Have You Ever Felt Lost?

Have You Ever Felt Lost?

It seems like I misplaced my Crystal Ball

Has this ever happened to you?

That is how I felt this week, and all that I needed was just a little time to reflect

I started The Platform Journey several months ago, and I had no clue how it would turn out

This journey has taken me down several paths. Some have been good, and some have been not so good

However, this journey finishes I know two things: I have put everything that I have spiritually into this journey, and the Platform that is launched will provide great VALUE to you

Thank you for allowing me to share my personal journey with you

Have a great week, and I hope your own journey is going well!


This Week Has Been Challenging!

This week has been Challenging and Rewarding

The Platform is coming to LIFE!

Dashboard has gone from mock-up to development

Had a Discussion during the week with an individual that watched the dashboard video (https://lnkd.in/g_t6zaT ) from last week

The conversation went well, and he provided some great feedback and improvements. That all have been documented for future releases (I will share our conversation in an upcoming post)

Platform Lesson #1 from the week

Functionality is critical

And this is something I know, but this week the details got the best of me

I was too focused on getting three aspects of the platform completed and I lost sight of the end result

Providing automation and functionality for you.  I hate when I lose focus on the end result.  My passion and perfectionist got the best of me!

Which leads me down the road of tangents.  Can you say SQUIRREL!!!!

Platform Lesson #2 from the week

Never lose sight of your why

From the beginning of this journey, I have been focused on providing value

If myself and our team cannot provide this to you then we have failed

This is what drives me every single day.  I love the challenge!

What is driving you on your journey? Would love to hear from you!

I look forward to connecting with you next week!

Cheers!


I Put Everything I Had Into It

I put everything I had into it

Just could not imagine it would turn out this way

How can you go from “zero” to a functional mock-up in a week?

That is what I was asking our developers this week about the dashboard project

They had a simple response that was astonishing… We believe in your vision!

As I am writing this I am still blown away!

The conversation that hit home this week for me was with our lead developer and myself

The topic was on our launch date and functionality

He tells me that we are on schedule to have beta testers at the beginning of February

He then dropped the bomb on me…The platform will not be perfect and will not have all the functionality you want

My response…. “WHY?”

He calmly told me “The platform will be evolving daily for the next 3 to 6 months.”

I had one thing on my mind…..VALUE….I asked

How do we provide value to our users if all functions are not available for beta testing?

His answer was direct and to the point “Features we have developed for beta testing will give users back 3 to 4 hours daily by using the platform for their due diligence.”

I then added, “Our number one goal is to automate as much of the due diligence process for our users as possible, and ensure the data we provide is accurate and timely.”

What a great conversation and connection we had.  It is great to work with a team that shares your vision and values!

Every day I know more and more I have made the right decision to develop the platform

When have you taken on a large project what have been some of the struggles you have gone through?


I Couldn't Believe It!!!


I Couldn’t Believe It!

I did not know what to do!

I have never built a platform

But John and Mike have really stepped up and have gotten knee deep with me (Not their real names by the way)

Design plan

Domain and Company name created and secured

Artificial Intelligence requirements

API Calls and Automation established for Day One

Next week will be a full week of development and testing.  I am looking forward to testing the AI portion of the platform. (This will allow you to upload files to the platform 24 hours a day!)

There is one HUGE big ask on this project……..ME!

I know I am going to struggle right out of the gates with the platform design and functionality, and wanting it to be perfect!

Great thing is that John and Mike have already had a VERY long discussion with me on expectations and results.  Let’s see how this goes when I start testing!

Goals for the week:

  1. Be patient
  2. Know this is not a sprint…Great platforms take time to create
  3. Platform will launch with imperfections…Be GOOD with that

Just have FUN!!!

What tips/tricks can you share with me?  I can use all the help I can get!


You Said What???

You Said What???

NO!

