EP 305 – Adapting Your Business Models with Jay Tenenbaum

NCS 305 | Adapting Your Business Models

NCS 305 | Adapting Your Business Models

 

The market is constantly changing back and forth with pricing. Prices five years ago are different than what they are today. Scott interviews note and real estate investor, Jay Tenenbaum, about his business models and how he has adapted his note business as the market has changed. Jay has been involved in notes for almost five years now, and keeping borrowers in their homes has been his mantra. His business has evolved multiple times. Jay is always looking at closing notes and has taken advantage of the opportunities in the market that are presented to him. Discover how adapting your business models can help you create that passive cash flow.

Listen to the podcast here


Adapting Your Business Models with Jay Tenenbaum

I’m extremely excited to have one of our good friends, Jay Tenenbaum. Jay, for those who don’t know who you, tell our audience a little about yourself. How did you get started in the note business? Why do you like notes?

I was a debt collection attorney for twenty years. I’ve been in debt all my life, just not personally. I met up with you. It took off from there, 250 note properties all across 24 different states. Since then, the ride that I’m blessed to be on, and I wake up every day and I can’t wait to do it again.

It is definitely when you can spring out of bed and makes it to the office and enjoys what you’re doing where every day is a little bit different. It’s all that same stuff over and over again, but its different story every day. You don’t know who you’re going to help. You don’t know what’s going to happen. It makes it easy to get out of bed. Being a debt collections attorney, this was a very easy transition for you. You understood the power of buying distressed debt and be able to buy a discount and really work out. You’ve got some amazing stories of some borrowers that you helped along the way. What advice would you give someone who’s brand new or looking to start investing in notes? What advice would you give them as a brand new investor?

NCS 305 | Adapting Your Business Models

Adapting Your Business Models: Partnering up with somebody who knows what they’re doing and has all the tools and show you the ropes is absolutely essential.

The advice I would give would be twofold. First of all, don’t try a lot of this at home, don’t try debt collection and talking to borrowers at home. That will get you in trouble. Always seek out your mentors and even better yet, seek out your partners or have someone with experience to run you through this. I had the opportunity for people that I met at my first dummy’s class who have had the experience. I had some experience as far as buying debt, with regards to buying notes and the ins and outs of closing on your first transactions and doing your diligence and things from there. Working it out was fairly easy with my background. Just the ins and outs of how to do due diligence and things like that because the good bias is on the diligence side, not how you ended up resolving it. Partnering up with somebody who knows what they’re doing to show you the ropes is absolutely essential.

I would agree to that because there’s so many little different ins and outs and having somebody that you can reach to, ask questions or a good network or a mastermind group that you can reach out on a regular basis is critical. You do draw that out obviously. What has been your biggest a-ha moment over the last years?

The a-ha moment is learning from your mistakes. Don’t dwell on mistakes. You’re going to stub your toe. You expect to stub your toe. Just make sure that you do it in a way that when you rip off the Band-Aid, it doesn’t hurt too much. Learn from it and move forward. Also, what I’ve learned from a business standpoint, a personal standpoint, is be very aware and be very cognizant of the changing market and be able to adapt and evolve as an investor.

Let’s dive into that a little more because the market is always constantly changing back and forth with pricing. Prices five years ago are different than what they are today and markets have changed. How have you evolved market wise or business model wise?

Being involved in notes for almost five years now, it’s my love, my passion. Keeping borrowers in their homes is always been my mantra. We started concurrently developing. We’re still looking at notes, we’re looking at buying notes, we’re seeing pricing, we’re dealing with the sellers and concurrently we’re developing relationships with some banks and hedge funds, mostly banks on some REO properties. All of a sudden, when we’re realizing that we can get REO cheaper, that I get a note and the deal flow is there, you started diving into it. It wasn’t to say that we had readymade models. Now, we start borrowing REOs instead of notes, what are we going to do?

