he uses various creative financing methods to get the borrower/occupant to pay on time. Once the individual proves to be capable, the note can be resold at a profit.

Scott is very clear that he’s not a charity. He forecloses on borrower/occupants who don’t pay on time. Once a property is foreclosed on, he sells it as quickly as possible.

Listen and learn…

Our guest today, Scott Carson, is going to teach us about buying notes. You're going to want to listen and take notes!

Scott lives in Austin, Texas, and he’s been investing in real estate since 2002. He didn’t get off to a great start… mostly lost money on flipping properties.

Scott started focusing on buying distressed debt in 2010. He was buying debt in other states, so he left Texas at that time and traveled the country, purchasing debt and speaking at real estate investment clubs.

Even though we’ve officially been out of the financial crisis for a while, 1 out of 9 American homeowners are still underwater and looking at default. Recovery is moving slowly in some states.

Once Scott buys a note, he uses various creative financing methods to get the borrower/occupant to pay on time. Once the individual proves to be capable, the note can be resold at a profit.

Scott is very clear that he’s not a charity. He forecloses on borrower/occupants who don’t pay on time. Once a property is foreclosed on, he sells it as quickly as possible.