NOTE COURSE BONUS: Is Your Note Seller Lying?

Published: Tue, 12/22/09

December 22, 2009..

The Paper Source Cash Flow Express

A Note Course Bonus Lesson

Merry Christmas !

How can you tell if a note seller is lying?

In the next two bonus lessons Lorelei Stevens will give you some pointers. She's one of the most experienced note buyers in the country (her website is www.wallstreetbrokers.com).

Also, if you missed the webinar on investing in defaulted bank notes, you have one more chance -- you can access the replay at www.notebuyingprofits.com/mencarow It's free (see below). But it's coming down in a couple of days.

Enjoy!

Bill

W. J. Mencarow
President, The Paper Source, Inc.
www.PaperSourceOnline.com
www.cashflows.org

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Last chance: How to Invest in Defaulted Bank Notes, free Private Seller Carryback video

Dean Engle here.

I just wanted to let you know that on Christmas Eve I'm pulling down the replay of the webinar training I did recently on how to profit from Defaulted Bank Notes, so if you want to find out about the opportunity in discounted bank notes, go here now: www.notebuyingprofits.com/mencarow

Once you sign up on that page, I'll also send you the free video I talked about on the webinar. It's a fascinating 90-minute interview with some big players in the Private Seller carryback industry. I
think you'll enjoy hearing their perspective on defaulted bank notes vs. seller carryback notes.

Let me know what you think...

Merry Christmas!

Dean Engle
Partner, Park Tree Investments

P.S. The replay is coming down Thursday, 12/24, so watch it now if you're interested in learning more about how to profitably invest in defaulted mortgages--and get the free video on private seller carryback paper vs. discounted bank notes as my gift to you.

Click here for both: www.notebuyingprofits.com/mencarow

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In This Issue

IN THIS ISSUE:

How Can You Tell When A Note Seller Is Lying?

Last Chance For The Webinar Replay On Discounted Bank Note Investing

Politically Correct Season's Greetings

Featured Products

Make Money Trading Mortgages -- Best E-Book On Cash Flow Brokering

LORELEI'S LEGAL LESSONS: THE ESSENTIAL GUIDE FOR SUCCESSFUL NOTE BROKERS
by Lorelei Stevens

Is Every Note Seller A Liar? Part I of II

by Lorelei Stevens

    A lawyer familiar with buying notes once said, "Always remember that every note seller is a liar and a crook."

   It is shocking to hear anyone say such a thing. But the same advice can be found in George Coats' book "Smart Trust
Deed Investment in California" (now out of print):

   "Experienced TD [Trust Deed] investors often claim that the best approach to the investigation of any TD is to assume the
other fellow is a crook, and then work backward from there. Depressing as it may sound, there is considerable justification
for this attitude."

   Only after many years of note buying does it become clear exactly what that lawyer and George Coats were saying. They
weren't saying to treat your note seller like a crook. They were saying not to trust anything the note seller says without backup documents and information.

   Treat note sellers as if they were perfectly honest. But keep them honest by carefully checking out everything they say
about the note they're trying to sell.

   You shouldn't treat your note seller like a crook, but why should you think of them as a potential crook?

   There are only two reasons why anyone would sell you a note:
           To get cash;
           To get rid of a problem.

   Let's examine both of these reasons to see how they could affect you.

   First, a note seller wants cash. What is it about wanting cash that could make your note seller act like a crook? Think of
the note seller's situation. They want the cash as fast as possible. And they are willing to take a discount, to lose money, on the note in order to sell it for cash. That tells you something right away.

   Also, a note seller is under pressure. It could be something as simple and innocent as needing to buy a new car or
sending a kid to college. It could be something as common and scary as a divorce. It could be something as complex and serious as paying off a gambling debt or delinquent taxes to the IRS. The pressure is there in either case. Such a note seller may not volunteer any bad features of the note because of fear that each bad thing will devalue the note.

   This is the kind of note seller that will tell you that the payor has never been late, and then you find out that the
payments are always at least three weeks overdue. This is the kind of note seller that will tell you that the payor keeps the
property in picture-perfect condition, and when you drive by to inspect it you find junk cars, garbage and children's broken toys
all over the yard. When you bring such discrepancies to the note seller's attention, they always have a justification ready:

         "Well, they do pay, eventually."

