EP 189 – Closing On Bank Assets

NCS 189 | Assets

NCS 189 | Assets

On this episode, Scott interviews, Joe, Jamie and Adam in regards to the recent pool of 31 Texas assets that they just closed from a bank.

Listen to the podcast here:

Closing On Bank Assets

Today’s topic and today’s special guests are going to add a lot of value to note investors out there and even to those real estate investors who are looking, “Should I come to the dark side? Should I come to the note side of real estate? Can you really buy notes directly from banks?” I got interviewed on a Cincinnati radio show with Vena Jones-Cox who I’m speaking at the big Ohio REIA Expo they have going on there. She was talking back and forth with me a little bit how a lot of note educators, a lot of, I guess you could say, the gurus out there say, “You can’t buy direct from banks.” That is not the case. I’m excited about today’s episode because we got three guys on here who just closed on a pretty good-sized tape that is direct from a Texas bank. They actually proved me wrong on a couple of things when we’re talking through this. I’m excited to have three of our good friends on here. We’ve got Joe Bayarena and Jamie Kubiak with Cross Country Notes and we have Adam Adams from AJA Investments. Adam has been a guest on here before, still leading one of the top ten ranking episodes. Welcome to The Note Closers Show.

Thank you.

Adam is joining us from up in Plano, correct?

Yes. I actually live in Dallas.

We have Jamie and Joe. You are joining us from San Antonio, Austin?

We’re here in Austin.

What’s great is these guys just closed on a tape of 31 Texas notes direct from a Texas bank. What I thought I’d start off with is let you guys introduce yourselves a little bit and then we work our way through this stuff. Let’s start first with Joe and Jamie. Tell us who you are, where you’re from, and what your note background is.

I’m Jamie Kubiak. My note background is maybe about ten months old now. I started with Scott, did his courses, did some reading, and I met Joe earlier this year. It’s been learning as we go has been the method. Watching the podcast and just reading people’s training materials have been very helpful.

Jamie, but you’ve been a real estate investor for a while now, right?

Yeah. I’ve been an investor in real estate since 2008. I’m tired of some of the dynamics involved with real estate investing so I wanted to change and it seems like this is a good fit.

How about you, Joe?

My background is I’ve been in the construction business for 27 years. I’ve built and remodeled a lot of most houses. Then I got into real estate and done that for eight years. I was doing a lot of flips, two to three flips a year during that time and that’s how I met Jamie. We got involved with some flips together. We closed couple deals together. I had already taken a few classes from you starting I think it was January or February of last year that start. I’ve just been learning little by little, listening to a lot of your seminars and your Monday note meetings that you have. Jamie and I decided to take your three-day weekend class. We had learned a lot out of it. Jamie and I just started getting on the phone and I said, “Let’s start calling banks.” That’s how we got started.

We have Adam Adams here which maybe you have seen him before. He was one of our guest speakers at Note Camp as well on systems. I should call you the wizard of wonder because you do a lot of great things with systems and you look like a wizard. Besides this tape, how many notes have you done? You’re right just beyond a year too. April was it your one year mark? Was that right?

First note was August 2016 but I got with you in February. Before that, we were doing passive stuff with some other people. 37 notes was our number not including passive investments.

That’s awesome. I’m really happy for you. It’s a great, great thing. Have you had a network? You said passive. You didn’t take up all your profits. You come from the apartment side. You leveraged that stuff and invested on a couple of apartment deals, which is good. You are looking for something else that’s why you came to the note side because that’s where the deals were at.

The first investment was the 32nd. It was three apartments. I think they’re too hot. I met a guy in apartments so I thought to turn this on the notes and that led me to you.

Joe and Jamie, you come to the Fast Track training. We have a game plan for you. You decide you’re going to start calling banks. Joe, you start dialing for dollars. What do you do? Do you use a software of any sort or service or you just start dialing from the Yellow Pages?

