A Common Hurdle When Learning How to Buy Cash Flow Notes
I want to share with you a common obstacle that you will probably face when you are looking for non performing notes.
So you’ve been busy cold calling banks and looking for notes to buy.
A lot of these bank contacts have told you that they either don’t sell notes or that they don’t have any non performing notes right?
Let me question you…when we hear this, should we just accept this information assuming it is the truth? Or should we do some more research by say, contacting someone else?
Two Responses to “Can I Buy Cash Flow Notes?”
Let’s review to the 2 possible situations you will be get:
1. We do not sell real estate notes.
2. Sorry, we do not have any non performing notes.
The former, I can believe. The latter, I can’t.
If you get someone telling you: “Sorry, we don’t sell non performing notes” there’s probably a 25% chance that what they’re saying is right.
On the otherhand, if they are telling you that they don’t have any non performing notes, the likelihood that they are pulling your chain is about 99.9%.
What do you do? Find someone else to call at the bank.
Learning How to Buy Cash Flow Notes…How to Find Contacts
If on your first attempt, you contacted Loss Mitigation…try secondary marketing the next time. Or you can call in and question for the CFO directly.
Remember that there are many people that you can try to contact. There is always more than one solution to a problem, don’t let your first rejection stop you from note buying.
Will’s Tip on Find Contacts – A Lesson on How to Buy Cash Flow Notes
Will, one of my students, has shared a useful tip with me and I want to share it with you. It has proven him success in finding contacts.
1. Go to thomas-law.com and select “mortgage banker licenses”
2. Select the state and click on the link that reads mortgage lending division
3. Click on the licensee records link
4. From there you can select “82 licensed mortgage bankers”
It’s that simple, now you have the principal contact info and emails for all your bank contacts! You can use this tool for all 50 state and start buying some cash flow notes!
Hard work pays off.