EP NNA 109 – How To Find Note Deals In The Market

NNA 109 | Finding Deals

NNA 109 | Finding Deals

 

On this episode of Note Night in America, Scott shares how to find note sellers and note deals in today’s market by targeting foreclosure lists, previous sellers, and doing some research on the county clerk’s websites to track AOM transfers. He also shares why it’s not worth attending note conferences when the speakers are the same and they aren’t sharing how they are finding deals. He does share why there are a few conferences where you can pull attendee information and how to use that to find deals. Scott also shares his upcoming Calling Banks Masterclass. Join in for more!

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How To Find Note Deals In The Market

I’m glad to have each and every one of you. I know you’ve gotten even more awesome kick-ass week ahead of yet. Lots of great stuff going on in the markets out there. Guys and gals out there, if you’re not taking advantage of the opportunities available, that’s your fault, not anybody else’s. Anyway, before we dive in, if it’s your first time here on Note Night in America, give me a little wave. Let me know what part of the country is joining us from. We’ve got people from the East Coast to the West Coast and everywhere in between.

We’ve been doing these webinars back to 2011. It’s now hard to believe that we’ve been doing this for many years. You can catch all the previous replays by going to our YouTube Channel. Also, Note Night in America is available. I’m a couple of episodes behind on getting those uploaded, but you can always subscribe anywhere that you tune in to shows out there.

You can always subscribe to the YouTube Channel at WeCloseNotes.TV. I am highly encouraged to do that. We usually monitor that for questions. Anyway, there is a lot of information there for you. As always, check out The Note Closers Show and the Note Camp LIVE. We’ll do episodes each week. Lots of great information for you all up there.

Adam from Frisco, Texas, thank you for being on here. I’m glad to have you along with everybody else. Ladies and gentlemen, there’s a lot of stuff going on. I want to give you a quick update on a couple of things for you to mark your calendars for because we do have some new events coming that you’ll want to write down. First of all, we’re doing a masterclass on calling banks. If you have been through our class before, it’s just not going to be an afternoon thing. It’s going to be an all-day calling banks blast.

We’ll be doing it from basically 9:00 AM all the way, probably to 4:00 or 5:00 in the afternoon. This is Austin time. A little early for you up on West Coast. Kathy Reyes, I see you on there from Santa Ana, California. It’s great to have you. Fred and Dimitri, it’s good to see you guys. This is one thing we do about once a quarter. This is where you’ll be able to be a fly on the wall and watch me dial for dollars.

There’ll be some other stuff that we’ll talk about and a little bit more that we’ll be diving into. This is an all-day Zoom training at the Masterclass Wednesday, starting at 9:00 AM Central Standard time. It’s Austin time. It will run until 4:00 or 5:00. We will take about a half-hour to 45-minute break in the middle. I’ll be contacting banks, the note sellers out there, and the people who have bought. I’ll give you a little bit of what it’s all about. I’m giving a little bit of taste about what we’ll be covering on Masterclass Wednesday, but you can literally be a fly on the wall.

You can hear me make the phone calls and the conversation. You can see who I’m calling and how my research is working to find contact information. A lot of folks overthink what it is to contact banks or talk to asset managers. They are like you and me, normal people who put their pants on. Some people put skirts on, that’s fine. I’m not putting a skirt on but you get what I’m saying? Their underwear is on one leg at a time. I would put that.

You will also be able to see some of the emails and scripts that we use. I had an email that went out Thursday. I got a follow-up email going out already. Pre-scheduled to a couple of thousand asset managers. You’ll be able to see it and that’ll be one of the ways that we utilize our hot list to pick up the phone. Normally, it’s a $199 cost for this. If you sign up before midnight, then Wednesday morning, you can get it at half off. It’s a big discount so go to CallingBanks.com. This is something you want to take advantage of.

Now, if you’re part of the WCN crew, our $97 a month program is already included for you. If you’re not, trust me, it’s probably something you’re going to want to sign up for because we’ve got a lot of great stuff coming down the pipeline as far as classes and other stuff that can save you a ton of money. If you’re watching live on YouTube, you want to go over to NoteNightInAmerica.com and get registered there. Bit.ly/CallingBanksMC is the link. Go to that link before midnight. It’ll still give you the half-off there at $99 a pop but you can save a little bit. I want to share our WCN members and some of our folks. Our coaching students reached out and I asked them, “What are you looking for?”

I know a lot of people enjoyed the wholesaling notes class that we did. We’re doing the calling banks masterclass. We’ve got a couple of weeks put together and I will tell you this. It’s going to save you a lot of money on this stuff. Not only do we have our normal Saturday class, note weekend class, or one-day class, but our next three-day workshop is at the end of April 2022. To give you a bit of an idea of what we have. Obviously, we’ve got calling banks class. We’ve got our Note Weekend Class Wednesday. On April 2nd, 2022, we’re going to do a masterclass on due diligence.

