While it is really exciting to get a listing of notes, it can also be very stressful. People literally have breakdowns because they don’t know where to begin. In this episode of Note Night in America, Scott Carson breaks down the best way to perform upfront due diligence on a list of notes. Don’t miss this episode as Scott actually goes through a real life tape which is in the works right now.

While you are here, you can get 20% off of your lifetime access by signing up at http://NoteProz.com and using the code WCN20%.

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Watch the episode here

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Note Tapes: The Breakdown

Our topic is about breaking down note tapes. We’ll spend more time on the upfront due diligence side. A lot of people aren’t getting listed or they’re looking to get listed and they get excited. It is exciting to get a listing of notes, but it can also be very stressful. People are like, “What the heck am I looking at?” I’ve had several conference calls and Zoom meetings with investors like, “I got something in, but I don’t know what the heck I got.” I thought we would dive into a little bit of that, share some of the ways that we do upfront due diligence, how we break down a tape and I’m going to go through a real-life tape that it’s in the works right now with you so you can see what’s going on.

You can ask questions that are relevant and you can also get an idea this isn’t as difficult as it can be. I’ve seen people literally have breakdowns. I’ve seen realtors that are like, “There’s a deal for everybody here,” and break down crying because they don’t know where to begin. We’ll go through that in a little bit, but first a little bit of housekeeping. If this is your first time, welcome. We’re glad to have you guys here. We do these about every Monday night for the most part, unless there’s a holiday or something’s gone on where I’m exhausted from either traveling or teaching, stuff like that.

If you’d like to catch ahold of all the replays or catch a replay, you can go to WeCloseNotes.tv and that’ll take you directly to our YouTube channel. We have over 2,000 videos on there, podcast episodes and webinars. It’s a great resource for a lot of people out there. Thank you for those that keep making comments. They love the content. We’ll keep cranking it out for you guys after. While you’re there, make sure you hit the subscribe button. In that way, you’re alerted of new videos we uploaded or also special events are going on the community page on YouTube.

I’d love to have you guys there and I love to hit 4,000 subscribers. We’re about 250 short of that. While we’re there, check out our different podcasts. We’ve got the 50-megawatt blowtorch podcast, The Note Closers Show. You would always find our blogs and articles. If you like to read versus listen or like to watch versus listening, you can always go to WeCloseNotes.com and check out our blogs for different podcasts. As I said, I’m blessed to be here and I hope everybody out there is doing well. Staying safe and mentally sound. I know it can be a little challenging when you’re at home from living and going on in the country right now, all the divides. I’m glad to bring most of you guys together here. You’re in a safe spot with everybody that’s out here. I’m always glad to see you guys out there. Once again, our show has reached over 30 million audiences. It blows me away. We’ll probably hit 35 million to close to 37 million subscribers. It’s crazy.

We had a one-day cliff notes version, but we have our next Virtual Note Buying Workshop. The cost is $599 and that includes you plus a partner or spouse and you can get registered by going to NoteBuyingForDummies.com. We’re tweaking it up. I’ve been working on a new manual for it with some new things for you guys to be able to take a look at. What we’re covering in the virtual workshop is about finding out and contacting asset managers. What to say, what not to say, scripts, email blasts, LinkedIn and how do you find deals? Literally at the end of the first day, you walk out with a Rolodex of probably about 3,000-plus asset managers and different contacts for you. Saturday is all about raising capital and marketing deals. We’ll talk about how to find investors in different cities out there and how to contact.

We’ll have some sample letters that we use, email blasts and stuff like that to IRA investors all across the country. We’ll also talk about exit strategies and due diligence. We’ll spend a lot of time going through the ten different exit strategies. We’ll talk a bit more in-depth about due diligence on deals. This won’t be everything. We might work all the way straight through, depends on where we’re at. If you sign up for that, replays are included. We’ve also thrown in four weeks of coaching calls included as well.

We had our first coaching call. You may be seeing some people posting their goals to Note Nation. I’m excited. Those calls are recorded, so if you’re late to the party, don’t worry about it. You can jump on there, work on getting your homework. You are still competing in the competition which will run for at least two weeks after the virtual workshop. We’ve still got a little while to go if you missed it. If you haven’t missed out on anything, if you get signed up for the virtual workshop, you get the coaching calls included there. We’ll also throw in three times of us calling banks for three months. Our next calling banks blitz will be after the workshop. It’s usually roughly about $60 apiece. You’ll also get another bonus. You’ll get a ticket to the Get Fundable Online Bootcamp with Merrill Chandler of Get Fundable. It’s normally a $97 ticket.

You also get a ticket to the Magnify Your Wealth Summit, which is taking place in Denver. They changed it from San Diego to Denver that same weekend, as well as a $399 ticket. You got to pay obviously room and board, but an additional $500, $600, $700 in bonuses out there. We’ll also throw in 500 IRA investors with $150,000 or more in the county of your choice as if you’re signed up there. We’re pretty stoked about that. Go to NoteBuyingForDummies.com where we’ll show you how to find the deals. We’ll give you some investors and we’ll show you how to break it all down. For $599, it’s well worth the price of admission for us to go through the nuts and bolts. This is our major training. We’re going to be adding a couple hours to it. Usually on Sunday, we wrap about 2:00 or 3:00. We may still be able to squeeze that in, but I won’t be surprised if we to go to 5:00 each day. Anyway, if there are any questions about that, you can go to NoteBuyingForDummies.com and get signed up. We will get links out to you, send the replay and the whole marketing and you can get rocking and rolling.

Breaking Down Note Tapes

Going back into breaking down note tapes. This is one thing that people struggle with and it comes from a couple of things. It’s okay to struggle. Nobody understands note deals. When you get a tape, you go, “What the heck?” It can be very, “What am I looking at? I got something, but what the heck do I do with it now?” You get good at breaking down assets and breaking down the tapes by taking and doing practice. I broke down thousands of assets and here’s the thing. Where do I start? One of the great things and I’m going to break it down a little bit for you. We’ve got a great one-page due diligence, upfront cheat sheet for you guys that we provide. We also have a long due diligence cheat sheet. We’re not going to go through all that. Those are included in the virtual workshop. Here is the thing. When you’re out contacting asset managers, you’re reaching out to people and say they got note deals and they send you a spreadsheet.

