Bringing home the bacon is what we all want. However, that’s the only place we are usually at – wanting. We think about how good it is but not really getting up and going for it. Maybe the solutions are all too vague and not doable for you. Scott breaks down some of the easiest things to do to help you bring home the bacon in your note business. From the first step of simply getting up,followed by sending an email, up to the seventh step of posting in a real estate group, he shares a no-crap way to help you make money in the note business space without any of your own credit or your own money. All it takes is for you to actually start doing something and letting it take you to success from there.
Listen to the podcast here:
Bringing Home The Bacon
This is the bringing home the bacon version of the show. We’re glad to have you here. Grab a piece of paper and a pencil, a pen or something to write some notes with because you’re going to want to definitely go ahead and do that. Otherwise, you may be out in the cold, which you needed to have some bacon. We’re excited to be here with our Note Night in America webinars. Our goal in five years is to help educate and create 10,000 note investors. We’re honored to have you here and to have you joining us. We’re jacked up. Lots of great things are going on. When it pours it rains and we just keep on shoveling water as best as we can to keep taking advantage of as many opportunities as the market has available right now.
There’s a lot happening and I’m overjoyed. A lot of great stuff is going on and if you’re not making offers or working deals, you must be doing something wrong. I know that a lot of us sometimes have mental blocks of some things. We keep banging our head against the wall with some things. Sometimes we need to take a step back or something to help give us a fresh look at what we do. That’s what this is a little bit about. We have a variety of people joining us. We have our regular set of note investors, people who are also real estate investors looking to get into the note space. Our active note crew or note family are doing an amazing job, getting deals done and not just talking the talk but walking the walk.
These are always available on WeCloseNotes.tv and you can always catch the Note Night in America on iTunes, Google Podcast, all that great stuff out there as well for you. We are just as excited to be here with you. The Note Closers Show Podcast, one of our new landmarks, 130,000. We’re almost on our way to 135,000 as of the last six days. Thank you for listening. Thank you for sharing. We keep promising, and we will continue to deliver great interviews, great content to help you take your business to the next level. If you’re not listening, check it out. The Note Closers Show Podcast, all of our episodes are on YouTube, Vimeo.com or WeCloseNotes.tv as well, or just go straight to the website and check them out there.
Let’s dive into the concept of bringing home the bacon. When I got started in the note industry, I didn’t have crap. I didn’t have much of anything in my business. I was struggling. I had come out of a bad situation. I was divorced. I had my own Country Western song, some bad deals that went south. What you have to realize is what I am talking about now are the things that I had to do because I still had to bring food home for me to survive on and pay my bills and make things happen. What I will share with you is a no nonsense way to help you make money. If you’re not willing to do the things that we’re talking about here, you need to get a job, and just go back to work somewhere. I’m going to be a no nonsense aspect of how you can make money in the note business space, without any of your own credit, without any of your own money.
It’s an important thing for you to realize that it is straight up. If you’re going to do it, you’re going to do it. If you’re not going to do it, you’re not going to do it. I don’t want to hear any excuses because one of the things that I talk about is I enjoy especially talking with people who are going to take action, who are coachable and making things happen. I get text messages from people every day, “The marketing blitz thing is awesome. I’ve got a 30% open rate. I get six phone calls with asset managers. I’ve got two tapes sent to me.” We deliver. The proof is in the pudding on what we do. It’s all about that. It’s all bought the no nonsense, straight up, let’s get some stuff rock and rolling. Either you’re going to do it or you’re not going to do it. It’s time to be honest with you. I got the bacon hacked. Everybody loves bacon. We know this. Let’s dive into what we’re going to talk about because I think it’s important. Let’s get straight into the meat and potatoes of the thing or the bacon aspect and go from there. What’s unfortunate is most people never get the sizzle. They never get the understanding of selling the sizzle of the stuff.