That is the answer I got from numerous developers I have spoken to about creating the platform

Speaking to 15 plus developers = Not all conversations are equal

They either said they do not have the expertise or did not want to get into a long-term project

The answers that surprised me the most were:

“I just work to pay my bills”

“The development time would cut into his gaming”

I do not understand the mentality of not wanting to take on work

From all the challenging conversations, I have had this week there is a silver lining

I have found two developers that are really passionate about developing new platforms, especially in an underserved market as note investing

Next week I will be spending more time with both of them to discuss the development plan and strategy

Thank you to everyone that has reached out to me with their referrals!

Time to start saving time and spending more quality time with the family!


What the Heck is Passive “Note” Investing?-On the Hunt

I last left off with you on the quest to find how I could buy directly from lenders. This was by far one of the most difficult things I have done within the note industry.  I have worked in the financial industry for nearly 20 years, and I thought through my connections I could easily find the right individuals to speak to.  I was sorely WRONG!  I started by calling connections that worked in collection departments.  They knew what I was talking about, but did not know who I could speak to.  Then I started reaching out to mortgage brokers I knew and they pointed me to speak to individuals that handled REO’s (Real Estate Owned) for lenders.  When I was able to reach these individuals (Yes, reach!), these individuals are very busy and have very little time to talk.  After I spoke to several of these individuals I found out I was not prepared.  I was not asking the right questions.  I regrouped and came up with 4 questions to ask.  I started dialing for dollars like I did when I was a collector when I started in the financial industry.  I set a goal to reach 5-10 lenders and ask them my 4 questions.  I was able to get a hold of 7 lenders, and I was able to ask 5 out of 7 my 4 questions.  What I found out there was another department that handled the sales process of non-performing mortgages “notes”.  These individuals had titles like, “Asset Manager”, “Secondary Marketing Manager”, “VP of Special Assets”, “Special Assets Manager”.

I was really excited that I found these individuals and just wanted to start calling them, but I took a step back and decided to put a game plan together.  By now you are probably asking yourself- What does this have to do with passive note investing? These relationships are what makes passive note investing possible.  Being able to purchase notes directly from lenders at a 30%-50% discount has a huge impact on our investors’ returns.  As we cultivate more relationships it allows us to grow our base of monthly volume, which in turn allows us to offer you “our investors” bespoke passive investment opportunities based upon your specific financial requirements.   In my next installment, I will share with you my marketing plan, successes, and failures.  Have a great week ahead!  Let’s work together to bring Wall Street to Main Street!


What the Heck is Mortgage “Note” Investing? The Start of a Journey

Have you ever heard of people talking about note investing? Probably not! It is not a topic that you are discussing over coffee or at a social event.  Would you be surprised to know that note investing has been around since the 1950’s.  When I first heard about note investing 4 years ago I had no clue what it was and I was skeptical just like you are.  Since note investing is not part of the mainstream investing conversation, people do not believe or understand how they can invest in notes passively.  What is a note? Instead of giving you some crazy definition from Investopedia I wanted to share my definition with you: Notes are financial instruments that are used to secure loans against real property.  These instruments can be used on just about any type of real estate.  Additionally, notes play a critical role in the housing market in the form of land contracts, owner financing, trust deeds.  These forms of mortgages “notes”, are utilized for homeowners that do not qualify for financing from traditional brick and mortar banks.

Now we got the boring stuff out of the way let’s start talking turkey!  We all remember the last recession and how bad the housing market was hit.  Housing prices in some markets dropped 30% in value, and foreclosure rates were in the double-digits.  The American Economy was a disaster and there was no relief in sight.  Just like you, I do not want to go through another time like that again without being prepared.  This is where note investing comes into play for all of us. In 2016, banks/lenders sold $116B worth of non-performing notes (1st trust of deeds on Single Family Residences).  This number does not include purchases by hedge funds like Black Stone, Fortress, and GCM Grosvenor to name a few. These hedge funds are buying directly from Freddie and Fannie, and are paying between 20%-40% of the Current Market Value of each property.  When I first learned about all this I could not believe it!  I did my homework on the offerings, and I wanted to find out how I could buy directly from banks/lenders.  This is where I will leave you on this posting and on my next posting we will talk more about the journey and how banks/lenders operate in this space. Let’s work together to bring Wall Street to Main Street!