We call it the industry, a tape. They send you a spreadsheet, Excel, CST or whatever. The number one rule before you even look at the tape is you always ask pricing expectations. What do they want for it? If they want par on that stuff, it’s not worth looking at. If they want $0.95 on the dollar for nonperforming assets, it’s not worth looking at. Always ask pricing expectations. If they won’t give you clear pricing expectations, a minimum or a maximum or they’ll tell you rough market price are highest and best, that’s fine. We’ll dive into it and work our way through it. You always ask pricing expectations. If you call me and say, “Scott, I want to work on a deal,” The first thing I’m going to come back to you, whether it’s residential or commercial is, “What’s the pricing expectations?”

If you call me and you don’t know pricing expectations, it’s not worth your time or my time. Also, you want to be directly to the bank. If you’re from a daisy chain, don’t call me. Do not waste your time doing daisy chain because it’s not going to be worth the time, but be direct. That’s direct to the source, whoever the seller is. Always ask pricing expectations. If the pricing is ridiculous, then it’s not worth the time. We spent time. Me and a couple of coaches, we made some offers. We’re told $50,000, $60,000 bank and I’m selling it at $0.80 on the dollar for a nonperforming. I don’t know where they got the money or where the borrower was, but they were paid. Also, that’s a big thing. Ask bidding instructions.

When are they due? When do they need the bids in? What’s the timing for this? Do I have two days or do I have two weeks? Do I have to buy the whole thing or can I give you the loan level pricing? Loan level pricing means you’re going to bid on twenty assets. You got to give the individual bids on the line. You can’t say, “I want $200,000 for all ten of these,” and not give them individual bids. You always got to do low-level pricing. That’s a big thing as well. Bidding instructions is do I need to submit in with a spreadsheet? Who do I need to send it to directly? If I got some information that falls on the asset that reduces the value, do I need to include that or basically highest and best? I got to submit a spreadsheet, you’re going to pick the highest and the best.

Always ask the instructions, especially if it’s like, “We need to have bids in by Monday,” and it’s now at 7:00 at night. That’s not a good thing. We’ve had that happen sometimes like, “It’s Friday. I’ll give you until Monday to get bids in.” Always know that because that comes in very valuable. Can we buy, can we cherry-pick? Is there a minimum amount of trade amounts? Do we have to fund at least $100,000 to avoid any fees? I know some funds, they don’t want to deal with the trade unless it’s on $100,000 and they would have been charged with $1,000 extra. There are lot of things to involve, but not a lot of things, but we’re bidding instructions. What’s the timing? Any specifics about the deal?

Another thing is also asking motivation. What are they looking to do? Are they looking to move this quick? Don’t they want to budge? Are they looking to raise capital and to close on something at a specific time for this capital will come into fund by? As you get to the end of the year here, these are very important things. Do we need to close by year-end? Do we need to close by month-end? If we don’t close by year-end, they may cancel a bid or do we have to fund on a specific amount by year-end? I think you get what I’m saying.

Also, another thing too is due diligence doc. Is the due diligence already like a Dropbox file folder with BPOs, title, collateral and payment history, if it is available already? A lot of times, the sellers, if they put everything together and they want you to get highest and best, they should probably provide the stuff. You would think so, but some don’t. Some will provide due diligence docs until accepted offers and that’s okay. That’s fine. I’ll try to do as much as I can on the frontend to help them. Scenarios can be like, “The seller has not provided BPO, title, collateral payment, history or anything.” They are servicing notes, I should say because the payment history is in here.

The rest, it’s going to depend on you, on what your business model is when you’re looking at these assets. Are you looking for single-family home? Are you looking for a duplex? Are you okay with mobile homes? What states are you buying in? What cities? Where is it located? Is it in the city somewhere or is it rural? Can we find photos online? Can Google Maps map it okay? Is it remote that we can’t see anything online? That’s where you start slicing and dicing as best you can. Are you looking for performing or nonperforming notes? What’s your money going to cost you?

Are you using your own funds so you can go with a little bit of different ROI based on the sales price? If you’re using other people’s money, do you need to have a higher ROI so that you can pay your investors a good return? Looking at what your portfolio is looking at. I get into performing and nonperforming. It also depends. Also, it’s truly performing net worth 6 or 12 months or is it one month straight? There’s some variety on it. Are you looking for assets of minimum value? Do you want to stay above $50,000 or do you want to stay above like $25,000 or $50,000 UPB? Those are things that come into mind that you can slice and dice. I’ll get rid of low UPBs.

 

What does UPB stand for? Unpaid Principal Balance. Anything below $25,000, it’s not worth below $20,000 for the most part. I’ve got some deals that are on that lower UPB side, but the borrowers are paying nice or it’s a rental property. We take the property back for the borrower/tenant, basically. It’s the same thing. You don’t ask the value. Some people are like, “I don’t want to be anything below $50,000 value because of issues and repairs and stuff like that.” Yes, there is no right or wrong for these things. That is solely up to you but here’s the situation. You can say to the sellers, “I buy in most major markets,” but we all know that’s BS. You’re not going to buy in most major markets. You’re going to buy in a few that you love. My major markets have changed, here in Texas.

I love Texas, but I haven’t bought in Texas in a while because the market’s been overpriced and the lack of inventory. I’ve bought a lot in Ohio, Michigan, Florida, the Carolinas, Missouri, Indiana and Illinois. Those are my favorite markets. I’ll look at other cities, other states and that’s fine. You have to know what you’re looking at and that’s how you slice and dice. Also, you got to look at your ROI. Are you looking for a minimum threshold on your return on investment? That’ll vary between performing and nonperforming and the price point.

Part of what we’re doing and those that are going through the homework will understand that we’re trying to clarify down what your focus is because the more focused you can be in, the better vision you’re going to see. The more tunnel vision on specific assets that you’re looking at, the easier it’ll be that you won’t get distracted by every shiny dog or every shiny squirrel or shiny object syndrome squirrel. Not too small like, “I only buy in this one zip code in this one town.” That’s all I’m talking about. I always tell people, “Pick 3 to 5 states and then focus on the major cities or the major areas in the cities.” Also, remove rural stuff. If it’s a rural property or ranch road or FM, or Route One, that’s probably too small. FM 1069, it’s probably too small to get. You’re going to look at the size of the cities and the locations and things like that. That’s all comes in and your states and cities as well.

