Buying Defaulted Mortgages - One Exit Strategy is Not Enough
During a conversation the other day, a new Note Buyer told me that he decided to start investing in buying defaulted mortgages. He had been wholesaling properties for a very long time prior to this.
When he said to me "Dean, the reason why I want to get into buying defaulted mortgages is not only for the cash flow, but I want to keep these people in their properties. This is what worried me.
Please don't get me wrong, of all people I would be the first to admit that Humanity does count. But...
Don't lose sight of the forest for the tree.
One Exit Strategy Is Not Enough When Buying Defaulted Mortagages
It doesn't work.
You see, you may WANT to pursue A SINGLE exit strategy for the defaulted mortgages you purchase (in this case, he was looking to re-perform all the notes he bought - possibly by modifying them all - and then to hold them for cash flow).
Mulitple Exit Strategies Are Need When Investing In Defaulted Mortgages
In order to invest successfully in defaulted mortgages, you need to be like Rafael Nadal.
Nadal is a really well-balanced tennis star. He has an amazing serve, excellent grass court experience, plays solidly on clay, and can fire a wicked forehand.
You should follow the same idea when buying defaulted mortgages. Pursuing multiple exit strategies will make your note buying business more profitable.
Don't limit yourself to one note buying strategy.
Buying Defaulted Mortgages - Using Foreclosure as a Tool
Sometimes it takes starting a foreclosure action to get a borrower to cooperate with you in getting a loan modified.
Why?
Because for someone who has been missing payments regularly and hasn't been current for a while, sometimes a wake-up call with a foreclosure notice (combined with a helping hand from you to help them with a loan modification) is what prompts them to get their act together, take control of their situation, and to work their way out of their delinquency.
Don't be like the investor I talked to. Don't fall into that trap.
Don't think that 1 Exit Strategy to your Defaulted Mortgage Buying business is enough to make you successful.
To do well in the note buying business, know all of your 5 Exit Strategies.
When he said to me "Dean, the reason why I want to get into buying defaulted mortgages is not only for the cash flow, but I want to keep these people in their properties. This is what worried me.
Please don't get me wrong, of all people I would be the first to admit that Humanity does count. But...
Don't lose sight of the forest for the tree.
One Exit Strategy Is Not Enough When Buying Defaulted Mortagages
It doesn't work.
You see, you may WANT to pursue A SINGLE exit strategy for the defaulted mortgages you purchase (in this case, he was looking to re-perform all the notes he bought - possibly by modifying them all - and then to hold them for cash flow).
Mulitple Exit Strategies Are Need When Investing In Defaulted Mortgages
In order to invest successfully in defaulted mortgages, you need to be like Rafael Nadal.
Nadal is a really well-balanced tennis star. He has an amazing serve, excellent grass court experience, plays solidly on clay, and can fire a wicked forehand.
You should follow the same idea when buying defaulted mortgages. Pursuing multiple exit strategies will make your note buying business more profitable.
Don't limit yourself to one note buying strategy.
Buying Defaulted Mortgages - Using Foreclosure as a Tool
Sometimes it takes starting a foreclosure action to get a borrower to cooperate with you in getting a loan modified.
Why?
Because for someone who has been missing payments regularly and hasn't been current for a while, sometimes a wake-up call with a foreclosure notice (combined with a helping hand from you to help them with a loan modification) is what prompts them to get their act together, take control of their situation, and to work their way out of their delinquency.
Don't be like the investor I talked to. Don't fall into that trap.
Don't think that 1 Exit Strategy to your Defaulted Mortgage Buying business is enough to make you successful.
To do well in the note buying business, know all of your 5 Exit Strategies.
About the Author:
Interested in learning more about the Note Buying Business? Access To Hours of FREE Training Videos here: Buying Defaulted Mortgages Real-life, Up-to-Date Information for You. Visit NoteBuyingProfits.com or Call 718-783-7605 Or Click Here: Buying Defaulted Mortgages From Dean Engle & NoteBuyingProfits.com - This time on Buying Defaulted Mortgages
posted by Debt Consolidation Loan at
2:24 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home