How to Buy Cash Flow Notes – Banker says…”No Notes Here!”
How to Buy Cash Flow Notes, a Common Hurdle
Let me share with you a common hurdle that one faces when looking for non performing notes.
I am sure that you have been making tons of outbound calles to various banks trying to find 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 ask 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. “Sorry, we don’t sell real estate notes”.
2. Sorry, we do not have any non performing notes.
The former, I can believe. The latter, I can’t.
There is probably a 25% chance that if someone is telling you that they don’t sell non performing notes, they are actually telling you the truth.
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 ask 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.
How to Buy Cash Flow Notes – Will’s Tip on Finding Contacts
Will, one of my students, has shared a useful tip with me and I would like 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. choose the “licensed mortgage bankers” link
Any one of those links will give you principal’s contact info & email. You can do this for all 50 states. Now who has the bank contacts? Use them and buy some cash flow notes!
Hard work pays off.