Once you cut down the list, it tells me the asset class type. “I’m going to remove all the mobile homes.” I’m going to go in and remove the states that I don’t want to buy in and the counties I don’t want to buy in. If you’re on here before, I do not like Cook County. I’m not a fan of Chicago because of how corrupt is, but I will get other things in Illinois. I usually delete everything I have in New York and New Jersey, because of the longer foreclosure timeframes. It’s the same thing when I look at Kentucky, if I see anything in Kentucky, I used to remove it because Kentucky has some strict licensing requirements to have you for you to have a million-dollar bond.

Once I’ve cut down the list, then what I’ll do is take that out the full list, address, city, state, zip, other information that I found relevant with the borrower’s name, the UPB, maybe the P&I, maybe the value, and I’ll drop it into BatchGeo.com. It’s a free website and it can map up to 250 addresses for you and then sends you a custom link. You can take a look at it and shrink down to the asset and pull it up and give a bit of a national look to it. One of the most valuable tools that we’ll use when you’re looking at assets and other cities, pull Street Views for marketing when you map it. We will go down and take a look at and try to get into Google Maps. We’ll do a snapshot of the screen to save it for marketing and use that in marketing on social media and raising capital across the board.

That’s the biggest thing. When you see a good looking picture of a property and working through it and yes, you may not have it under contract yet. You’re working to make bids. The idea here is to market before you have to get under the gun for funding. I’m a big fan of, “I’m working on a portfolio of 190 assets. Here are 4 or 5 properties that we’ll get. I’m looking at it. I narrow it down. I made offers on twelve assets. Here’s the focus.” The idea here is to start getting people to recognize what we do. Let me give you an example. I’ve had more people opt-in of a couple of different images on different properties we posted, comments or things like that because of the image. I’ve said similar things in the image and nobody reviews that.

That’s one of the biggest things. If you’re commenting or posting on LinkedIn, Facebook, even YouTube in the community channel or Twitter, always try to put a photo of some sort, whether you attach it or video. That’s always going to draw more eyes than if you post the wording. It’s weird, but it is true. Once you’ve got it down, stuck it down here, then you can take the list over to NoteProz. I’m a big fan of NoteProz. JD Bates does a great job with this. This will help you with your online values. We might get to the site. We might not a little bit, but I’ll pull AVM, Automated Valuation Model. It’s online, guys. It’s not true value. It’s not a CMA, Compared to Market Analysis. It’s also not a BPO, but on the frontend of what we’re doing with due diligence, I’m not going to spend a lot of time chasing realtors to pull values on the front end because I don’t know if my bids are going to be accepted yet.

As I say, I’m going to literally throw it stuff against the wall and see what sticks. If they give me pricing and I come back pretty close to that bids mentioned there and then we’ll wait and see. How soon will I get any answers back? It can be a day or it will be a week. The great thing about NoteProz is it will pull a lot of information for you. Their most recent sold, the high or the low. They’ll give you a link to Realtor.com for realtors that are looking for listings in that space that you can have. It can be tax values. You can have a rent rates, bed, baths, square footage and year built. There are a lot of great stuff that you can drop the spreadsheet, the address, city and state into NoteProz.com. It’s very cheap. It’ll pull that information. You can copy and paste it into your spreadsheet and you can go from there.

It literally saves you hours. I used to pay up to $4 to $8 per asset, per line item for somebody to go pull that information for me. Now, you can pay like $29 a month and have it done in minutes as much as you can. Once you start pulling these numbers and you start seeing the UPB is this, the ADM, that rough market values is this, it can allow you to cut down a little bit more. “I want to make sure rent rates above $500 across the board.” That’s a little thing that we do. Anything below $500 a month of rent rates, even though we’re not renting the property, it’s usually a sign that it’s almost like a two-gun neighborhood you don’t want to waste your time with. It’s the same thing also looking at the principal and interest payments. You probably want the P&I payment to be above a specific amount, like $250 or more a month, so that your servicing costs don’t eat into your P&Is that you’re making. The last thing you want is $100 P&I payment and you’re losing half of it because of servicing costs.

It all comes down to submitting your bids. It’s taking the spreadsheet and cleaning it up. Maybe you’ve shrunk it down from 199 to 12 or 33 down to 5 and sending it in. You’re taking your spreadsheets, saving your due diligence, your high, low ROI. Save it, your bids. Take all your math. Don’t show them that you want to make 35% ROI in this asset that’s why you’re bidding $12,000. You want to remove that, but then sending the bids and saying, “These are the two or these are the five that I’m looking to bid on.” Highlight your bid so it’s very obvious where it is and that’s it.

We got a couple of questions, “What is a CFPB?” CFPB is Consumer Finance Protection Bureau. That’s the government agency that reviews making sure that your fair practices when it comes to being a debt collector. In this case, when you’re buying notes that’s what it manages. You can’t be calling the borrower at 6:00 in the morning or at 9:00 at night, sending over Grizzly Adams to pound on the door to collect.

David asks, “Are you saying that you market for money before getting deals?” That’s not what I’m saying, David. It is technically a little bit because the thing is, I have 190 assets on a tape and I’m bidding on 100, I know I’m going to get some deals out of it. I will start priming the pump. I won’t list a city-state or I won’t list the address, but I can show the city-state if it’s a good property. It’s like walking in to a restaurant and you’re not hungry, but then suddenly you walk in and you smell the food and you’ll get ravenous. Maybe you guys have gone to Johnny Carino’s Italian restaurant, dining, kitchen. My sister, we used to work there when she was going to college. Before every shift and several times from the shift, they would walk around with grilled peppers and onions and the smell is amazing. Peppers and onions and garlic. You’re like, “I want that. What’s that? What’s that sizzle?” That’s Mexican food Marketing 101 when they put the ice on the hot skillet to get the steam going. That’s all show. It’s like walking through the club when the champagne and fireworks going off the tip.

That’s what it is. We’re trying to get our network interested in what we’re doing. “Here’s what he’s working on. That’s a good-looking photo. That’s so cute.” Here are some of the great things we do. If I make 100 offers and I ended up with twenty, I still got twenty I’m working on, but I want to get my audience, my network ready to prime the pump. Remember, 80% of sales comes after the fifth contact. If you wait around until you have final pricing and then you only got a few days to close your deals, you’re going to go behind the eight ball. You want to start getting your network, your followers and the people in your database interested in what you’re doing so you can have some of these conversations before you finalize and get rocking and rolling.

“NoteProz.com is blocked.” I don’t know why that was. I was on there. If you go to NoteProz.com, JD offers a great thing here. He is giving access for NoteProz in a day. It should allow you to get in there. Do the $1 three-day special trial. It’s $27 a month after that, but we’ll work to copy-paste it. I don’t know why it’s blocked for you, Ryan. It should work fine for you. Once you’ve cut down that list, start looking at assets. You also will map it to see if there are any ugly assets. If it looks like a piece of fertilizer online, it’s a relatively recent photo, it probably looks like crap in person.