I will spend a full day going through from start to finish how we break down due diligence on an asset, collateral, and borrower. I’m looking at an ONE report, BPO report, and a bankruptcy. Pacer.gov report going through the assets. Once again, if you’re interested in it, drop me an email and I’ll send you the link for that. That’s half off until beforehand. Our next three-day virtual note buying workshop is on April 22nd and 24th, 2022, for only $9.97, so we’re on a 50% at NoteBuyingForDummies.com.

We have our masterclass on marketing, Note To Marketing. Some people have been begging me to do this. I’m like, “I don’t know if I want to give away my secrets when it comes to marketing for capital and for deals,” but we’re going to do that. That’s going to be May 7th, 2022. Normally, it’s $199. After that, we have a big event that people are excited about. It’s raising Funds Masterclass. We’ll share with you the scripts, sample deals, actual letters we send out, and postcards. What do you see? We’ll do some role-playing and an agreement or two to masterclass. That will not be discounted. That will be $399.

No discount for that one because there’s a lot that goes into that. Everything else will be there for you. That’s a masterclass on June 18th, 2022. We have our major conference in July 2022, Note Camp Point 22. All that, guys and gals, is over about $2,000 in classes that you can break it down to and get it for $97 a month. If you want to sign up for our WCN membership at NoteUmbrella.com, that includes the replays. That gives you access. There are no additional costs for you to sign up and get access to all of our online training for $97 a month. It’s the biggest bang for the buck out there.

For our WCN students, this is all included for you. I can’t save you or make you $97 a month if I’m doing something wrong. Now, I’m going to show you some great stuff that you’re going to love. We had a great call with WCN members during our Money Monday coaching calls. It was a lot of fun. I’m going to blow your mind with some things that we’ve worked on. Anyway, let’s get into the meat and potatoes. Not unless there are any questions about what’s covered in a lot of those. Basically, I have a one-day masterclass on those five subjects. We may add a few more throughout the rest of the year, but that’s the schedule until a Note Camp in July 2022. There’s lots of great stuff for you.

Finding Deals

Let’s move on here. Let’s get into finding deals, the meat and potatoes of this episode. I want to thank you guys that are on here, live on Zoom, and those that are watching on YouTube as well. For those that watch the replay, you’re going to want to pull out a pen and paper and take some notes. You want to go back and read this again. I’ve been working on this now because this is such a valuable thing. It all starts with finding deals. Some people get worried about, “I got to raise the capital first before I go out and look at deals.” That’s so wrong.

We had our buddy, Joel Block, talk about raising capital by having a fund. You’ve got a pool of money to go buy. That makes a lot of sense, but what people want to see when you’re starting off is you got to have some experience. You got to have some deals they can look into before they’re going to write a check to you. Theory is great but theory doesn’t pay the bills and put food on the table. You got to have a deal with some meat behind it and some background. Maybe it’s not your deal. Maybe it’s somebody else’s deal but you got to have some deals they’ll take a look at, and that’s one of the most important things we’re going to be getting into here in a little bit.

Before we get into that, it’s a different world than it’s been. What you have to realize is that no matter what is going on, it’s your fault. What I mean by this is we are all responsible for where we are at now, wherever we’re at. If you love your job, kudos to you. If you hate your job and you want to do something else, that’s on you. You all have to take accountability for your actions, or lack of action, in a lot of cases because if you don’t make a decision, somebody else is going to make the decision for you. We all know that happens. In this episode about finding deals, it comes down to the actions that you take. We are all the some of the decisions or the lack of decisions we make. I’m where I’m at now because of the decision I made, both good and bad.

NNA 109 | Finding Deals

Finding Deals: Only we can change the trajectory we’re on. If we’re not happy, change it.

 

You’re at where you are now because of the decision you make, good or bad. You have to roll with it. What’s beautiful about the United States, where we’re at now, is that you have the option no matter where you’re at, whether you’re a 46-year-old crack head, like Samuel L. Jackson was years ago, struggling with heroin, to where he’s at now, twenty-some-odd years later, as one of the best actors out there. You look at all these other people out there who’ve overcome obstacles. I don’t care how old you are or how young you are. You have the opportunity to make different decisions and go where you at.

As I said, if you don’t like where you’re at, only you can change the trajectory you’re on. If you’re not happy, change it. We love this word. One of my favorite quotes, “Whether you think you can or you can’t, you’re correct,” of the late Henry Ford. If you think you can’t find deals, that’s on you. I’m going to be a little fired up. You guys like it when I get fired up but I have gotten responses from people and seen some different things.