We knew what we wanted to do. We knew that we still wanted to create seller financing and lease options and create that passive cashflow. That’s always been my model buying notes is creating passive cashflow. All we’ve done now is buy a different asset class, a different acquisition strategy, but still done everything the same other than I don’t have the borrower to keep the home anymore. Everything else is the same with regards to, if I had a note that turned to REO, I’m now doing the same thing buying REOs straight up than I was when I was taking back my REOs before.

A lot of people here are in REOs, and they start thinking, “Where are you getting your deals at? Is that an REO? What kind of price point or a market value are you getting these REOs roughly at as far as value and pricing?”

In our specific market, Cincinnati, Cleveland, Montgomery, Alabama, Indianapolis, and Rockford, Illinois, on average, we’ve been picking this stuff up still at around $0.50 on $1. The bullish we’ve ever bought an asset was $20,000 and the highest we’ve ever bought was $106,000. The property value is $75,000 to $300,000.

You’re buying these direct from the bank in bulk packages or one-offs?

We’re seeing 8,000 properties a week all across the country. The ones we’re bidding on our own markets. Sometimes we put our bids in, when the bids are accepted they roll over. Sometimes we would get five bids accepted in one week. We may get one bid accepted in one week. It all depends on how fast were wearing them down. I can’t say that in other markets they’re going for those price points. We’re not buying in Arizona because the banks aren’t letting the properties go in Arizona for that price point. It’s market by market, but in our markets that’s what we’re doing. We picked up over 30 properties.

Do these need a lot of work or paying carpet or it just varies?

We’ve got one that we bought it and I show people the before picture and it looks like the after picture. We bought it for $70,000, put $3,000 into it, and sold it for $104,000 in four months. We looked at the before picture, the bathrooms and the kitchens were pristine. There are others we’ve had to put more work in them, but we’ve modeled that out in our performers as we get were bidding. We’ve got great teams in our markets, which are essential. My contractors are solid, our realtors are solid and we’re flexible. We don’t fix and flip everything. It’s a balance. We’re doing a lot of seller financing, we’re doing a lot of lease options, and we’re doing a lot of turnkey rentals.

Let’s talk a little about that because that’s three different exit strategies. You said owner financing and lease options. We’re not going to talk about the flip side. You list it on the MLS, get in the realtor, and selling it retail, correct?

We build a good realtor base. As a broker, it has investor base, it has a buyers’ base. Most of the time, we already have a buyer before we finished the rehab, one way or another.

Let’s talk about the owner-financed piece. Are there any specific regular turns that you’re offering up? Is it dependent upon when people bring a down payment or how much they’re bringing as a down payment?

NCS 305 | Adapting Your Business Models

Adapting Your Business Models: A lot of people’s credit is actually fixed, but people still have issues of employment and income verification.

We’re looking at a minimum 10% down. We’re around 9%, in 20 to 30 years. Regular mortgages, we’re not doing CFDs. In our markets, we figured that that’s better. We were okay with the foreclosure rules in Ohio and Indiana, Alabama, and Illinois. We’re not in Cook County. I’ve got a love-hate relationship with it literally right now. I’ve sold a couple of properties and on the sales side, everybody’s got their finger on the deck. On the seller-finance side, 10% is sufficient skin in the game. It doesn’t really matters if you’re selling properties for $100,000, $120,000, coming up with $10,000, $12,000 and they do. We put them in touch with a lender right away so they can figure out whatever challenges, whether it’s employment history or income verification. A lot of more of that that it is credit these days. A lot of people’s credit is fixed, but people still have issues of employment and income verification to where looking at a two-year commitment to say, “You got a 23-year loan we can draw but the idea is that either they’ll be able to refinance it out, especially when we’re running it at 9%, or you’ll sell it as a performing note because it is a mortgage, not a CFD.

Who do have to structure those loans? Do you have licensed NMLS officers across the country?

