Common Sense Underwriting: Avoid Note Investing Disasters!

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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. Hey, welcome to this episode of the Note Closers show. As always, Scott Carson. Excited to be here with the day. Today's episode I want to dive into some common sense underwriting and I want to let me preface this a little bit. You know, if you've ever attended one of our three day workshops or you've been to one of our trainings, you know that we usually like to provide a due diligence spreadsheets or a document to go through things. We've updated and edited that over the years. We updated that for our most recent workshop here in Austin back last month. We have it updated in for the manual for those attending the upcoming virtual workshop the week after Eastern online via Zoom. So I encourage you to check it out at no buy for music. Com. But we've been marking some assets for sale lately. We've been getting some lists in that we market stuff that we make offers on. And I want to share this story. We had an investor that saw post these 72 notes. They were 23, I'm sorry, 29 non performing and the rest 43 were performing notes. And this guy's reached out to me for taste before. I'm like, okay, that's fine, I'll share the list with you. Take a look at it. And he comes back, oh, I'm going to make an offer, you know, and well first of all, let me rephraf this before that's, well, okay, you've got your tape. Bids are due by Wednesday at 5 o'. Clock. Basically you got 48 hours. Now it does not take long to make offers on non performing notes, especially when you've only got 29. Now these 29, there were mixed bags, some very low balances. You know, there's a couple that were under 5,000, some that were under 20,000 something were under a hundred thousand and a few that were over $150,000 assets. Okay, so it was a mixed bag of these 29 not performing. So this guy sends me a bid almost immediately for the low, just the non performing stuff, which is completely allowed. He goes, I'll offer 400 grand for just a non performing. I'm like, okay, I'm going to need loan level bids. Now, what is loan level bids mean? That means if you're going to make offers in 29 assets, I need 29 individual bids. Now, if he's a bid 400,000, that's fine, but I need to know how that's broken up. Well, the guy responded back, well, what do you want me to do? Make it a percentage of each one. Across each one. It's like that was a red flag. No, because when we request loan level bids, when a buyer. So when a seller is looking at what a buyer is submitting, he's going to want to know how John's bid matches up with Hector's bids or how Boyd's bid matches up with Hector. You know, kind of get an idea who's the highest and best. And I was a little irritated when I saw the 400,000 across the board because I immediately reached back and they came back with that comment, and then there were crickets. So I reached out with an email. Hey, I'm going to need loan level bids. No response. I picked up the phone and call said, hey, I'm gonna need one little bids. Well, then I get crappy response the following day. Well, we did not have time to sit loan level bids. We're interested in buying the whole pool. And I'm like, you're not following me on it. And that's a red flag. Like, this guy will never get another tape from me again. All right? Because when you say one thing, well, I'm an active investor. I've been buying for 10, 15 years, okay? But then you do something like, that's a, that's a stupid thing. Don't do that, okay? Don't, don't be that a hole, okay? Don't be that guy who just wants to submit low, low, low balance bids. You're not going to be taken seriously. All right? Now look, I can understand making some low ball bids on stuff that's got like a low balance. Under 20,000, something you'd only use your IRA. You want to make sure after servicing costs, you're getting a good. I can completely understand it. But to tell you how out of whack these bids were, the unpaid balance on these 29 assets came to 1.5 million. Okay? That's the unpaid balance. So bidding at 400,000 is about 25 cents of the dollar. Now, I can understand that on low balance bids, under 5, under 10. But there were four assets on these that those bids alone, the non performing side, my bids were over 400,000. Okay? So way out of whack. All right? And then, of course, I told the guy, you know, not to send it out. Well, suddenly I get some. Well, I'm just. I, I. He shares lists with me, and I want to make offers. I didn't even justify it with that response back. So if you're watching this and you're not a WCN crew member, you need to get signed up to be in the WCN cruise for 97amonth so you could access these tapes. You're not waiting the last minute to get these. If you're in the WCN crew, great. Make some offers. If you have schedule and curious about how to make an offer or how to submit a bid, don't wait around to do so. It's better to get making more bids and going from there. And I did have somebody reached out to me who I know didn't have any money. He's like, I'm gonna make bids on all this. I'm like, no, no, no. I know you don't have the funds to fund