- Cash Flow Teleseminar Tomorrow / 4 Tips For Brokers
Published: Mon, 02/10/14
-- Free cash flow teleseminar tomorrow!
-- 4 Vital Tips For Note Brokers
"Since you may not be the only individual vying for the
same mortgage or deed of trust, you must get better and BE better
than the other person. You must learn fast and continue to amass
knowledge." -- James Levie (read his article below)
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THE CASH FLOW EXPRESS
A Service of The Paper Source, Inc.
www.PaperSourceOnline.com
February 10, 2014
Hi ,
Mark your calendar: Tomorrow (Tues.) evening, join Marty Granoff
and me for a 30-40 min. free teleseminar on "outside the box" cash
flows.
Marty is a nationally-known expert on such cash flows as lottery,
contest and casino winnings, structured and lawsuit settlements,
disability income payments and annuities. There are major profits
to be made in brokering these little-known assets.
We'll take your questions live, or you can email them to me:
wjm@PaperSourceOnline.com
It starts tomorrow, Tuesday, at:
6 p.m. Pacific Time
7 p.m. Mountain
8 p.m. Central
9 p.m. Eastern
When it starts in your time zone, call (559) 726-1300 and when
prompted enter the access code: 794728# (That's the number
794728 followed by the # key).
WILL NOT WORK WITH MAGIC JACK OR OTHER VOIP SYSTEMS. It will
work on your cell or land line.
Join in for what will be a great teleseminar!
Cheers,
Bill
W. J. Mencarow
The Paper Source, Inc.
www.PaperSourceOnline.com
P.S. Marty will be teaching this subject in more detail at
The Paper Source Note Symposium in Las Vegas next April. See
all the details at http://tinyurl.com/2014notesymposium
or call 1-800-542-2270.
And we've released our new training videos on non-performing
notes: www.PaperSourceSeminars.com/videos
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SO YOU WANT TO BE A NOTE BROKER? HERE ARE 4 VITAL TIPS
by James C. Levie
During the past several years, it seems that a bizillion
well-intentioned individuals have attended seminars dealing with
the buying, selling and referring of seller-held mortgages. Armed
with 1-day, 2-day, 3-day or more courses in the subtleties of
buying and selling these mortgages, these good people enter the
minefield.
Because of vast increases in the numbers of these hard-working
folks, one would be well-served to rapidly assume a mantle of
greater professionalism.
Simply put: since you may not be the only individual vying for the
same mortgage or deed of trust, you must get better and BE better
than the other person. You must learn fast and continue to amass
knowledge.
The following is a list of general hints that ought to give you a
small head start:
1) In fact, there are only a few true end investors...true buyers.
Know who they are. Learn what their appetites are. (Editor's note:
See THE PAPER SOURCE REGISTRY OF NOTE INVESTORS
http://papersourceonline.com/registry-of-investors/how-to-get-in/
When a mortgage or note comes your way (finally), by dissecting the
note and the deal you must know which investor is best-suited for
this type of purchase. By providing some intelligent pre-screening
you greatly increase your chance of an earlier sale...at a better
price.
2) Try not to speculate. Don't send deals to your chosen investor
if you have not received at least some verbal willingness on the
note holder's part to sell the obligation. Just because public
records may indicate a privately held note and mortgage does not
necessarily mean that it would be for sale. Dig. Dig again!
3) Great. So you finally found a note holder who needs to sell. Now
your efforts must begin in earnest. Learn rapidly what
documentation is critical for your end-investor. The following
initial documentation (copies) are most helpful:
a) copy of mortgage or deed of trust...all pages
b) copy of promissory note...all pages
c) copy of the original closing statement
d) copies of hazard and flood insurance
e) determine that the original promissory note exists
f) determine property type and occupancy
g) can you get an estimate of current value (verbal)
h) try and obtain credit information...report, Social Security
numbers on payors, payors' mailing address, etc.
i) try and determine whether or not seller has a realistic
attitude toward potential discounting
j) determine the pay history over, say, the past 12 months
Granted, you may not always be able to get all the above at first.
However, you must try. Remember -- you are asking an end investor
to part with a chunk of cash. I (we) are delighted to do just
that...but, first give me some value for my money... induce me into
wanting to spend this money...convince me of the sanity of this
proposed purchase. I don't like spending money without good reason.
In essence -- turn me on with rock-solid facts!
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"The Paper Source event is top-notch.
It's the complete opposite of the old guru pitch-fest."
- A major national note investor
Learning, Networking, Las Vegas!
April 24-26, 2014
www.PaperSourceSeminars.com
or call 800-542-2270
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4) Assuming your end-investors elect to purchase your
offering, be prepared for the other things that may and will
happen. Assume that you have provided sufficient information (see
item #3) and you receive a conditional go-ahead, here is a
potential listing of what you may be called upon to do next:
a) order drive-by appraisal from investor-approved firm
b) assist in coordinating the ordering of title work in your area
from investor-approved source
c) help obtain estoppel letter from payors
d) keep note seller on line with accurate information
e) you may have to determine payors' home and work phone numbers
Never lose sight of the fact that your role is that of the glue.
Don't hesitate to roll up your sleeves and go to work. Hopefully,
your investor's document request is never flippant or frivolous.
Don't fight the system; don't resent the system; join the system
and reach success. The more you learn to probe and assemble the
better you will become. You will leave the vast majority of "bird
dogs" in the dust and elevate yourself into a true professional.
James C. Levie is CEO of a nationwide end-buyer of seller-held
mortgages and deeds of trust.
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