How to Buy Cash Flow Notes, a Common Hurdle

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.

It’s my guess that you have been calling numerous banks in an attempt to look for notes to buy.

A number of these banks have probably responded to you in the same way. They are sayting that they either don’t have any non performing notes or that they don’t sell notes.

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 take a look at the two possible responses you can get:

1. Our bank doesn not sell real estate notes.

2. Our bank does not have any non performing notes.

I can believe the first statement. As for the second, I’m not buying it.

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.

If you get someone telling you: “we don’t have any non-performing notes” you know there’s a 99.9% likelihood that they’re either misleading you, or clueless.

The best follow-up is find someone else to call at the same bank!

When Learning How to Buy Cash Flow Notes, 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 – Will’s Tip on Finding Contacts

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. http://www.thomas-law.com and select mortgage banker licenses

2. From there you can select the state and click on the link that says “mortgage lending division”

3. Then click on the licensee records link which should be on the left hand side

4. From there you can select “82 licensed mortgage bankers”

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.