If it’s an old photo and the loan that you’re looking at has been originated a couple of years after that crappy photo, somebody may have moved in and fixed the property up and done some work to it. That’s why you always look at the Street View date of the picture. When was this picture taken? Is it relatively recent or is it relatively old? Either way, before you get to closing, you’re still going to send somebody out, a realtor or BPO, have a friend, have your cousin Bubba show up and take some photos of the property.

Actual Tape In The Works

“Are performing CFD?” Here’s an actual tape that’s in the works and I’m going to share the spreadsheet, but I’m not sharing it out. It’s going to be here, but I’ve already cleaned up a little bit of stuff. I promised the investor on this. One of our coaching students is working on this tape. She’d been working on this for a little while. I will not share the addresses in bulk where you can take a screenshot of that. I’m protecting her deal that she’s working through. I know she’s been working on this for a while and I’m excited for her on this deal, but I thought it would be a great tape for you guys to work at. If you are looking to buy some deals or to fund some deals, send me a message, send me an email at Scott@WeCloseNotes.com. I can put you in touch and see if it’s something that would fit.

I’m not buying these assets. I’m looking at it for due diligence purposes. We’re going through the upfront stuff there. I’m not involved in the trade. If you do end up buying something from her or you did fund in the deal, I would get back a referral fee. Just so you know, I’m not buying these assets. I would, but she’s already working on the big thing out there. What she has told us is the seller, this is a bunch of contract for deeds. Lower value homes that have been originated by a private seller. The seller is out in California. These assets are all across the country. They have been performing and our investor would be willing to sell some of these at roughly 60% of UPB. She’s given a little bit below that in the hopes of raising capital. She’d be willing to sell somethings at 60% of UPB.

 

People think that some of these notes have four-plus years of seasoning. They are being handled by a loan servicer. The seller created a servicing company and has a software to handle all the collections. It’s done well. Some of the assets have been REOs. The borrowers have walked away and he basically turned around and put new people in the property. For the majority of these, these have been highly seasoned in a lot of cases. I have sanitized the address and the spreadsheet to protect the investor. I’ve sanitized it to protect the innocent, but we’ve already pulled the BatchGeo map so you can see how it breaks down. We may end up disclosing a few addresses because when we do jump into the BatchGeo, it’s going to pull up the individual and I don’t care.

It’s totally fine, but we’re not going to release the whole tape of it. As I said, if you are curious or may be able to cherry-pick or to potentially fund some of these deals and do carve out for your own portfolio. Here’s the overlying map. What we did is BatchGeo. We dropped in the 100-some odd assets in there and it mapped them. We put the address, the city-state and zip. We put in unpaid balance and the P&I payment. We didn’t put the borrower’s name in there, but BatchGeo gave us an evergreen map that we can dive into. This is the overlay map of this. The different colors are all for different of the unpaid balance, different for the loan balances for these. David asks, “Do I market for money beforehand?”

If you were working on making a serious offer, this could be a great marketing piece. I’m working on 160 assets and here’s the map. If you invest in Minnesota, Kansas, Texas, Arkansas, Alabama, Louisiana, North Carolina, Pennsylvania, Ohio, Michigan and Tennessee, let’s talk. I may have some deals that work for you. No address has been given away. You’re gauging interest and you’re trying to get your audience ready to rock and roll. Marketing and at the same time you’re doing your due diligence is as equally important. If you’ve got your own funds, your own private money, that’s a different story. You don’t have to market unless you don’t want to, but trust me, everybody needs other people’s money at some point to take some of the more good stuff.

Here is the spreadsheet and I’ve hidden the borrower’s name and the address and the loan number. I’m not going to share that with you. I’ve already pulled the map. Usually, here’s the thing. When you get in a spreadsheet, if the address is removed, it’s hidden and you can’t find it or it’s been sanitized, you want to reach back out to an associate and say, “Please send me the unsanitized list. I can’t pull values and other things off of a sanitized spreadsheets.” The reason sellers will sanitize it because they don’t want people to blast it out to their audience and an email blast to go to kingdom come out there. That reduces the value of the asset. One of the things you can see, we’ve got city, state, zip, county, the annual taxes due and the sales price.

The sales price that sold for, downpayment, how much the borrower will put down and the original balance. As I said before, we could pick these up at 60% of UPB. I went ahead and put a column in. If they give you pricing, go ahead and put a column in. Here’s 36% of UPB, 80% of UPB or whatever that number might be, throw it in there. What I also did is say, “Let’s take twelve months of principal interest in. I’ll figure the ROI and I’ll share with you how I found that out.”

Trust balance means in the escrow account, the trust account, maybe a little bit over taxes paid, a little bit insurance with the regular principal payment. PITI, the amount that’s applied to PITI, the amount that’s applied to the impound and apply to other. That $38 is probably a loan servicing fee. When the loan was closed, basically when it was originated, the first payment date and then the last number. This spreadsheet is old as our investor has been working on it. She’s been working on since April 2020. She sent me the most recent one, which is April 2020. We’re going to assume, based on what we see here, that it’s basically been paying on that.

If you get a tape at six months old and you make your bids and they send over a new tape to you with updated values or updated payments, you must change your bid, obviously. For shits and giggles, we’re going to say this is April. You can see the term, LO, usually means Loan Originated. It’s probably a brand new note. It’s basically $250,000 to $360,000, the months the loan matures, the note rate is 9.9%, beds, baths, square foot, year built and debt ratios.

When they qualified the borrower, they calculate the debt ratio. The seller on this is an old mortgage banker. He underwrote everything very well. Total income, that’s basically going to be total income from the borrower. The FICO scores that were pulled, repairs are made and the source of where they originally got the asset from, Fannie Mae, GMAC, MLS listing, Fannie pool. Basically, the original seller back a few years ago bought a portfolio of about 400 REOs originally by putting people into the contract for deeds. You got a lot of great information there in seeing how things work out for.