We used to have a national guy. I had my national attorney in Washington and my MLO guy in Florida. We’re basically establishing relationships in those markets, since we’re in heavily in those markets, we have our guy in Montgomery, we have our guy in Rockford, we have our guy in Cincinnati. We use these attorneys down there.

What’s the fee that they help them underwrite all that paperwork properly?

Minimal is $200, $500.

That’s very affordable, especially their getting 10% down and then you’re holding onto the loan for twelve to 24 months when either you’re working to help them get refinanced out or be selling it off to note buyers.

We’re using a local person here in Arizona to do the MLO qualifying.

It’s filling out a form and just making sure some ratios workout.

Then they sign and everybody signs off so you’re now Frank compliant.

Are you doing any contract for deeds as well in different states?

No. We’re only in those markets for now. We probably got a good connection to build a team in certain parts of Florida. This guy found me on LinkedIn. He’s got some areas that he’s selling and we’ll probably going to open up in Florida pretty soon. We’re excited about our turnkey rental program. The Cincinnati market is extremely hot right now. We had one property in Rockford that we put up for lease and we got four applications in the first two hours and rented it up the first day. On the turnkey rental side, you lease up your properties and then there’s an online platform called Roofstock. In Cincinnati, there are no properties in Roofstock right now. They’re going to go off the shelf in about 15 to 30 days and investors are buying this stuff at six to seven cap.

You put somebody in there with a good market rent and capitalize it and sell it at six to eight cap.

They’ll take this stuff from you at two to three months in. We’re starting to use some institutional financing that even within six months we can get in and out of stuff.

Let’s talk about some things. You’re finding these assets, it’s institutional base for the most part. How are you financing? Are you using private money, institutional financing, you got a line of credit?

Both. We haven’t gone the line of credit route. We haven’t done the fund route yet. We are spoiled. Every time we think that we want to do the fund route, we got so much money coming at us that we’re like, “We don’t need to do it yet.” The line of credit route, we’re having too much fun and too much business to say, “Let’s stop and put the finances together and our income tax returns together.” We have a terrific relationship with a hedge fund that started out giving us 90% of our acquisition money.

People were coming to me, an investor say, “I only have $10,000, $15,000, $20,000 to play with.” For the most part you know that as an investor, that’s a tough area to deploy because you don’t want to be buying one small value asset and has gotten enough to first difference. With 90% financing on a property that was paying like maybe $70,000, $80,000 worth, using their private capital for the gap. You’re $20,000 is going into two or three properties, like $5,000 here, $7,000 here. That relationship’s going so well, then once we determine what our definitive exit was, we’d go out and get our JV partners to take out the acquisition side and do the bigger commitments for lease options and the seller finance and the true rentals.

Now, the hedge funds come to us unilaterally and started giving us rehab money for as long as we’re 70% ARV, which has now enabled us to do our fix and flips by ourselves, probably the turnkey rentals by ourselves. We’re looking at it and grow with a solid financing or lease option, and then we’re still probably looking for some JV money. If we’re not going to use them because they’re 90% certain like they’re able to pinch the fund in two days. In our price points, other guys would’ve put private capital in play. Somebody will do an acquisition as a first, $60,000, $70,000 the first and they’re financing 100% of the acquisition and then taking them out.

There are enough margins in both to be able to get somebody in, you get them out relatively quickly. They make a decent return for being mezzanine financing, but still allows for you to do the voodoo that you do on the back end.

Even in the second position, because we’re buying stuff as cheap as we are, your security in the second position like you said, you’re prior of $7,000 is still around 60% of the loan to value.

You’re not going over 70%, 75% of value or after repair value. You’ve had different partners over the years. You and I both have had those conversations before by having good partners and bad partners and stuff like that. How critical is it to dive into and double check it before partnering up with somebody in business. How important is it to think things through?

NCS 305 | Adapting Your Business Models

Adapting Your Business Models: Relationships are work in progress every day.

