As a note investor you need to have specific goals and know your numbers. Going into the month of September my primary goal was to close on 5 notes. That means I would need to put out about 50 bids, since you can expect to close on ~10% of the notes you bid. I think its important to track these things to make sure you are doing what you need to do to hit your longer term goals. Overall it has felt like I haven’t been getting as many tapes as I normally do. I’m not sure whether that is really the case, or if it just feels that way now that I am full time on notes and have more time to work on them, but can crunch through them much faster than I used to.
So far this month I have closed on 3 notes. One of the notes I bid back in August and closed early this month. The other 2 notes came from a total of 13 bids. But at the end of last week I was able to put out another 30 bids that I am waiting to hear back on. In total that gives me 43 bids for the month, with a total of 6 different sellers. I have another tape to go through, and depending on what else comes in this week I should end up around 50 bids total and be able to get to a total of 5 bids accepted on the month.
Here are photo’s of the assets I closed on:
Battle Creek, MI
Philadelphia, PA
Muncie, IN
Here is a map of the 30 bids I currently have out:
You can see that I am continuing to focus on MI, OH and IN were I have existing vendor relationships in place. But I am also bidding in other states when it makes sense.
Hopefully I’ll get a couple more notes closed before the end of the month, and set myself up to get off to a good start in Q4…..