those, and that's okay. Let's make some offers and stuff that you get, because I'm not going to risk my relationship with a hedge fund, okay? I'm not gonna risk my relationship with a hedge fund when I know you don't have funds to fund the stuff. And you submit on the whole tape. It just doesn't work that way. Let's pick out one or two or three or four. And as we like to do, guys, we've got some lists that are uploaded there. You know, we've got a list of 16 notes in there right now that people can submit bids for. Use those assets to help you build and reach out to private investors and go from there. If you understand, and if you don't understand how you're going to fund these deals, then book a phone. Call my schedule@talkwithscottcarson.com and I'm glad to walk you through. I want, I want you to make offers. I want you to get deals. Funny. But I also, you got to be a little more realistic on it. Like, I, I got to give Cal a hard time because Cal used to bid on 50 assets at a time on a table. My Cal, I get these. But you told me yesterday you had zero funding lined up or whatever it was. And this goes a while back, because Calhoun's funny right now. I need you to be a little bit more realistic on the, the possibility of getting some of these. So bid on five. Ten. Yeah. Not the whole Tape. Okay. Because that's a lot of work that you come in and you're like, oh my God, I can't, you know, close on 10 of these. Or if my bids are all accepted, you know what I'm gonna do? Well, yeah, you can go through due diligence. Like, I'm not opposed to bidding on stuff, but let's just be realistic and make sure you're ready to rock and roll. Okay? And when it comes to stuff that you're going to bid on this episode is common sense kind of underwriting. I mean, in a very easy way of looking at things. I think we get so bogged down as note investors, looking at spreadsheets, making sure our ROI calculators and all the columns make sense. There are some deals you're not going to waste your time on. Okay? And here's the things, here's the things that we'd like to say don't waste your time on. These are the ultimate common sense underwriting tactics to keep in mind. Okay? First and foremost, don't the. The number one common sense thing is when you're looking at assets, a, if you don't know where the city is and you see that the city is so small you don't recognize it, don't bid on it. When you're starting off, don't bid on small ass cities that have like 500 or thousand people. The obvious matter is to stay in cities where there's a decent population, where there's vendors, realtors, buyers, investors to help you fix the flippers, whatever. People go knock on doors and then cost you extra. So don't buy in a city that you don't want to own it. And never when you're looking at the asset, don't buy an asset you don't want to end up owning. Okay, now I get it. Some people are out there thinking, well, I buy performing notes. I don't mind buying performing. That's great. I'm not talking to you. If you're buying non performing assets where somebody hasn't paid and there's a chance that you could take the asset back in foreclosure or have to sell the asset off, don't buy the asset if you don't want to end up owning it. All right, I've been on some assets here in Texas, down in the valley, right? Roi but when I looked at the asset, it was a pos. Okay. It was needed work. It would take a lot to fix it up. I didn't want to own that asset. Now in Ohio, there's some assets up in Ohio that I bid on. They're not, you know, would I live in those houses? Yeah, I could, I could live in my house if I lived there in Ohio. I wouldn't live in that type of house here in Austin. If the house was magically transferred next door, I'd rather live in the house I'm in. Right. But I wouldn't mind owning that asset because it falls in line with what's in that neighborhood. Okay? An older house, two story house, decent looking house. I bought plenty of those. I call them like just bread and butter assets. Okay? Bread and potato meat, potato assets, whatever you want to call it. Okay. But the thing is, don't, like I said, number one, don't buy an asset you don't want to end up owning. Okay? If it's a non performing note, don't buy that you want to end up owning. That should be one of your number one things. I mean, I know that there's people that buy land notes, they like the cash flow, they don't mind owning the land if they end up taking it back or the bar stuff's pain. By all means, that's great. But that's probably the number one due diligence, common sense underwriting thing. If you don't like the asset and don't want to end up owning it and it's a non performing note, don't bid on it, don't buy it. Okay? To if it's got low monthly cash flow, and this is why we say stay above, you know, buy notes that have a higher cash flow to 50 or above. If you're using your own funds guy, buy whatever you want to buy. But realize that if it's a non performing, you're going to have a higher cost and servicing. So 250amonth in P and I payments. It may not be bad for your IRA or something like that, but if you've got to fork out 90, $95 a month, it's not going to be a lot of profit and it's be pain in the ass. And