There are a lot of the different summits going on, like DME, IRS and IMN, and all these other ones. I always look to see who the speakers are. I look at the topics and what aggravates the crap out of me is that there’s number one major thing that is lacking from them, and that’s showing you how to find deals in 2022. Honor the days of the bill of sale. When I first started in business, there weren’t lists of services and funds that were bought in bulk cheaper then turning around and sell them. It didn’t exist. I had to go out and find them on LinkedIn. I’d go call banks. That’s why I still do this now because it was like, “We got to listen. That’s great.”

80% to 90% of the deals that I found were from sweat. Calling banks and tracking asset deals down but now, people have gotten fat and happy or lazy off of list sellers over the last years, and so much so, they’re not willing to teach people how to go do that. They talk about theory, bankruptcy, foreclosing, and laws. They’re all worried about licensing but they’re not going out and showing up.

Previously, you had grant loan solutions, which came and gone out to revolve capital trying to sell their over price that’s not discounted. Rec Source has been plowed. They are big on contract for deed. I talked to John Keith. He’s basically shut down things until things change and we have a big fallout, as he says. He’s out there building storage container houses in the ground. He still has his website but he’s not doing anything up there. You’d bring builders out of New York.

It would be shady as hell. They said they have something but they never seem to be able to provide a list. The Techinn has been closed for a little while out of Salt Lake City. There are a lot of funds that have come and gone. You look at something else and there’s about colonial. We all know that stuff is overpriced. Even if you’re triple platinum, you’re still overpaying for assets. Other people tell you, “No, but the banks won’t sell to you.” That’s a bunch of crap because the banks will sell it to you.

In 2022, you got to pull out your gun and knife. You have to go out, hunt, and kill on your own. You can no longer be spoon-fed like a little baby where you’re like, “I’m going to get an email list. I’m going to list of assets that I can bend.” Don’t get me wrong. There are some of those lists out there but we all know they’re still overpriced. You got to figure out how to go out, find hunt and kill in today’s world.

This is not meant to be difficult. You just have to change your approach and market. Let’s talk about what’s available in our market. You’ve got slim pick-ends on some platforms. This is cracking me up. There’s a platform out there that sponsored an event. I went to their platform and realized there are 100 assets. That’s Paperstac.com and there are 98 total notes on there. I’m like, “A lot of them are old.” JKP has maybe 100, and over 1/3 of them are over three months old.

I’m dating back to 2021. Debexpert was all worried about getting people proofed up. That’s a joke of a website. Their stuff is on JKP and Paperstac. There are not any deals there and exchange that loan. My buddy has deals but he’s not listed on there. He’s got one available on there because he’s been busy working with his buyers’ list. That’s in servicing. David Paul is a great guy but we all know it’s overpriced stuff in a lot of cases because they’re doing one-offs and you’re not getting a lot of transparency.

There have been times I know that I was the winning bidder and I still get the bid accepted, which aggravates the sh*t out of me. I don’t know about you guys, but I’m tired, and hopefully, you’ve been tired of this for a while like I have. I stopped worrying about platforms, going in bid there, and going direct the sources. I talked about that there are these different events and I’m not opposed to going out and networking and going to it. I liked going to conferences and stuff like that as long as it’s something unique and valuable.

When you look at the speaker series and the schedule, it’s the same core people. It all looks like the same incestuous event. The same speakers and content and they’re not sharing where to find the deals. They want to hold you hostage for this. This aggravates me to no extent. This might also be the reason I get so vocal about it because when I have spoken in events in the past and I’ve turned events down, I’m tired of the same b*llsh*t people.

They mostly to get some information, upsell, and selling crap. That’s not what we work for. As the competition got a little bit steeper and the price has gone up a little bit, there are still plenty of opportunities. You got to know where to go out and find new blood and new deals. That’s what this is all about. I have not seen any good or real deals on any of those platforms. We have seen some. We’ve used those platforms as ways to find other sellers or bigger deals. We’ll talk about that in a little bit.

I’m not going to give away anybody’s secret sauce here but I will share with you that if you take some of these and go and research them, you’ll find 1 deal may lead to 6, a dozen, or a much bigger portfolio of things. I’m not talking about East. I’m talking to some other places but you have basically two choices. You maybe have seen this movie. Can you tell me what movie this is? It’s the Matrix. The original one. Not the new one that came out.

You have that red pill or blue pill option. You have two choices. You can either take the blue pill and continue to b*tch, moan and whine and there aren’t any note deals and rely on those platforms. If you know that there are no deals on those platforms, you can either sit there and keep b*tch*ng, moaning, and crying about it like, “There are no deals.” There’s no crying and no buying. That leaves you the other option. Can you take that red pill?

In those red pills, I want you to come a little bit further down the rabbit hole and stay in Wonderland with me here and go from there. If you don’t want to do a little bit of work and you’re lazy, take the blue pill. Go back, turn this off, unplug it, watch TV, watch March Madness, or whatever you want to do. I encourage you to stay in Wonderland with me a little bit because there are some things here for those of you that are at the core and serious about doing some things. There’s an opportunity and you can change your whole outlook and the opportunities available.

