Finding Notes…
Cash Flow Note Buyer, Cash Flow Notes, Russ Dalbey
As a note finder, you’ll encounter all sorts of note holders. Some might want to sell their note payments and get a cash settlement immediately; some may not. Others are unsure. And a large percentage of note holders don’t even know that they have the option to liquidate their cash flow.
This means that when you’re working with note holders, you should expect to spend some time with them discussing their options. Remember that you’ll build your business from word-of-mouth referrals as much as from your marketing methods. It’s important to give people your personal attention and build a rapport with that potential note seller.
Here are two possible advantages to selling a note:
• Not having to deal with the payer or to chase them for late payments. Worst case scenario, being the note holder could mean having to repossess the property if the note goes into default.
• Having cash immediately could be a big plus if the note holder has a large debt that’s costing them big time in interest payments. The mortgagee’s small monthly note payments won’t allow her to erase that debt in one fell swoop, but receiving a one-time cash settlement for her note could.
While educating the note holder might be necessary, don’t allow yourself to spend an excessive amount of time with any note holder unless that person expresses a strong interest in selling.
Here’s the bottom line: don’t waste hours of your valuable time trying to “sell” a note holder on the idea of liquidating their cash flow. Give them the information, suggest that they consider it to see if selling is right for them, and leave it at that. Save your energy for the next prospect.
Make sure that the note holder has all of your contact information, thank them, and then hang up the phone. But you should certainly follow up within two to three weeks to see if that note holder is now ready to make a decision.
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TB @ January 30, 2008