EP NNA 93 – Create A List Of Opportunities For Finding Banks With Bad Debt

NNA 93 | Bad Debt

Do you want to scale and grow? Start and take action today. In this episode, Scott Carson breaks down the different ways to find banks that have bad debt or nonperforming loans on their books. He discusses using the FDIC.gov, DistressedPro.com, Scotsman Guide, foreclosure lists, and the notice of default lists to identify them. There are even better ways to get this information, but it will require more money through spending for software that pulls all the information you need. He also mentioned that you must first focus on the desired location and start contacting commercial asset managers at banks. This will help you easier in finding a good opportunity and eventually a deal. Just make sure to look at the properties, especially if you are into the business.

Listen to the podcast here:

Create A List Of Opportunities For Finding Banks With Bad Debt

I’m glad to have you all here. Welcome to the show. You can register for Note Night in America by going to NoteNightInAmerica.com. You can register for all of our Monday night webinars. Our topic is something you’re probably going to see a lot of as the foreclosure and eviction war comes in for those of you guys that it’s your first time in the show, welcome. We’ve been doing this for years now. It’s hard to believe several years of doing something on Monday night, whether it’s Note Night in America, conference calls or stuff like that.

Always check out our website for more information. We are here to help you guys accomplish your dreams and goals when it comes to real estate. We can put you in the right direction as well. A couple of events coming up that we want to let you know about. The third Saturday of the month is our time again for our Note Weekend Training.

If you go to NoteWeekend.com and get signed up there, the price is $49 for that and over 1,000 bonuses. It will run from 9:00 AM to 4:00 PM Central Standard Time. The replays are included. You don’t have to wait to start watching those. If you are registered anytime between now and then, you’ll get a link with replays to the main workshop with a full session and the manual. We’ll spend part of the day talking about how to find, a part on how to fund and on how to flip.

NNA 93 | Bad Debt

Bad Debt: There can be some big opportunities that you know what to do or have an opportunity to pivot some things.

 

It’s the Cliff Notes version of the training. Usually, this is over $97 or $99, but we’re running a special at basically $49 for you guys. Take advantage. It’s a great starting point for you if you’re a note investor. Get signed up and I look forward to teaching there. The next step for most people is we have our next quarterly workshop the weekend after the Note Weekend. It’s our Virtual Note Buying for Dummies Workshop. It’s our full three days, Friday through Sunday workshop. It’s recorded via Zoom. You’ll get replays to that event. If you get signed up between now, then you’ll have the replays to the last event in March or April.

On Friday, we’ll spend time with them on how to find notes, finding asset managers, what to say and what not to say to them. If you have not done anything and you want to get started, this is a great way to help you to get a crash course in it before all the opportunities start flying by us. On Saturday, we’ll spend time on raising capital and marketing. On Sunday, we’ll talk about flipping the exit strategies, breaking down tape and how to start making some of that dinero, that moolah, that shashing for your bottom line.

The reason we’re talking about this is around our quarterly workshop, we do a four-week coaching program. This is not our one-on-one coaching, but this is two weeks before the class and two weeks after the class. We’ll meet on Wednesday or Thursday nights for an hour and a half. It’s getting you primed so that you can make the most of this class. Everybody loves this. If you’re part of our one-on-one coaching students or WCN crew, you can repeat the class at no additional cost. We are excited about this. If you didn’t take part in the four-week coaching the last time we did the class, you can jump in here. It’s usually $500 by itself.

For the four-week coaching, the Virtual Note Buying Workshop, the replays, bonuses, manual, plus your styles, it’s $9.97. It’s the best bang for the buck in the note industry. You can go to NoteBuyingForDummies.com to get signed up for that. I’m excited about this because we’ve got some cool things and I want you to hang around until the very end. It’s something we only do once every two years. We’ll tell you why this is going to be such a valuable class and things to be a part of it.

How to find banks with bad paper? They all have them, but you got to realize that not every bank is going to have stuff that you guys can buy or that we can buy. You got to know what’s available out there first, and then if it’s worth going or not going after. Their numbers came out about the national default rate for Q1 and that number is at 6.38% of all mortgages are in default for Q1. It climbed up a little bit compared to Q4.

