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!