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News
Of The Note/Cash Flow Business For Brokers & Investors |
Hello again ,
Most people who invest in and/or broker notes and cash flows do it out of their home office.
A home office presents special opportunities and also special challenges.
Here's an Internet chat room exchange on the subject that I thought you'd find fun to read,
and you'll probably learn a few things, too. I did!
Cheers,
Bill Mencarow
www.PaperSourceOnline.com
www.cashflows.org
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Are you around tomorrow?
Dean Engle, a Discounted Bank Note investor who has created an "under the radar" technique for profiting from the commercial and residential loan crisis, is hosting a free webinar tomorrow.
If you haven't signed up yet, do it now:
http://www.notebuyingprofits.com/mencarow
The techniques Dean will reveal will open your eyes. He'll show you some of the best ways to find discounted bank notes, buy them at big discounts, and exit them in five different ways.
Sign up now to hear Dean's take on the huge potential of discounted bank notes. Here's the link for the free webinar: http://www.notebuyingprofits.com/mencarow
See you on the call!
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How To Work Out Of A Home Office
An Internet chat room discussion
among notebrokers and investors
LoanCutie: Hello All! My question would be do any
of you work out of your home office, either on the
whole or partially? I am thinking of moving into my
ho*me office soon but I'm not sure if that's a good
idea or not. Anyone here have any advice on how to
stay motivated at home, I have heard that it can
be hard and make you somewhat lazy. Any advice
on how to make it as smooth as possible
would be appreciated.
newmexbill: I worked out of my hme successfully
for six or seven years. What I did was to
make sure I started on time every day, dressed
for work (not PJs), and refrained from "doing stuff
around the house." I kept my office as organized
as it ever is (not very, but I try) in case a client
might come by. In other words, I acted as much as
I could like the ho*me office was my old place
of work. Good luck!
Old Hand: Bill makes excellent points, especially
about dressing for work. You might also try to
have your office situated so you can close a door
to minimize distractions, and hang a "Working,
Do Not Disturb" sign to keep the family from
interrupting too often. And don't fall into the
dreaded Oprah syndrome. That's when you just have
to see what's on Oprah today.
Missy: LoanCutie, just make sure you're prepared
for it, it's not as easy as you might think. I've
been in the business now for almost a year, and
I don't have a problem staying motivated -- if
you don't hustle you make no money, it's that
simple. If you're new to the business, as I still
consider myself to be, I wouldn't recommend
working out of your house for at least a year. BUT, if
you insist here's what I suggest.
For starters, unless you have a newer computer,
upgrade your computer NOW. My computer was
not prepared for all the software I loaded on it.
Purchase WINFAX, select your database
management software. For database management,
I'm using Outlook. I'm surprised at how easy
and functional it is; besides it's free.
· Figure out if you need a business line or not;
some at-home people don't care, but I have
one and in my opinion it looks more professional.
You may also need to get a dedicated fax line too.
· Sign up with a credit reporting bureau.
SHOP, SHOP, SHOP for the best price possible.
My credit report expenses are one of my expensive
items.
· Invest in DSL or a cable modem service.
· Make sure you have ideas on how you'll generate
business (direct mail? advertisements?
networking?). Create an office budget around
this.
· Depending on how you get your docs back and forth,
you may want to look into an overnight service,
say FedEx or Airborne. It can get expensive and
I'm actually going to scale back and start
e-mailing most of my files. It's hard at first,
but it will get better.
******************************************************
Have you read "Lorelei's Legal Lessons" by
Lorelei Stevens, President of Wall Street
Brokers? If not, you should -- it's one of
those few "must read" books for note/cash flow
investors and brokers. I can't put it any
better than note investor Rick Cogswell, who,
after he read it wrote to say,
"If I had read her book about 6 years earlier, I would be $200,000 happier."
(Rick Cogswell, Katrick & Associates, LTD,
buyer of non- and sub-performing notes
http://www.rickcogswell.com)
The e-book is only $19.95, and you won't find a better
value in the legal dos and don'ts of notes.
To order and for more information, go to:
http://www.papersourceonline.com/Pages.asp?PrId=218
*******************************************************
Little Devil: I find myself out on the road more,
networking, meeting with note holders and just
using my ho*me office to do paperwork or make
some follow-up calls. (The cell phone bill is a lot
bigger now!) If I had to choose a "Real" office or
my home office I will stick with the home office.
I feel more motivated.
quickfix: A lot of seasoned pros think that it's
unprofessional to work from your house. I don't. I find
that some clients enjoy coming to my ho*me office
because it's informal and friendly. On the
other hand, some clients expect me to have an
executive office-type presence. For them, I invite
them to meet me at my attorney's office, or I
go to their home. Most times they elect to do
business over the phone and mail. If the client is
Realtor-referred, I go to the Realtor's office. No
big deal, either way.
You must, however, be totally
equipped out at home with good equipment
and a separate phone line, in my opinion. Your
environment must be organized and comfortable -
and no Oprah :)
vabchmonehape: The only problem I have found
working out of my home is knowing when to
stop. I notice that I work more hours.
People forget that you're working out of your
ho*use and feel that they can call or fax you
any hour of the day or night. I have had to
learn to discipline myself to not answer the
phone after certain hours.
Other than that, life is great. I like the fact
that I don't have to dress up for work
(I cut my dry cleaning bill down to almost nothing).
I don't have to fight rush hour traffic to make it
to the sales meetings.
1MoreSilverDollar: I have a home office with a separate
phone line and all the equipment I need to
run smoothly, and no kids, in fact nobody at home
but me. I also meet people in their homes,
Realtor's office, hotel lobbies, attorney's offices,
etc. Makes travel time for the borrower less to
meet them half way. Have my fish tank and plants
and an awesome desk with plenty of room, my
office is 285 square feet, not some cubicle
where you can't hear yourself think over the
others in your office. Save money on gas, lunches,
clothes etc. I also find it hard to push myself away.
I wo*rk harder at home and don't need the social BS
from an office.
chow: Rule of working out of your house:
Get up, get dressed and go to the "office" and work.
Make your ten calls, your ten mailings, your
ten former customer contacts, and ten new contacts
a day. It's just a matter of putting one foot in
front of the other, everyday.
Curmudgeon: Basically you asked two questions.
Question: How do I keep myself motivated? (Without a
supervisor/boss prodding me).
Answer: This is a commission-only profession, and
you earn what you are truly worth. If you
have been successful up to now, motivation should
not be a problem if you wish to continue eating.
There may be a short adjustment period, but hunger
should win out.
Question: How can I ease into this and make it as
smooth as possible?
Answer: Take two vodkas in the morning.
LoanCutie: Thanks to everyone for all the help
(even the vodka). To answer some of your
questions, Yes I do have a child but she will
still go to daycare; I just want to be able to
stay home if need be, just in case she's sick or
whatever. Working out of my house will just make that
all the easier. Besides, call me crazy, but we're
trying for another.
Secondly I am still new to the biz, but I am
planting a lot of marketing seeds in a few different
areas so when it starts to blow up I want to be
in the comforts of my home office.
Oh, and I think I'll just tape Oprah :)
Did you like this article?
You can get many more like it, plus the latest
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and what they buy.
We've been doing this for
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players are.
See www.papersourceonline.com/Pages.asp?PrId=244
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Paper Source Journal has been a very valuable
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Broker for the largest note investment firm
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In This Issue |
IN THIS ISSUE:
What's The Potential Of Discounted Bank Note Investing?
Working From A Home Office
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