In Q2, maybe we’ll drop that down a little bit. We don’t know yet, but it’s right at 6.38% for Q1. The national foreclosure and eviction moratorium ends in roughly June 31st. There is expected to be somewhere between 11 million and 15 million homeowners and tenants impacted by this. Either they’re going to be foreclosed or evicted. The thing that most people don’t talk about, “All people are getting evicted because they’re not paying.” Them not paying has also affected the underlying investors. That’s why there are roughly about 11 million to 14 million true borrowers out there, investors that are struggling. They’re going to have things to be all across the place.

What’s going on if you’ve got a government-backed loan? Whether you’re an owner of the property or you’re an investor with a government-backed loan. You’re okay, whether it’s Fannie Mae, Freddie, Ginnie Mae or whatever. Basically, they have done forbearance agreements. It’s been delayed. If you haven’t started making your payments back, you will need to start in July, but those aren’t the type of loans that you guys and I will be buying because they aren’t going back. They are government-insured.

Lenders aren’t going to sell those at a discount. We’ve looked at plenty of nonperforming government-backed pools and they’re all one stuff in the mid to high 90s. It does not make sense for us investors. Where does the opportunity lie for us? Non-government-backed loans, your 30-year fixed with the banks, but it’s not government-insured, so he’s probably putting 5% or 10% down.

Non-owner-occupied loans, investment property, a second home, especially investment properties where the borrowers or the tenants have not been paying. Whether it’s a single-family home and apartment complex, whatever it might be or commercial property as well, that’s where you’re going to see the most amount of opportunities for it. Non-bank originated is another opportunity. There are plenty of lending institutions out there originally in loans with the idea that they’re going to sell them to Bank of America, Chase, Citi.

What they’ve had to do is they probably couldn’t sell them if people were late or they had to buy them back if people missed their payment. That’s where a big opportunity is going to be. I haven’t talked about that much. You’re going to see buybacks, a lot of scratch and dent stuff that will make sense that the banks and these lenders will want to get back off their books, then go out and lend some stuff.

There is even some opportunity in hard money loans. Hard money loans are usually at 65% to70% of value or ARV. We have seen a big rash of those, especially in Harris County, when I talked about this. In other places, we start seeing those starting to go to foreclosure and seeing default where the hard money lender is willing to sell the note. There’s a little bit of a discount, but it’s already at a great LTV, plus the payoff is often quite a bit more than what the underlying UPB is. There is some opportunity to make some money and it is to rehab properties where the values are quite a bit higher or to take over some of these hard money loans at a discount.

How do you find hard money loans? Start looking for them in your area. You can go to REIAClub.com to find a list of some national hard money lenders. If you’re looking for performing paper, hard money loans might be a great play for you at 10%, 12% to 14%. You might be paying close to par, but I know I get a phone call from hard money lenders all the time, “Will you buy my notes that we just originated?” I’m like, “No. I don’t like newly originated stuff.”

There are commercial loans and commercial lenders out there. There is plenty of stuff out there. This is more going to be location-dependent versus nationwide. You need to see what’s going on. If you get a list of commercial loans in, “What’s going on with that asset? What’s the cap rate? What’re the tenants look like? What kind of cashflow is coming in?” It’s going to be a little more due diligence on your part, but that’s all right.

Finding Investors

Bad Debt: If you’re invested in an area or you have an interest in an area or you’re in California, investing in Kansas or Missouri or Texas barn in Florida, start looking, calling out, contacting people in that area.

 

There can be some big opportunities if you know what to do or have an opportunity to pivot some things. This is why it’s important for what we’re going to go through in the four-week coaching, is if you’re getting listing from areas that you’re not familiar with, how do you reach out? How do you find investors? How do you find buyers in those markets to see if it’s a deal or a dud? That’s one of the big things we’re going through on the four-week coaching side.

“Where do I look to find these kinds of things?” If you’re looking for banks, you can go to FDIC.gov. This is free. Banks have to file a quarterly report if they’re going to stay with the FDIC Insurance. You can go there, do a search, take a look at their quarterly reports and see what they have. They’ve got to file the stuff. You can do that right now with any bank out there.