I want you to shut your mouth. I want you to shut the voices in your head about why you can or can’t do things. I want you to be quiet for a little bit and save your questions at the end. Most people never get the sizzle. When I posted a video of a bacon, a four-hour video of bacon that we did the four minutes out of, people were like, “I want a BLT. That looks good. You’re making it difficult.” I want you to do me a favor. Close your eyes. I want you to think back to when you’re a kid on a Saturday or a Sunday morning and you’re waking up. Maybe you’re not getting ready to go see cartoons but you’re waking up and something smells good. Suddenly, before you know what that smell is, your stomach starts to growl because it’s instantaneous. It’s bacon or maybe if you get a little older, it’s the coffee pot. It’s freshly brewed coffee.
For most of us, even those who don’t like bacon, who are vegetarians or they want to go to tofu route, the smell of bacon is phenomenal. I can taste it now. I’m not talking about the plate of bacon than I’ve eaten here in between the stuff. What I’m talking about is that sizzle. The thing about the sizzle and the smell, sometimes you were uplifted out of the bed magically and you made your way to the kitchen to where mom or dad is cooking that bacon. In this analogy, when it especially comes to the note side, you’re not the kid, you’re your mom or dad cooking the bacon. The people in the bed, smell it and come to the table. Your guests, your kids, whatever, they’re the investors. They’re the people out there that have money looking to buy stuff.
Cooking The Bacon
I’m going to break this down as simple as I can make it. What do you have to do to cook some bacon? If you take it from like talking to a kindergartener, you’ve got to go to the store and buy some bacon. Secondly, you’ve got to get into your car or on your bike and bring it home. The third thing you have to do is you have to get a skillet. You’ve got to get something out of the pantry or underneath, in your cabinets. Then you’ve got to light the stove, get that heat cooking. What that heat is in real life, it’s the pressure of bills. It’s the pressure of people, the pressure of providing for our families. You can’t just throw the whole package of bacon on there, otherwise, you’ll ruin it. You have to take the bacon out of the package and either throw it in one slice at a time, like a lot of people do. They like to layer the bottom of it or you can throw it all in at once, if you’re going to be the greedy person that ends up eating the whole thing.
The next thing that came to mind is cooking the bacon. If you add the bacon into the skillet and turn the heat on, it can cook it doesn’t need your help to cook it, but you want to probably mess around with it. You layered it out so it doesn’t fry together or cook together. You don’t burn anything. The heat’s not too high. You have a grease fire and then there goes your whole kitchen. You can’t just eat it straight out once it’s cooked. You’ve got to let it cool a little bit. Put it on a plate, put a paper towel down so the grease doesn’t get everywhere. You’ve got to let it cool down. Then you can eat the bacon or a little shorter process if you want to pay more, you go buy the bacon that’s already cooked and eat it straight from there. That’s fine but you’re going to pay a steep price for that pre-cooked bacon.
I went to Jason’s Deli here, “I want to buy a pound of bacon.” They were like, “I don’t know how I can do that.” I was like, “You’re adding up bacon to your sandwiches, just add me a bunch of extra sides.” He was like, “I don’t know how to do that.” I ended up at Wendy’s. They got the Baconator. I was like, “Do you have extra bacon?” They were like, “Do you want bacon on your burger?” I was like, “No, I want a pound of bacon.” They were like, “We can order. How many slices do you want?” I was like, “I don’t know how many slices are in a pound.” They were like, “It’s three slices for $1.” I was like, “Give me six orders of that. Give me eighteen slices of bacon.” It was good and tasty. I’m probably going to have heartburn that night, but that’s okay.
The thing to keep in mind is that one of the first thing kids learn how to cook is bacon because they love the smell of it. It gets them up. A bacon sandwich, bacon and cheese tacos, bacon, bacon, bacon. If people didn’t love bacon, they would make turkey bacon, they would make tofu bacon. The Canadians will have Canadian bacon. The reason why everybody loves bacon is it’s just a freaking good. It’s one of the easiest things and it may not always be the healthiest thing, but my grandfather lives to be 96 years old, having a half a pound of bacon and eggs every day, that’s fine. I don’t eat bacon every day. I have it occasionally trying to eat healthier.
