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Highlights From Dallas: Note Mastermind And Quest Expo
I’m back in Austin after spending two days up in Dallas at our Dallas Note Mastermind meeting, which is phenomenal. We had 60 plus people, just absolute great salt of the Earth. I’ve had my vendors that attended. Our vendors reached out and they had such a great time. Shout-out to Franco Barile, Joel Markovitz, Shante Duffy, Daniel Singer, Dickie Baldwin, Brent Buscay. It’s such a great group of people. We were very blessed to have such an amazing group. They’re joining us from all across the country. We even had our international come across the border from Canada, I want to give a big thank you to everyone who attended that, not only are our existing mastermind members but the handful of sneak peekers that came in and spent time with us, Mike Jordan, Jason Bible, just to name two guys that ran some big businesses.
Dallas Note Mastermind
Whenever you have a mastermind group, it’s always good to see people come together and sharing information. We had a lot of that happening, people taking time networking to pick each other’s brains and those that are closing deals and those that are brand new to the business. It’s great seeing so many people that we’ve met from all across the country, different events coming together that are Quest IRA masters but also looking for investing. There are a few note people there obviously. By note people, I mean vendors like myself, NoteSchool’s Eddie Speed, you had Capricorn Mortgage, Kristin Gerst in Dallas. Bob Zachmeier and Dawn Rickabaugh were there just to name a few. It’s good hanging with those people.
It’s a good chance to visit. It’s a good chance to talk to people that are brand new in the industry who are looking to learn more about it because notes are such a hot topic. They had 500 or more show up out of the 600 plus they had. I had a panel on marketing with Jason Bible, Grant Fields and Keith Baker from the Private Investor podcast. It was good to see him as well, Keith, Stephen Young, and Larry Goins as well. That was a good panel talking about marketing. Then I had the keynote right after lunch, which I did a pretty good job at an hour. It’s been my normal hour, fifteen hours and a half. We talked about some of the things that are going on in the market. I’ll be sharing that on the episode of Note Night in America.
I’m excited because a lot of people are enjoying things. Congratulations to Laura Blunk as well for winning one of the most improved student again, most improved note investor in this year at this last mastermind. What’s great is when you meet people for the first time and you feel like you know them. That’s the beauty about social media. A lot of people walk up, you get a chance to meet them in person for the first time, but you already feel like you already know them. You have talked with them and visit with them back and forth, communicating here in the podcast with comments or coming on webinars.
That’s the power of social media. I think that’s one of the big things I heard from people from my keynote is that everybody does not always think of the fact that they run their own media company, but we all do. We all run our own companies, but in this society with everything being so instant gratification to your cell phone, instant gratification via video communications and things like that, it’s all about the media. It’s not all about the bass. It’s all about the media. You have the same tools in availability to communicate with people like many of the bigger firms like Starbucks and McDonald’s. TV is not the end all be all this point. Facebook and YouTube are two of the big things that are driving a lot of content along with obviously Netflix, Hulu and others. A lot of people getting their news and communicating with people and learning more about things and making purchase decisions, not just purchasing decisions, but also decisions about who they work with, who they invest with or who they learn from. Either through video or through the exploding aspect of podcasting.
Jason Bible’s got a podcast, Right Path Real Estate. We talked about that. Larry Goins has got that. Brian Philips has got that with his apartment stuff out of Dallas and there are a few others there too that have podcasts. It’s an exploding market and seeing people that are taking advantage of that niche and blowing things up. I saw some statistics that they say that there are probably about 550,000 podcasts out there, but only probably about 25% are active on a regular basis. It’s unfortunate because it’s such a great medium, not only for the auditory but those that utilize the video aspect of it and sharing it either via Zoom or BeLiveTV or Facebook Live or doing LinkedIn video. There is so much opportunity that you guys and gals out there need to take advantage to max some things out going forward.
One thing is always nice as it’s still very small community real estate investors. While the Quest Expo did have a pretty good-sized chunk of new investors, our students showing up to it, it’s so great to meet new people, people who have been around for a while. There are people that are brand new looking to dive in a little bit more about notes. Trying to learn more information, trying to tap into where they need to be confined and have the biggest bang for their buck. We didn’t do as many case studies I thought we’d get to. I thought we get to quite a few of them, but we have a lot of condensed time with our speakers and literally going through some of the great things, but a lot of people enjoyed that.
