Black Friday 50% OFF Blowout Starts Now! Plus Article "23 Things I've Learned About Notes"
Published: Tue, 11/22/11
The PAPER SOURCE Black Friday sale begins right now --
50% OFF on most of the store!
http://store.papersourceonline.com
The half-off sale ends Nov. 30. Use the coupon code:
savings
at check-out. Not every product is on sale.
If you prefer not to shop over the Internet, just call
us with your order: 800-542-2270.
Enjoy!
Bill
P. S. I will never send you an email that is just an ad,
so I've included an article I wrote. It was published in
the latest PAPER SOURCE JOURNAL. For info on subscribing
and getting the PAPER SOURCE REGISTRY OF NOTE INVESTORS,
see
http://papersourceonline.com/registry-of-investors/how-to-get-in/
-------------------------
W. J. Mencarow
President, The Paper Source, Inc.
Check my blog for news of the note business and more at
www.PaperSourceOnline.com
-------------------------
23 THINGS I'VE LEARNED ABOUT NOTES
by W. J. Mencarow
1. Never ask an investor for a quote unless you are in direct
contact with the note holder.
2. Never believe a website that claims to be an investment company
unless you know independently that they are for real;
95%+ are really brokers).
3. Never buy anything from an infomercial.
4. Get to know who the genuine institutional investors are;
there are very few.
5. Never use private investors unless you have done at least 100
deals with institutional investors and have learned all the
pitfalls.
6. Never look for notes on the Internet.
7. You won't make any money as a note "finder."
8. As a note broker, make it your goal to know at least as much
about the note business as your investor.
9. Gather as much information as possible about the note, property
and payor before you contact an investor.
10. Develop trust with the note holder by being a person who
inspires trust.
11. Verify everything you can about the note, property and payor,
including what the note holder tells you, before telling your
investor.
12. Tell the investor everything you know about the deal, the good
and the bad -- hold nothing back -- as you learn more, tell the
investor.
13. The bigger the deal the less likely it is to close -- make it
big on little deals (John Schaub's rule; www.johnschaub.com).
14. Make it your goal that for every X number of notes you broker
that you will keep one for yourself (Mike Meeker's rule).
15. Sell investors partials and keep the back ends for yourself --
and keep track of who owns the front ends.
16. Devote at least 80% of your time and resources to marketing
for notes.
17. Never let a note holder go uncontacted for more than a month.
Keep a tickler file and get in touch with note holders who
have turned you down in the past. People's circumstances are
always changing, and the person who said "no" last time might say
"yes" today.
18. Nobody knows as much as you think they do.
19. Keep learning -- what worked last year may not work today.
20. The reason most people fail in the note business is because
they give up too soon. Perseverance is vital for success.
21. Good judgment comes from experience, and experience comes from
bad judgment.
22. Treat every setback as a successful learning opportunity:
When Thomas Edison had tried thousands of materials for his
light bulb filament and none of them worked, someone commented
how discouraged he must be at all his failures. "I have not
failed," said Edison. "I've just found 10,000 ways that
won't work!"
(Edison also said, "Opportunity is missed by most
people because it is dressed in overalls and looks like work.")
23. This is NOT a money business. It is a people business.
Don't forget The PAPER SOURCE Black Friday sale begins right
now -- 50% OFF on most of the store!
http://store.papersourceonline.com
The half-off sale ends Nov. 30. Use the coupon code:
savings
at check-out. Not every product is on sale.