How To Find Notes-Speak My Language? A Lesson On Buying Notes
Do you remember that 1981 hit from "Men at Work called Land Down Under?" (OK, so I was a big Men-at-Work fan, I admit.)
I recieved an email from a Korean by the name of Joe and it reminded me of the show.
How Is This Related To Buying Notes?
Relationships matter. This is one of the most important lessons that you will learn in the world of finding notes, and Joe's story demonstrates that.
In fact, not only do relationships matter, but "commonalities" matter. In other words, what you want to do when you're trying to find notes is to find out ways to build ties with your seller.
The commonality can be a list of things like sports, pastimes, favorites books, foods, etc. They can be social, cultural, sports-related, geographical, you name it. Just find something in common.
Joe's Little Gem of A Story On How To Find Notes
Here is the email that Joe sent to me:
"I am the owner of a Korean Investment Club. I do not undertand the note buying business very well and therefore I am not ready to think about buying notes. Last week I was approached by a big Korean bank who wanted me to buy their notes. They told me to offer any amount for the first trust deed. The property is a 79 room motel with attached restaurants. It is worth over $4 million and the defaulted mortgage has a face value of about $2.7 million which includes interest. I am really interested in buying the notes. Thank you for time."
So What is Happening Here?
We have a big Korean Bank that has just sent out a very good lead. And we have Joe-the owner of a Korean Real Estate Investment Club.
Is There Anything That Joe Knows About Buying Notes?
No - he admits as much in the first line of his email. So do you think that he pitched to this big Investment Bank that he would be the perfect guy to buy their non performing notes?
No he did not. The note buying opportunity found him. And it also seems that they are willing to accept any offer that he makes on that note.
Now try to not to focus on the the great opportunity that has been offered to Joe, who might be albe to make a low bid on this note. Don't focus on the fact that he might be able to foreclose on a $4 million dollar motel.
But hang on a minute. I want to point out something that is so simple when you are trying to find notes, that you probably glossed over it already, thinking that you're supposed to be looking for something more complicated.
Joe is from where? Korea. What kind of a bank is this? Korean.
It shouldn't be a surprise that this note, which is a California property happens to find its way to Joe.
Tips on Finding Notes
Remember when you are trying to find notes, banks often want to sell notes to people that they can talk to.
These people might also look like them, talke like them, act like them, and do business like them.
The chances are, even a well known investor trying to find notes probably wouldn't get the same recognition from the Korean Bank that Joe did. They just preferred to deal with him because Joe had that one commonality that you or me could never have. Because of this, getting to know each other was a simpler process for Joe than it would be for you or me.
So start applying this note buying tip today.
Find the similarities that You and your Seller share.
Go find someone who speaks your language, and then see if they have notes for sale.
I recieved an email from a Korean by the name of Joe and it reminded me of the show.
How Is This Related To Buying Notes?
Relationships matter. This is one of the most important lessons that you will learn in the world of finding notes, and Joe's story demonstrates that.
In fact, not only do relationships matter, but "commonalities" matter. In other words, what you want to do when you're trying to find notes is to find out ways to build ties with your seller.
The commonality can be a list of things like sports, pastimes, favorites books, foods, etc. They can be social, cultural, sports-related, geographical, you name it. Just find something in common.
Joe's Little Gem of A Story On How To Find Notes
Here is the email that Joe sent to me:
"I am the owner of a Korean Investment Club. I do not undertand the note buying business very well and therefore I am not ready to think about buying notes. Last week I was approached by a big Korean bank who wanted me to buy their notes. They told me to offer any amount for the first trust deed. The property is a 79 room motel with attached restaurants. It is worth over $4 million and the defaulted mortgage has a face value of about $2.7 million which includes interest. I am really interested in buying the notes. Thank you for time."
So What is Happening Here?
We have a big Korean Bank that has just sent out a very good lead. And we have Joe-the owner of a Korean Real Estate Investment Club.
Is There Anything That Joe Knows About Buying Notes?
No - he admits as much in the first line of his email. So do you think that he pitched to this big Investment Bank that he would be the perfect guy to buy their non performing notes?
No he did not. The note buying opportunity found him. And it also seems that they are willing to accept any offer that he makes on that note.
Now try to not to focus on the the great opportunity that has been offered to Joe, who might be albe to make a low bid on this note. Don't focus on the fact that he might be able to foreclose on a $4 million dollar motel.
But hang on a minute. I want to point out something that is so simple when you are trying to find notes, that you probably glossed over it already, thinking that you're supposed to be looking for something more complicated.
Joe is from where? Korea. What kind of a bank is this? Korean.
It shouldn't be a surprise that this note, which is a California property happens to find its way to Joe.
Tips on Finding Notes
Remember when you are trying to find notes, banks often want to sell notes to people that they can talk to.
These people might also look like them, talke like them, act like them, and do business like them.
The chances are, even a well known investor trying to find notes probably wouldn't get the same recognition from the Korean Bank that Joe did. They just preferred to deal with him because Joe had that one commonality that you or me could never have. Because of this, getting to know each other was a simpler process for Joe than it would be for you or me.
So start applying this note buying tip today.
Find the similarities that You and your Seller share.
Go find someone who speaks your language, and then see if they have notes for sale.
About the Author:
Interested in learning more about the Note Buying Business? Watch Hours of FREE Training Videos here: How To Find Non Performing Notes Real-life, Up-to-Date Information for You. Visit NoteBuyingProfits.com or Call 718-783-7605 Or Click Here: Buying Notes From Dean Engle & NoteBuyingProfits.com - This time on How To Find Notes
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