What I’m trying to get at is most of you lack the sizzle. Most of you lacked sharing the sizzle in your bacon. How good the bacon tastes if you can’t smell it? How will it attract people to your table if they never know you’re cooking anything? Think about this. A lot of you are running around, “I’m a cook. I love bacon,” but nobody could ever tell a damn thing if you’ve ever ordered it or cooked it or what. I’m using that analogy with you. A lot of you aren’t doing anything. You’re never getting out of bed in the morning. You’re never getting off the couch. You’re never even getting in the game. It’s like you’re at the store looking at the bacon, afraid to pick it up, take it home and do it.
What’s the bacon? The bacon is the note deals that we see out there. The bacon is the assets that are out there for you to pick up. If you want to let guests up, start cooking bacon, it’s pretty simple. If you’re at your house and you want to start waking guests up, you don’t go up there, “Wake up.” You either start cooking bacon or you make a food run in the morning, something like that. The smell is going to get them up. It’s the same thing with your investors. The people that in your surroundings, the smell of what you’re working on is going to get them up. We all know bacon goes well on everything. You have to start and share the sizzle. You have to start it and share it. How many of you have ever walked into a restaurant and suddenly been blown away and feel instantly hungry?
Carrabba’s Italian Grill is famous for, as their shift begins or if there’s a late night, they run through with the melting peppers or if you go to Papadom or a Mexican restaurant where they’re bringing fajitas out. They throw this ice cubes on the skillet and the smell evaporates through the restaurant. Then it gets you excited, gets you hungry. Even though there’s not anything different, that’s all up here. We’re all Pavlov’s dog ourselves, in the scene and understanding what it tastes like. I taste the heat right now. I tasted bacon when I thought about that.
A lot of you, when I did the video, you saw the bacon, you start tasting the bacon. I guarantee some of you when I had a bacon sandwich or BLT that night, you have to add a little bam to your cooking. That bam has to be you. That’s the spice. That’s the everlasting bam. Put a little bam with it. You are that bam. You don’t have to be the overweight Italian dude who isn’t a professional chef by any type of training, but he can do it because he knows how to cook. He knows how to do the basics together. He’s done some stuff together. He made a name for himself without a lot of formal training because he was willing to throw some stuff to go, taste good and add some band to it. He helped add the sizzle to what he was doing. He added the sizzle.
Start Doing Something
How do you bring home the bacon? You shouldn’t say how, you don’t get anything by sitting on your ass. Get off your butt and start doing something. Quit just showing up and not doing actions, not taking actions of any sort. There are simple tools to help you make money and get the bam out there. I should say, help you get the bam out there. If you can comment on Facebook or write a damn email, you can bring home the bacon. Forget about raising capital, “I don’t have any money, I don’t have private investors, I’m all tapped out.” I’m so sick of that. “I can’t do anything because I don’t have any private investors.” Get off your ass and start doing something. Forget about raising capital. If you go out and get the bam going, people will show up. You’ve heard the story about good deals find money. The reason good deals find money is because good deals are advertised and they passed the sizzle on. They get the sizzle going on out there. Forget about raising the capital and just adapt and overcome. It’s not that hard.
A lot of you get told, “No, big pans are not available.” You can still cook bacon in a small pan, can’t you? I have seven steps to get it to sizzle. These are Scott’s seven steps to sizzle. Find a deal. I don’t mean go out and find a list. That’s not what I’m talking about. If you want to make money by trying to advertise a list available is crap and that’s the worst thing you could possibly do. I have people call me, “How do I figure pricing?” I’m like, “I don’t know. Ask the seller. Don’t look to me to figure out pricing.” You have to ask the seller what they want or figure out an asset or two. Do a little due diligence. I want people to do something. I want people to do something because this business is not that difficult.
