Posted by John Behle on March 29, 2006 at 11:12:56:
In Reply to: Re: Compettition? posted by Bob Smith on March 29, 2006 at 04:30:44:
Yes, that's right. I become a resource to them instead of their competition. Many of the notes they find will be outside the parameters of their "funding sources", but the kind I like. A local note buyer can look at notes differently. I can handle problems an out of state buyer will not. I can jump in and solve problems with the title or even consider what to them would be a problem property.
So, I may not be competitive in the area of the squeaky clean, beautiful notes that anyone would want. That's fine, I want better yields. But, I may be their only resource for the large majority of notes they find.
Over time they also find out that the "hundreds of funding sources" they have been promised are not all that hot. Some will be too slow, some will not be competitive and many will just be other broke brokers. I run into students of these seminars commonly that have run into a dozen or so notes that fell through because the funding sources were too slow or backed out at the last minute.
I find them in real estate groups, note broker groups, through them calling on my ads and other ways. There is no real ideal candidate I can think of except that they are open minded and have seen through the illusions they were taught in their expensive courses. I don't have a huge investment into them, so if they don't perform there is no big loss. Yet, those that are exceptional I will spend more time with or hire as an assistant, etc.