I screwed up. I put off the wrong things to get the original balance. That was how much originally financed. Principal balance, I pulled it off of it. My calculation is 60% of UPB. What I did going back here is repairs. The repairs made to the property when they originated the loan. As far as what repairs they made to get the property up where they could sell it. That’s what that is for. Sometimes you’ll see that on the CFD. You don’t want to see it on the loans or the notes from the banks because the banks are financing prepared properties. You may see escrow balance. You may see reserves or advances where they’ve paid the taxes. The property is vacant for a little while, you probably get the water bills and so on. Repairs is what’s the seller put into repairs in the property up to where they could sell it. I took twelve months. What’s the PITI? Twelve months of their PI, $425 x 12 equals to $5,100.

Since we got the numbers all the way down here, then I figured, “If I were to buy this at 60% of UPB, I would basically take the twelve months of payments and divide that into the 60%.” That would give me a rough ROI on this. This would give me a rough return on my investment percentage so that I can then calculate that. You can see that going down the board. Since they’re a 9.9% or 10% interest rate, you get a 40% discount and 60%. I don’t have current values in this stuff because I would pull that with NoteProz and drop it in here. What we’ve done already without putting it in here, I already looked at it and most of the values are above where the principal balance is. When I looked at beforehand, I’m not going to go into NoteProz and pull that information for it because it would confuse you out but on the frontend side, here’s what we’re doing and going through for you.

Those costs aren’t going into me. Those costs repairs have already been paid by the seller. We’re not worried about that. That’s what he or she paid to get the property to sell it at $48,000 or at $56,000. I don’t have to figure about those costs. Also on these, the taxes are good to know but the taxes are paid by the borrower. PITI, tax is paid by the borrower, taxes and insurance and services. That’s what PITIS is, Principal, Interest, Taxes, Insurance and Servicing. These are occupied. This is another thing too. That’s why I said these are performing. These are occupied with people in them. You’re not going to have to go in and do the repairs. Repairs are already before they sold it. You’re looking at performing notes.

The nice thing is you have going back to January of 2016. You have years of payment history on this thing. Where you see the N/A stuff is they either didn’t own it then or it was vacant. Some of these they bought off the MLS or bought as well. He has the apartment’s whole portfolio. You can see that some of these have been performing since January of 2016, so over many years of seasoning. That’s a pretty good estimated amount of assets that are performing on a regular basis. Some are four, some are three, some are two and some are relatively new ones. That’s the beautiful thing.

On this one, the first payment was April. To narrow this down a little bit, to get to the nuts and bolts, being able to cherry-pick this, where should we go next? We don’t have property type on that. It’ll take a little while. We don’t have property type. Single-family. We know that it’s three-bedroom, two-bath and maybe make sure. I don’t want to go look at these individually so let’s take it to the next step. Where should we start slicing and dicing? All of these don’t need to be converted to mortgages when they are sold. They’re contract for deeds. People are already paying on these. You don’t need to convert them. You don’t have to give me converted mortgages.

They’re all lower balanced off. Boarding costs, servicing and BPOs. You’ll have some costs with that. You got to figure that in here but what we’re trying to do is go through this initially on the frontend to give you a rough basis on that. What I’m trying to get out here is if somebody is paying on time for four years straight, their balance is close to what APM is and the property is taken care of, you don’t need to order BPO. You don’t need to pay $150 for a BPO. A CMA can work as long as you put eyes on the property. It looks like it’s pretty close to it. You don’t give a rat’s ass inside. He’s paying out for four years straight. You have boarding costs. That’s that other $38 as far as your monthly servicing costs. That’s a little bit more expensive than a performing note. It’s about the same if you look at it.

Before we start worrying about all that stuff, let’s slice it down into stuff you want to make bids on. You’re all worried about the backend and we haven’t gotten there yet. Property inspection reports, yes. That would be a good one to look at. Mr. Dickie Baldwin has realtors all across the country for Baldwin Advisory Group to help out with that. You’re getting ahead of the situation. We don’t need that because we don’t know if our bids are accepted yet. You’re putting the cart before the horse. The horse goes first. The deal works that way. You worry about the deal before you worry about things down the road. We’re trying to jump to Z. We’re going rough inside here. Play with me because the guy has already dictated he’s not willing to go below 60% for the investor. They’re not going to go below 60% of UPB. Let’s make some bids and we’ll worry about our ROI as being good, but we got how many on here? There’s 157 right now. Are you going to buy all 157? You could if you wanted to. Let’s sum it up. It’s $4.5 million. How many wants to write a check for that right now?

If you got them all and they all performed, $836,000 divided by $5 million. What does it come to? It’s pretty good ROI. It’s a 19% cash and cash return on the frontend if that’s the case. I don’t want to buy stuff in some of these states. I don’t want to have stuff across the country. If I don’t know where the hell the city’s at, I sure as hell don’t want to waste my time. If I could cherry-pick, I want to cherry-pick something that makes sense. Let’s look at some of the stuff. Let’s get rid of some of the states we don’t want to buy in.

The first thing we want to get rid of, is there anything in New York or New Jersey? Nope. I didn’t think so. Is there anything in Kentucky? There’s some stuff in Kentucky here. Why do we not want Kentucky? Even those near Louisville, it’s still the state in Louisville and Kentucky is pretty rough. Let’s get rid of these. It’s not worth it. I don’t want anything in Iowa. What I’m going to do is I’m going to go back here and I’m going to re-sort it by city-state. It should organize it a little bit better for us. Let’s get rid of some of this stuff here. Birmingham, Alabama, I got three there. Docena, Alabama, I don’t have a clue where it’s at. It is at Jefferson County. Let’s get rid of it.

 

If you don’t recognize, get rid of it. Goodwater, Alabama, I don’t want that. Jasper, Alabama, Mobile, we’ll probably get hit, but we’ll take a look at it. Shorter, Alabama, Atlanta and Augusta. I have no idea where that is. Griffin, Livonia, I know where Livonia is and Macon. I’m going to delete stuff off here that I don’t know. I don’t know where Milledgeville is. Terril, Iowa, we’re going to get rid of Iowa. Here’s the thing about Illinois. I’m going to look at the counties. I’ll look at some of this stuff here because I got friends all over. Cahokia, Canton, Illinois, Catlin, Decatur, I don’t know some of these. I’m going to get rid of them.

Joliet, I don’t know where that is and there are two right next to each other. If you see 2 or 3 in the same area, go ahead and keep it because it helps you do your due diligence. You might be able to pick up 2 or 3 in an area and have one realtor pull some numbers for. Carmel, Illinois, that’s at New Boston. I don’t know where that is. Pekin, Illinois, I don’t know and Peoria. Rock Island, I’m getting rid of. That’s a small ass area, unless I have somebody there that I know. The reason I’m getting rid of towns you do not know because if they’re small ass towns, they have a lack of resources. Less people to go in there if I have to foreclose. Less realtor and rehab crews. I want to streamline my note business so I’m not having these outskirts, one-off podunk towns.