It’s critical. Relationships are work in progress every day. Dwelling on the past experiences were such that I had a partnership where we were compatible. We had our respective skills. The businesses outgrew that partner. The other partner didn’t come to the table with what they were supposed to. I’m blessed now that my partners Kim and Patty here in Arizona are just absolutely fantastic. It’s a relationship and even though if you’re dating, as a relationship you were dating as partners, it’s key to understand what everybody’s respective strengths and weaknesses are. The key to a good partnership is, “I’m strong here, I’m weak here, you’re strong here, but weak over here,” so you’re all compatible. As long as you defined what the roles and responsibilities are and you run in your own lanes and you support each other but you fulfill your own lane first and foremost, your partnership will be just fine.

It’s important to pick somebody who’s good at your weaknesses and sticks in their lane.

Friends and family don’t necessarily make the best partners. People we don’t even know make good partners. Look at Wayne and Natalie for example. I don’t know how much they knew each other before, but they’re compatible with their respective strengths and they do work very well together.

Where do you see the market going? I know you and I are constantly reading and talking with people and trying to figure out as much of a crystal ball as we can put together. Where do you see the business going in the next 12 to 24 months?

It has to shift. I only dived into real estate when I got started with you in 2013. I wasn’t all that involved in real estate other than buying judgment liens a couple of years before that but I do hark in on what I saw, what I know from my debt collection days. What I mean by that is in the late ’80s, banks started selling off their credit card debt and I’ve seen the same evolution. The pricing is great, every investor are jumping in. They’re making money hand over fist, pricing goes up. The pricing back then went up from the standpoint of hedge funds we’re coming into the market with user loses money and they were so stupid that they were like, “We’re buying stuff in California at $0.12 to $0.15 with a liquidation rate of 8%, do the math there. They’re in and out done, but they create the pricing.

In 2008, the debt market crashed and everybody was able to buy again. There’s a debt buyers’ conference in Vegas and in the early 2000s, you have 1,200 people at this conference. All of them are going, “I don’t have anything to sell and I don’t have anything to buy because what I’m selling it, you can’t afford it if you don’t want to pay for it.” Until everything’s crashed, the market’s corrected again. Pricing of notes, we’ve evolved into buying other things because if you got your own money, I suppose there’s some deals out there. With investor money still, you can’t produce the returns that makes sense at the pricing that is out there.

Then you’ve got markets like Austin, Denver, San Francisco, San Jose, Tucson, the mortgage defaults are up against those. The signs are there that there’s going to be a correction. Selfishly, I can’t wait to but what we’re buying now cheaper. I guess the advice would be position yourself, get your wheels in motion so you can take advantage. Like Loral Langemeier says, “When America is on sale, there you go.” If you’re ready to pounce when the going is good, buy whatever you can. Granted, when I got started this and you’ve got started even before that. In 2013, 2014, 2015, our mantra was, “Buy as much as you can because you don’t know when the cheese was going to be moved.” Now, the pricing isn’t what it is. I don’t necessarily think that there’s a shortage of inventory, there’s a shortage of good pricing.

I do believe that it has to correct itself because at some point enough is enough and when it does, great, then I can take advantage of buying what I buy now even cheaper. Even if I said that, the key though is if I’m buying REOs and I’m fix and flipping, then I’m setting myself up for failure when the market cracks. If I’ve got the exit strategies of seller financing and lease options and turnkey rentals, those are things that sustain themselves in bad markets. If it’s doing well in a good market, it’s only, do better in a bad market and that’s fine. I’m keeping myself recession proof and just ready to take advantage of what the market gives you.

I’m glad you brought that up because that’s important. You’ve got turnkey rentals, re-performers, owner-finance stuff. Somebody flips out about the market adjusting, but usually a two-year, three-year thing. You got something in an owner finance deal, turnkey rental stuff. That pretty much can be the same. If you’re going to ride the wave and you may have a little bit of a down blip in one side of the business, but your other side is lifting you up and keep you going.

You can’t over leverage your assets either.

