Buying Defaulted Mortgages aka Notes: Polite Persistence/Follow-up is Key…

Make sure to watch the brief 3-minute Video on Finding Notes aka Defaulted Mortgages BELOW!

OK, so I’m a victim of my own critique.

I admit it. I failed.

These past three weeks, I’ve put in bids on note pools and never even followed up. “I’m so busy that I’m just working too much,” is always my excuse.

Managing staff, reviewing new offers, handling tricky borrower calls where needed, reviewing financials for the fund, lining up Q&A sessions with the best people I can find in the note world, answering the never-ending questions from PAC members etc. etc.

So what happened?

Well, the basic rule of “polite persistence” – the process of following up and following up and following up with a new bank relationship in order to build it to the point where it takes off … just went out the window.

My mantra (to me AND to you) for today is … KEEP AT IT. (By the way, I prepared a short 3-minute VIDEO for you on this topic - SEE BELOW – which comes straight out of my 16-hour ‘A-Z Profiting from Defaulted Mortgages Business-in-a-Box’ Course!)

If you want to open a door to a bank, you have to learn how to knock.
If you want to open a door to a bank, you have to learn how to knock.
If you want to open a door to a bank, you have to learn how to knock.

Imagine you’ve just arrived at a huge castle. And you see some lights on in an upper floor window.

You knock once.

No answer.

You knock again.

No answer.

You knock louder this time.

Still no answer.

“Do I just leave?” you wonder out loud.

No … you see the light on and you hear sounds of pots and pans coming from another window.

So you bang on the door.

And you bang some more.

And you throw a pebble at one of the upper floor windows to catch someone’s attention.

You KNOW there are people inside and you’re just DYING to get in.

WAIT.

You hear noises. A door opening and closing.

Someone finally heard you!

But now what?

What do you say when the butler shows up at the door? “What took you so long?!”

Of course not.

Instead, you answer politely: “Good evening, I was wondering if I could …”.

OK – so enough with the story and back to polite persistence here..

Think of the castle as the bank.

You KNOW there is someone inside who can help you.

But you don’t get through just on one knock.

So keep knocking.

And then think of different ways to knock.

As long as you THINK there is someone in there, keep at it.

What have you got to lose?

Nothing less than a potential relationship that could bring you lead after LEAD AFTER LEAD.

Dean