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Mastering the Bid: How to Submit Winning Offers on Notes
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The holidays are approaching, but for note investors, the hustle continues! Scott Carson of the Note Closers Show shares essential tips for submitting bids efficiently and effectively. In this episode, Scott emphasizes the importance of clear communication, streamlined processes, and avoiding common pitfalls.
This isn't a deep dive into the math of note investing; it's a practical guide on presenting your offers in a way that ensures they get noticed (and accepted!). Scott focuses on the nuances of crafting compelling bids for different scenarios, from one-off deals with individual sellers to mass submissions to larger entities like hedge funds.
He emphasizes the importance of creating clean, concise spreadsheets. Think of your bids as a well-organized gift — the recipient will appreciate the thoughtfulness and be more inclined to open it (and make an offer!). He jokingly warns against the common mistake of embedding massive spreadsheets into emails, stressing the importance of clear communication and easy-to-read formats. He recommends naming spreadsheets clearly and including relevant details such as the date and the number of assets included.
Five Key Takeaways for Submitting Winning Bids:
- Keep it Clean: Create a streamlined spreadsheet; only include the assets you're bidding on and the relevant information (loan number, address, and your bid).
- Clear Naming Conventions: Name your spreadsheets clearly to avoid confusion—e.g., "WCN Bids, 278 NPNs, 11/25/24."
- Respect the Recipient's Time: Make it easy for asset managers and others to review your bids. Clear formatting is crucial.
- Know Your Audience: Tailor your approach based on who you're submitting to — individual investors vs. hedge funds have different expectations.
- Due Diligence is Key: Always perform thorough due diligence before submitting any bid, especially when dealing with unfamiliar sellers.
Scott illustrates his points with real-life examples, including a hilarious anecdote about a seller who attempted to fraudulently use his company's name to make offers. This cautionary tale highlights the necessity of verifying details and ensuring authenticity, not only for ethical reasons but also to safeguard against potential legal issues.
The episode also tackles the question of providing proof of funds. While not always necessary, Scott explains that it may be advisable when dealing with new sellers or asset managers. It’s a great reminder to always be prepared to present your financial capacity when needed.
He offers crucial guidance on navigating the complexities of submitting bids, emphasizing the need for clear communication, efficient organization, and awareness of different processes. The episode concludes with tips for maximizing your chances of securing winning bids, making it a valuable resource for both novice and experienced note investors.
Watch the original VIDEO HERE!
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