I’m so fed up with those that would just starve to death. They sit over the corner that if they had to learn how to walk as an adult, they would all be helpless paraplegics in the corner. What I mean by finding a deal is if you go get a list, do some due diligence on it. First of all, put it under contract, “I want to buy this one. Can I get seven days?” Find something that makes sense, if the price below 50% of fair market value. We’re talking of assets, not ARV and check the values. Jump online, call a realtor, “Could you drive by this?” Pick up the phone and find a realtor, Realtor.com, “Would you mind pulling this?” If somebody says no, next. Check taxes. How do you check taxes? You go to NETR Online that we’ve talked about. Make a phone call. Make sure they didn’t go get wiped out with tax foreclosure. That’s number one.
Send An Email To Your Contacts
Step number two, send an email out to your contacts. Many of you have a business card list. Take the business cards, the emails there, first name, last name. You have to put the full address, but you know what happens, many of you are out networking and all over the place. I know that I was when I first started. The first thing I did was I took all the business cards I got. I knew that was my database. That was my value. If I went across the country to an event or if I went to the local meetup group or I went to Dallas or San Antonio or Austin and I got a business card, that was a valuable asset. That was all the value, their first name, last name, email, cell phone number and the city-state.
Why city-state? If I ever come across a deal in their city or state, I can now filter my list by San Antonio or Texas and then send an email out just to those people. MailChimp is free up to 2,000 contacts. You can put everybody in MailChimp and still filter who lives in San Antonio, who lives in Texas or Illinois or Indiana. Send an email out to your contacts. I would not post the address. Don’t put one, two, three main street. You don’t want somebody to try to run around you and then drive by the house and knock on the door because of the borrowers. Post a decent photo, not a map. I’ve got some people out there that are very good. They get a tape in, they bash you, they post it, “I’ve got to deal, is there anybody interested in on 180 plus assets?” That’s great but when you narrow that list down, you have to bam the sizzle.
I want somebody to find my deals. All they see is a map. There’s no sizzle to it. Take some good photos. You see some assets in a good street news and some photos and things like that. If you find photos of your property online, take a second, save that photo and post that photo. Don’t post the address, but say, “Here’s a photo in Columbus, Ohio that I’m working through.” The sizzle is a variety of different things. If the property is good, you got to take it a step further and just throw a property up here. Share, “Here’s what their P&I would be if they get reinstated on roughly what we’re expecting to offer. Here’s what the reinstatement rate would be or we’re behind it at 40% of value or it’s an $875 a month rental rate. We get paid for $10,000.” The thing that identifies what the sizzle will be is what the hell would get you out of bed? What’s that scent that would get you out of bed? What is it that’s going to make you want to get out of bed to respond to that email? Just saying, “I’ve got a deal,” doesn’t make it a deal.
Those are the two most critical parts. Go find a deal and then market it. Pretty simple. Send an email to your contacts. Don’t use MailChimp. If you’re a cheap bastard, don’t use MailChimp. You can send an email out and sit there and wonder who opened your email. You sit there and try to read a crystal ball, “Tell me mentally who opened my email.” What you get are crickets. The reason you use MailChimp is that it’s simple, it’s easy to use. I’ve got all these videos. It will tell you who opened your email, who clicked on your link, who maybe clicked on your other links in the email. That’s viable information because those who clicked on your email, you could send another email back to them, “Thanks for checking on our deal. Would you like to set up a phone call to talk?”
Send An Email To The Meet-up Groups In The Area
Let’s talk about how to get the stove lit up because those are the first two things. You went to the store. You found the deal and you brought it back home. Number three, send out an email to the meetup groups in the area or discussion boards in the state of the asset. That’s a novel concept. There are investors outside of my home market, “Scott Carson? Yes, there is.” If you go to Meetup.com, you’ll find all the meetup groups you need. Type in the city, state and the type of the focused real estate, and you’ll find hundreds of investment clubs all across the country. I am a part of 253 meetup groups in most of my major markets. I go in there, posted a discussion board or send an email out, or I just go on and find somebody that I need where I can post a deal on the discussion board, “I’ve got a deal available.” You’re about to see us rock and roll a lot of discussion boards. We’re about to rock meetup worlds.