No. We started with Distressed Pro that you had mentioned on the training real quickly and we went through that. We decided to get on Distressed Pro and started looking at the banks. I asked Jamie if he could start working on the technical side, putting everything else on systems together because Jamie is better on that than I am. I just started calling banks. I think I called 67 banks or so somewhere around there.

Over what period of time, Joe?

NCS 189 | Assets

You really have to get on the phone. You’ve got to call and you just can’t get luck.

Six or seven weeks. I’ll be honest with you, I’ve talked to a lot of gatekeepers. Sometimes I would get through and leave a message for the CEO or the president but really it’s just real labor intensity. You really have to get on the phone. You’ve got to call and you just can’t get luck. You just got to stay on the phone. Finally, I had reached out to this guy. I think I’ve talked to his assistant four times and after I talked to her several times, she finally knew my voice and she recognized me. She put me through to the president of the bank. I always started off either the president or CEO, “We’re hopefully getting a referral,” just like the assistant says to do. Finally, somebody called me back and Jamie was here. When he called us back, Jamie says, “You talked to a banker?” We’re at a conference table and he said, “Who was that?” “I’ve told you it was The Bank of San Antonio.” He was just, “Now, what do we do?”

With the 67 banks, you called them a couple of times though each, I think you said over the six weeks right?

At least three, four, five times a week I ended up calling each one of them. You just got to keep calling and calling. I think once they get familiar with who you are or at least it was my experience, when you call them, talk to the assistant, and they go, “Hi, Joe.” I say, “You know who I’m looking for.” They would laugh. You already have them on your side. It takes a lot amount of time just for them to get comfortable with you’re not the enemy or trying to bother their boss. Once you get them on the first name basis and you’re talking to them, then it’s much easier. Since then, Jamie, now we’re sending the gatekeepers an email and saying, “Thank you for letting us speak with you.” We’re sending out emails to them so that we can get through to their boss. We’re putting together some things that are helping us out and Jamie has put magic there.

You didn’t send any emails out with the list that I gave you?


That’s fine because that was one of the biggest things. You we’re used to doing the yellow letters and door knocking and that stuff initially. The technology side was your biggest deficit when you came out of the training. We knew that. There’s nothing wrong with admitting that. You’re doing that, adding that especially but that didn’t stop you from picking the phone and doing the old-fashion dialing for dollars, right?

Not a doubt.

Did you focus just on Texas banks or did you pool a variety of banks?

No. I started with Texas banks.

What he’s doing is he’s proved me wrong, which what happens I say, “Texas banks want too much for this stuff. They don’t usually have stuff. Focus on other states.” I will eat crow here and admit my wrong for telling you that. It’s okay to admit when you’re wrong. Anyway, this banker calls you with a list of assets. Let’s talk about that asset tape.

Initially, it was 47 assets and then he said, “Joe, I need to trim those back a little bit because these were not going to sell.” He took them off the list and we ended up with 31 notes so that’s what we ended up buying.

All in San Antonio, right?


So 31 notes in San Antonio that they wanted to sell at 55% of the unpaid balance, right?


Most of these, since they were in San Antonio had some equity or were at least worth full UPB, correct? They weren’t underwater.

No, none of them were underwater. All of them had equity.

Joe asked me, “What shall we offer on this?” I was like, “It’s Texas bank. You probably need to offer around $60,000.” He goes $55,000 and he gets $55,000. I remember you guys called me. I was in Nashville. I was actually driving to the airport when you called me, “We’re excited.” You didn’t know what you had. You were like, “We have a tape but we don’t know what’s on it yet.” Is it performing? Non-performing? What’s the interest rate? We figured that in the $50,000, it was about 17%, 18% yield based on the cashflow. Adam, how many of these were performing and how many are non-performing or scratch and dent?

About thirteen or fifteen are performing and then the rest are defaulted pretty much.

