Note Course Bonus - 9 Questions Note Owners Ask
Published: Tue, 03/27/12
Hello ,
Today I'm going to go over 9 questions note owners often ask
and how I deal with them.
I hope you got your bound copy of OWNER WILL CARRY -- HOW TO TAKE
BACK A NOTE WITHOUT BEING TAKEN by Bill Broadbent and George
Rosenberg, because they've all been sold and will not be reprinted.
I'm not holding any back, there are none in the closet or
under my bed (I looked), so please don't ask me to find one for you.
That's the bad news. The good news is that you can still get
OWNER WILL CARRY as an e-book. You'll not only get the 205-page
e-book, but you'll also get contracts, forms and bonus articles
PLUS the stepped payment amortization software, INSTANTLY as
downloads. Sold separately all that would go for $59.95, but
we've cut the price in half, to just $29.97. If you want it
bound, a copy shop can do it for around $20.00.
I've done a video explaining what OWNER WILL CARRY is
all about: http://snipurl.com/owcarry
And if you missed Bill Broadbent's article explaining how
stepped payments can be a great source of notes, it's reprinted
here: http://snipurl.com/22ss5ro
Cheers,
Bill
W. J. Mencarow
President, The Paper Source, Inc.
www.PaperSourceOnline.com
www.cashflows.org
P. S. If you'd like to reach over 25,000 subscribers to these
mailings -- all of whom have asked to receive them -- drop
me an e-mail at wjm@PaperSourceOnline.com
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9 QUESTIONS NOTE OWNERS OFTEN ASK
by W. J. Mencarow, Jr.
"I saw your ad. What do you mean you buy notes (or mortgages,
structured settlements, etc.)?"
Your best strategy is to ignore the question and ask one of your
own: "Are you receiving payments on a mortgage now?" (Or structured
settlement or whatever is appropriate). Otherwise, you may find
yourself explaining note investments to someone who is simply
curious -- or worse, to your competition. Don't waste your time with
people who aren't holding notes.
"What do you pay?
Again, don't waste your time.
Make sure they understand that you are only interested in beginning
a conversation if they have something to sell. Ask AGAIN, "are you
receiving payments on a mortgage now?" It's amazing how many people
think they can sell a mortgage they're paying on! If they say yes,
the answer to the question of what you pay is, "it depends," and
you then proceed to ask them the questions from your intake sheet.
"How much of a discount will I have to take?"
"As little as possible. Each note is different." Then ask your
questions. I'm always happy when note holders ask this question. It
means they realize a discount is involved. It also means they know
something about the time value of money, and that lessens the
chance that they could later accuse me of taking advantage of a
financially unsophisticated person.
I'd much rather talk about how much of a discount is involved
rather than try to explain why notes are discounted!
"How long does it take before I get my money?"
"Once you furnish me with all the documents I need, the process
will take a few weeks." Note the all-important conditions: once YOU
furnish me with ALL the documents I need.
"Why does it take so long?"
"The title search and appraisal are what takes the longest, and we
have no control over those. It may very well be shorter." In other
words, any delays are somebody else's fault. It's usually just that
way!
"Are there any points or fees I'll have to pay?"
My answer is, "no, there are no points, and I'll pay all the
closing costs. Nothing will be deducted from what I pay you." This
creates good will and a cleaner transaction. If we're buying the
note for our portfolio, it also allows us to keep control of the
situation: if we pay the closing costs, we pick the lawyer, and he
works for us. This is crucial to our closing system.
"What documents do you need?"
"Not many, really. I'll go over that with you when we meet to
complete our agreement to buy the note. Would 3 o'clock this
afternoon be all right, or would 8 o'clock tonight be better?"
"What if I can't find all the documents?"
"That's OK. The lawyer or title company which handled the property
sale should have copies of the key documents or be able to get them
for us."
"Can I use my own lawyer?"
"I would insist on it. I strongly encourage you to have your lawyer
review everything in advance. Of course, you'll have to pay your
lawyer's fee."
Most note sellers don't want to pay for a lawyer, and that last
sentence makes them think twice. A note seller who asks this
question is afraid you're going to take advantage of him. The best
way to dispel this is to do what he doesn't expect -- insist he
consult his lawyer before he acts. "Whosoever shall compel thee to
go a mile, go with him two miles." (Matt. 5:41)
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