You can always jump on like Distressed Pro, which my buddy, Brecht Palombo, does where he uses his software, he goes in and pulls all the information with the quarterly reports. He starts looking at it and they do some stuff. A big, deep dive as well. They’re not cheap. It’s about $1,000 for you guys to be part of DP, Distressed Pro.

Brecht has great software. You can jump on and look at BauerFinancial.com. It is an independent third-party rating system that evaluates the quarterly reports in both banks and credit unions. They give them a ranking. You can purchase that data directly from Bauer Financial, which is relatively inexpensive compared to Distressed Pro. We pull the list of banks with five or more branches across the country. It’s probably about 2,000 banks. It’s usually around $400 every quarter. It’s well worth it.

Virtual Workshops

If you sign up for one of those Note Weekends or the virtual workshops, you get that included as a bonus. BauerFinancial is going to give you a spreadsheet basis. If you go to BauerFinancial.com, you want to pick up the phone and call them. It’s not the easiest thing to find on their website, their data sales. You can give them a phone call. You’ll probably talk to Karen Conway over there. She’s great. Tell her I sent you and that you’re looking to buy the bank list. They’ll ask you some questions about what you’re looking for.

We’ll talk about BauerFinancial lists here. You can always go and look at the foreclosure list at Foreclosure.com. We talked about a Foreclosure.info here in Texas. Start looking in your area and start looking at not only foreclosure lists, but in states where they publish a notice of default list. That’s a nonjudicial state. You can look for that. If it’s a judicial state, you could look for the lis pendens filings at the county.

Usually, those are free. There may be some lists services that provide that, but often we go down to the local county. You can find that stuff and pull that stuff for yourself. Start looking there. Look at the banks who are starting to do that. Look at the foreclosure list. Look at the lenders that are starting to foreclose. In Texas, since we don’t file a notice of default, we do what’s called a Notice of Substitute Trustee List Filing. This is where the banks are trying a different trustee. They are using an attorney to start the foreclosure process. This is your pre-notice of default list here in Texas. I’ve used this for years to track to see what’s going on with filings.

Foreclosure Lists

That’s easy. You can jump on any county here in Texas. It’s open and look for a notice of substitute trustee and start tracking that stuff down. You can also start looking at foreclosure attorneys. This is taking a backdoor approach to finding deals. A lot of the foreclosure lists will list who the foreclosure attorney is. You can contact them and see if they’ve talked with the bank or the lender filing the foreclosure to see if they’re willing to sell the note. If you guys were part of us calling banks, you saw the success of us contacting some of the attorneys off there and being able to get some deals done to us. You can also go to LegalLeague100.com. This is a website put together by DefaultServiceNews.com that lists attorneys in all 50 states.

You might just start picking up the phone, “I know that you guys handle foreclosures. Do you have any of your clients that might be looking to sell the notes instead of foreclosing? I’d like to retain you as counsel.” The biggest thing I can tell you is if you’re invested in an area or you have an interest in an area or you’re in California investing in Kansas, Missouri or Texas barn in Florida, wherever you might be, start looking, calling out and contacting people in that area. I like Texas. I love Florida. I am seeing more deals in Florida and I’m in Texas, but there are opportunities in Texas as well for me. There are opportunities if you know where to look.

If you’re in California, you may not see anything in that neck of the woods. If you’re in Vegas, you may not see any foreclosures in Vegas until the end of the year because what they’ve basically done is delay foreclosures until 2022. That does not mean you can’t pick up a note and hold it for six months. The fact that you’ve got to hold it for six months should give you a better deal and a bigger discount. Those are some of the basic places to dive into. People always ask me, “What will be easy yes? Where can I go to get some easy yeses versus dialing for dollars and getting hung up on?”

What will be an easy yes? Where can you go to find easy yeses? Looking for commercial asset managers at banks. This is an easy yes. If you’re listing commercial properties on those foreclosure lists at the county, look at the bank and try to reach out to the commercial special asset manager. Many banks, especially the banks, finance so much of this nonperforming stuff with sub $5 million in value or UPB, Unpaid Principal Balance. Local banks, smaller banks, financials and stuff. The big four banks are expecting over $50 billion from the stuff. There’s plenty of banks out there, regional, smaller, five branches or more that have commercial stuff in their books that they’re looking to get rid of. Every bank has been impacted by this.