         "Well, I haven't seen the place since just after I sold it, and it looked good then."

   And it could always be an honest mistake. Maybe they haven't seen the property for a long time. Maybe being a month
late with payments is okay with them.

   The cash-hungry note seller may not be deliberately lying, but they are more than likely to color the truth with rose-colored
glasses in hopes of getting more money for their note.

   People are funny with money.

TO BE CONTINUED...

COPYRIGHT 2009 WALL STREET BROKERS, INC. ALL RIGHTS RESERVED

   Lorelei Stevens is president of Wall Street Brokers, a nationwide note investment firm. She would like to buy some notes
from you! Contact her at 206-448-1160, fax 206-448-1160. e-mail: mailto:lorelei@eskimo.com
Website: www.wallstreetbrokers.com

   Lorelei is the author of "LORELEI'S LEGAL LESSONS, THE ESSENTIAL GUIDE FOR SUCCESSFUL NOTE BROKERS. Learn the little-known rules and requirements that can make or break you, written in a clear, concise and easy-to-understand style. For information visit www.papersourceonline.com/Pages.asp?PrId=218

Did you like this article? You can get many more like it, plus the latest news of the note business, new note investors, new laws, court decisions, etc. affecting the business, interviews with the experts and much more every month in THE PAPER SOURCE JOURNAL.

With your subscription you also get the PAPER SOURCE REGISTRY OF NOTE INVESTORS, plus the E-Registry on the Internet, the most accurate compilation available of true note buyers (not brokers) and what they buy.

We've been doing this for over 20 years, and we know who the real players are.

See www.papersourceonline.com/Pages.asp?PrId=244

"The Paper Source Journal has been a very valuable source of information for me. I've been a subscriber for most of your years of publication." --Nick Buschur, Grants Pass, Oregon, #1 Broker for the largest note investment firm in the world for an unprecedented 3 years in a row, est. annual volume $15.8 million.

Politically Correct Season's Greetings

We, hereinafter known as the Wishor, hereby respectfully, with all humility and humbleness, non-confrontationally and in the spirit of the universal brotherhood and sisterhood and trans-genderhood of man/woman/gay/lesbian/transsexual/bisexual/polysexual/asexual/fill in your preference: ________/request that you, hereinafter known as the Wishee, accept (not that we are putting you under compulsion; you are free to accept or reject) our best wishes (not to imply that our wishes are any
"better" than anyone else's wishes) for an environmentally-conscious, socially responsible, high self-esteem, low stress, lifestyle-affirming, diversity-celebrating, non-addictive, smoke-free, gender-neutral celebration of (pick one or more than one): X-mas (it is not P.C. to use the name), Hanukkah, Kwanzaa, Winter Solstice, (or another term or terms of your
choice) practiced within the most enjoyable traditions (only as you define "enjoyable") of the religious or faith-based persuasion of your choice, or secular practice of your choice, with respect for the beliefs/persuasions/inclinations/feelings/and/or traditions of others*, or their choice not to practice religious or secular traditions at all, or their choice not to make a choice.

(* As long as they are not Bible-believing Christians, of course. Tolerance has its limits.)

And we also wish you a fiscally successful (not that materialism is a worthy goal; by "fiscally successful" we of course mean we hope the taxpayers are forced to provide you everything you need and want), personally fulfilling and medically uncomplicated (that is, taxpayer-funded health care, or single payor, which used to be called socialized medicine until our allies in the media changed the terms), recognition of the onset of what is generally accepted in the Western world as the calendar year 2010, but not without due respect for the calendars of choice of other cultures whose diversity in our society have helped make America great (not to imply that America is "greater" than any other country or is the only "AMERICA" in the Western Hemisphere, nor to convince you that America is great if you choose to believe otherwise), and without regard to the race, creed, color, age, gender, physical ability, religion, weight, sexual preference, I.Q., height or shoe size of the Wishee.

(I've published this in THE PAPER SOURCE JOURNAL each December for a few years, and it's interesting that I have to update it every year with crazier and crazier leftist buzz words! -- Bill Mencarow)

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