Are You A Lien Lord?

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This is the no Closer show where you get the latest developments in distressed note investing and learn the secrets of how you can control millions of dollars worth of property. For panties on the dollar, get educated and entertained by someone who has closed thousands of deals and lives to support you in achieving the same. Now here's your host, CEO of We Close Nodes, Scott Carson.

Good morning, good afternoon and good evening, everybody. Welcome to this episode of the Note Closure Show. As always, Scott Carson jacked up to be with you today. And I want to speak directly to all the lean lords that are out there now. What I mean by lean Lord, what's a lean Lord? No, I don't mean landlord, I mean Lien lord. A landlord is somebody who owns rentals and that's not there's a great business. If that's what you're interested in, that's totally fine. You own the real estate. I want to talk to the lien lords out there. A lean lord is somebody who's buying notes, performing or non performing, creating notes. You know, whether it's owner financed deals or they're doing a wraparound mortgages or it's somebody who's flipping notes, who's an active seller of notes. Maybe it's an asset manager at a bank or a hedge fund who's looking to flip some stuff. I would love to talk to you. And one of the things that it's hard to believe, but the Note Closer show is coming up on our sixth anniversary as a podcast. I know, exciting, couldn't believe it. We're gonna hit, you know, right at 800 episodes as we celebrate our anniversary. But what I want to do in the month of September is to highlight more of those out there that are closing the, you know, closing deals, pulling the trigger, making things happen and using the power of paper, the power of notes to help them capitalize on this amazing market because there's a lot of opportunities out there. Now I'm not opposed to even having folks that come in or doing something to or doing wraparound mortgages with that, creating paper from distressed assets. I'd love to have those lean lords on to discuss this. If you know somebody who might be interested in being on the podcast here, I would love to talk to you but. Or have them just shoot me a message or book a call@talkwithscottcarson.com we really want to roll this out and do it a big time and highlight those lien lords, those guys, those gals that are pulling the trigger and making things happen in this amazing market out There a lot of people are closing deals. It's a great time to be a real estate investor because we do see distressed debt. Yes, foreclosure listings were down month over month, I think down 9% this month compared to last month based on some of the numbers. But that being said, a lot of the stuff that we're seeing from banks and hedge funds is not going on your traditional foreclosure list. It's stuff that we're seeing for private institutions and sellers. You know, like give you example, I just got a list in yesterday of 20 notes that the seller wants to sell and some of them are performing, some are not performed, but they're not listed for foreclosure yet. They haven't hit the market. You know, a lot of the deals that we see, if you, you try to pull the assets up on propstream, they're not going to show up as a distressed deal. So we're seeing a lot of motivated sellers on the note side. Lien lords who own this stuff that are looking to get it off their books, cash out and use that money to either buy other stuff or they've gone their route of getting it reperforming after buying it at non performing discounts and they're willing to make the profit now, some stuff like that. So, and I don't care if you've closed 100 deals or you closed on your first deal, I would love to speak to you. Whether you do, like I said, one to a thousand, I think we the world needs to hear from you guys out there now. We've got great stuff from our students. People are really going out there kicking ass and taking names and we'll be highlighting those throughout the month of September as well. But I just wanted to take this time, what does it mean to be a lean lord? And this is something that's, you know, not everybody understands. People understand landlording, people understand flipping, being a wholesaler. That's not what I'm talking about. A lean lord is somebody who understands the power of paper and you know, getting creative. Whether it's like I said, it's creating notes, you know, using owner financing as a solution for buying real estate, which I think we're going to see a whole lot more of. And we're always starting to see a tick of that as interest rates continue to climb. I had a conversation with a realtor this past week, a buddy of mine who's trying to help a guy sell a property and based on existing rent or existing mortgage rates, it's not going to Cash flow near as much. But he does have a great low interest rate on an underlying mortgage at about 50% of the LTV. And so we're like, well you could use that loan and either owner finance it at a do a mirror wrap, which some mirror wrap means is the exact same terms, time frame, stuff like that, you know, to the new buyer and have that new buyer bring a sizable down payment or see if that loan is assumable. Talk to the bank and see if the bank will allow that buyer to assume that loan. And then they're bringing the buyer's bringing a lump of cash to the table. But you know, there's plenty of distressed debt out there. I mean, I'm excited to be going to a, a conference in the next couple weeks that's focused really on the creative side of things when it comes to subject twos, owner financing, stuff like that. You know, I've done plenty of that over the years and I really see a lot of opportunities