Hey Note Aficianados:
I just read in an MReport missive that there are still 1.6 million loans in forbearance in the US, savvy note investors are expecting a flood of non-performing assets to hit the market soon. So what are you planning to do to capitalize on this huge opportunity, and what does DMO have to do with it?
Well, some of you may have already guessed, DMO stands for Daily Method of Operation. Your daily method of operation is the set of actions that you take repetitively on a daily basis to keep your business going and to make sure that you are focused on income producing actions. Or at least it should be. There have been many books written on the subject (I like “The Miracle Morning” by Hal Elrod) but today we’re going to focus on what it takes to transform your note business from stagnant to outstanding.
I was on a call with real estate investor and coach Bill Cook last night, and he talked about working with people who are frustrated that their investing business is stuck in the mud. For them, he has two questions:
First in the last 30 days?
Next question: how many offers have you written in the last 12 months?
Usually the answers are basically slim or none, but these people are still frustrated why they aren’t closing deals. So what is does your business look like? If you were going to sit down with a business coach and review your business, what would he or she likely say to you?
– Are you analyzing enough assets?
– Are you making offers?
– Are you contacting enough note sellers?
– Brokers, are you contacting buyers?
All this is critical to making building a successful business. And Note Unlimited can help streamline your efforts by speeding up the process of evaluating notes
Let’s look at some numbers. Let’s say you want to close somewhere in the range of 20 notes this year. That’s roughly 2 per month. If you figure that you will evaluate 20 assets for every one that you bid on and you close half the deals that you bid on, you then have to evaluate about 80 notes a month to close two deals. That breaks down to 20 notes analyzed every week, or four per day. That may not sound like a lot to some people but it can take quite a bit of time and effort and you can easily get bogged down, discouraged, or bored.
Note Unlimited saves you time and speeds up your asset analysis with industry-grade analysis tools to discover market value, comparable sales, rent analysis and demographic info like crime, schools, population growth, etc, Note Unlimited also streamlines your note management and borrower/payment tracking to save you time and keep you up-to-date with your portfolio.
So how many deals do you plan to buy this month, and how many notes are you evaluating? If you don’t have a target for daily actions that you’re tracking, then it’s likely htat you won’t hit your targets. And if you need to speed things up so that you can evaluate more deals, get rolling with Note Unlimited. Let us know how we can help you get started, or tell us how this tool has helped boost your efficiency and helped you grow your portfolio.
To your success,
Ray Trounday and Team
Reference:
“Déjà Vu All Over Again” by Shashank Shekhar
https://themreport.com/daily-dose/12-02-2021/deja-vu-all-over-again-2
Can DMO Help You Dip Into the Flood of Non-performing Notes?
