Do you remember that 1981 hit from "Men at Work called Land Down Under?" (OK, so I was a big Men-at-Work fan, I admit.)
Well, what made me think about it was a conversation I had recently with a Korean by the name of "Joe" (that's what he goes by, I kid you not).
How Is This Related To Buying Notes?
Because Joe told me a little story today that demonstrates one of the most important lessons in the world of how to find notes. Relationships matter.
In fact, not only do relationships matter, but "commonalities" matter. In other words, what you want to do when you're trying to find notes is to find out ways to build ties with your seller.
These can be social, cultural, sports-related, geographical, you name it. Almost any activity, sport, hobby, pastime, event, book, play, food group or Australian rock band can be a point of commonality.
Joe's Story -A Little Gem Of How To Find Notes
Here's what he wrote to me today:
"I am the owner of Korean Investment club, but we are not ready to think about buying notes yet. ( for lack of understanding) I was solicited last week from a big Korean bank to buy the notes from the person in charge of the defaulted mortgages. He ask me to offer any amount for the first trust deed with face amount of 2.5MIL or more (including interest will be 2.7 Mil) collateral behind is the 79 room big motel with restaurants. I am really interested in buying the notes, because I know it's worth around 4Mil. Is there any way to make it through? Thanks for your advice."
So what are we looking at here?
We have Joe - the leader of a Korean Real Estate Investment Club located here in the US. And we have a big Korean Bank. And that bank has just sent a pretty interesting lead to Joe.
Does Joe Know Anything About Buying Notes?
No - he admits as much in the first line of his email. So do you think that he pitched to this big Investment Bank that he would be the perfect guy to buy their non performing notes?
No - this note buying opportunity just "landed" in his lap. And from what he writes, they're offering to him to make "any" offer on that note.
Now for a moment, I want you to stop focusing on the fact that Joe might actually be able to offer some fantastically low bid on this note, like $1Mil, and actually close this deal with this bank. That could be incredible, yes, if the value of the collateral is really $4Mil and if the borrower's not performing on the note and Joe can foreclose on the motel.
But hang on a minute. I want to point out something that is so simple when you are trying to find notes, that you probably glossed over it already, thinking that you're supposed to be looking for something more complicated.
What kind of a bank is this? Korean. And where's Joe from? Korea.
So the fact that this note, which is on a California property, happens to land in Joe's lap, should actually come as no surprise.
When Trying To Find Notes Remember That Banks Often Want To Sell Notes To People That They Can Talk To
And sometimes, the people they can talk to look like them, talk like them, act like them, do business like them, live like them, and entertain themselves like them.
Chances are: even if I were Mr. Well Known Note Investor and I found a way to that Korean Investment Bank, I would probably never get the same reception and credibility when trying to find notes that Joe has. You see, they'd rather deal with him than you or me because Joe is one of them in a way that you and I never will be. So the process of "getting to know one another" for Joe and this bank will always be a whole lot smaller than the same process for your or me.
So get out and start applying this note buying tip on how to find notes.
Find the Commonalities between You and your Sellers.
Go find someone who speaks your language, and then see if they have notes for sale.
Interested in learning more about the Non Performing Note Buying Business? Watch Hours of FREE Training Videos here: How to Find Notes
Real-life, Up-to-Date Information for You. Visit NoteBuyingProfits.com or Call 718-783-7605 Or Click Here: How to Find Defaulted Mortgages
From Dean Engle & NoteBuyingProfits.com - This time on How to Find Notes
Article Source: http://EzineArticles.com/?expert=Dean_Engle