The beautiful thing is a lot of the meetup groups have a mass email list you can send to. I sent one email out to three groups. It was over 10,000 people I send out to. Three emails, one out of 10,000 people, we’ll see what happens. That didn’t cost me anything, just about 30 minutes of my time. Less than 30 minutes to do something that didn’t cost anything. How many of you have ever posted something to a meetup group or discussion board or to the mailing list in the last month, 90 days, six months? I know a few of you have, which is great because you’re probably my students, but for those of you haven’t, you’re like, “I don’t have a network.” You don’t have a network because you never did anything. Don’t quit being an Eeyore out there and be a Tiger out and make it happen.
Post To LinkedIn
The next thing, step number four, post to LinkedIn your page. Write a post about it. Post to the large groups. If you got a good picture of the property, put it in there. Talk about the specifics of the deal. Don’t share the address but here’s this asset in Columbus. Here are the things like that. You could post that same deal into the large real estate groups that are on LinkedIn. There are groups that have 700,000 real estate investors. Go to REIClub.com or national regroup to find a local group and ask for wholesalers in the area.
Pay The Wholesaler
Number five. If you can’t cook it, maybe somebody else is listed as one to cook it for you. Pay the wholesaler $500 or $1,000 finding fee if they find a buyer for your deal. You don’t know how to find a wholesaler? When you go to REIClub.com, it gives you the president’s name. Email the president of the group, “I’m looking for your local wholesaler. I need somebody to talk to.”
Join A Real Estate Group
It’s not hard to do. Some of you who spend forever on Facebook and comment on everything should probably go to the real estate group. Just type in real estate, real estate 101, Houston real estate, San Antonio real estate, Columbus, Detroit. You will find there hundreds of groups of real estate investors. How can we have a network of nationwide Note Closers groups across the country that people join in? It’s fine. It’s not a lot of people, but a few people join in and those are the people that I want to deal with. That was six.
Post On The Group
Seven is just posted there and let them roll out of bed. You’ll start getting contacts. You’ll start getting messages. It may not happen like that, but if you keep doing that on a consistent basis, you’ll have plenty of people coming to you that want to fund a deal and I want to buy a deal.
If you don’t want to burn the bacon, nobody wants the burden of bacon. Here are some great easy websites to jump on. Find a couple of deals that you can work through. Practice cooking the bacon. You can practice cooking the bacon by jumping on Watermark Exchange and looking at a deal or two or using some of the things there to help you market or to fine tune your marketing while you’re waiting around. FCI Exchange as well helps you. You can jump on Madison Management and they have deals available. You’ve got to put your bacon head on to start thinking a little bit differently than, “I can’t find anything,” and say, “I will find something.” Change the mentality because whether you like it or not, you are the number one determining factor of how your day, your week, your month goes, not your surroundings.
How you react to things. It’s how you mentally focus on things. Is it going to be a good week? It’s going to be a good week, but if you have that kind of attitude, it’s going to be a crappy week. Go find something, use it as a learning opportunity. Go on and say, “I’m going to use this to prime my practice. I don’t want to burn the bacon, but I’m going to practices it.” Walk through something to say or use some of those to market and get people excited in some markets out there. Pick up the phone and call someone with deals and asked to market a deal. Do you have any deals I can help you market that outgrows something that you’ll pay me something on?
