Greeting from Roberta Standen
We just returned from the American Cash Flow Convention in Atlanta, where we came away with our heads jam packed with new ideas, new kinds of cash flow products and methods to power up our business. Bottom line is we are “fired up”, we networked even to a greater extent and inspired and ready to move up to the next level. Exhibit hall was jam packed with a variety of companies dedicated to support the cash flow industry. Our session on “Building your Business with Strategic Alliances” where we met many successful note consultants was, as usual, a big hit.
Just prior to the ACFI Convention we participated in the hugely successful Pensco Trust Symposium in Phoenix. It was like the gathering of the eagles where we were fortunate enough to participate with and meet some of the most successful entrepreneurs in the financial wizards on the planet. Tom and I did a tag team presentation on purchasing notes as a high yield investment in your self-directed retirement plan and Bill Gatten introduced the Inter-vivos Land Trust as a viable vehicle to create wealth for your retirement. For information on Land Trust go to www.landtrust.net Also check out Bill’s Article “The Equity Holding Trust™ on our website at www.sellerloans.com
I am really excited about the opportunity of presenting once again with David Butler. In my view he is “heads above the rest” when it comes to the private note industry. He has one the most creative minds in the note and real estate industry and is not shy at all about sharing his knowledge and little known secrets in knowing how to find, purchase, calculate yield and fund a note. He has recently energized his Hotspur Investment Group and is now out and about doing what he does best – helping others, help themselves to financial independence. See his article on Mobile Home Notes at https://noteservicingcenter.com/articles/23183.html
In this issue you will also get an idea or two about how to work with one of the most productive and rewarding of all synergy partners in the development of your note business – YOUR LOCAL BANK.
Dynamic Duo Reunited!
We are pleased to announce the reunion of two of the private cash flow industry’s premier speakers and authors – Roberta Standen of Note Servicing Center, and David Butler of Hotspur Investment group. After a two year sabbatical due to their separate business interests, Roberta and David have joined forces again, to host an updated reprise of their hugely popular note marketing presentation, in what promises to be an exciting new “can’t miss” Workshop…
being staged at July 29th & 30th, at the four diamond Renaissance Flatiron Suites in Denver, Colorado. A “true” workshops, seating is limited to 100 students.
TWO full jam-packed days of learning experience
We’ve kept the admission fee to this Profit-Making Event… Low, Low, Low!
Regular Admission is only $1,295 and you can bring your Spouse or Friend for an additional $695. This includes: 2 continental breakfasts; two networking luncheons; plus Workbook and Marketing Kit.
For students traveling from outside the area or who just want to “get away” for a couple exciting, stimulating and inspirational days of “hands on” learning and networking, we have arranged a Special Optional Admission of $1,495. which includes a Luxury King Suite for 2 nights (double occupancy) at the Four Diamond Renaissance Flatiron Hotel http://renaissanceflatiron.com Two continental breakfasts, two networking luncheons; plus Workbook and Marketing Kit. If your Spouse or Friend attends the workshop the additional cost is only $795.00.
Please come to see us we would love to see you there. To register – Click Here
To gain some insight into the benefits this workshop offers attendees, it might be most helpful for you to have a look through the eyes of some very successful attendees of similar workshops presented by Roberta and/or David: by Clicking Here
To Learn more about Roberta Standen or David Butler – Click Here
Note Brokers: Developing your Local Bank as a “Synergy Partner”
Your local bank can be a treasure trove source of note holder leads. It takes effort and time to develop and cultivate this source just as any of the other synergy partners we have talked about in previous newsletters, and at workshop and seminars. Remember, the cultivation of synergy partners is only for the note brokers/consultants/finders that are serious about formulating a business plan with the idea and goal of developing a rock solid foundation for the long term.
The best place to start is with your own bank – where you have opened your business account. I recommend a State Chartered and preferably one that is locally owned. In our area this would be Yosemite Bank, County Bank of Merced, Bank of Madera or Bank of the Sierra. These are banks that were formed primarily to service the local community. Yes, they broker home loans and car loans and construction loans; but also are likely to be a “portfolio” lender as well. By that I mean they keep at least some of their loan “in house” in order to obtain a greater yield. These local banks “want your business” and are known for fast friendly service. They are motivated to establishing a good banking relationship to the local businesses community and their reputation is vital to their market share as they have to compete with the humongous National Banks for deposits and loan originations.
You are probably asking a few questions about now, such as: “Why would these banks have private notes? How would they know who owns notes? And why would they need me? All great questions. Here are a few answers. Local Banks often offer a “note collection service” for their customers. Remember, I said they are motivated to be your hometown “full service” bank. So, the servicing of customers with private or seller carry back notes is not a profit center for them, but it is very much a part of their customer service. Now, if you ask them the names of these note holders they will not give them to you – they can’t, this is private information. But, I have given you the answer to the first question: “Why would these banks be the custodians of private notes? Also, recall I saying that these banks thrive on providing customer service, right? Read on….
Think about this: Local banks loan money to their customers. They loan money for their customers to buy cars, boats, motor homes, home improvements and to buy a home. To begin the process for a loan, what does the borrower have to do to initiate the loan? Complete a loan application and financial statement. If they own a note, it appears on that application in the asset section, right? Will the bank give you the names of the applicants who hold notes? No, they can’t, this is private information. Here is another way banks know who owns notes. However, I recall said that local banks thrive on providing customer service, right?
So, how does this need for the bank to provide excellent customer service align with the service you can provide? Here is how the bank qualifies as a perfect synergy partner. When the customer who owns a note needs cash, the first place they go is to the bank manager asking if they will buy their note, or if they know of anyone who will. When the customer goes to the bank for a loan and they are short of cash or collateral to qualify for the loan, the loan officer sees the “promissory note” they own on the asset column of their financial statement and might suggest they sell the note to generate the cash they need to qualify for the loan!
The liquidation of a promissory note very often solves serious financial problems for a customer and even more often makes it possible for the customer to seize and opportunity. The problem is: Neither the bank or the customer know that you exist. David Butler says “it’s like winking in the dark”. You and the bank have an opportunity to work together in providing awesome customer service. To approach the bank with your services, you will need to make an appointment with the Bank Manager for about 30 minutes of his/her time. Make sure you have a professional personal brochure and business card. Be prepared to let the manager know what you do and how you can work together with the Bank to augment the service the bank already provides.
The cultivation of a Local Bank as a “synergy partner” can be exciting and financially rewarding experience yielding additional notes for you to purchase each year. This source along with the development of other synergy partners can lead to a continual and repeated source of business and cash flow. The multiplying effect of just one bank customer whose needs are met through your efforts can be exponential. Good Luck.