This is why you need to know what’s going on in that location and there’s due diligence involved with all that. Look for non-bank-backed lenders. Lenders that aren’t Fannie Mae, Freddie Mac. You could go to ScotsmanGuide.com and do a search on there. What I used to do trying to find a lender to do a specific type of loan when I was a mortgage broker or a mortgage banker is that we would jump on Scotsman Guide to see who would finance something particular in that state. I didn’t have to go to Fannie or Freddie. You have a 30-year mortgage or stuff like that. Check that out. It’s pretty easy. We’ll dive a little bit more into that during the workshop.

These are the development reps. I’ve talked about this before. This is the time to be reaching out to these guys and girls because they know who’s got nonperforming stuff. They know how many forbearance agreements our clients have had to have because they’re pulling that data for their own information. It can be an easy conversation, easy introduction into people who use that servicing company as their servicer who have nonperforming notes that they probably want to get off their books or people that haven’t paid. Note investors are always buyers and sellers.

I had an email conversation. I went back to my email list. I went back into my database and years ago when I was directly with Capital One. I still am, but they’re not selling. Unfortunately, one of the assistants for the lady that I was buying notes from sent an email and didn’t blind carbon copy. She just carbon copied all the 458 approved note investors for Capital One. That was years ago. I went and found that list, pulled it back up and I sent emails back out to the whole list again.

Out of that whole list again, only twenty emails have bounced back so far, but I’ve already scheduled two phone calls with the large funds off that list of people who are still looking at it. It was a simple email, “Are you still in the note business? Are you still looking to buy or sell? Let’s talk.” I got responses back. I had some emails bounce, obviously, which is okay, but I can go back and see who opened the email and that’s going to be a hotlist and we’re going to call it.

I would look at the BauerFinancial list and then if you’re looking for an easy thing, see who’s got a high percentage of commercial mortgages and default and the Bauer list will show you that. I’ll break it down here. The great thing about BauerFinancial is you can review the banks. It will give you a column that shows you the banks are the highest percentage of defaulted loans in dollar amount and percentage.

It will tell you the percentage of delinquent loans compared to total loans. If you know who the bank is, then I would just be looking at like Beal Bank commercial asset manager or PlainsCapital Bank here in Texas commercial asset manager and start contacting LinkedIn, email, phone calls. If you have not done any of this yet, now is the time to do it.

Now is the time to get it done. Once you find something, it’s going to be pretty easy. Here’s what you need to do. It’s great to get listened to. There’s nothing more exciting and being all jacked up. You want to give yourself a little pat on the back, “I got a listing.” Once you find something, there are some specific things you got to ask. Get pricing expectations. I get phone call after phone call, email, “I’ve got a list in.” I’m like, “What’s the price and expectations?” “I don’t know. I didn’t ask. They didn’t tell me.”

You got to get pricing expectations. Once you get a list in, you can’t get excited until you find out what is going on. Is it a discount? Are they going to take a discount or they want par? You need to ask before doing anything else, “We want par. We went like mid-90%, 95% of UPB.” That doesn’t make sense. If they want above 80% of the unpaid balance or fair market value, it’s not worth wasting your time. We prefer to see deals at or below 70% of fair market value or UPB provided the is quite a bit higher. That should be your magical number. Seventy percent is the highest that you’re going to go of this stuff.

NNA 93 | Bad Debt

Bad Debt: Find the banks to reach people. Evaluate the list, filter it, get rid of stuff. You don’t want to waste time on LinkedIn.

 

It’s going to seize on the stuff that we’re talking about, the non-government-backed stuff, where they have people that haven’t paid in a few months. That’s the magical number that you can make money on. We’ll look at anything at 80%, but you prefer to see it below 75%, 70%, even in the mid-60%, if not 50% of fair market value. When you get this list and get pricing, start doing some due diligence. What are the properties look like? Do they look great or pieces of crap? Are you looking at a property that looks nice or are you looking into a burnout?