Then what you do is just rinse and repeat the seven steps. Buy the bacon, unwrapped the bacon, get a skillet, turn the stove on, cook the bacon, let it cool, and then eat the bacon. Eat the bacon everybody. The reason I’m being a little sharp is that this is what I did when I started. I know I’m not like everybody else. I know this crazy man who just has toys in his office, who post pictures of bacon. I got the easy button on here. I know I’m a little goofy. I know my staff laughs at me. I don’t care. The things I just shared you, the simple seven steps, not difficult. It just takes time. That’s what I did when I started. I had no money when I started. I had no investors to fund stuff because I was coming out into the whole crap of Austin being in a rough place, like everywhere else was. People were scared because of 2008. It was just a craptacular market, but the beautiful thing is there is plenty of inventory on the note investment side. I’m like, “I’m not finding fix and flip but I can find these note deals.”
I can make this happen. I don’t have anybody but I’m just going to go find somebody. I’m going to work through these deals to make sure it works out. I’m going to jump on my dry erase board over here and I’m going to look for him. I had the blessing and I shared an office. We paid $400 a month for this one little small office, like 10×10. It’s smaller than my office here right now and it’s shared a training room and there were dry erase boards on three and a half sides of the walls, which is awesome. I would get a tape in and I would have my computer and I go in there and I would just work. This didn’t work. Let’s look at what we find here. At the end of the night, I looked back, there would be twenty deals written up on the boards. Those are the twenty deals that I’m going to focus on and then I go out and market those. That’s what I’m getting at. This was not difficult. No one understood notes back then. It was so much harder than it is today.
There was no true Note Summit. It was Noteworthy, but it was more owner financing. Paper Sources were around but it was more owner financing. It wasn’t a true non-performing side. We didn’t have these thousands of contract for deeds that you picked up for cheap. It was different. No one understood notes. I went out and create a market. It’s so much easier these days. There are so many different more tools to do this stuff and it just drives me bonkers that most people aren’t taking action and they complain and bitch and moan, “There are no deals.” They want to be spoon fed and I’m sick of it.
If you do the things that I tell you to do, you will find deals. If you do the things I tell you to do and where to post, you’ll find investors. It’s that easy. You just do as I say, you’ll close deals. Chris Seveney closed on 60 plus deals by doing what I say. Eric Hyde closed down 30 plus deals by doing what I did. Gail Villanueva closed on over a dozen plus deals because she did what I told her to do. This is not a difficult market if you just do what others tell you to do. What you don’t want to listen to are those that bitch and moan about life or there are no deals. There are too many investors or those damn gurus that are teaching all these people that the 10,000 investors of Scott Carson are going to kill the market. You know what’s going to kill the market? It’s because so many people don’t have a damn spine and they’re scared of success. The first six deals that I did, I made $6,000 on a note that I wholesaled in Jacksonville, Florida. I got her under contract for four, it was worth $30,000. I marketed it on a blog, shared the blog post to a Jacksonville media group, and I made a $6,000 wholesale fee. The next asset I did, I only made $2,000.
$2,000 for the two days of work I put into it was pretty good. The next deal I did, I made $8,000 a week later. The next deal I did, I made $35,000 by wholesaling an apartment complex. I got a big list from a bank. I’m like, “I don’t know how I buy and I don’t have money to buy all these,” but I made it work. The asset was worth $700,000. I can pay it up for $375,000 but let me try to sell it for $425,000. Then an investor contacted me and said, “I’ve only got $415,000. Can we make this work?” I was like, “Can you fund?” “Yes.” I’m not going to complain about $10,000 discount and make 35. The next deal was $25,000. Next, it was $100,000. Also fee by doing the exact same things that I did for the very first deal. This is not a difficult market. It’s the same doing the same things over and over again and just actually doing things. The fixer flop or whatever, I’ve turned down reality shows. I’ve turned down at least three because nobody’s going to understand it. It’s too complicated because most of America wants to go out and touch it and rub it and pick up pink paint colors and carpet.
The reason that the note business is so well is because it has a higher evolved level of investor. Why do you think the banks do the note game? If you’re in the paper game, you’re evolved, you’re a different species, you’re different X-Men. I wish I could be the note man. You’re evolved, you’re a different mutant. You think probably differently, but if you’re sitting there, “Woe is me,” get off your ass. Pull your head out of your ass and start doing something. Start doing something. If you hit a bump, pick up the phone, shoot a text message, make a phone call, drop an email to somebody. If you could make those and still split commission 50% with somebody is helping you out, why wouldn’t you do that?
