5 Assumptions You Can't Afford To Make
Published: Wed, 03/20/13
March 20, 2013
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In this issue: "5 Assumptions You Can't Afford To Make"
Free Teleseminar Tomorrow (Thurs.)
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Hello ,
Jeff Armstrong's article "5 Assumptions You Can't Afford To
Make" is below.
Today I have two action items for you:
Action Item #1: Take advantage of Jeff's free "how to find notes"
teleseminar tomorrow, Thursday. With over 1500 note transactions
closed by him personally, Jeff's knowledge and experience in the
note industry is unsurpassed.
The Thursday teleseminar with Jeff Armstrong will start at:
6 p.m. Pacific;
7 p.m. Mountain
8 p.m. Central
9 p.m. Eastern
Call 712-451-6000 when it starts in your time zone. When prompted,
enter the access code 903809 followed by the # button. (Sorry, you
cannot use Magic Jack.)
Action Item #2: Take advantage of the $100 discount ticket
to THE cash flow note event of the year: the Paper Source Note
Symposium: Ca$h Flow Profits! next month in Las Vegas. IT EXPIRES
THIS FRIDAY, MARCH 22.
Jeff will be teaching "The Art Of Finding Note Holders Through
Targeted Marketing" at the Symposium along with other teachers
with decades of experience. See the attached flyer or go to
www.PaperSourceSeminars.com to see the bios of the teachers and
to register at the discount price by this Friday.
Spend a long weekend in Las Vegas learning about cash flows and
networking where note brokers and investors meet. You'll make
contacts that will likely prove to be invaluable.
Cheers,
Bill
W. J. Mencarow
President, The Paper Source, Inc.
www.PaperSourceOnline.com
www.PaperSourceUniversity.com
P.S. There will be no sales pitches by the teachers at the
Note Symposium. I believe it is unethical to ask people to
spend their money to come to an event advertised as educational
and then subject them to a stream of high pressure sales
pitches for products, "boot camps," "mentoring," etc.
I have hand-picked each of our teachers. None of them are on
the seminar circuit, speaking instead of doing. They will
simply show you how to do what they do successfully every day.
And you won't have to choose among several presentations
going on at the same time -- all take place in the same room.
I hope you will join us for THE cash flow note event of the
year!
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Never Assume
by Jeff Armstrong www.ArmstrongCapital.com
Back in Junior High School there was one teacher that sticks out in
my mind: Mr. Burr. He was my teacher for Algebra I and Algebra II.
Mr. Burr taught me much more than algebra, though. While filling my
head with equations, formulas, proofs and theorems Mr. Burr gave me
a piece of advice that I would use for the rest of my life. That
piece of advice was "Never assume, because it makes an ass out of u
and me." Not only did that one piece of advice help do well in
algebra, but it has helped me out in my life and in my note business
as well.
As a note broker and note investor there are many things that you
should 'never assume.' Assuming anything in any business is a very
poor way of doing business and not only hinders a business but also
is detrimental to the business itself. Assuming can not only cost
you lots of time, money and future business but also, on the
extreme end, it could cost you relationships and burn bridges with
associates and clients.
Following I have made a list of five of the things you should never
assume as a professional in the note business; see if you can think
of others as you read through them.
1. Never assume the note holder or client knows what you do.
This is a very niche industry. We all know what you do, but the
average person out there has no idea what you do until you explain
it to them.
For example, on your first conversation with a potential
note seller you should explain to them, in no uncertain terms, that
you "purchase and broker seller financed notes secured by real
estate and other income streams at a discount." If the note holder
understands this right up-front it will lessen the initial shock of
the discounted value of their note when you give them their
options.
In addition it will save you time if the note holder is
unrealistic in their expectations of the value of their note (i.e.
expecting the balance of the note for the full purchase).
2. Never assume the information the note holder or client gives
you is accurate until you see copies of the pertinent documents and
information.
Initially, when pricing a note off of a completed worksheet, all
quotes on a note are 'soft quotes' based on the information given.
All quotes are subject to verification of the information given and
acceptance of credit, appraisal and title. The value of the note,
and the purchase price paid for them, is always contingent on those
factors and may change when all of the information is gathered,
examined and verified.
3. Never assume a note holder or client will remember to contact
you at a designated time in the future.
Whether it is in two days, one week, one month or one year, it is
your job to stay in contact with them and to be there when they
need cash and are ready to sell. Always be proactive and follow up
with a note holder on your schedule, if they contact you first, all
the better. Do not just leave it up to chance that they will
remember to contact you when they need cash.
4. Never assume that an investor, master buyer or mentor will be
available immediately.
Or, to put it another way, never promise a note holder or client
how quickly you can set up a conference call, get a quote or close
a deal and assume it will happen. Whether it is for a conference
call, a quote or a closing, everyone involved in this industry is
on the same page when it comes to getting and closing a deal as
quickly as possible; time is always of the essence. However, there
is a process and a time for everything.
If you do not receive a quote back from an investor within 24-48
hours or by the end of the next business day you should shoot them
an email or give them a call and make sure they received your
worksheet. It is possible that it was not received or that it was
illegible and they couldn't get back to you. If you need a
conference call with a note holder and the investor together, call
them separately beforehand to set up a time that is good for both
parties. There is nothing worse than an impromptu conference call
when someone is rushed, unprepared or doesn't have the proper
information to handle the call intelligently.
5. Never assume the deal is done until you receive your commission
check.
As a rule in being a note broker you should check in with
the investor once in awhile during the due diligence and closing
process. Give them a call a couple of times a week and ask how
things are going and if there is anything you can do to assist with
closing. Most of the time everything will be taken care of but
sometimes they will need a question answered or a copy of a
document. It is greatly appreciated by the investor that you are
at the very least offering to help and it will keep the transaction
moving along and possibly get closed faster.
There are many more assumptions that can make or break a note
business. If you run your business straightforwardly, honestly and
fairly, and never assume anything, your business will flourish. As a
professional in the note business you will have a much better
chance of success if you never assume. TWITA!
Remember to participate in Jeff's free teleseminar tomorrow,
Thursday, 3/21. Instructions for calling in are at the
beginning of this e-mail.
Jeff will teach "The Art Of Finding Note Holders Through
Targeted Marketing" at the Paper Source Note Symposium:
Ca$h Flow Profits! next month in Las Vegas. See the attached flyer,
go to www.PaperSourceSeminars.com or call 1-800-542-2270 for info
and to register.
Remember that the $100 off registration and our ridiculously
low room rate for one of Vegas' premier hotels both expire
THIS Friday, March 22, so please don't miss out!
Jeff Armstrong of Armstrong Capital has been a note broker and
investor specializing in the seller financed note industry since
1991. He can be reached at 818-865-2322 or by email at
info@armstrongcapital.com. For more information on how he can help
you with your note business or to request a quote visit
www.armstrongcapital.com