There Are Deals Out There

Let’s run some basic math here. The first thing that people tell me is, “There are no deals and no distress notes out there.” When I hear that, I laugh because it’s so asinine to say that. If you look at the total number of outstanding mortgages in the USA at the end of 2021, there were 81.2 million loans outstanding with some balance on them. That’s a lot of mortgages out there. I don’t even know the dollar amount. They didn’t put it in there.

The current default rate at the end of Q4 2021 was 4.65%. They say it’s going to be somewhere between 2% or 3%. Who knows what’s going on when all the benefits elapsed from unemployment stuff, but now it’s at 4.65%. Under 5% of all mortgages in the country are in default. By default, that’s not one monthly. That’s at least three months late or more.

NNA 109 | Finding Deals

Finding Deals: You need to figure out how to go out, find, hunt and kill in today’s world. This is not meant to be difficult. You just have to change your approach and your market.

 

That doesn’t take a math scientist. It takes a basic easy calculator. When you run those numbers, 81.2 million times 0.0465%, that comes to 3.78 million loans in default. By all means, back in 2010, we had 15 million homeowners underwater where they owed more than the house than it’s worth. Default rates were obviously a bit higher, but now, that’s still almost 4 million or over 3 million and 3.75 million loans that are in default. That’s not 30-day behind. That’s an even greater number than that. That’s a lot of opportunities.

How do you find those deals? You’ve got to do something different than sitting around and waiting for an email or going out and networking in an event with 100 to 200 people at it the most. You got to go differently, further upstream, take a different approach as prospecting, and go where the note holders are. Not where people want to be. You got to go to the holders or further upstream, closer to the sources, to make things happen.

The first list I would go to, if you were to look for something, is to go where the obvious distress is. What’s that? Look at your foreclosure lists. If you’re in a state where there are a lot of foreclosures, go to that county and buy the foreclosure list. Here in Texas, we have the writing report. We’ve had Jack Zagunis from 4closure. He was here in 2021 before talking about it.

They provide a list of roughly about 80% to 85% of the counties here in Texas. Texas has the most counties of any state because we’re one of the biggest. In Travis County, there are only 49 properties listed for foreclosure. I would not go to Travis County, where I live. It’s overpriced. I would go to Harris County, which is 490 some-odd default. I would go to Dallas with a couple hundred. I would go to Bear County, San Antonio, at 250. Go to a place with a bigger community. Most of these foreclosure services that provide lists will give you a rough number.

I can tell you it’s $1 or $80 for one listing. No, you need to go and find out where it’s at. What you do is contact the banks. The second place you can go is to look at current note buyers and sellers. What do I mean by that? That means going and doing research for the assignment of mortgages at the County Records. I’ve talked about this before. Don’t log off.

A couple of different things we’re talking about that. That’s one source. Look and do a search for assignments in the last 12, 6, or 24 months. It’s going to give you the person who’s on the signing, the assignor, the mortgagee or the mortgagor. Basically, you have two people, a buyer and a seller. That’s a great way to track down the list. We used an older list. Tony mentioned something that we use the list to find out who would own this note on one of the platforms and realize it had been sold three times.

We found a new buyer, which wasn’t listed, then we contacted them. They are the new owner of the note and they turned out to have eight notes available and more. How do you find the assignment of mortgages? You go to the County Clerk Recorder’s Office. You look for documents and types of assignments, then you can also go to the past note buyer. Not just current but last. You can go back 4 or 5 years ago when there was more inventory in that case and do the same thing. Look for those that bought or sold notes back then.

What do you do with that? Go and look for them if they’re still in business. You can look on LinkedIn, if you’ve been around a little while and gotten some tapes sent to you, whether they’re from Joker Brokers, from direct sources. Do you know what I would be doing, which is what we are doing? I’m jumping on and looking at who bought those notes by going to the county recorders and seeing who the lender is and if the note has been sold again or is still in place. We work our way backwards and start contacting the bank people on these older assignments to see if they have not only one but any others.

That takes a little bit of time to do but looking at old tapes and digesting them. If you had got a tape from a direct source years ago, go through each asset. If you got a tape from a colonial, go through and see who they bought from and sold those assets to. You got to a tape in from SN, Condor Capital, Granted, or whoever it might be. Look to see who they bought it from but also who they sold it to. That gives you a variety of sources to reach out to because here’s the thing. Most people aren’t doing anything. They’re sitting around complaining.

You can either sit around and complain. You’re going to get worse because the economy we know is getting worst. Inflation is going to continue to thrive and increase throughout the year. You have to do something different. That’s one way of building. If you want to spend about 30 minutes of work to find other sources, here’s something that I accomplished in 30 minutes from start to finish.