and I've talked about that on here. Maybe the power of subject to finance. I know in the past we've had know oh the most wonderful Dwan on here before talking about how she loves 72's Chris Prefontaine's been on here before. I've been on Chris Priest, you know, podcast as well. There's a lot of opportunity out there even if you're just not buying the debt. There's a lot of ways for you to make distressed debt work for you, especially in the commercial side of things. Right now that's one of the great things I think you should be looking at. If you're any type of place that has any distressed debt on the commercial side, it's an opportunity for you potentially to get in the game, make some things happen. But you've got to take steps to make things happen. You don't want to be somebody who's bought a note and then fell off and never did it again. I've seen that happen before. All right. I've literally seen people buy notes then disappear. They didn't set up servicing, they didn't tell the previous service awareness and they bought it, closed on it and they took off. And I was left not holding the bag, but literally getting phone calls from servicing company trying to track this guy down. And I'm trying to reach him down, he's overseas, he's not respond to text message or emails. And so these deals are just sitting there, which we often have happen. You see often seen hedge funds or you know, private investment groups buy portfolio Notes that are used, the REO side, the foreclosure side, and they, they don't know what they're doing with the note side. So they let that sit there and those assets rot and rot and rot and rot and rot. So you know, it's makes for an interesting time because you can often come in and pick up those deals at a sizable discount because somebody's not following through on the deal flow, not making things happen. But anyway, like I said, a lean lord is somebody who understands the power of notes and is applying it into their business model. Maybe you are buying traditional real estate, but you're using notes as a way to make things happen. Maybe you're using notes as a way to, to acquire more real estate in your area. If you're buying in, you're one of your buy boxes in there that's distressed stuff. You know, maybe you're, you're looking at buying more stuff in Florida because there's a lot of distressed stuff down there. Or Ohio or Michigan or Indiana. I love those states. I think they're great states to buy in and a lot more affordable than other places. You don't have to go to the traditional route of getting a traditional loan. That's not what I'm talking about, going out and getting financing from a bank. That's not the solution for you. For many folks it's not. Yes, you can still get stuff cheaper. Interest rates right now are a little bit higher, but they're still cheaper than they were back when our parents were trying to buy a house. And you know, depending on how you finance it and how you buy it, you may need to leave a little equity inside the property or maybe bring a little bit more the table to get the cash flows for where you need to be. But it's still cheaper now for real estate than it will be in five years. It's cheaper now for real estate than it will be in 10 years. So just keep that in mind. Yes, it's a cyclical. Business goes up, business goes down. Have we seen more notes in the past? Yeah, a few years back and then it kind of slowed down a little bit. I've been buying non stop. If you know how to market, know how to get deals done, great. If you rely on one or two sources, you're really on that tier nature going out of business if that source goes away. So love to hear from you. It's really easy. Go to talkwithscottcarson.com book a phone call or just shoot me an email@scottclosenotes.com or shoot me a message on any social that you're like to find out more information how to be interviewed as a Lean Lord. You know, we do a class act with our podcast YouTube channel and give you something to feature across all the different platforms. But anyway, that's what I wanted to share with you guys today. We want to talk to more Lean Lords out there. I know you enjoy hearing my voice and the education and the content I give you, but I also know you probably want to hear from some other folks with some other stories, and that's totally fine. I don't have a problem with that. That's one of the great things about the Note closure show has always been usually equally 50 of me teaching content and 50 of you hearing from other people. I know we've been doing a lot of solo episodes lately, but we're looking to bring on some folks that are doing some great deals. Like I said, I don't care if it's your first note deal. If you're you wholesale the note deal, that's totally fine. Let's, let's hear from you. But I'd love to talk with you and share your story here across the WCN network. But you know, I think what people often realize is once they get into the note space, they are like, this is not nearly as complicated as I thought it would be. Yes, at first it takes a little bit different mindset of buying the note versus buying the real estate. But you know what? The bank always wins and it's good to be the bank, ladies and gentlemen. So let's, let's get you on here. If you're one of those Lean Lords or Lean Ladies, I want to hear from both men and women. Heck, even if you're a kid, let's get you on here. If you're using the power of paper, make some things happen. So like I said, book a call with me talkwithscottcarson.com that's talkwithscottcarson.Com or just shoot me a message on any social platform and let's see if your story would add value to our listeners out there. So I look forward to hearing from you guys. But go out, take some action and we'll see at the top. Bye.