What was always funny when you do an event and you do back to back events is it’s hard to catch your breath a little bit. It’s hard to catch your energy back up and get rock and rolling. I’m a little dragging my butt not to get out of bed early. I hit the snooze button a little bit. I started figuring, “What’s the bare minimum that I need to get done and get out of here?” I guarantee you it would have been a little bit harder if I had not skipped the last panel. I looked at my phone for time. I looked at the panel and I was like, “It was like I’m playing hooky.” I went up and talked to a few of the Quest people headed out because I’m going to skip this, but Nathan knew I head out. I got dragged on pretty good there at the panel because they were sending out search people looking for me before they realized I was gone, but I will not complain because I literally pulled into my driveway just as the panel has been ending. It was fun to be home, sleep in my own bed, and catch up with Steph. She came home early.
Back To The Future Investing Aspect
What we did with the Back to the Future Investing Aspect, we talked about some of the economic factors and the things that I see in the market taking place that remind me of a decade ago. It reminds me of 2008, 2009, 2010 and what happened then and where we see lending in the mortgage industry act now, what’s taking place currently and how that is going to affect us in six, twelve, eighteen, 24 months. With prices gone stagnant with other things happening in the market. I know a lot of people are getting excited about buying houses or buying apartments or buying properties because it’s a great time to buy them. When things are all-time highs, I am not the biggest fan of that unless of course your dollar cost average, you get some stuff at a discount. That’s a different story.
Unfortunately, a lot of people buying property are buying it at retail prices and those are the people that get burned. I’m not talking about the people that bought it at a discount or buying distressed or they’re buying at prices that make sense so that they do see a 10%, 20% downturn. They’re still sitting good. Unfortunately, a lot of real estate investors are getting into the real estate game paying $0.90, $0.95, $1 on the dollar thinking they’ll make it, “I’m a buy and hold guy.” That’s not a good thing if you’re buying hold for the first four years. You’re only good for six to twelve months and then you have to hold it for 45 years. That’s not a smart use of money. Did you make deals like that happen? You can but why not deal with assets that make sense for you? I came back from the Midwest Note Summit and there are maybe 80, 90 people in the room for the most part. The Quest family all did a tremendous job of marketing the event and then also just delivering. I didn’t see too many people complaining. If you had a VIP ticket, you have some access to some lunches, which is great, a little upfront seating.
If you’re not taking action, you’re not making offers, you’re not going out and trying to take deals down, whether through asset managers or hedge funds or private sellers or whatever your sources are, you’re only hurting yourself. Because we all look back, “I should have done more.” Now is the opportunity for you to do more and start getting your feet wet. Dive in, learn what’s going on and start making some offers so that beginning of the year or the fourth quarter, you have a lot of opportunities because that’s when the most amount of deals that are on sale. That’s when the nonperforming note gain is the hottest is in the fourth quarter, especially as you get to the fourth quarter of the fourth quarter. That’s why we love having our Mastermind within the first two weeks of December so that it gives people a lot of opportunities to get some stuff closed out and take advantage of the last three weeks of December. That rolls into January, February, as well as banks that did not close stuff off their books, are then looking to new stuff definitely the first year as well, too.
I did connect and meet people for the first time in a lot of cases and just absolutely overwhelmed at the amount of a note love out there you could say for what we do. Just always stay humble. Keep on delivering more and more stuff to you. We have a good question, “Do you look at old tapes in the last twelve months that you passed on?” Yes, we do. We will look at stuff probably not for the last twelve months, for the last six months for sure so we can see stuff there. Usually, if it was a year ago, it’s probably been picked over pretty good. I will let the people think about reaching out to asset managers on a regular basis.
“What do you still have in your books?” They often will send us stuff and we see that it’s been around for a while that helps us make a more aggressive offering on those assets. That’s one of the most important things is why we do such a big push out for reaching out to asset managers. Because if you have not done that yet, don’t worry about it. Start doing it. Start getting the word out emails once a month, follow up in the second email, the second link. Just keep following up with the asset managers and you’ll often be surprised at the amount of success that you’ll have from just following up. If they’ve got some stuff that was overpriced, they often will come down. Go out and make something happen.