In the past conferences, look at some of these conferences. We’ll list who the past attendees were, but we won’t give you the name, like the company name. You can look at it like bank special asset manager conferences. There are a whole bunch of mortgage banking association conferences across the country. There are special servicing conferences where the companies are sponsoring those old sponsors and previous sponsors. Go there, pull that list, and start searching for them. If I am in, which is going on right now, they give you the past registrations, company name and titles.

They don’t give you the first name, last name, emails, or phone numbers but they give you the company registrants and titles. What do you do? They go to IMN. They have the Bank Special Assets, East and West. There are 278 potential contacts on there. Bank Special Assets are 200 on one list and 78 on the second list. That’s stupid. You can literally go to LinkedIn, copy the title and the company name, and you’ll find people. How do I know? I did it. I found sources and deals that way.

Appeals notes and defaults are servicing 456 potential contacts if you look at 2021’s registration list. There’s a lot more on that. The same thing, you’ll find deals. We uncovered several lists that we’ll be getting in the next 24 to 48 hours to look at. As I said, they give you a job title and a company name. They’ve done all the work. You don’t need to spend the $500 or the airfare and the hotel fare to eat crappy food. Go out there and dress in something you don’t have to do.

The Secret Sauce

Get me wrong. It’s nice to network with some people but I’d rather be making money. I want to work smarter, not harder. If you don’t want to travel, you don’t. You can be at home jumping on the internet or phone and doing this type of research to help you find it out. Here’s the thing, too. Western Secondary Conference, 583 attendees. I found names, companies, titles, and emails in less than five minutes. I found eight pages of company name, the person that went their job title, and their email addresses.

Eight pages in 583 attendees. That’s a pretty valuable list for free. Why would you ever want to jump on a plane when you could do all the work right here from the comfort of your own home? You can be, as I like to say, work mullet. You can be professional on top and basketball shorts or whatever on the bottom. We uncovered this in less than 30 minutes of work for you guys, but we’re not sharing that with you guys. Our WCN crew members, you’ll get that list of 583.

Here’s the big thing. Most people are lazy asses. You have people who aren’t even prospecting. They’re selling some slim neutral thing or something else. They’re not going out there and physically doing the work to find assets. This is the most frustrating thing. If there are some folks that are reading this, I’m talking about you. Here’s the thing that aggravates me. Most of these speakers aren’t contacting banks or email asset managers. They don’t even know what the hell to do because they don’t do it on a regular basis.

It is the number one way, still to this day, to contact banks. Either through email, a phone call, or LinkedIn to find the best deals. I don’t want to ask you guys. I already know it’s a very sad percentage. When was the last time you emailed asset managers, called banks, or picked up the phone and dialed for asset managers? It makes them doubt. Some of you aren’t doing it.

NNA 109 | Finding Deals

Finding Deals: If we take some of these and go and research them, you’ll find one deal may lead to six. One deal may lead to a dozen. One deal may lead to a much bigger portfolio of things.

 

I see some folks on here that are doing it. They have done it in the past. That’s what’s great about it. I don’t find fault with it. I know because you’re students of ours. This is what we do and what Wednesdays are all about. When was the last time you jumped on LinkedIn and contacted asset managers by searching there? Some of you are doing it, but overwhelmingly, most people aren’t. I would say less than 1% of the note investors are doing this. Those are the ones that are finding deals. , you’re going to be better off, and going to be a better source as this world changes. It is changing out there. The speakers are not sharing how to find deals. They’re not going to share with you how to find it. Why? It’s because they’re not doing it. That’s the secret sauce, the A1, or the slap-your-mama. I put that sh*t on everything sauce.

The secret sauce is, what do I say? How do I do it? What do I not say? How often do you do it? You can’t do it once and expect people to fall over with their list up in the air. It is a process. Why aren’t people doing it? It’s because most people aren’t spoiled, lazy, and not willing to put the work in. You deserve God’s honest truth that that’s where the deal is. That’s where everything comes from. It’s from the banks.

Those who bought little assets which have lists got them from a bigger source. They got it from a source up the street upstream. It takes over five touches to close a deal. If you’ve made one phone call to an asset manager, you’ve got 4 to 7 more times to do with it. I give a big kudos to Larry Hoffman. He got to list in of due diligence and signed a contract. Larry, how many times did it take you to talk to Brooke?

We’re not going to say asset manager full name or what company but how many emails did you send? How many phone messages did you follow up in a 2 to 3 weeks period of time? Fifteen times, but you got a deal. You’ve got performing notes at 60% of UPB with equity. You’ve got an amazing deal that you’re going to take down that’s under $250,000. That’s going to put $100,000 in your pocket and $3,500 a month in cashflow big time because you followed what we told you to do.

