This weekend I picked up a ton of great information and had a lot of fun at the Mastermind event in Cape Coral, FL. Scott Carson’s mastermind group meets up 3 times a year, and this event consisted of ~35 active note investors who shared lessons learned, discussed problems we are having, and made plans for 2019.
It was a 3 day event, and we also had time to get in a dolphin / sunset cruise and enjoy some great meals and time hanging out.
Key Takeaways from the Mastermind
As I always do, I took copious notes throughout the event. Then I transferred them to an online doc so I could make a list of actions that I’m going to complete over the coming months. Here are some of the biggest nuggets I came away with:
- I need to hire an assistant now
- Now that I have 30+ notes, the administrative burden to manage that portfolio has reached the point where I need to start delegating a lot of it to someone else. This will allow me to spend more time on some higher value tasks.
- Lots of tips for handling and selling REOs
- I have 1 REO and a handful of other properties that will be going through foreclosure soon. One of the main things I need to do is meet with and vet local property managers and other vendors so that I have solid teams in place on the ground in the markets I am focusing on. I may end up taking one more trip to the midwest before the year is out….
- There are some other things I need to be doing to find new sources of notes
- I’m not going to share the details on exactly what I will be doing to cultivate new sources and move further up the asset manager food chain. But having an assistant and continuing to streamline my processes will allow me to spend more time on the phone with asset managers. I’ll be taking a more targeted approach that should lead to finding sources that will have assets in the specific markets I am targeting.
Overall I came away with a long list of things I can do to improve my note business. Once I recover from the long weekend and late flight getting home, I plan on hitting the list hard throughout the rest of December.