As Dean points out, in the blog entry, the power of your network comes not only from “what you know” – your knowledge or skills that you can trade – but also from “who you know” – your ability to find like minded individuals with skill sets and experiences that complement your own.

For any given situation, if you have a well developed network, it’s likely there’s someone within your network that has experienced the same or a similar situation or someone who knows someone else that has experienced it – and that is where the power of your network lies.

Developing a network isn’t hard, it simply requires that you allocate time to listen and learn about people’s interests and problems, and contribute your experiences and skills to helping other people when you can, or referring them to other more qualified individuals that might have the skills they need.

In the entries above, you’ll find references to my due diligence skills – it’s something that I’ve learned how to do, enjoy doing it, and definitely have a knack for it…. and yet you’ll find me freely sharing those results with other lab members not only to teach them how to do it, but to also further my own education as others with similar skills (Hi Jolene!) who might teach me a trick or two, or tell me about an interesting situation.

Bankruncher is another example of the power of the network, and came about solely because someone recognized the value that it might bring to the group and encouraged me to think about how it might be used by others. (Thanks Dean!)

Your network can be a sounding board – providing feedback for ideas, insights on situations, potenial courses of action, similar experiences, etc. Having to have someone that can ask probing questions, point out potential flaws, and be willing to tell you that your idea is bad, is a far cheaper education that having to pay thorugh the nose to learn it yourself. (Thanks Sandy, Mike, Kevin,, John, Jolene and the rest of the Lab members!)

Bottom line, the Borg had it right – your network and it’s collective knowledge is a source of power, and properly used can provide you with a wealth of information, experiences, and isights that as an individual you would have no ability to master or experience on your own. Make use of it. I know I will in Las Vegas!

No, It’s not the name for a law firm nor the name of a restaurant. It’s how I simply define the note business: People and Paper!

Yes, since I stumbled upon Dean’s course and I decided to fully dedicate my time in buying discounted mortgage backed notes, I realized that this fascinating little known area where real estate meets finance is rather simple and straight forward. Simple yes, but certainly not easy!

The core of the business can be thought and can be learned by anybody. I call it the Paper side. Here you will learn all kinds of business terminology, how to look at documents, what should raise a flag, what to look for etc. etc. This is the part where you literally learn how to look at paper.

Once you follow the right teachings, once you listen to what experts and proven track record gurus have to say about this business it’s when you realize that we do live in a fantastic period of time. Everything can be and is at your fingertips. Anything can be done from your computer, from the phone. Your risk is minimized by accurate tools and attentive due diligence.

What the course has done to me referring to the “Paper” side of this business is that it has given me confidence. That’s it. And believe me that is a lot. Because if you know what you are doing, then you don’t have to look like you know what you are doing, because it comes naturally!

But no matter how good you get at details and at attentive research and studying paper, in this business what you must never forget is the People side.

And People in this business are on every corner of it. There is always a borrower at the end of the note. There is always a new relationship in this business that is waiting to be crafted and nourished. It’s a continuous, relentless effort that deserves more attention and care than any other aspect of this business.

When we lose track of time immersed in the paper side and when everything seems not to make sense anymore and when you are simply not seeing a proper way out of your deal, it is comforting to know that you can always contact by email and stay in touch, share your frustrations, your opinions, thoughts or strategies to other “people” like you. They are the same persons who might have lived through the same or similar situation you are going through.

The Deans, Kevins and Mikes of the situation are priceless to me and to my new business venture.
Thank You guys.

Stefan Damianov
Realtor/Investor
Fort Myers/Cape Coral FL

Short on confidence in using the [Bankruncher] software tool in a practical way and in purchasing notes in general, I decided to test what I knew of the local banking environment here in New England against my analysis using the tools. Comparing my experience with struggling homeowners losing to foreclosure in my incoming real estate investments, I found it became easy to identify the patterns in the data and quickly understand what lenders to approach for possible purchases of notes.

The ultimate a-hah moment for me to knowing that I was on the right path was by evaluating my own mortgage lender. I looked at the numbers and recognized them as a target in the red zone with large loss ratios. I knew that they would be selling my mortgage. Within days of this moment, I did indeed receive a letter from them telling me my the loan had been sold. It was not long before we heard from the new lender and also had an offer to negotiate the terms.

Although a simple comparison, it was a real example where I could see clearly the value of purchasing notes. I have just scratched the surface of this opportunity. As my knowledge and skills improve, I have no doubt that by participating in the networking opportunities and working with the NoteBuying team, I will be absolutely successful in my investments well beyond my early estimates and goals.

I am excited to attend the NoteBuying conference and look forward to networking with others at the conference and building teams so we may all move ahead.