I’ve known Scott for a few years, and he’s a stand-up guy doing great business. I’m so pleased to have him on “The Real Estate Raw Show” to talk about his career and his tactics.
For your convenience, I’ve provided timestamps below so that you can navigate the conversation Scott and I had at your leisure:
1:25—The sudden and drastic downturn of the market in 2008 that caused Scott to leave the mortgage industry to turn to buying distressed debt
2:10—What exactly does it mean to buy notes?
5:30—What is the best time of year to buy notes, or is it year-round?
9:40—Scott’s words of caution to anyone out there teaching about note-buying
11:20—For those just getting started in the business, what is the hardest aspect of the job?
13:00—Different states have different foreclosure time frames, so are some states easier to work in than others?
14:15—Start-up fees and ongoing monthly fees for new arrivals to the field
17:00—A quick break in the discussion and a word from our sponsors
20:33—What kind of numbers are in play in the note-buying game?
25:00—What to say in tough situations involving tenants of the properties
28:30—The market is shifting; inventory is staying on longer and prices are coming down. What impact does that have in this business?
32:00—Scott’s preferences among asset class, storage, apartments, shopping centers, single-family homes
34:25—Is negotiating with the banks difficult?
35:45—Is there a minimum buy-in?
I really appreciate Scott spending time on our show today to share his words of wisdom. If you’d like to speak with Scott about buying notes or any aspect of his business, he can be reached at (512) 585-3810 by phone or at Scott@weclosenotes.com by email. You can also visit his website at www.WeCloseNotes.com.
For any questions you have for me, you are always encouraged to reach out to me. I hope to hear from you soon!