I want to stay above a specific level. If I don’t know where the heck the cities are, I probably don’t want to waste my time on them. If you’re a performing note investor, you don’t have the time if it goes nonperforming to go to track your butt out to Rock Island trying to find a realtor to help you out there. You want to stick in your larger metroplexes. You want larger cities and areas you recognize. It’s not no resources, but a little amount of resources. You also want to hopefully find local investors in the area by looking at it. It’s the same thing in Sheldon. I don’t know where that’s at. Spring Valley, Springfield, Illinois. Windsor and Woodhill.

We’re getting into Indiana now. Indiana is a good state. Anderson, I know where that is. Columbia, no. East Chicago, no. It’s a rougher area. I know where Elwood is because I’ve got a couple in Elwood. Evansville, there’s a nice real estate investment club in Evansville. Fort Wayne and Garrett. I don’t want anything in Gary, Indiana right now. It’s rough. Huntington, Indiana. We’ll leave it in there. The sales price is a little bit higher, so was the Garrett one. We’ll leave those in there. Garrett is in Dekalb County. Parts of Gary is coming back strong. We can always remove it when we look at the crime map. Huntington in Indiana, Indianapolis is okay. Lafayette, Indiana and Lake Station, I’ve got a couple in there. It’s been a great area.

Linton is okay. Marianne is okay. Indiana. Muncie, I got some stuff there. Newcastle, North Vernon. Peru. I don’t like Peru. I don’t like smaller areas near Peru. Princeton and Richmond, Indiana, we’ll leave it at there. I don’t know where Selma, Indiana. Shelbyville and South Bend, go Irish. Worthington, Indiana. I don’t recognize a city. Potwin, Kansas, I have no idea where that’s at. Kansas City, Kansas. Benton Harbor, Michigan. I know that area. Milaca, Minnesota. I don’t know where that’s at. I probably have relatives up there somewhere, but who knows? Greenfield, Missouri, I don’t know it. Kansas City, Missouri, we’ll leave that in there. There are three. Leadwood, Missouri and Poplar Bluff, I don’t know. Sedalia, I don’t know. I’m going to go through and delete those. Gulfport, Mississippi, Hattiesburg, Mississippi and Vicksburg.

Lumberton and Meridian, I may get rid of. I would rather these assets be in Jackson, Mississippi, but Hattiesburg is where University of Southern Mississippi is at. Pittsburgh’s right off of I-10 or I-20. North Carolina. I don’t know where that is. North of Charlotte, I’ve been there quite a bit. Plymouth, North Carolina, I know where that’s at. We get into Ohio. Akron, Canton, Cincinnati, Dayton, Kenton, New Richmond, Niles and Seville. We’ll get rid of some of the smaller ones that don’t recognize. Toledo and Youngstown are okay. Muskogee and the Keys Port, Pennsylvania. I’ll leave the one in Pittsburgh. I’ll give an example. Say you got family all over South Carolina or you or you live in Ohio and you want to look at Ohio stuff. Get rid of everything else except for the states you want to look at. I’m simply going through what I do on a regular basis.

I can still carve out. We’ve only reduced roughly 60 assets off of this. Denmark and Sumpter, I’ll leave Denmark in there. Olivia Springs, I’m going to get rid of this. Memphis, it’s 60% of that. What’s the concurrent UPB on this thing? $13,000, so we’re going to end up cutting Memphis, Tennessee because the UPB is so low. Floydada, Texas, I don’t know where that is. I’m going to get rid of that. Wisconsin, I don’t like. Too many expenses in West Virginia. David asks, “When you say that rural areas don’t have resources, what do you mean? Do you mean no jobs or no single colleges?” What I’m saying is the last thing you want to do is own a property in a small ass little town where there’s only a few realtors or a smaller thing.

People don’t want to stay in small towns. People keep moving. That’s not saying there isn’t a realtor for maybe a drive by maybe out rural. People aren’t going to go out of their time. It’s a harder thing to get out there. Think about that, David. You live in Leander, great. Would you buy something way the heck out somewhere between here and balconies off of ranch road somewhere if it’s rural? It’s harder to get to. It’s harder to take a look at especially if it’s a small little piece of property. Don’t worry about that. David Stanley says, “Yes.” He goes a bunch of the well-known cities may have serious inner-city areas that are problematic too. That’s why you would still look at the crime report. There’s no reason to sit here and worry about everything on the frontend when we still don’t know our bids.

We’ve been told 60%. If they’re accepted, then great. The idea here is to be less confused and get rid of everything that you don’t want to take a look at. Free your mind, get rid of the noise. Elaine Collins, “I’m interested in Tennessee property.” Good for you. Reach out to me directly at Scott@WeCloseNotes.com. I can patch you on. These are not properties. These are contract for deeds. That’s what I’m trying to tell you. There are borrowers in these properties. There are people that are living in the properties, paying on a monthly basis. Remember, we’ve got our list narrowed down a little bit down to 98. We removed 62 of those. We’re right at 60.

I’d like to go back in here and let’s look at where they are with UPBs. We’ve got a low balance UPB. I’m going to re-rank it, re-custom sort it. The principal balance is $32,000. We’re going down here. $32,000 is the lowest all the way up to $66,000. Now, you can see somewhere between a 22%. You’ve got a bit of an idea here. Fifteen percent, we probably want to get rid of those. Twelve months P&I at 34%, this one is in Mobile, Alabama.

Let’s say that you’re looking at an area that’s been hit like Pensacola, Mobile and Louisiana. If you’re buying the notes or own a note, you can jump on BAG, Baldwin Advisory Group, and reach out a disaster report. A property inspection report if the area has been hit hard. If you own something in South Texas. It’s South of Houston and is on the coast right where the Colorado River comes out in the Gulf of Mexico. That’s where basically the eye of a storm went through. If you want to do something out that neck of the woods, take a look at it. The idea here is now that you’ve got this stuff, great. You’ve narrowed it down. What would be the next step? Let’s see if you guys can figure this out. I’m going to throw it out there. You got rid of the properties and cities you don’t want. How do you want to classify the performing notes to pursue? “What do I do next?” “I don’t know. You’re the one who teaches webinars, Scott. Why are you asking us?”