The great thing about Texas is it’s a fast foreclosure state. Jamie and Joe, you started doing a little bit of marketing. You started making some deal tapes. You drive by all the assets because they’re close in San Antonio, right?

Yeah. We decided we got up at 5 in the morning a couple of days and we drove down there. We were there having a taco and some coffee before 6 in the morning. We actually drove by every house. I think about the second day we had a flat but we drove by every property and took pictures. We ranked the properties how good they were, how bad they were, ABC scale. We got to see every house.

You realized these aren’t huge houses. What was the total funding amount on the 55%, Adam?


It’s about $1.5 million UPB. I think the value’s right about $1.8 million to $2 million. Is that right?


You’ve got a nice value there, a nice portfolio. After we talked for a little bit, you started working. You started reaching out to some of your friends and colleagues there, Joe and Jamie, trying to see if they would fund it, right?

NCS 189 | Assets

People normally don’t know about notes and so logically, it will take them a little while to warm up to the idea.

Yeah. We have a few contacts. Jamie and I, we went to go and speak with them and had meetings with them. A couple of them told us they would fund it. When we presented everything to them, they didn’t know anything about notes.

What we found is a process. People normally don’t know about notes and so logically, it will take them a little while to warm up to the idea. We were figuring things out as we went and we just run out of time. The sales process of getting a JV partner takes time.

That’s why you email before you get a tape. You hadn’t done any emails out to your database. You hadn’t done any of that stuff because you’re busy living life and then getting things set up and making phone calls. That was the big thing, I was like, “Have you sent the email out?” You were like, “No.” The good thing since you’re dealing directly with the bank though, you had a chunk of time. You didn’t have seven days to close. You had how long to close?

Initially, I got one month. He wanted to close in three weeks and I said, “Typically, we don’t get 30 notes. We usually buy five or ten or something like that. We have two. We did have a little time to check this out and go through them and make sure our attorneys look comfortable with everything and see if there’s any liens, etc.” He says, “Yeah, but how much time do you need?” I said, “Could you give me a month?” He said, “Sure. I’ll give you two weeks more so that you could fund it.”

With the three weeks, you’ve got six. You’re working through it. You come to the Cape Coral Mastermind. I have you presented tape there because you didn’t have funding lined up yet and I wanted to share it with everybody at the Mastermind group because you could fund it relatively quickly there. You had a few interested party that were interested there. What made you reach out to Adam? Or Adam, did you reach out to them afterwards? How did that all happen?

I thought it was already funded with some of the other guys. I was like, “That was a great deal,” but I just went on and did my own thing. Then I guess they called me about a month later. I wound up approaching some of my big money people to see if they could just fund in full but it was a short notice on the closing date. I think we all set around and it’s like, “We’ll just get JVs on everything.” We started working that process and I started priming my people.

Let’s talk about you priming your people because then you reached out, “We need some help. We need some raising capital.” It’s normal. Let’s talk about the process you did. You sent an email out over two weeks or how did that work out?

Once we decided that we were going to do this, I sent an email to my private investor list. I said, “I’m working on this in San Antonio. It’s going to be a good deal. Just get your checkbooks ready.” A few days later, I just gave them an update, “This is where we’re at. Get your checkbooks ready.” When it came down to the day to sent out the offering, I sent it out. I had contracts within about four hours and a waitlist.

Jamie, Joe, you understand the power of email? Go ahead, Jamie.

Honestly, I was resistive to the idea because I just didn’t think it would work. I hate spam email and that’s my personal background I should have brought to the table and that shot us in the foot with that idea. It wasn’t helpful. It does work obviously and we powered through and we found we’re set up to do a lot better for the next tapes that we get. Fortunately, it all worked out. We made it with working this with Adam and it resulted really great. We’re very fortunate. It’s been amazing.

