I don’t have enough space here to do justice to all of the things I learned this week. But here were some of the key takeaways:
Building a Note Machine
I had dinner with an extremely successful fix and flipper who knows how to build and scale large businesses. He was salivating at the opportunity that currently exists in notes. Not many people have used similar models in the notes business. Given the thicker margins in the notes business and relative lack of competition, this really got wheels turning in my head about how I can grow my own business.
Many Borrowers Fall Into a Handful of Scenarios
One of the things Scott does for his Mastermind is bring in a lot of vendors. We get to talk to them and really go in depth on the things that they run into in their businesses. Daniel Singer and Joel Markovitz from Singer Law Group came and gave a talk on common scenarios that come up repeatedly with delinquent borrowers. While every borrower situation is unique in some way, it can be helpful when doing due diligence if you understand the common categories that will run into, and how they may help determine how you will eventually exit the deal. Some of the common ones include: divorce, medical bills, or the borrower passing away.
Talk to Experienced Investors As Much As You Can
At the Quest Expo I had the pleasure of speaking with a number of very experienced real estate investors, some of them started several decades ago. I loved hearing about some of the ups and downs they have experienced in their investing careers, none of have just had things keep going straight up forever. But all of them have continually learned and improved as they have gone along, and that has enabled them to not only survive numerous downturns, but grow very wealthy in the process.
More People Know Me Than I Realized
I was amazed and humbled by how many people at the Quest Expo stopped me to talk, and knew me from either this newsletter or my appearance on Scott’s podcast (check out the link below if you haven’t seen it), or somewhere else. I’d like to thank everyone who said hi. It was great to meet so many people face to face, and if you were there and I missed you I hope we can catch up next time. I did get some feedback that people like the Excel videos and were looking for more of them, so I’ll try to get some more of those produced over the next few weeks.
Work Doesn’t Stop Just Because You Are Traveling