I would go back and look at season. I look at how many months and I would identify those that have paid the most over the last 12, 24, 36 and 48 months. When you have this information, it’s valuable. You can see how they’ve paid. The thing I want to do is if you could cherry-pick this, look at term of note. You can do that, but some of the terms will be higher, some will be less. What I would do is I would get rid of the ones that haven’t been paying if I don’t see at least twelve months of continuous on the back end here. What I’m going to do is I’m saying at least twelve is equal to sum of this. It has some N/As in there.

I’m going to copy that formula down though because N/A will probably go, “No,” because they haven’t been performing. There isn’t anybody in there for twelve months. I can see how that changed up. Some did good and some didn’t do so good. Some are small. That’s only been making payments for six months. I’m going to go and get rid of those. I want twelve months of payments. I don’t have twelve months of payments. Let’s go ahead and delete these off. We can do one more thing here. Let’s do number of payments because you can basically in the last twelve, you can take this number is equal to last twelve divided by and their payment amount. We go over here all the way over to their payment amount. It’ll tell you how many payments were made.

If you’re going to buy performing notes, you don’t want to buy anything below twelve months. Now I’m going to re-rank it. A lot of these are 12, 7, 9, 10, some are newly originated. It’s not exciting. That’s what we’re going to do. We’re going to basically re-rank these, once again and custom sort it. My data header, but we’re going to go all the way to the actual number of payments in the last twelve months. Now, you can get rid of the ones that aren’t truly performing. Newly originated, no. Anything that’s six months, I wouldn’t consider. I’m not even looking at the properties on these. I just know that the payment streams don’t excite me.

One of the things you want to look at too, so you can see basically all the way up to at least twelve. Some people have been paying more in the last twelve months. They’re getting caught back up the paying a little bit extra, which is nice. One thing you got to be careful of is looking at the amount. If we get beyond fourteen payments, what happened? If you look back at this one, they paid a little bit extra in January. They paid $2,700 back in August of ‘19. They were late. They try to get caught back up. He brought some skin in the game. This other one here paid $1,000. They basically paid two months of payments but he fell behind and got caught back up. That’s not so bad. They paid extra last twelve months.

We’ve got to look at these. Some of stuff that’s maybe newly originated or they’ve been late. Look at the actual spreadsheet. Nine months and only paid the last three months. I’m going to get rid of that because that’s not a performing note. I’m not paying $0.60 on the dollar for nonperforming note. I’m looking for zeros. I don’t mind there’s a zero one like this one here. Seven months, they haven’t made payments in the last five months. It’s not a performing note. What happens? This is probably pretty much newly originated. They have been on time for the seven months it has been around. This one, they missed in December 2019 and missed in February 2020 and it’s not performing because they’re behind a little bit. I don’t like that too much because they’re less than eight months. They’re basically 60 days running late.

These were all supposed to be performing notes. They are being sold on as performing. These are all not nonperforming. You missed it. We’re looking at some of these to see and identify because he ranked them all is performing based on the payment stream, they’re not all performing. This one has nine months of payments, but they’ve missed. They only made a more partial payment here. They made $100 there. That’s not performing notes. On those, you might could go back and offer less than 60. For the most part, it’s not. The thing is that’s what you look at less than twelve. If they made at least twelve months of payments, it’s worth looking at. We wanted to be smart and save you a little bit of headache, maybe you’re getting rid of everything below twelve months and make an offer on the true performing notes. Get rid of those. Let’s narrow it down to 53 notes. They made at least twelve months of payments in the last twelve months. That’s a pretty good list right there for you.

 

Let’s go back at our numbers down here. What our bid on these 52 notes and we’re paying 60% of UPB is $1.5 million and it’s generating $287,808 a year on twelve months of those payments. It averages out to a 19% yield. That’s not too bad. Obviously, you’re going to have some costs. The servicing costs are figured in here as far as the monthly payments. Here’s the thing. If you’re going to board nonperforming notes, that’s a higher monthly cost. In performing, we’re seeing twelve months, it’s basically transitioning over. It’s basically an easy thing to transition. You are going to pay some boarding fees. Sometimes you’re going to negotiate those with the servicing company. In some cases, if it’s with a servicing company that you like already, keep it with them to transfer fees. It’s totally fine. It’s pretty simple, but now you start figuring in that this makes sense. These would be the ones I would make an offer on.

Let me give an example. Let’s say the two here in Kansas City. Kansas City, Indiana, Youngstown, Sumpter, Hattiesburg, it’s not too shabby. What I would do is I would see if it passes the Street View test. I’ve already mapped the whole 160 for you, but to save time, I want to go through a couple of assets of what I’m sharing. If I’m buying this asset for myself, I would take literally the 60% of USP. I would save this as my sheet. I always label it whoever the seller is. My entity name, bids and put the date on it. I’ll get rid of basically everything else besides the basic information that I need.

I’ll get rid of my columns and save it as a different spreadsheet. I’ve changed this from this. I’ll say 6% of USPB. I would send a spreadsheet in with that. Here are my bids on these 52 notes. I’d go over here and start looking at the assets. We’ve got Kansas City. Let’s go over here. We’ve got some right there. Four in Kansas City. That’s nice to have one realtor going to pull comps on them all or you fly up to Kansas City and drive around in a circle. Let’s look at this first one and see what it looks like. There’s one in Kansas City, Kansas. The original balance is $36,000. They owe us $34,000. I can go up and hit the satellite view so I can see from above.

This says down here, you can see 2020 Google. That’s for Google. That’s not for the actual thing. Here’s a great example of what you’re looking for. The street looks pretty good. It’s okay. The house looks nice across the street but our house needs some work. Let me go back. This is 1929. The picture on it looks like it needs some work. It looks like somebody’s living in here. This was originated in 11-30-2016. They closed on it and it was January 1st. I went into this spreadsheet and looked there to verify that information. Up on the left-hand side, you can see the Street View.

It’ll take you down here, click on it. The Street View pictures down here at the bottom now. Image captured, July 2011. Somebody has moved into the property. Obviously, they sold the property after this and let’s see if there’s another picture over here. Somebody’s done some work to it. You’ve got the outdoor plains up the dirt. That’s not an accurate picture of the property where it is now. That’s fine. Somebody hopefully living in it. It doesn’t look bad. Someone’s making payments on it for twelve months. I’m still taking a look at it. I wouldn’t necessarily use that photo though to raise funds because it doesn’t look that attractive. I’m going to take it out. Let’s go out and try to find a better-looking property there in Kansas City.