It takes you following up with the leads, by leads and those contacts. You got to realize that people are busy. You got to follow up and do it at least 5 times or 5 touches. I’ll give you an example. Catherine Bell is going to make over $200,000 on one deal that came from following up with a hedge fund. Originally, hedge fund said, “No, I don’t have anything.” They add them to the drip list. She followed it up.

“I do have a couple of notes that I’m willing to sell. We’re closing out the fund.” She does that. Even if it takes a year to wrap up that deal, she’s going to make $200,000. How many of you guys would hang around for deals, make ten phone calls, and take a year to close up the $200,000? Some of you would. Most of you wouldn’t. We talked about Larry Hoffman closing eight deals from one source. He has another 40 pending offers off of the same source and will follow it up as well. I’m excited about Larry too.

We got Merly Kihlstedt out of St. Petersburg. One of our newest students is following up. She’s using distress pro in LinkedIn and calling. She got a non-disclosure. It’s not the first one but she’s had multiple non-disclosures signed. A couple of deals came in but they were too expensive or too high. She got one now with 23 houses and notes on it that she can take a look at. She is so excited. I’m so tickled for her as well in what she’s doing.

You got to follow that system and reach out. The reason you don’t hear this talk about at events is people don’t like to talk about marketing. People want the lazy list. I get it. Those lazy lists aren’t there. There all picked away. It’s like Africa at the end of the summer. All the lower branches are all eaten away. You got to go higher up in the branches. You got to have an eight-foot-long neck like a giraffe to get up there still where all the other animals haven’t eaten. There are plenty of other animals out there that are lazy. “I want the list. I’m not going to do any work. I don’t want to go. What? Do I have to make a phone call? I got to send an email?”

If I looked back here, 90% of the deals we’ve closed over 15 years have come from contacts most investors did not know about. Ninety percent of deals have come from not those lists but literally reaching out and making new contacts, creating new lists, points of contacted deals, and going that one step further. It’s one phone call and a little bit of 5% extra that you have to do to find good deals. Not everybody is as crazy and as bulldog like me. Not as many people are as big an assh*le as I am in some cases.

I know that you show up here and I love that. It’s one of my favorite hours of the week. I get excited about it but I want you guys closing deals. If you’re in any other type of job, whether you’re a realtor, a mortgage broker, a fix and flip, you’ve got to show up, keep going out, reach out for deals, and prospect. People aren’t not going to walk in these days. It’s the same way here.

I went to this conference. They were like, “There were no sources.” There was one source, and they were crap. You’re going to see that again and again because these guys or gals that have sources, the banks, lenders, and institutional portfolio folks, are not going to go to a 100% conference or a small conference. They’re going to go to the bigger conferences like we talked about. Where should you begin if you had to start? This is what I would talk about. You go first to your foreclosure lists.

If you’re investing in a county that’s not near you, call the local REIA club or the local investor club, “Is there a foreclosure list that comes out in that county? Who provides that? Who sells that list that I can buy?” If you go to Foreclosure.com for the worst case. If you don’t want to go do that list, call the bank. Jump online and find something special assets to call on or call the trustee. Call the foreclosing attorney’s office if it was a smaller company and reach out to them and say, “Would you mind passing on to the seller or to the owner of that or the bank? I’m interested in buying their note or anything else?”

Pulling Leads From LinkedIn

The second thing, it takes a little bit while you can do that, you can email folks or reach out to people on LinkedIn off hours. If you’re going to do part B, assign their mortgages in the same counties in the past 60 months with buyers and sellers. You can do that off the hour, 7:00 PM to 2:00 AM. Contact asset managers on LinkedIn. I’m talking about contacting hundreds of them because we know LinkedIn has narrowed down its algorithm by twenty people per day. You’re all capable of doing it. That’s 100 people a week. That’s 400 a month. That’s almost 500 asset managers in a year.

Pulling contacts from past events and then searching on Google and LinkedIn. I love doing this. This is one of the greatest things that we have found speakers for our show or sponsors. Companies that are paying to speak often will have resources and relationships that can refer you to people in the business, or they may have some deals as well. I would look back at some of the bigger conferences, not the smaller ones. Reach out to LinkedIn, make a phone call, send an email, and rinse and repeat that. Have you made a message? Leave a message and an email this week or if you leave an email, follow up with a phone call in four days. Give folks 24 to 48 hours to respond. Don’t give up.

I don’t tell you how many times I’ve talked people off the edge, “They’re never going to send anything.” No. Give them a couple of days and follow up in 48 hours or 3 days. Give them some time. People are busy. You got to have a little bit of patience. That’s what people struggle with, “I have sent an email. You mean they haven’t opened the email and pulled the list for me already?” It doesn’t work that way. You have to realize that people live life like you do. Let me show you something here. I love to go through this and show you how to tap it.

