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

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 Scott go over everything you need to know about the planning and production of virtual events.

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 business.

Want to get in touch with Scott? Shoot him an email at: [email protected]

Scott Carson from We Close Notes has been dominating his niche for over a decade. He shares some amazing personal brand strategies he's used over the past 10 years to really elevate his influence in his industry. He now has some of his biggest competitors reaching out to him asking for his expertise. A TON of value in this episode folks. Enjoy!

In this episode, Jim and Scott Carson discuss:

What it means to buy a note and be a note closer.

“Everybody’s in the paper game, most are just on the wrong side of the payments,” states Scott Carson. He's been in the mortgage, finance, and banking industry since 2001 and actively buying notes since 2005. Nicknamed, “The Note Guy,” Scott has closed on over half a billion of assets and teaches others how to become lien lords instead of landlords. On this episode he explains why he focuses on buying non-performing notes, where to buy, and key differences with commercial notes.

Key Market Insights

• Inspired by HGTV, Scott Carson started with flips, but they flopped
• Flips flopped because he over-renovated the properties
• He became a mortgage banker and practiced creative financing
• Focused on notes by cold calling asset managers and bankers, making 100 calls a day
• A 30-day trip across the country ended up being a 3-year trip
• Teaches others to become a lien lord, not a landlord
• Currently, 1 in 10 Americans are currently 30 days behind on their mortgage
• Note Strategy: 1st position liens, non-performing notes (6-12 months in default)
• Key is to get the borrower to start making payments
• Looks for occupied properties where there is pride of ownership, have realtors drive by the property
• After 12 months of performance, the note can then be sold again
• Get the servicing records, call logs, collateral file, call the county to confirm taxes, utilities, pull comps on the property
• Ensure you can get the right contact info for outreach within first 30 days
• Where to look when buying notes: Look for inventory,
• Does not like California, New York, New Jersey, Cook County or rural markets
• Recommends starting out with 1 or 2 states
• Commercial properties require more work to figure out the rents, leases, occupancy, etc.
• Every commercial note has the right to collect rents if borrower defaults

Bull’s Eye Tips:

Winning Your Market: To find distressed notes, go to LinkedIn and Search for “Special Asset Manager” or “Secondary Marketing Manager”

Tracking Market Changes: Constantly checking mortgage periodicals, websites and default rates

Daily Habit: Work Out Daily During Lunch

Resources:

Ep. 66: "How to Get Started with Note Investing with Bob Berland"

DSNews

HousingWire.com

Scotsman Guide

The Note Closers Show

Best Business Books:

Outwitting the Devil by Napoleon Hill and Sharon Lechter

Digital Resources

BatchGeo.com

Tweet This:

“Become a lien lord, not a landlord”

“When buying 1st position, non-performing notes, you need to actively reach out to the borrower to get them to start paying”

Places to Grab a Bite:

Seafood: Eddie V’s, Truluck’s

BBQ: Franklin BBQ, Rudy’s, Stubb’s BBQ

Connect with Scott:

Website: weclosenotes.com

Email: [email protected]

Text “Notes” to 72000 for Note Night in America Replay and Powerpoint

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Notes are a hidden gem in the investing world, but often not taught well enough for an average person to understand. We bring Scott Carson on the show, one of the best in the business with closing and teaching about note investing, to talk about the ins and outs of investing in notes!