That’s the beautiful thing about having a network or a Mastermind. You have a lot of the same likeminded people there. I have deficiencies. Everybody’s got deficiencies when it comes to things. We all got holes in our business in some fashion. That’s the beauty about Mastermind is reaching out to people that, “I need a little help.” Oftentimes, this is going to be a win-win for everybody involved. Adam, you said you reached out to your network and you started, “These are decent enough tapes.” I think you said that you and Jamie came up with a scoring system. You want to talk a little about that, Adam?

How does a JV pick which asset? I got 31 assets. How do you rank them? So we came up with the ABC ranking. A, the property’s got a ton of equity, a lot of equity. If we go to foreclosure, we’re fully covered. Then we ranked the Bs. It still has equity but it might not get paid in full at foreclosure. Then we got Cs but we didn’t offer the Cs. We have one C but that one’s underwater. We just kept that C to ourselves. Then we had the plus and minus ranking. Plus means the borrower pays. It might be semi-performing and we think we can get them on track and performing again. Minus is there’s not a chance in hell they’re going to start paying again so we’re just going to go the other exits on it. We had A minuses and B pluses, which one’s better? The B plus means we think the borrower’s going to pay so we get that check every month. Is that better than an A minus? I don’t know. A minus is going to be a quicker turnaround because we’re going to the foreclosure. How do you rank those? We let the JVs decide which ones they want. I think it was a pretty good structure how we did it.

I think it’s phenomenal. It’s the best way to get equitably divide up the tape to make it a win-win-win. Win for the funding partners so that they are getting something that’s on par with what everybody else is getting. The beautiful thing is that you’re at 55% of the unpaid balance. You’ve got 45% for the most part except maybe one or two it sounds like that you got at least 45% of equity there.

I think we had three B minuses. We don’t expect the borrower to pay and we’ll probably get full payoff at auction. We just paired those out with the best A minuses. The highest equity with the quickest turnaround, you had to go buy one of the B minuses to go with it and that wasn’t a problem. We got rid of all of them.

That’s because you market and you do a great job on every two weeks, weekly email? Every time you go somewhere, I’d see an email.

About two weeks and I don’t do as much posting on the blogs anymore but I still post on that. If I’m out and about doing stuff, I’m posting all the time, videos and stuff.

You worked hard. First year, you closed deals. You built a tribe, a following and so your database is listening to when you say something. What’s your exit strategies? You’re still managing the deals. Your JV partners are just on the funding side. Are you going to take the performing notes and try to sell those off?

NCS 189 | Assets

Most of these have a lot of equity so if we go down the foreclosure, we’re probably not going to get the property.

Yeah. FNAC, they’re looking at them. Harbour wants to buy them too. If we’re getting REOs, Harbourwants those so that’s not a bad deal. Most of these have a lot of equity so if we go down the foreclosure, we’re probably not going to get the property. Some of them have a lot of several judgments and junior liens so deed in lieu is not really an option either on some of these. There’s a few that if we got the property, we’d make a lot more money so that will be the exit. On the performing notes, most of these have balloons. We’ll get rid of the balloon and sell off the performing note.

Joe, what was the motivation for the bank to move this whole portfolio? Was it because it was a lending type? Was it a portfolio they didn’t want to get in trouble for foreclosing on? Did the asset manager tell you what their motivation for moving the whole tape was?

From what I understood from the president, he said that they had created a special program to try to help some people out. These were the assets that were not performing very well and they wanted to try to shut down that program that they were doing or back off of it and just keep the ones that were the good notes. When I called them he said, “You just happen to call at the right time because we’ve just been talking about this. We want to sell them.”

What you have is a case for a local bank who didn’t want to foreclose on local clients. They wanted to pass off their nightmare to somebody else who could come across as being the bad guy if you have to. Right, Adam?

Yeah. Sometimes we’re the good guy though that’s the cool thing.