There’s that one, here is this one. You can see it’s in a main living area. If it was nothing but green grass and trees, I’d probably say no. It’s too rural. I would not use that one to raise funds. Once again, let’s look at the photo here and see when this photo was taken. Click on the link. This was probably back in June of 2019. This one is June of 2019 when this photo was taken. Somebody might be working on that. I still have somebody take a look because it looks like they’re rehabbing the property and stuff out there. They could be living in it. If I go back to this one on Norton Avenue. I’ll go back to the spreadsheet. Somebody is living in it and make it look good. I’m fine with that. I take a photo. I take a screenshot. Somebody’s making payments. I’m happy with that.

Let’s look at the Street View. Let’s see if there’s been a better picture along the way. Let’s go back in time. I time-traveled right there back to 2007 when Google had crappy images. June 2011, that’s a better-looking property. In August of 2014, we’re already storing stuff on the front. They like to store stuff on the front porch area and we’re back to where we’re at now. It’s not the most desirable, but someone’s been paying on for at least twelve months. We’ll see what our realtor says when they drive by all four of these assets.

That’s what I’m trying to get. If that would work out, good. That was a good-looking property. I screenshot it, “Here’s the deal that I’m working on. Any Kansas City investors want a partner on a deal? I got a deal pretty good.” The thing is if it’s returning an 18% yield, we don’t want to pay 12% on this. I don’t even think it made me want to do 50%. You’d want to find investors. That’s why we start marketing ahead of time. They’re looking for 6% to 8%. If they’re not active investing, then don’t pay them 10%. If they’re not going to go out and do it for themselves, you don’t need to pay them double-digit. Here’s the thing that I would go back to one step here, going back to my spreadsheet. You’ve got basically 60% of the UPB bids? Let’s say you get money at 8% equals this times 0.08. You’re borrowing this money from investors. That gives you what your money costs. It’s 8% money costs are interest only.

Your profit on an annual basis, you borrowed 8%. You borrowed $21,000 at 8% paying $1,680. You are technically yielding, you are bringing in $4,788. Let’s add in one more column here. We’ll say, net profits. Twelve months P&I minus what you got to pay your money and there you go. It’s your net profits. If you’re paying 8% at $1.5 million, you’re paying $120,000 a year and you’re netting above your money costs $167,000 a year. Do you understand where I got that from? If you bought it at 60% and they’re paying you what they do, their twelve months P&I, not PITIS.

Principal and interest. That’s the part you get. You may be paying a total of $287,808. If you borrow $1.504 million exactly at 8% interest rate from different investors, IRA or whatever, that’s $120,000 a year paying out to that. Your profit is the difference between the $287,000 and a $120,000. That’s the $167,000. We could do one thing further. If you’re performing, trade it for costs, a little bit of that, let’s say transfer costs. We’ll say it costs you $500 per asset. You pull external BPOs, O&E reports and marketing and your transfer costs. You auto sum that all up, it’s going to be roughly $26,000, the first year. There you go. You make $167,000, pay your transfer cost, recording and boarding fees because you’re not going to have values because these people are living in the property. You still make $140,000 your first year, then $160,000 a year after that.

If you’re interested, like I said beforehand, I’m not the one selling these. A student of mine is. If you’re interested in potentially some of the properties or jumping in there, drop me an email at Scott@WeCloseNotes.com. I’ll make a transfer for you guys and you can deal directly with them. She’s working to take this whole portfolio down and is looking for a little bit of some money from some people to come in and buy some of the assets and she can retain the rest. As always, drop an email at Scott@WeCloseNotes.com. I hope this was valuable for you. That’s what I have for you. You submit the bids, start raising the capital, reaching out, and then wait to see what the bids come back accepted and looking at your due diligence. You’re not going to pay a penny for due diligence until you have it under contract.

You’re not paying for BPO, you’re not paying for property inspection reports. You’re not paying for O&Es until you have a signed contract in place. Everything will be automated value, but you would start sharing. Literally, you’ve got 50 assets here with decent photos. Talk about the area. You got some in some areas here. Be it a specific state. Pull the Ohio or the Indiana ones and focus on those. If you’re going to buy in a state, you might as well jump on a freaking plane, fly to Southwest with your mask and drive around a weekend and look at your assets that you’re looking to bid in. That could come in handy for you. David asks a good question, “Do you typically believe the seller if he tells you that he wants 60% of UPB? Shouldn’t we try to work it down?”

I will try to work it down a couple of fashions. The seller wants to sell all of these at once. I would work it down a little bit, but if they’re performing, technically I’m picking the cream of the crop here. I’m going to pay you 60% because it still makes sense. Can I offer $58,000? Could I go to $55,000? I can do that, but if the numbers make sense, it makes sense. If I can get it at $55,000 and money costs go down, but my profits go up too obviously. It may be hard pass. There was one tape that came out, the guy had a floor and then he had an offering. He wanted it, but he had a reserved price that you couldn’t pick them in below that.

Some of them had a lot of equity, some had values and other things were pretty close to the full reserve price. It was close to what the unpaid balance is because it’s performing but the value was a lot higher. It’s a working thing. That’s why every spreadsheet’s a little bit different. He kept a high and low at it and looked at it. We’ll go more into depth on this at the virtual workshops. I’d love to see you there and be part of the three-day class. If you get signed up, you got these bonuses. If you get signed up soon, I can literally get you the email out with a link to the week one homework. You could be on the coaching call and get my leadership board, get rocking and rolling.

Hopefully, you will get rocking and we can knock some things out of here before year-end for you. If you want to get signed up, going to NoteBuyingForDummies.com. That’ll take you straight to the page. It’s $599. It’s good for you, your spouse or business partner. It was all done via live because of Zoom. I don’t have anything else for you. That’s a great upfront there. Hopefully, that was valuable for you, seeing my mentality to find the real deals. I want to say this, I’d make my bids and it comes back. I can always go back and uncut. I can always go back and add some more.

I can go back and look at some other things, but if I want to focus the cream of the crop, if you’re looking at the performing note to pay your bills, guess what? What stands between you and $167,000 of annual income is marketing. Marketing to investors. Get a word out on what you’re doing. It’s $13,000 a month. For most of you, that’s more than enough than what you need to retire on right now. How hard would you work for that? Thank you so much. Hopefully, we’ll see you at the Note Buying for Dummies Workshop. Go out, take some action and we’ll see you all at the top.

 

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