I’m not going to go through the foreclosure lists. That’s pretty easy to do. What I’m going to do is jump on a county or two. We can do some AOM research and show you how we use the county records. We’ll do our own search to find buyers and sellers because part of every assignment of mortgage, there’s an assignor or assignee. You’ve usually got the address to book those. It’s pretty easy to track those down.

The main website we’re going to use is NETR Online. It is a free website. Most county recorders are free to search in. This does not take anything except some of your time and patients. I think Larry is using this and I highly recommend this, which is using a VA to go out and research some things. While you’re working, you could ask somebody doing it for $6 to $10 an hour and a lot of work for you on time.

NNA 109 | Finding Deals

Finding Deals: You need to go where the note holders are, not where you want to be. You need to go further upstream and closer to the sources to make things happen.

 

The great thing about this is the assignor will always going to have an address. There’s going to be a person signing off on the assignment. It could also be your point of contact but before we pull it up, a quick reminder. If you’re interested in the master class on calling banks, you need to go to CallingBanks.com. It should take you straight there or the Bit.ly link and get registered for it. As I said, it’s only $199. It’s half off to sign up.

If you’re a WCN crew member, you’re already included in that. The link is already in base camp. Once again, from 9:00 AM to 5:00, you definitely want to be in that masterclasses. We’ll go through some good stuff for you. NETROnline.com is a great website to help you find public records of every county in the country. Let’s pull up a popular one.

I can track Harris County for Houston, Texas, and I also like to track Orange County for Orlando. It’s one of the biggest areas that have been growing in the last couple of years. Let’s jump on the public records online. Hit the button there, access public records online, and look at the county that’s very active in your state or the state that you’re investing in.

I wouldn’t necessarily go to Austin, where I live, because it’s overpriced. There’s stuff being sold but there’s all newly originated stuff. I like to go back a couple of years if I can but let’s make it simple for you. We go to Florida. Click on the Florida map and scroll down to Orange. If you’re looking at one of the most active counties in your state, they’re going to be active everywhere. Not just in your backyard but all across the state and other states as well. Orange County, I click on that and we go to the Orange Controller. That’s the recorder’s office. Sometimes it would be the clerk. Click on the Go To Data Online.

Most of them will ask you for a disclaimer, then hit document search. Let’s say 01-01-2021. There’s a lot. Let’s do it three months at a time. You got to make sure because a lot of times, they’ll have to make you check boxes. They’ll look at everything. We want to check boxes to search specific document types, then go to assignment. We’re doing a three-month search for assignments.

We’re not going to put a party or nothing. Right off the bat. CoreVest American Finance depositor or CoreVest purchaser. Wilmington Trust is there for you, Brandywine and Dubs Rate Homeowners Association to a popular bank. If we look at this, click the Bank of Tampa and Coldwell, Apopka LLC and view the images. You’re going to have to do a little bit of work but that’s okay. We’ve had three clicks and we’re opening up the document.

This is the assignment of rent. We want to look for an assignment on a mortgage, but you can see they sign the rents over this. There’s still potential for you to find on a commercial deal. Say between Coldwell and Apopka LLC, a Florida liability company whose address is 4750 East Adamo Drive Tampa, Florida, and the Bank of Tampa. It sold the assignment of rents to the Bank of Tampa.

Who would you call? I call the Bank of Tampa and Coldwell Apopka, LLC. Let’s see who signed off on this. When I say who signed off, oftentimes, there’ll be an assignor on the bottom. It’s the manager of Coldwell Apopka, LLC. Coldwell Engineering is a company name. I bet we could find a name and contact information with Coldwell Engineering, then go from there. That’s what I would call.

Go to the Bank of Tampa and do the same search. Say, “I saw that you bought some stuff.” Let’s go back here to our search. Corvette Purchaser Two and view the images. Assignor is security-interested Karen Way, prepared by Tim Murray, OS National, LLC, Delaware Unlimited, CAF Borrowers GS, LLC for $511,000.

Adam asked a good question, “Do I prefer smaller banks?” You’re not going to buy a one-off note for Bank of America, Chase, or Citibank. If you see them, go past them. The bigger banks are not going to tell you one-off notes but these may very well. Paul is the authorized signature for CAF Borrowers GS, LLC. Let’s go back and take a look at some of the other things here. I want to find where it says assignment of mortgage.

Let’s scroll down a little. I want to tell you Specialized Loan Servicing. We’ll do the images and assignment to mortgage. There’s Scott Slagle. It was done in Pennsylvania. The APN tells you the property. This was done. The specialized loan service whose address a certain mortgage dated June 2008 and executed. LoanDepot.com and its successors. That’s what it was. Loan Depot is selling this note for a $160,000 mortgage. Let’s go back and look at another one here. There are a couple of sources for you.