A couple of names you mentioned. FNAC is First National Acceptance Corporation. They’re one of the largest buyers of performing notes out there. If you have owner-financed notes, they’re a lot of times that we run and bother the broker. Harbour Portfolio, they’re a big buyer of stuff. They like performing stuff. They also like to take REOs and turn them into contract for deeds for long-term. I don’t know if they do that though because it’s a Texas asset..

I don’t know if they’re going make blank contracts on them but they do want any REOs we get in Texas.

Joe, let’s talk about this. Are you still calling banks or did you just slow down since you’ve got this tape now?

Initially we did. When we were trying to put everything together and finally get it funded and then talking to Adam, I pretty much slowed down and I wasn’t going to need that. We were trying to put everything else together. I have since then started getting back on the phone and calling banks again. I’ve been on the phone for that.

Actually, we’re going to crank it up. We got some templates. We got some emails pre-written and we’re both going to be prospecting and we’re just going to crank it. Now, we’re calling people and sending them emails as well, so we’re getting that out.

I think you’ve seen the power in it though. You had your preconceived ideas and I’m sitting there hammering on the phone like, “Have you sent email?” “No.” The last thing you want to do is get a deal but not have anybody there to fund it. I only bring this because it’s a big learning curve for a lot of people. People are like, “I want to do this myself and prove that this works.” There’s no reason to prove it because it already does work. It’s just that you’ve got to change your perspective of the marketing. In today’s world, it’s not yellow letters and post cards and Craigslist ads. It’s literally sharing the opportunity. Adam did a really good job there. He shared the opportunities what he is working on with his database and they liked the opportunities and got pulled up. There’s no reason anybody can’t do that. A very simple to either get Infusionsoft, AWeber, Constant Contact, or MailChimp or something that you can at least communicate with your database to get the word out and share the journey. Your biggest challenge, Jamie, is sending an email that says, “Our first note deal is a tape with 31 assets.” Joe, I would highly recommend, if you haven’t done this already, reach back to the asset manager if he knows any other local buddies that have stuff on their portfolio they need to get rid of.


Have you done that or haven’t done that?

No. I haven’t done that.

Adam, when did you close on this?

Friday the 13th.

That’s such a good marketing piece. You just closed on servicing transfer. It’s going to take place in the next two weeks. The ones that are performing, you’re going to move those to where? Madison Management or keep with the existing servicer?


Then the others are moving into The Law Office of Daniel Singer to either start getting them or trying them re-performing or start the foreclosure process, right?


Now, that puts you at number how many for the year, Adam?


31 for Joe and Jamie. It’s doing a trade that’s got a comma. It’s got two commas on it, $1 million trade, right?

Yeah. The total money raised was about $970,000. I wasn’t sure I could do it.

I knew you could do it, Adam. Remember, we were talking in Anaheim. I was talking to Jen and you about the deal and you were just starting the discussions back and forth with Joe and Jamie about what’s going on. I was like, “If you guys don’t get this approved, you better call me because I’m going to jump on the horn.” I even sent a text message to Joe, “Joe, come on dude. What are you waiting for?” That’s the thing. I’m very proud of all of you guys. If you want to do the dial for dollars, not follow up with emails, not pool list and do this stuff, you can find assets that can be done and the banks will sell assets off if you got the right stuff in line. You talk the talk even though you hadn’t closed on a note deal yet because you understood what to say there, right Joe?

Yeah. I guess I just remembered everything you told us in the class to just not give up and stay after it and keep calling and just staying after it. Decide you’re going to something and just do it.

Brent has mentioned something on Note Camp about how you focus on 100 banks in calling because 80% of sales happens after the fifth contact. You obviously proved that right. A lot of people will make 50 phone calls and then sit one time through to 50 banks and they’ll never follow back up. You should have your face in a dictionary under consistency and determination.

You just have to keep calling and keep calling and keep calling. Once they get tired of you, they’re going to say, “Let me give you to my boss. Let’s see what he says.”