That’s a huge thing. Don’t over leverage your assets. What is the biggest mistake you’ve made in five years? We always learn more from our mistakes than we do from our wins.

Definitely the two previous partners, those were the biggest mistakes I’ve made. You learn from them, and you move forward. That was it for the most part, everything else, as you make a mistake, you learn from it so quickly and move on that I don’t remember what the mistake was. I haven’t repeated those mistakes as far as buying and stuff like that. I guess that’s really what the response would be.

When you guys started in the business, you bought three assets to begin with, then you bumped up to 20, 21, 22 or something like that. Then you bought 100 notes in the next twelve months after that.

NCS 305 | Adapting Your Business Models

Adapting Your Business Models: I didn’t know whether I was moving so I had to buy or I was buying so I had to move.

We bought 29 total the first year and then two weeks later, I bought twenty and I would say that those first two or three transactions, I was either moving a house or moving office. I didn’t know whether I was moving so I had to buy or I was buying so I had to move. I didn’t know which it was. 29 assets the first year and the thing was in buying those 29 assets, at the end of the year, I had moved 25 of them. At the end of the year, they’re going, “2014 was a good year but I had no pipeline.” That’s what started on the road to we bought 100 in 2015. In 2015, we closed on a trade of 38 and we had to trade 38 on the backend in November. Our brand was chaos in just the management of the diligence in managing those two big trades. Like I said, “To do 100, we need 40 some assets and smaller trades in the middle.”

Then at the beginning of 2016 we said, “This is not fun.” Large trade ten nothing, little trade, little trade then a large trade. In 2017, 2016, we bought 77 assets but it was all on a monthly basis where there was one on five. The largest trade was probably maybe fifteen. We were buying monthly. That was with the gap funding ranges we had back then as well, which is still the model of how we’re using the hedge fund for acquisition side. The same model still enabled us to be able to close on time without my dog ate my homework excuses. That was the buying frenzy. In 2017, we sat down and said we’ve got a ton of inventory. We don’t need to be stockpiling more. That’s when we started liquidating what we had and then wrapped it up again at the end in August. We took another pause with regards to working through the REOs that we had. Right now, I’m managing only about 50 to 60 assets.

You’ve liquidated some and moved on and it’s awesome. That’s where people realize as they grow those businesses, big trades are great, but they take a lot of work. If you’ve got something in place, it doesn’t matter. If you’re buying 50 at a time or you’re buying four or five a month, go closing trades throughout the year while making things happen. Sometimes it’s a little bit more stressful on the bigger stuff than the smaller stuff.

We started out saying, “We wanted to buy specific. Our bids were going in at $250,000 a month. It didn’t mean we closed on that because stuff would drop out, but that was the goal saying, “I have the assets in front of me. Make a bid. Back then the pricing was good, the inventory was there, so we were able to cherry pick tapes and say, “Here’s a $200,000 worth of bids, but trade can be $90,000 by the time everything’s shipped out.

It’s one of the things that everybody has a tendency to flip out about those. They have a hard time understanding if you bid ten assets, you may only get one or two when you’re brand new. They worry about what if everything is accepted? If everything gets accepted, it’s a good day at that point, get out and start raising some capital.

It’s funny because we ran into that when we first started bidding with our REO source. We just went crazy like we’re shopping. We placed 40 bids that first week and then they came back to us and said, “We think you’re going to get nineteen.” “Where are we going to find the money?” We ended up only getting one. I don’t know whether signals got crossed, but then we decided that, we sat down and we were feeling our way through, we’re buying one here, we’re getting one accepted here, and getting  a couple accepted there and we’re figuring out where to fund it. All of a sudden, we had two that were closing on Friday and the three of us were sitting in the office and like, “Where are we getting the money?”