You got to do a little bit of due diligence. Make sure you look at it. Make sure it’s a deal and not. By that, I mean, look at it and make sure it’s a truly standing property. Make sure it doesn’t have big holes where it’s trashed out or burned. Start looking at this stuff down. One of the most important things is you want to make sure you’ve got all the information there. Payments, borrower’s name, full addresses and what’s the payment stream looks like? When was it originated? What’s the interest rate?

You need to have that stuff. Once you got that stuff and looking at pricing that makes sense, you can start marketing that to potential buyers, me or other note investors. If you’ve been part of Note Nation or Facebook group for LinkedIn groups. Start marketing depending on potential buyers. I say potential buyers because if you get some deals and you’re working through the numbers, it’s okay to send and put, “I got a deal. Here’s what the property looks like.” Don’t give the addresses.

Say, “Here’s a picture of the property and what we’re looking at. We’re going through due diligence. Is there anybody interested in types of an asset class?” Get those investors interested out there. If you want, give me a phone call or shoot me an email with your deal. We can help you move it. We may buy it. I’ve got relationships all across the country. I’ve got people that I know that are buying stuff all day long. It always amazes me. I talk to people. They are like, “I got a list in but there was nothing on it that I wanted so I didn’t waste my time.”

I’m like, “Still send me the list. I’m glad to look at it with you. Maybe I know somebody who will buy something from you.” Use that as an opportunity. There are only 1 or 2 deals on there. I didn’t think about you. There was somebody who said, “I got a hotel on an email.” “What did you do with it?” “I don’t know.” I’m like, “Send it to me. I’ve got people looking to buy hotels.” Don’t be afraid to give me a phone call. Shoot me an email. I’m going to ask you some questions. I’m going to come back and ask you, “What’s pricing expectations.” If you say you don’t know, then go ask. I’m going to make you go and ask.

Don’t throw spaghetti against the wall to try and see what sticks. There are some things that I do not want you to send me. Do not send me lists from joker brokers. I want you to be direct only. By direct only, you’ve talked to the fund, to the bank and the email gets them. I don’t want these LinkedIn people or these joker brokers out there that don’t have a professional email. I get people that go, “I got to list of notes for sale,” and it’s revolved capital’s crap or it’s direct source stuff or it’s a list from Paperstac. Don’t send me a list from brokers. Don’t send me lists from websites. Don’t go over and scrub Paperstac or Note Trader Exchange and say those are deals.

I don’t care. I’m not interested. I want to see fresh stuff. Do not send me a tape with a sanitized list. What is a sanitized list? This is a tape that has the street address removed and the borrowers’ information on there. I’m talking name. I can’t do due diligence. I can’t evaluate assets if there’s no street address. I don’t want city, state, ZIP and make a bid off of that. I’ll look at a contract for deeds. There may not be a borrower’s name on that because it’s the lender who still owns the property. I’ll look at a contract for deeds all day long, but I still need the full addresses. Do not send me lists without pricing expectations.

I need to know pricing expectations on the different lists out there. You need to know that if it makes sense or doesn’t make sense. You need to know that before marketing out to your database. What kind of pricing point makes sense? Somebody asked me a question, “When you find a list, how do you go find investors?” You need to know what’s the deal. You got to do a little work yourself versus just throwing it against the wall. Do not send me lists of REOs, even though there are not many REOs out there. Don’t send me a list of foreclosed properties. Somebody sent me that and they want $0.90 on the dollar for a bunch of REOs. I’m like, “No. Don’t waste my time,” but I want to open that up for questions.

Does this make sense of what you could be looking for or what you should be doing? I have a spreadsheet that I buy from BauerFinancial every quarter. These are banks that have five or more branches. It is 1,900 banks. They rank from 0 to 5. They are all across the country, all 50 states. It’s a total of 1,974 branches. It gives us their FDIC cert number, bank name, website, address, city, ZIP, phone number and full name. This phone number is usually their customer service number or the main number. It’s not usually worthwhile. It gives you the full CEO name. They break that up so you can do the five-star rankings, which is great. It tells you how capitalized they are.