Bluegreen Vacations, those are timeshares. Let’s look at this one. It’s probably a hard money loan. Lima One capital. Lima One Capital is a hard money lender. It looks like they did assignments or something. It’s in the commercial property, 3099 Hill Road, Orlando, Florida and look who signed off on it. That’s what you have to do. You searched through this. It tells you that Lima One Capital is selling some notes. They’re hard money lenders. They’ll sell notes and transfer them.

Let’s look at this Commerce National Bank of Trust and it’s assignment on rents once again. It is 1846 Garrett Torso Terrace, Orlando, Florida. There’s the property that was assigned on it. That’s not a bad-looking property but the whole point of this thing is not to go after this property. It’s great but the idea here is Commerce National Bank of Trust is what we want to go after.

Lisa Werrington created that assignment of rent. Did she sign off on this too? Brian Stevens is the assignor. They’re the ones that basically sold this over to them. Do you see how this is? You’re finding assignments and It’s a matter of reaching, “What else do you have? Are you looking to sell anything else? Is there anything else on your books?”

Give a man or a woman a fish and you feed him and her for a day. Teach a man or woman to fish and you feed him for a lifetime. It’s got the stuff you teach is gold. Based on you doing this stuff works. It does work because that’s what we do. That’s one of the things I would be doing. This is not difficult. You could do this all across the country in your area. Pick the active counties, cities, and the biggest populations.

If we go back to our search, there were 1,838 items in a three-month process. That means they’re going to be over an average of 2,000. It’s somewhere around 6,000 assignments to look at in one county alone for a full year. Some will be busier. Others, a little bit more if you just look at this stuff. There are Lisa’s Ransom Profits by Universal Eye Drive, LLC for a $2.7 million mortgage. That’s one of the best ways you can find deals.

It’s not difficult and that costs me zero. That cost me a little bit of time to look through those individually. You can do it off-hours to make your list. One day you pull your list. The next day, you jump on LinkedIn, email, or make up a phone call when you have some time. Systemize your list. I would not be calling banks on Mondays and Fridays because those are great days to take what I showed you. Create your list of 20 to 50 potential contacts and reach out. Rinse and repeat because it’s not chasing the asset that’s there in that one county. It’s all the bank assets all across the United States and more so.

NNA 109 | Finding Deals

Finding Deals: Too many people are fighting and scraping for their scraps when they don’t have to. There’s a full meal buffet right next door. If you get up and do little bit of work, you’ll find plenty of other deals that you can tap into.

 

That’s the beautiful thing about that. Regional banks lend in multiple states. They have a residential side and a commercial side. You’re not tied to that one spot, like Florida. You have to open your mind to invest in other areas. It’s not all about that one deal. It’s all about using that resource to get on their list of assets available to you more across the United States. We’re going to dive into more about this during the masterclass.

If you’ve enjoyed this and seen me pull names, contacts, and see how we track these people down. Here’s an opportunity for you to be able to watch, be a fly on the wall and see what I say to them, how I reach on it, what I copy, and what I send them an email. I’m able to do it. As I said, the masterclass is a full day, not 1:00 to 4:00, of me reaching out to asset managers and banks and showing you how to find deals there for you.

Normally, it’s $199. That’s the price if you sign up. Do so before midnight and get it at half off. If you go to http://Bit.ly/CallingBanksMC or CallingBanks.com, that will take you there. Are there any other questions, comments, or concerns? I don’t expect you all to be able to make it all day. We’re going to have four sessions. We’ll have the first-morning session. We go from 9:00 to 10:30 and 10:30 to Noon. Take a half-hour or 45-minute lunch break. You’ll be able to watch it afterward. Do yourself a favor. Save a ton of money and get signed up for the WCM membership. It’s one of the greatest things you guys can do.

We’ve got to save you a boatload of money because that’s what we do with that. If you’re interested, you can go to NoteUmbrella.com because we gave you an umbrella over our education. For $97 a month, you can be part of the WCN crew and have access to all that stuff. There are two options for you. CallingBanks.com for the masterclass or get the whole thing. We shared with you all the masterclasses, the three-day workshop, Note Camp Weekly Coaching Calls by going to NoteUmbrella.com and sign-up for WCN membership. That’s all I have for you. Don’t dilly dally. Take an opportunity and make the most of your education. Let me help you find deals.

There’s more than enough to go around. Too many people are fighting and scraping for their scraps when they don’t have to. There’s a full meal buffet right next door. If you get up and do a little bit of work, you’ll find plenty of other deals that you can tap into amazing deals without having to overpay for assets.

You still got to work through the pricing and there’s going to be some stuff but it makes much more sense to get cleaner assets and go from there. That’s all I’ve got for you. Once again, thank you so much. Kathy, good to see you as well, everybody. Hopefully, we’ll see you at the Calling Banks Masterclass, but otherwise, be safe. We’ll see all the top, everybody.

 

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