Note Mba

The 5 Best Ways to Lose Money in the Note Business   Intro   #5 - Investing Your Last Dollar Twofold -- you have to keep money on hand for holding costs and workout expenses. If you have $50k to invest, you better not buy a $50k deal or you are going to stuck holding that deal forever. Your servicer’s kids need to eat too, you know.   You also do not want to invest the last of someone’s savings. These will be the investors that constantly want to check in and see how things are going. They need to know their last pennies are OK so they need to hear — repeatedly — that all is well. You want the guy with enough invested overall that by the time he gets around to checking in with you, you’ve already emailed him an update. Then once he’s sure you’ve got it together, he brings you more $$.   #4 - Sloppy Due Diligence We all know where to start -- beds, baths, square footage, sale comps… But there are things you could be overlooking that might not be a big deal if you budget for them or might make your deal a total

Endure the monotony of success, according to Gary Keller that is something that sets winner apart from everyone else. "The number one reason most people will fail, it's because they are unwilling to endure the monotony of success." Robby talks about it at the top of the show, but there is no question that 2017 was one crazy year. We experienced some tremendous opportunities for growth and education through some hard knocks. And though we are definitely grateful for that. We're also grateful for the other opportunities that came our way as well. So, let's dive into the first episode of 2018. Setting 2018 Up For Success If you've been apart of the Note MBA community you know transparency is important to us. We love that we get an opportunity to speak to you, where you're at in your life and business. And we take it very seriously, which is why integrity and transparency are so important to us. In this week's show, we bring some real heartfelt content to you about where we are right now. Around 2 AM on Tuesday b

Bob Repass is a 25-year veteran of the seller finance and note investing space.  Over his career, he has purchased over 40,000 performing and non-performing mortgage loans totaling over $2 billion in volume. He brings a tremendous amount of expertise to show, and we really enjoyed talking with him during the expo - and on today's show. [smart_track_player url="http://traffic.libsyn.com/notemba/NMBA-Episode-145.mp3" title="145: Buying $300 Million A Year In Notes & Note Expo 2017 Recap with Bob Repass" artist="Note MBA" social="true" social_twitter="true" social_facebook="true" social_gplus="true" social_linkedin="true" social_pinterest="true" social_email="true" ] Bob Repass Bob Repass has had an impressive career. Even more impressive is how quickly he rattles off many of the highlights during the interview. Some of the highlights he mentions are starting with Associates Financial Services in 1997. From there he mentions moving on the Bayview Financial, and that is where the fun starts. Bob casually ment

Evolving as an investor is the best way to keep yourself ahead of the competition. And though we've discussed on the show before that in the note investing space people can have a spirit of coop-etition, there is certainly still an element of competition in there. Which makes evolving as an investor an important endeavor. [smart_track_player url="http://traffic.libsyn.com/notemba/NMBA-Episode-144.mp3" title="144: Evolving As An Investor" artist="Note MBA" social="true" social_twitter="true" social_facebook="true" social_gplus="true" social_linkedin="true" social_pinterest="true" social_email="true" ] Evolving As An Investor As we get closer to 2018 you know there is a goals episode on the horizon. However, there seems to be some more pressing issues at hand. During some recent conversation both online and off, it seems too few are paying attention to all the macro and micro issues within the note investing space. Just to name a few, the recent rumblings at the CFPB and early numbers coming out about foreclosu

Your first note investing deal can be daunting as hell. Have you gotten yourself set up with all the right vendors? Have you fully research things like foreclosure timelines in the market you're investing in? How long did they say the service transfer was going to take? Wait, what's a service transfer? All of these - and admittedly many more - are important questions to review as you start note investing. During today's show David breaks down some items currently going on with his first note investing deal. Your First Note Investing Deal So, David can now finally answer the question, "What was your first note deal?" It's a 3 bedroom, 2 bath in Ottawa, Kansas. Right off the bat this is an interesting deal to look at because certain parameters. Most notably is the small population of just under 13k. Most of the time I like to see over 35k, but it might've been due to familiarity with the area or it was just a steal of a deal. It'll be something I'll follow up with on a future call for sure. Another interesting

Boots on the ground is a phrase you're likely to hear quite a bit in the military and in real estate. And sometimes it hard to tell which group takes it more seriously. Boots on the ground is what we say in the real estate space when we're referring to having a solid group of referral partners in place in a particular area.  Boots On The Ground On a recent trip to Ohio I got the opportunity to establish some more boots on the ground contacts. Well, I tried at least. Before heading out we gathered some names of some local contacts to meet with during the time in Dayton. Some stood me up, others never got back with me. David mentioned on the show that they've had issues with flaky people in the area as well. The reason for the trip was to handle some recording issues we had with the county. Apparently the phrase, "the right hand not talking to the left" was invented in Dayton - or more specifically, Montgomery County. The issues we've had trying to get a deed recorded remotely for the past several months has be