Adam, you grew a lot of confidence from getting this thing closed as well, which is phenomenal and that’s always exciting. You’ve been buying from some of the hedge funds and some of the contract for deeds and stuff like that. Is this changing your perspective on where you’re going with your business?

NCS 189 | Assets

Everybody gets the benefit and everybody mitigates the risk.

Yes, big time. I think Jen and I realized that we only need to do about one or two of these a year and we’re done. We’re working on larger pools and working with an SEC attorney to try and do some closed in funding, not the open funding that a lot of these note funds do. Blend it with what I’ve learned with apartments. That way we don’t have to worry about people picking all the cream of the crops of our pools. We get stuck with the low-end stuff. Everybody gets the benefit and everybody mitigates the risk. If I can just do two deals a year, I’m set. Hailing with the systems, 67 is nothing. Jamie is getting all into this too. We’re getting on the Pipedrive easy-peasy.

You’ve got the systems in place. After you purchased it, you did a great job on the front-end looking at it because you had servicing records, you had payment histories, you have them being local. You had comps pulled from realtors to tell you the true values of these assets and you had plenty of time and you went back and ask for an extension too. Didn’t you, Joe?

Right. We asked for another ten days or something like that and he said, “Sure.”

This banker was just really cordial and just said, “How much more time do you need?” I said, “Another week.” He said, “I’ll give you ten days.”

The question is have you sent the guy a bottle of scotch or whiskey yet?

I bought him a box of Cuban cigars. We haven’t delivered them but when we go pick up the collateral files, I’m going to deliver those.

Adam, you like the fact that you have your systems and we make the joke that you don’t want to do as much work. You want to sleep and take after your naps and things like that. I love that. There’s nothing wrong. I’m not making fun of you. You know that, right?

I know. It’s true though.

It is true and it is okay to be truthful about that stuff. How much of the money came from self-directed IRA accounts? Do you know?

Most of it. I would say about 80%. I think we had two cash investors and the rest was IRA.

You admit these people in your database are out when you’re going to other events, other networking, other bus tours, things like that for the most part?


How did you get your email initially? Is it pulled from LinkedIn?

Note Camps, maybe some LinkedIn. One of them was LinkedIn. Now, I think about it way down in California. It’s just meet and greet people. I get a lot of referrals actually, a lot of my apartment people. The big thing in the apartments is this uBid tax. Even though you think it’s tax-deferred or tax-free investment, you wind up having to pay your taxes because there’s leverage involved. Everybody’s been shifting over to me because it’s uBid free and I’ve been getting a lot of apartment referrals to go into notes.

That’s good stuff, over $1 million dollar funded from that I would take it.


What’s your goals for 2018? We’ll get to Adam because I think he already mentioned it but, Joe and Jamie, what are some of your goals that you’re looking at for next year?

We’re just working to finish off this year. I don’t think we’d sat down yet to talk about next year. For the next three months that we have left in this year, we want to get the marketing more automated, get things rolling with that, get our outreach for acquiring new assets, new inventory, get that cranking, which we’re making headway this week. Just keep pushing forward. Then I think we’ll plan next year a little bit later. We have a lot of ground. We’re very inspired by this experience and we learned a lot. We have a lot more we want to do. We think it will get easier because it’s been an emotional rollercoaster. Everyday literally has been an up or down experience.

We have learned a lot. Adam has showed us so much on the systems in how to put things together and what comes next and getting with Jamie and putting everything together the systems that he uses.

I want Jamie to replace me so I don’t have to do anything.

You’re talking about systems-wise so they have things in place so you don’t do anything with your Pipedrive and stuff like that, right?

Yeah but I’ll make sure Jamie does it the right way. That way I’ll just manage Jamie.

Adam, you talked about that you wanted to do maybe two, three of this a year. Any other goals for you since you’ve come the last twelve to fourteen months and closed on 60 plus assets?