A lot of times I split commissions, “Somebody help me out with this, I’m going to give you half of my commission.” Thank you for helping me. Let’s do this again and you know what they said? “Let’s do it again.” You’re making it happen. This is not a difficult thing. It’s rinse and repeat. The biggest thing I can tell you is if you’re struggling for deals, there are plenty of deals out there. I know you’re probably tired of hearing me say that. Just get off your ass and start advertising now. I’m going to share something with you.
One of the things that happen, and I shared this with my Fast Track students, when you start advertising your note investor, what’s going to happen is you’re going to have people come to you and say, “I’ve got another available for sale.” I’m like, “Was it owner finance? Institutional? What’s the situation?” They’re going to send you stuff and what you can do if it’s an owner finance deal that you don’t want or you’re not going to buy it yourself is you could sell it to somebody like me or a broker. One of the biggest brokers of owner finance notes here that you will find is a little company called FnacUSA.com.
This is Fred Foote company out of Michigan. They also got an office in Austin. They give you a free obligation quote. All you’ve got to do is get a fast quote. Click on their broker deck. Put in all the information in the note deal. Usually performing, they don’t buy non-performing but put it in. Fill all this in and hit submit. You usually get an email back in less than 24 hours or 24 hours or more if it’s over the weekend. Put it there and get a quote. That’s one of the things that I did make money too. I was brokering owner finance notes to the people. The financer says, “We’ll give you $27,000.” “I need to make a little bit of money.” They work on the seller and say, “How much do you want to make?” “I want to make $2,000.” “Mr. and Mrs. Borrower or the non-owner, we can only give you $25,000 for this deal.” They’ll literally help you broker that in the middle. That’s one great way to broker notes on the front end. I’m not telling you to go out and send in letters or postcards, stuff like that. If you start advertising that you buy notes that you have people available, this will happen. You’ll get stuff up and you may have to do twenty bids to get one deal, but it’s still cheaper than going out and digging ditches. Still better than going out and bust your ass for some job at $7 an hour.
You have to do that and this is one of the easy ways. FnacUSA.com and hit on their fast quote, a very simple thing. You’re not going to go out and buy a note in an apartment complex right now. Just forget that. The bank would give you at least two weeks. Thirty days. Just put it under contract. Just find deals that they had. At that time, it was low balance like under $1 million loans on apartments. That’s not going to exist right now. There are plenty of single-family homes. There are plenty of residential properties out there; duplexes, triplexes, fourplexes. I had some banks that give me 30 days to close. If you give me an hour, I’m pretty good. You give me a day, I’m even better. You give me a week, I’m awesome. You give me 30 days and I’m done running unstoppable.
The reason it’s scary is you don’t have a clue who’s going to be funding that deal because you never sent an email out. You never communicated to your database. This is what drives me bonkers. I see people posting about their weight loss or they’re in the gym or they’re riding their bike or they’re going to Disney. They’re marketing their life. When it comes down to doing a deal, they do a marketing crap. I lost twenty pounds, great. Why don’t you share a photo of the property you’re looking at? Why don’t you put on $20,000? I’d gladly put on $20,000. I don’t want to take it off, but share what you’re doing. It’s not that hard. That’s why I say if you can share on, everybody’s so happy to share in and jump on Facebook and bash people and all that crap, I hate that.
I see these people spent all this time on their negativity and they won’t take a damn step for themselves. They won’t share a picture of a property they working through. Some of you will, which is great because you’re my students, but a lot of people won’t. That’s what separates the winners from those that don’t do anything. In winning this business isn’t making $100,000 your first year. Winning in the note business is closing on your first deal, closing on your 10th deal, closing on your 20th deal, and doing it over and over again, until you’re like Dan Deppen who after his thirteenth note bill, he said, “Take this job and shove it. I ain’t working here no more.”