Buying an entire hedge fund tape sounds really exciting - and maybe a little scary. Recently, with many of the pricing issue we're all seeing in the market, we've decided that buying an entire hedge fund tape seems to be the only way to get the deals and pricing we want. On today's show we talk about our recent at bat trying to do just that. Buying an Entire Hedge Fund Tape We've heard a decent bit of grumbling in the market about pricing - we've even talked about it on the show before. And if we're being honest, we've done some belly aching ourselves. However, belly aching isn't going to solve the problem. So we've been game planning and strategizing on what we can do about it. Recently, the thought of buying an entire hedge fund tape is one of those ideas we landed on. Now buying an entire tape isn't something new. People have been buying entire hedge fund tapes since the 1980's. We even have some close contacts that have picked up entire tapes - or pools the size of an entire tape. If you've been in the bu

Delinquent tax proof of payment strategy was a hot topic over on our Facebook page. Robert wracked his brain for a strategy and system to improve the way we handle providing proof of payment on delinquent taxes. And it would appear as though we've made some headway.  Deal Closings and Course Launching It's been a ruckus past few weeks for the Note MBA team. We've had several closing, some of them from note deals - including a bit of wholetailing - a lot deal, and David closed on his flip. We take some time diving into the numbers and strategy of David's flip. One of the key takeaways is that David did all the work himself. He even admits in the show that this probably wasn't the best strategy. After doing a little happy dance, he talks about how he picked it up as a HUD home. In the beginning he was living in the home while renovating, using a house hacking strategy.  He bought the home for $180k, after $20-25k in repairs, he was able to sell it for $283,000. So, first off, solid freaking deal. This obviously

Wholetailing might be a phrase you're unfamiliar with - heck, you might think I spelled wholesaling wrong. And though wholetailing and wholesaling might sound similar they are very different strategies. Deciding to wholetail a deal might end up saving you some serious time and money. Let's get into it. Wholetailing & Note Investing The best definition for a note deal worth wholetailing is an asset that isn't busted up enough to wholesale, but isn't nice enough - or rehabbed enough - for a retail sale. When it comes to NPNs it's likely that many of the homes, even owner occupied homes, will have a decent amount of deferred maintenance issues, or outright problems. Some of these issues are worth getting fixed, some might even be worth doing a full rehab on - there's no question about that. We've talked extensively on the show about deals we've done full rehabs on. Recently, we've also been discussing some of the major issues that can arise from rehabbing from afar. A solution like wholetailing brings new li

Note investing insurance can present some murky waters for a new - and experienced - investor to wade through. That's why we're talking with one of our favorite insurance service providers on this week's show. We've also had a ton of requests for this topic with all the hurricanes, storms and natural disaster happening in many states that we all invest in. Note Investing Insurance Mel Babtkis from Ross Diversified, joins us on today's show to talk all about the note investing insurance you need for your business. One of the major reasons I like the guys over at RDIS, is because they are note investors too. They understand the issue we encounter in the business, and helps us get the right coverage for numerous different scenarios.  Some of the items Mel touches base on are force placed insurance, CFPB compliance, how to make sure you're protected on an asset by playing FBI agent, and so much more. On the topic of force placed insurance, he covers all the CFPB lets for staying in compliance. This has led to an

Building an ROI calculator is something every note investor should do. Last week Robby gave David some tough love for not having one done yet - among many other things. So, this week we discuss the process David is going through to build one, and some of the challenges he's encountering. HUD Home Flip David recently finished his flip. He put it up on the market just a few days ago in fact. This was one of the items on his list that Robby was asking him about during last week's tough love session. Here are some shots of the flip, in case you wanted to check it out. I completely forgot to commend David during the show, so I'll take some time and do it here. He didn't know Robby was going to bring up all the items he did last week. I'm sure he was as surprised as I was. However, this didn't lead David to shy away and lick his wounds. He dug in, and went to work. Not only did he get everything done for the flip, he was also up until 3 am working on his ROI calculator. As David continues to grow his real estate bu

Do you have an accountability partner? I'll be asking you this question again. This is one of the areas I think too few people focus on. After much real estate talk, Robby as a tough love session with David about some of the things happening in his business. We've had these back and forth sessions before, but this is David's first one. We want to see him win with his business. So, we breakdown some accountability for him. The Road Show Never Stops Thanks to the wonders of the internet the note investing road show never has to stop. We'll be uploading some great videos Robby shot while he was traversing the country. We'll be releasing those videos later this week and early next week. They are fantastic examples of the simple marketing style videos you can make for your real estate investing business. He's not hard selling in any of them for people to send him capital. He's not holding some check, while he's headed to the bank. He's in front of real assets, we actually own, talking about the portfolio. And it d

