After Fast Track in February I have spent a lot of time putting together systems and processes for my notes business. Here are some of the things that have been helpful for me so far.
Checklists Checklists Checklists
There are several workflows that are needed for a notes business. I’ve created several of checklists using Excel so I don’t forget any steps in my processes. My main checklist is for due diligence and I have it broken into 3 parts. The first part is a first cut analysis of a tape. This includes things like filtering for key states and the BPO values, but there are many others. The second part is a closer look at the filtered assets that I use to decide which ones I want to bid on. At this stage I am looking at things like the pay history and determining ROI’s for different scenarios. The last stage is after a bid has been accepted and I need to decide whether to move forward, fade the bid, or walk away. This stage includes things like getting photos and BPOs, and pulling an O&E report.I also have checklists for marketing related activities and post closing activities.
Pipedrive
I’ve also been working on getting as much data into Pipedrive as possible. If you aren’t familiar with it, Pipedrive is a CRM tool. You can use it to setup deal flows, and also to set reminders on when to call asset managers and other folks. Once you have it set up correctly, you can have it basically give you a to-do list every day, and also get a dashboard view of all of your deals in progress with the various stages that they are in.
I’m continually revising these checklists and workflows. Adding new things, rearranging, and sometimes dropping items that aren’t really necessary. So far these have been especially valuable when I have several balls in the air. When I’m going thru multiple tapes at the same time, while bids are out and getting accepted / rejected, while another deal is closing and I’m following up on getting documents recorded for previous deals…. it can be really challenging to stay on top of everything. But getting all of these processes down pat will ultimately make it possible to scale the business, and eventually bring on additional help as well. Today I do everything myself, but I’m thinking ahead so when I can offload some of these activities. That will allow me to scale further.
Deals
I completed due diligence on the deal I mentioned last week, and it is all set to close this week. A JV partner will be funding the deal. Thanks to all those who responded, I hope to have more deals lined up soon. I currently have a bid accepted on another CFD. There is a paperwork issue which should hopefully get cleared up this week, and assuming that happens I’ll send a note out to the preferred investor list.