A Success Story on Buying Defaulted Loans
“I admit, I might need some handholding.”
Those are the words that someone just shared with Will this week.
Who’s Will?
He’s a new investor learning how to buy notes and has been hitting the phones like a wild man. He started two weeks ago, and has made 110 contacts.
So you might ask, how is he doing in his pursuit of buying defaulted loans? Lets just say that Will already has 15 banks requesting information about his company and even better…asking Him what his buying criteria is.
(Hold on a second…all of this stuff really works?)
In The Note Buying Business, Even Bankers Need Some Help
Will’s story involves that one special banker he talked to yesterday. That’s the someone that just shared the words in the title of this article with Will. Are you getting this?
A banker … told Will… on the phone yesterday …”I need some handholding”.
Really?
Yeah.
A bank worker.
A banker – a real employee at a small regional bank that Will called as part of his calling campaign to find banks that sell defaulted loans.
A Note Buying Experience
Here is how the conversation went:
Will: “I want to buy defaulted loans from your bank, can you please pass this along to the right person?”
Banker: I wil tell you the truth, I’ve never done this before. My bank is interested, don’t we need to have some kind of confidentiality agreement?”
Will: “Yes we do, I have an agreement that we use. If you like, I can walk you through the process how to sell defaulted loans.”
Banker: “That would be great because I have a few loans that I would definitely want you to look at …I just need a little handholding.”
This actually happened! Will who is a new note buyer is “handholding” a banker and teaching him the process of selling defaulted loans.
The Key in Buying Defaulted Loans is Creating Bank Relationships
If Will plays his cards right, you can bet that when this bank has non performing notes to sell, they will turn to him as their 1st investor.
Do you see how “off” this situation is?
Do you see how unsophisticated BANKS can be in selling their defaulted loans?
The opportunity here is huge.
Will is probably going to be the only investor that the bank sells its defaulted loans to.
Create Your Own Note Buying Success Story
You too can be successful! I will definately be following Will’s progress, I am sure he will have more exciting stories to share.
Be confident, and start buying notes now. Do some handholding, and mark your spot with these banks and have them turn to you to sell their defaulted loans. You’re not the one that needs handholding…they do. Be Will.
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