That’s where it all comes down to and I so want you to have so much success. It’s just mind-boggling. I know common sense is not common, some people say. It’s mind numbing that the things that we go through on a day in, day out, and I share and share and the things that people are doing, it’s right in your face and you won’t take action. That’s a very frustrating thing. It’s not that hard to do if you get it on Google property. You get all excited about the numbers. I’m breaking down assets. That’s great. I’m breaking assets down. That’s phenomenal.
This is our 93rd Note Night in America that we’ve done since April 2016. We don’t do it every week. We’ll do one next Monday night. I can promise you that one. I know exactly which one that is going to be called. It’s going to be called Send The Damn Email. I don’t know exactly what we’ll do. We’ll probably do something fun live. What I’m trying to get at is if you ask at least ask for two weeks. If you asked for 30 days and I say, “No, two weeks is good enough,” you’ve got two weeks. It’s better than you’re asking for two weeks and they say one week. You will never get what you don’t ask for. That’s why it’s so important by asking, “How do you ask for stuff? How do you ask people to fund your deal?” You send out the sizzle, you send out the bam. You send out the picture of the property and the details but just not the address.
You do that. You build your list alone. You build a long-term business. Many of you want to be in real estate much longer than a week, then much longer than a month, much longer than a year. You’re here for the long-term. Start doing the things today to build that long-term business, to build that long-term success. If you’re not willing to put people in a database or sending an email out like a real business does, then you’re just playing in this game. You’re wasting your time. You’re wasting your money. You’re wasting your coaching dollars. If you’re not going to take the action and take this seriously, you’re wasting your money. You’re wasting my time.
It’s time to quit wasting your energy and wasting your time and sure quit wasting my time and go do something. Make something happen and be proud of yourself. Get the sizzle going. There’s nothing better than just kicking butt and taking names. Kicking butt and taking names could be five deals, it could be ten deals, it could be one deal, whatever that is. One deal a month making $2,000, that can be life changing for a lot of people. You owe it to yourself. You owe it to your family. You owe it to your kids, your grandkids, whoever is your why. You owe it to them to go make something happen. You’re going to have troubles. You’re going to have highs and lows like anything else. It was a deal flow that comes in. It’ll be a deal that goes down too but those valleys are a lot higher than the previous peaks were ever before. Do something. Don’t make me proud. Go make yourself proud and go bam and make it happen by going out and bringing home the bacon.
Somebody asked, “What percentage of the time are you cooking and flat return versus a big slab in the back end?” It varies. If I’m looking at a big portfolio of performing notes, I guess a little bit of full big slab off versus flat return. It varies. There’s no percentage. It depends on what’s going on in the deal. I’ll give you an example. We’ve got a portfolio of some performing notes that has been performing for two, three years. They want to sell at a decent price. If I were to hold on to it, it’s not a big return monthly, but if I turn around and sell them as reperformers, which I could, I could make some nice in between arbitrage, but I want to keep some of the deals for cashflow. It all depends on what you look at.
The thing I can tell you, take some action and look at the deal. Work through the deals. Don’t worry about what my percentage is and start looking at what your percentage should be, because my business is a whole lot different than yours. My business is a whole lot different than anybody else’s. That’s the beautiful thing about this. Do something, make something happen. You can bring home the bacon. I don’t care what your excuses are. I don’t care if your hours’ work is from 7:00 PM to 2:00 AM. The things I was talking about doing, you don’t have to do it during the day. Those are simple things you can do while working at another job. Just taking the time away from Grey’s Anatomy or ESPN or whatever it is to make things happen. See you all at the top.
- Note Night in America on iTunes
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- The Note Closers Show Podcast on YouTube
- The Note Closers Show Podcast on Vimeo.com
- NETR Online
- Watermark Exchange
- FCI Exchange
- Madison Management