If we’re going to two or three of this a year then Jen gets to drop down a part-time or quit her job altogether. She’s going to quit her job so it’s not that big of a deal. Keeping that benefits thing, let’s hope.

Let’s talk about that. What are you doing to look at those two tapes? Are you going to be reaching out more to banks?

Yes, definitely. I got Jen, my boss, telling me out everyday about it.

What’s your plan of action? Just pooling 100 banks and following? Are you using Distressed Pro or just pooling off of LandGuide or what are you thinking?

NCS 189 | Assets

I actually got the Distressed Pro info that I need in my Pipedrive so I know which banks to call.

I’ve been able to replicate Distressed Pro with my systems. I’m a database developer so I pooled all the FDIC stuff. I actually got the Distressed Pro info that I need in my Pipedrive so I know which banks to call. I’ll be calling those. I’ve got a connection now with Fannie Mae so I might be able to get some stuff pretty cheap that way too. I really want to focus on the towns that I’m already established in. I’ve already got teams set up to make it a lot easier if I can do that.

Just taking what you know and then going and using the banks that are living on those areas and targeting those regional area banks or the banks that lend in those states.

This is one thing I did. I told everybody, my realtors and property managers in different towns, told them what we did in the San Antonio and I said, “I need some bank contacts,” because they know the local banks. Once they realized how much money we’re going to make they’re like, “I can get on this.” They’re my hound dogs now for some contacts in these local areas.

I’m very proud of all of you. You should already know that but it’s always exciting to see you closing on deals and doing things that other people said can’t be done. Any thoughts you want to give somebody out there who’s brand new and struggling? Adam, we’ll start first with you.

Do one. Once you do one, it gets easier after that. Just get that first one knocked out. I think I overpaid for my first one. I still have it. I learned so much just buying the whole one note.


Take action and be surrounded by good people that are also taking action. I think it’s a good place to start.


I was going to say be persistent. Have your goals and be persistent. Never forget that you have people in your Mastermind that you can always access and ask questions to. Anytime of the day people will talk to you.

That’s the beautiful thing about the note industry. A lot of the note investors are much friendlier and willing to share and help out than a lot of the other avenues of real estate I think I’ve seen. Would you see that in wholesaling, Jamie? You still do a little wholesaling or have done in the past. It’s not very friendly area in wholesaling, is it?

Yeah. It’s dicey. They’re not so friendly typically. There are cutthroat people in notes as well. We’ve met some of them but that’s everywhere you go.

Where are those people at? Did you have anybody try to steal the deal from you or no?

There was an outfit that we reached out to in Dallas. We talked to him a couple of times but we realized that they just want to steal the whole thing from us.

That’s not good. Anyways, good job. I’m very proud of all of you. Go out and do this again. Run some repeat because once you’ve done it once, it’s not that hard to do it again. I can guarantee of that with those many assets we’ve bought from banks through the years. It’s a great source. Honestly, it’s a very I think untapped market. Joe, did the banker tell you if he had anybody else call him ever on that stuff or that you were following up, you’re the only person that called them? How did that work?

I believe these were the first notes that the bank had sold as well. His assistant said that they had a phone prospect. She never let him get through.

Make sure you take her something besides Cuban cigars as well. Thank you for joining us on this episode of The Note Closers Show. Always inspiring seeing people out there that are actually taking action and doing things and closing deals, especially when you close a big deal, $1 million something with a couple of commas almost in the closing amount. It was a good thing. Good job, Adam. Way to come to the table with the cash and make it happen with your investors and marketing. Joe, Jamie, great job of persistence and not listening to me, which is good. I’m glad you did. It just proves that there are assets everywhere if you just reach out and make the phone call.

Once again, if you’re listening on Stitcher or iTunes, always, always love to see that you leave a review if you enjoy it. Also, feel free to refer this out to another real estate investor or a few investors who might need a little kick in the butt to learn how to do some things the right way. Until then, we’ll see you on the next episode. We’ll see you all at the top.

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