Here’s the thing you want to start looking into. I will start looking at their default rates. I want to look at the non-accrual and accrued loans that are 90 plus days past due. There’s a dollar amount on there. The next column is accruing loans that are 30 to 90 days past due. It’ll tell you how much of their single-family homes, how much percentage of their loans? How much are their commercial loans are? Is it multifamily or portfolio?

It will give you nonperforming assets as a percentage of total assets. A lot of these are small percentages. You’re going to rank these and you’ll start seeing the percentages go up quite a bit, like 19%. This is what I haven’t ranked yet. I already filtered the list. We see this one bank over here. Their nonperforming assets make up 19% of their total assets. That’s going to be the Beal Bank in Las Vegas.

Somebody asked a question, “Is there property criteria I should choose on notice of default list? I have already been paying for it.” Your property list is residential commercial. You’re probably going to see more NODs on the residential side than the commercial side but look at both. That will be a little bit of due diligence to look down to see what type of property. If it’s something for you, what type of properties are you looking for? Where’s it located? That’s a whole different ballgame. Who’s the lender on it? That’ll vary too. You want to get rid of the biggest lenders like the Bank of Americas, Chases, Citis, Wells Fargos or Deutsche Banks. You want to remove those from your list. If it’s on those, it’s not worth pursuing.

There is a 19% nonperforming assets total, delinquent loans and percentage of total loans. You can see the delinquent loans make up 30% of their total loans. You already ranked this to see who’s got a higher percentage of delinquent loans, which is awesome. I’d take it one step further. All that stuff has been included so far. I went over here and included a column of nonperforming commercial loan estimates.

It does give me nonperforming 1 to 4 family first mortgage loans and a dollar amount. What I did to get the nonperforming commercial estimate was simply go over and deduct the nonperforming 90 plus day amounts. They came out and deduct a single-family loan and that should give you a dollar amount for the nonperforming commercial loan.

That’s my column. I inserted this column myself. There is a column in here that’s included. It is a nonperforming multifamily residential loan for you guys who are looking for residential loans. It gives you a dollar amount and what’s the nonperforming side of that. That can be a very valuable list to look at if you’re looking for multifamily like a lot of people are. That’s the BauerFinancials. It’s pretty easy to work. How do you reach out to people? You find the banks, evaluate the list, filter it and get rid of stuff you don’t want to waste time on. You jump on LinkedIn and start dialing for dollars or whatever you do.

Going over to Scotsman Guide. You would look at commercial or residential originators that aren’t non-bank and pull a list from there and then dial for dollars there as well. How many of you have called banks or are expecting to call banks that are on here? If you work from 9:00 to 5:00, I don’t expect you to be dialing for dollars. For those that are, I’d love to know. A VA can help you on LinkedIn. A VA is probably not going to be the best source for dialing for dollars. Keep that in mind. If they’re American, they understand that and they’ve been trained in this stuff, great. They watched Note Night in America or they watched the Calling Banks Video, that’s something great.

The reason I asked that is when you do get the stuff, send it to me. I’m glad to help, but a powerful thing that we’re going to be doing and I told you guys to hang around. Thank you for everybody hanging around here. We’re going to do something that we only do once every two years. Why? Because we don’t have to do it every year. We update what we do every year but for the last few years, we’ve done this once every two years, either a small group or a bigger group. We’re going to do it again that we haven’t done since 2019. It’s our 2021 Banking Blitzkrieg.

What is the Banking Blitzkrieg? You’ve seen me dialing for dollars for 4 or 8 hours on a Wednesday and calling banks and talking to bankers. We’re going to do that, but I’m going to open it up to those that are interested in joining me in doing that. It’s four weeks of calling banks. It’s a thing that is organized. It’s not just, “You go call banks.” No, it doesn’t work that way. What it comes down to is I’m looking for 30 individuals to call and contact banks at least once a week where we will be providing the list. We’ll be giving you the list to dial for dollars off of. Usually, the first week is about 100 names, 100 banks, if anybody gets 100.

The 2nd, 3rd and 4th weeks are 50 names. Do I expect you to get through all 100 in the first week? No, but I do expect you to spend some time dialing for dollars on your list. What’s great? We’ll give you a new list each week or as you get finished with the list provided to turn your lists in. We want you to track your calls. We’ll give you a tracking list with what’s the bank’s name is? What’s the email? What’s the phone number you get? What’s your action? Did you get a yes or no? Did you say, “They go pound sand? Did you get a bad email?” You don’t have anything you need to move on. That’s totally fine. We’re going to give you that list.