We had no clue, but it was quiet confidence. By Wednesday, we had two different separate commitments, one being this hedge fund. We dated both of them, let the two sources do both transactions, and it’s been great ever since. Then challenge became, the hedge funds has given us 90% of acquisitions. Let’s say we end up taking down $1 million worth of property from acquisitions, where are we going to get the other $100,000? That’s where we then sprang the development of the second position program of raising the capital to do that. What’s interesting is at the end of the year, we bought nineteen properties. At the time, we were would buy some our lower values stuff, lower values, still $50,000, $70,000 properties. We’d only spent $400,000.

I was going to a couple of conferences in February, it was. I knew I was going to meet lenders. I was like, “Hedge fund’s great, but I’m going to put all my eggs in one basket.” If there’s got to be lenders courting me for my business, I got to know what my numbers look like. We bought 30 properties, but I had to know what we spent, what the values were, etc. Believe it or not, I turned around and I look through this stuff going, “I knew I’m up to 30 to 32 properties and all of a sudden, we spent $1.8 million in property values of $3.6 million, like from $400,000 acquisition, to $800,000 at the end of the year. All of a sudden, $1.8 million by March and I’m like, “Where did this all come from?” It’s all evolved by itself.

NCS 305 | Adapting Your Business Models

Adapting Your Business Models: You’ve got to rely on your team because you’re going to have challenges.

It happens. You look up and like, “We are buying a lot of stuff.” How important was the Note Mastermind to you?

The mastermind, how they’ve evolved, selfishly for me had been great. When Masterminds were five days looking at assets that is my strong point is sitting in front of a computer for five minutes. As we’re digging into tapes like that, the camaraderie, the networking, the relationships, that was all fine and good, but looking at tapes for five days was not my cup of tea. As it evolved into all the different things that you do now has been what I wanted. We had the discussion many years ago as it evolved into what it is now has fit my liking because again, in the beginning I wasn’t getting any assets from the mastermind. Now, that we were bidding, it’s not being pooled or whatever. I never bought an asset. I have barely one asset from a mastermind group. That wasn’t the arena were I’m finding notes from. For me, everything else that you do is what is valuable to me.

The networking and the business development stuff, going through all that stuff for the vendors.

I’ll tell you that from SWOT analysis we did in San Antonio with Laura Davidson and her advice to me was get out there and speak more to start launch what has been my endeavor to get more speaking engagements. In fact, I came from a conference here locally where I’m now a certified keynote speaker. I have a certificate. It’s a lot of fun working on my presentations and learning a lot about that end of the business.

I’m glad to hear that. I’m always been, “You some great case studies, share the case studies. Share what you’re doing because you’re doing a good job.Somebody asked a question, he goes, what level of rehab are you doing on REOs? Are you using a nationwide property preservation firm to do a lot of that and can you share with us some tips to manage a rehab team long distance?

Back in the day, when I was taking back REOs before that, trying to find a national preservation company and national construction, I kissed way too many frogs. They just don’t get it. They stop their pricing. They don’t get what your needs are. Our extended rehabs, I usually say that we don’t move walls, we don’t add bedrooms, but there was on the very first rehab we did where we actually changed the third bedroom back from a bar into a bedroom. Even doing that, it was still a $20,000 rehab job at Montgomery, Alabama. We bought a property for $50,000, did the normal cosmetic rehab, took the glass out, took the cabinets out, sealed up one wall and move the door to another place, still for $20,000 and the seller financed $100,000.

The rent ready type rehab is all we’re doing. We’ve got the markets that we’re in, we’ve got our local crews there established. For the most part, finding the right realtor to head your team is the key. The right realtor understands investors, wants to work with investors, have investors to move your finished product. They’ve got plenty of investors that say, “I don’t want to rehab anything but I’ll buy it once it’s fixed up as a rental.” They know the construction crews that they’ve used in the past as referrals, but they’re there managing. The hiccup there was in certain markets, the realtor still has a business, not just our properties.

