How To Connect With Bank Asset Managers The Note Closers Show podcast

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Unlocking the Secrets to Finding Non-Performing Notes: A Note Investor's Guide

Happy Monday, fellow note-slingers and deal-makers! Let's face it, the world of note investing can feel like a treasure hunt in a swamp – lots of murky water and questionable treasures. This week's episode delves into how to find those elusive, high-quality non-performing notes – the ones that aren't swamp-things. Forget wading through endless lists of land notes and performing loans, let's get you to the good stuff!

The speaker's experience highlights the common frustration of finding quality deals. He describes a LinkedIn post from someone lamenting the lack of good non-performing notes available, stating that the market is flooded with "crap". Sound familiar?

The Myth of the "Low-Hanging Fruit":

Many new investors rely on their LinkedIn network or Facebook groups for leads. While this can work, it often yields low-quality deals – a mix of firsts and seconds, frequently low-balance loans from less-than-ideal sources. Think of it like fishing in a pond full of minnows: Sure, you can catch some, but are you really going for the big tuna?

Where the Real Deals Hide:

The fact is, there's a significant number of non-performing notes out there. We're talking millions of loans that are underperforming, and they're not just sitting in plain sight! You won’t find them hanging around on Facebook, that’s for sure! Here’s the real secret:

Direct Sourcing: Target direct sources, like banks (think beyond the big guys – regional banks often have more readily available inventory) and asset managers. Forget the big sharks; focus on finding the smaller, more approachable fish in the pond.
Marketing is Key: Market your services actively. A 3% default rate on 80 million homes equals millions of opportunities, but you need to get in front of those who control them.
LinkedIn Power: Optimize your LinkedIn profile. Don't be a grainy, blurry photo from 1998. Dress to impress, folks! It's your digital storefront! Target Asset Managers with specific job titles using LinkedIn's search functions. Be professional and clear about what you do and who you are.
Network, Network, Network: Attend industry events (or at least research the attendee lists) to get direct contact information. This is your chance to network and find hidden gems that the general public never gets a whiff of. Bring business cards, and for goodness' sake, dress nicely!
Phone Calls Still Matter: Email campaigns are great, but phone calls are the ultimate closer. A well-structured call blitz can yield amazing results – even if it feels like you're hauling a thousand-pound phone at first.

Avoiding Common Pitfalls:

The biggest mistake new note investors make is focusing only on seconds. While seconds can be profitable, they're not always easily found at good prices. First liens are more profitable and easier to acquire capital for!

Final Thoughts:

Finding quality non-performing notes is a process. It’s not a get-rich-quick scheme, but rather a strategic approach requiring focus, consistent marketing, and a dash of resilience. Remember, the treasure is out there; you just need to know where (and how) to look for it.

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