Mid-year goals and routines have been top of mind for us these past few weeks. Mid-year goals for obvious reasons, we've done a mid-year goal review show every year since 2015. However, the topic of routines, though something we've definitely covered before, isn't something we've talked about like this before. Mid-Year Goals and Routines Today's show format is a bit different. We wanted to have all three of us on to talk about this topic, but it just couldn't happen. So, we've got Robby kicking us off with his thoughts on where he's at for his mid-year goals and routines. And, if I'm being honest, when he sent over the audio, it wasn't what I was expecting. This year has seemed like a runaway train for me. Though I've accomplished a many of my goals, some of the important ones have been incredibly elusive. It wasn't until I listened to Robby's take on his year that it hit me as to why everything has seemed so haphazard. Because it has been haphazard! He brought me some wonderful insight into where he's been w

Supreme court adopts new bankruptcy rules that could affect our entire industry.. or not. No, they probably will. Though it can be hard sometimes to parse out all the doom and gloom messaging from many different news outlets. Bankruptcy itself isn't going away, so that isn't the major change. What we've been served with, however, is a new set of rules to play by. We talk about some of them in this week's show. Supreme Court Adopts New Bankruptcy Rules Finally, after several years of debate, major changes have been approved that will have a profound impact on consumer bankruptcy cases.  On April 27, 2017, the Supreme Court of the United States, through Chief Justice John Roberts, submitted to Congress amendments to the Federal Rules of Bankruptcy Procedure which set forth extensive changes dealing with forms and filing of claims.  The proposed changes will take effect December 1, 2017 and will significantly change how creditors should approach consumer bankruptcy cases (Chapter's 7, 12 and 13) and will requir

Note investing due diligence has been a huge focus for us recently. With the addition of David to the team, it's been important for us to get him on top of his due diligence game. This is where you have the chance to make or break the profitability of your business. It ins't a cliched saying for no reason, "you make your money on the buy, no the sell." Due Diligence Pro Updates For those fantastic listeners that use Due Diligence Pro there has been some updates to the app. If you use the software on Chrome, it'll update automatically. If you're a Safari user, you'll need to log back into the website and get the updated app. We received an email from a user of the app, and he mentioned wanting to see Wikipedia added to the list of sites used in the app. I've never thought to use Wikipedia for due diligence. So, I went a few days using it as I reviewed some assets this past week. The best I could figure was two different uses for Wikipedia. One would be for demographic data, and the second would be for isolatin

Note investing road trips can be a vital component to a thriving investing business. Or at least that's what the travel loving Robert Woods and David Glinkski keep telling me. While we took off the week last week for the July 4th holiday. Woods and Glinski were traversing the Midwest in search of real estate deals. [smart_track_player url="http://traffic.libsyn.com/notemba/NMBA-Episode-131.mp3" title="131: Note Investing Road Trips" artist="Note MBA" social="true" social_twitter="true" social_facebook="true" social_gplus="true" social_linkedin="true" social_pinterest="true" social_email="true" ] Note Investing Road Trips Over the July 4th holiday Robby and David did a 6 state note investing road trip. They drove through Florida, Georgia, Kentucky, Tennessee, Indiana and Ohio. This road trip took them by numerous assets that we own, or have acquired with JV investors. And assets that are on active tapes. Only one home on this particular trip was rough, and according to David many of the assets they saw were wo

Reviewing your first note investing deals can be a daunting task. You finally get a tape in, you load up Due Diligence Pro, and you get down to business. Before you know it, you've isolated a few potential deals, then what? If you're like some of the folks that send us emails, or our very own David Glinkski, you might have to overcome that moment of fear. Is my team in this market set up? Do I believe the BPO? Can I trust my ROI calculator? Let talk about it in this week's show. Road Trip Robby After spending some extensive time out of the country, traveling, working on a movie out in California and many other things. Robby is finally ready to get back to doing his thing in the real estate space. First off, similar to Fannie Mae selling off a large tranche of deals, we are looking to do the same. These are NPLs that no longer fit into the portfolio we're trying to maintain. If Ohio is a market you've been looking at investing in, or if you're already investing there drop us a line at ask@notemba.com. We'll b

When to start looking for JV investors? It's a question that has come up regularly in the Note MBA inbox. So, we decide to tackle this topic on today's show. We also cover Nevada as a super lien state, using your reserves to invest in deals, we take our first call-in question, and more. It's a freaking jam packed episode! If you dug the call-in segment let us know. We can potentially work out a better system for taking the calls, and bring more of that kind of content to the show. We absolutely loved it. And an future call-in would need to work on matching Iris' energy - which is gonna be no small feat. When To Start Looking For JV Investors There are numerous angles that need to be addressed when you ask this question. One of the first hurdle for many people is fear. When to start looking for JV investors, often time comes down to a person's fear about losing money. And don't kind yourself, as we discussed in last week's show, fear can be an important response to stimuli. However, fear can also be unnecessar