- Note Investors Best Advice; NPN Videos Released
Published: Thu, 01/23/14
-- "Major note investment firms reveal "Our Best Advice For Note
Brokers" (useful info for note investors, too!)
-- Non-performing notes video training released:
www.PaperSourceSeminars.com/videos
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THE CASH FLOW EXPRESS
A Service of The Paper Source, Inc.
www.PaperSourceOnline.com
February 6, 2014
Hi ,
I asked some of the major national note investment firms for
their best advice to note brokers. Part I of their responses
is below.
We've released our new training videos on non-performing notes
taught by Jack Krupey: www.PaperSourceSeminars.com/videos
Jack will be teaching at the Paper Source Note Symposium April
24-26 in Las Vegas along with other top experts in their
unique note specialties. They will also be available
for private one-on-one consultations at no charge!
I hope you can join us: www.PaperSourceSeminars.com
Cheers,
Bill
W. J. Mencarow
The Paper Source, Inc.
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The article "Our Best Advice For Note Brokers" is below.
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Major National Note Investment Firms Tell Us:
"Our Best Advice For Note Brokers"
Part I
"Ask your note investor what they are looking for in the deal."
As far as I can remember, whenever I've attempted to learn
something new, or a new way of doing something old, I would ask a
lot of questions. It makes sense.
My best advice to note brokers is to call and speak to your note
investor as to what they are looking for in the deal.
How do they perceive the risk?
What type of yield are they looking for?
Does your/your seller's pricing expectations make sense?
"Ask and you shall receive" -- sound familiar? You might want to
put together a list of questions and concerns that you have
regarding the particular deal that you are submitting to the
investor. This lets your investor know that you have put some
thought into the deal. It also lets the investor know that you have
some concerns that maybe the investor can ease your mind and answer
your concerns right away.
I believe in good communication between the broker and the
investors like ourselves. We pay lots of attention to details or
perceived risks that can factor into the pricing or yield. It's
always good to get everything out in the open to move forward to a
smooth closing! We believe in teamwork.
-- A national commercial note investor in California
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"Think like an investor from day one."
My single best piece of advice for new brokers is to begin thinking
like an investor from day one.
As a new broker it is tempting to think only of finding a note,
matching it with the investor who will pay you the most and
closing quickly so you can then move on to the next note. While
this is important, imagining that you will be putting your OWN cash
into a note is a subtle shift in your thinking that will give you
two main benefits.
First, by thinking about and analyzing notes this way, you will
begin to ask more detailed questions of the note seller and become
a more adept note broker, because you will be communicating with
note investors as if the investor's interests were aligned with
your interests.
Second, this shift in mindset will automatically be preparing you
for a time when a great note presents itself and you can quickly
take advantage of it and invest in your first note, because
you will be ready.
So start asking yourself, "Would I buy this note?" If not, why not?
If yes, why yes?
And don't forget to start building a "dream note fund," so that you
can actually purchase a note with your own money when the
opportunity arises.
-- A Texas real estate note investor
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"Establish an effective lead nurturing system."
One of the biggest hurdles for brokers is that noteholders say "No"
far more often than they say "Yes" to an initial offer.
In order to turn today's "No" into tomorrow's "Yes," note brokers
should establish an effective lead nurturing system.
This system should have a secure method to store relevant
noteholder data and a calendar of appropriate emails,letters, phone
calls and other information that will be of value to the
noteholder.
By executing an effective lead nurturing system, brokers will
maintain "top of mind" awareness and will be the first person the
noteholder will call if they decide to eventually sell their note
in the future.
-- A national real estate note investor in Alaska
To be continued.
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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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