They actually keep the thumb on our contractors to the extent that they had to know. We hired a guy in Ohio, local like a project manager, and he goes around all the properties. The biggest story that I will share is we all have in our career have had to fire contractors. They don’t show up on the job, they do shoddy work, little bit of both. I don’t think any of you out there have ever fire a contractor because his work was good, he was on time, he was on budget, but he’s going to get arrested for kidnapping. We found out about it and fired him. That’s all we could do, and replaced him and moved on.

It still goes back to how do you do it long distance. You’ve got to rely on your team. You’re going to have challenges. We had to fire a guy for kidnapping. Our first realtor, Montgomery, died at the age of 34 in Italy. We had to find a new realtor. He was a broker so we had to move some of the properties that we already bought through him from his brokerage. The blessed silver lining was, he probably wasn’t going to be our realtor long term anyway because when we found out after the fact thing. The people who took over his brokerage weren’t that great. The silver lining was we had a property where we lease optioned it and the agent who brought the lease option buyer understood lease options and seller financing so well, she’s now the go-to broker in Montgomery.

That’s a big thing. Don’t burn any bridges. You’ll never know who on the other side of the train. You may want to have them working for you at some point. I love hearing your success Jay, because you’ve worked your butt off first and foremost. Those that don’t know that you do enjoy what you’re doing, but you do work your butt off. I’m glad to hear you’re speaking more, which is good. Any conference that you would recommend to people to go to because you’ve been to a lot of different ones. You’ve kissed a lot of frogs at conferences, too.

Mark Gold’s conferences are always a lot of fun here and there. Distressed Mortgage Expo. Noteworthy was good when you were at it, but it’s gone.

Noteworthy Investor Summit now is what it’s called in Irvine.

In a roundabout way, I was at his conference a couple years ago and met the guy that I just finished the training with recently, the certified keynote speaker. I met him there and I ran into one of the woman at a conference, at a thing that we do here. There are really cool entrepreneurial groups here in Phoenix. He’s got some amazing people. They are not even real estate guys, just amazing people in general. I really haven’t gone. It’s almost like the note conferences in general have become the debt buyers’ conference I was referring to in my debt collection days. With the market where it is, is that the best use of your time? Not really.

I’ll go anywhere that they’ll give me the privilege of speaking, but that’s for me, that’s where I direct my attention. If I can go speak on a panel as a conference I will attend, if not, I’m busy here. In fact I was talking to Wayne because at the very beginning, I used to envy Wayne and you know as well with regards to Quest and IRA companies, strong IRA companies was a strong area in your own backyard. You could go and have networking events with and in California and Arizona, we don’t have those things. My day, in the morning is my basic asset management side, the first couple hours a day managing the assets, making sure that borrowers are doing what they’re doing and all that. Then it’s like off to the races. I have a call at 10 AM, I have a meeting at 11 PM, I got an event tonight. That’s how I spend my day. What I really love about this business, I really love what I’m doing now.

I don’t want to take anymore of your time. I want to say thank you for coming on to the Note Closers Show. It’s great to have it. Jay’s been a regular speaker on our note camps for the past couple of years. How can people get a hold of you, if they want to reach out to you?

My cell phone is (714) 4586-317 or Jay@AZPCapital.com. I answer my cell phone. I answer my emails.

Jay has done a tremendous job for the last five years and his businesses involved multiple times just like mine, just like everybody has, but one of the beautiful things is he’s always looking at closing and they’ve taken advantage of the opportunities in the market that are presented to himself. We look forward to seeing you and we’ll see you all at the top, everybody.

 

Important Links

About Jay Tenenbaum

NCS 305 | Adapting Your Business ModelsJay Tenenbaum brings his extensive experience and expertise in debt collection, workouts and legal knowledge to this arena of distressed assets. His experience in achieving resolution in a professional and amicable manner is an appreciable benefit to the company.

The combination of his debt collection and real estate experience gives him a unique perspective in the mortgage note arena and he is often sought out for his expertise. He enjoys speaking on note related topics at local real estate investment clubs as well as national forums, including several national podcasts.

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