How to Buy Cash Flow Notes – Banker says…”No Notes Here!”
Friday, April 17th, 2009
How to Buy Cash Flow Notes, a Common Struggle
When you are looking for non performing notes, you will most likely run into this common hurdle. I wanted to take the time to share it with you.
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 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?
“Can I Buy Cash Flow Notes? The 2 Responses
Let’s take a look at the two possible responses you can get:
1. We do not sell real estate notes.
2. Our bank does not have any non performing notes.
The first statment I might believe, but the second? No way.
If someone is telling you that they don’t sell non performing notes, I would say that their statement is about 25% correct. Maybe.
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.
Always keep in mind that you can solve a problem in many ways. Don’t get discouraged when you are turned away, don’t let the first door shut stop you in your note buying pursuit.
How to Buy Cash Flow Notes – Finding Contacts…A Tip From Will
I want to share with you a tip that one of my students, Will, has shared with me. A tip on finding contacts, follow these steps.
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. On the left side click on the “licensee records” link
4. choose the “licensed mortgage bankers” link
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.