Bad Debt: You have to realize that not every bank will have stuff that you guys can buy. You have to know what’s available out there first, and then what’s worth going after.

 

At the end of that four-week provided you’ve been along all four weeks, we will combine our lists of how many people are left and everybody will walk away with a master list. If we get lists and tapes, assets or stuff like that, we’ll all be working and sharing what comes in. We did this years ago. There’s a cost to be part of this. The beautiful thing is if you get through all four weeks, you turn in your list every week. You’ll get the cost of this refund and back to you, but if you come in, sign up for it, then you flake off after a week, you don’t get a refund because it takes me time to go through, pull these lists, organize it and put it all together.

It’s a small cost for you to be a part of it, but it’s well worth it. The beautiful thing is, in week one, I give you a list of 100. I don’t expect you to get through the whole 100, but I expect you to get fifteen in your first week. Submit those 50 back. Jump in. Some people get through more than others, but that’s okay. Send it in. If you miss a week 2 or3, you’ve got to be on top of it. You’ve got to set some time away and be dedicated. The last time we did this, we had a call list of over 2,000 bank contacts, names, emails. We have close to 1,900 emails. We had LinkedIn profiles for almost all of them, but it was such a valuable tool that you guys can use going forward here. Who loves this idea?

Mandy says, “Scott, 90% of everything you’re saying is so foreign to me. I need to take courses first.” Yes, you need to get signed up for Note Weekend. That would be the first spot. It is a good starting point to get rock and rolling. If you’re interested in getting on the list, we’re taking reservations for those. The big thing here too, if you’re part of the WCN Crew or you’re one of our one-on-one coaching clients, there’s no cost for you to be a part of this, but the same thing, if you don’t participate four weeks, you don’t get the full list. Drop me an email at Scott@WeCloseNotes.com. We’ll shoot you over links, help you get rock and rolling. We will have you RSVP your spot in the top 30.

Do I expect half of the people to flake off? Yeah, because that’s what happened last time. It happens every time. Everybody is excited about things, but when they get around to doing it, they flake off. We had 25 the last time we did it. In the 1st week, we had five people flake off and 2nd week, we had ten. We ended up with fifteen people that did make weeks 3 and 4 and they got the full list. This is a very powerful thing. I do expect you to make at least 50 phone calls. That’s an important thing. That may be 1 or 2 days. You’ve got to set aside 3 or 4 hours to make this phone call.

If you make it through all four weeks, you get refunded the cost. This is one of the great things that we’re going to do. I am excited about this. This is always a fun thing that adds so much to those that will take part in this, go out and find some things. That’s the big announcement that I want you guys to hang around with until the very end here. We have a question, “Where do you think the best place is to post and find someone who wants to share the cost?” You can go into the NoteNation Facebook Group. Post it there.

If you’re interested, let me know. We can guys get your rocking and rolling here for it. Hopefully, this is maybe an interesting call for you, but that’s the thing. Start making contacts, talking to people, talking to representatives at their bankers, asset manager, using their LinkedIn groups. Start making those connections and if I’ve got to incentivize you, we’ll do that. We have another question, “I’m doing trustee sales now and I have learned a lot. I’m ready to get into note purchasing now.” Trustee sales can be great when there is stuff. You haven’t probably seen a lot from the trustee sales side of things.

Everybody, I want to make sure that you get signed up for the Virtual Note Buying Workshop at NoteBuyingForDummies.com. Check out our one-day course, NoteWeekend.com. Make sure you subscribe to WeCloseNotes.tv. Go to our YouTube channel. That way, you’re alert when the replay video is up. It’ll send you a message or shoot me an email.

Thank you for reading. Go out, take some action. It’s good to be back. Stay cool. Stay dry. We have a question, “Are the dollar amounts listed on the spreadsheet in the thousands?” They’re listed in the millions on BauerFinancial of what’s in default. Add a couple of three more decimal points to the right. We’ll see you all at the top. Bye.

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