you're going to deal with that with a servicing company. They got to get paid for their time. They're valuable to you. Okay? So start looking at that monthly cash flow. Is it going to be worth your time? Now if you're using other people's money, you gotta definitely make sure it's worth your time because you're gonna have to pay off your underlying debt when you pay. So start inching those things up. All right, Inching those things by meaning going after higher payments, 300, 400, 500amonth at a minimum depending on what you're buying and going from there. Okay. Another thing that's kind of common sense. If you're looking at a note and it's in the second half of the payment series so I could say it's a 30 year mortgage and 15 years is already gone and then they're in the second half the Twilight you're going to end up having a lot more principal paid down versus interest. So you always got to make sure that you, you're buying it at a premium where you've got several years of difference between what's owed and what you invest in or what you borrow from an investor. So like we've got a student right now, they bought a note A, they've got a performing contract for D, they're trying to sell it at like 95 cents on the dollar. And I'm like why are you trying to sell it at 95? Well we borrowed more than what we paid for. So like the numbers I think they paid, they paid like 35 for it. Well they borrowed 50 when the balance was like 60. I'm like okay, well it's been paid down now. Now the borrower only owes like 52 and they're still trying to get 50 to pay off their investor. I'm like look that's too skinny. Somebody's not going to pay 50 for it because there's no room for profit for them. They, you know, I have an investor wants to pay 47. Well that's going to require them to come out of pocket three grand to make their investor whole. Well they put, you know, they pulled 10 or 12 grand out. You're going to have to do that plus cash flow along the way. So that's the thing, we get so bogged down sometimes in numbers. I, you know, we had a student years ago who would buy non performing stuff and then turn around and try to sell those notes at 75, 80 cents on the dollar. When they're not performing. I'm like there's no meat on the bone. Well I got to make my five grand or I gotta make my 12 grand or whatever it is. Like well that doesn't make any sense. Your number is dictating your sales price but it's not, you're not leaving it in. Yes, you could make five grand on this but you're not going to make eight grand. Okay so that's the thing. Look at, looking at the condition of property exterior. Yes, we're we're looking at Zillow Trulia online photos and we're gonna be outdated. Okay, great. But when you get a BPO order or you get an O and E order makes look at it makes sense. Common sense. Yes. You may not know what you're looking at. So book a call with talkwithscottcarson.com I'll walk you through it. We were just looking at a deal on Tampa that one of our, our buddies, Phil Brodeur and he's. We just did a podcast episode with Phil I think comes out to comes out tomorrow. You want to listen to it? Phil's from Canada and we may he made an offer on this note in Tampa and it's a first lien. It looks he got a pretty good offering on the price. It's not on a huge high rise, so it's not affected by a lot of the HOA special assessment stuff. But it looks like the HOA foreclosed 72 to the first lien holder. So it's got a few extra wrinkles with that in the foreclosure process and stuff like that. And he's like, I don't want to, I don't want to go through back all this forth. I'm like, that's completely fine. You don't have to go back and forth with a seller. Just have it with your attorney. Here's the aspect. He's not really want to deal with it. It's going to be too, too much a pain in the ass. I like a little bit simpler deal where I get the borrower back on track. I'm like, well there's no borrower on this. Technically the borrower is the HOA or, or whoever the HOA quick claimed the deal to because now I don't want to deal with it there. I'm like that's fine then let's move on. And that's the thing. Don't fall in love with these deals. I used to always joke that people would get that OTSC syndrome. Oh, that's so cute, right? Oh, that's so cute syndrome. When they see a property that's got a white picket fence or it's this beautiful house that's great but take the emotion out of it. Yes, it's important if it's a nice looking house. It's important if there's some emotional equity with a flag or landscaping or plants or kids toys outside. That's a, that's a good thing. Common sense underwriting says, hey, there's somebody in there that wants to do the house. But don't you fall in love with that asset? Follow the numbers. But understand does it make sense to buy that asset when you start seeing that a bar is dragged things out? Like one thing, when I look at see what the borrower is doing, okay, It's a non performing note and the borrower is an attorney. I don't usually want to buy that note because they will drag things out through delays and BK and TRO and stuff like that. So it's not worth my time to drag that out. Okay. It's also important to look at if you're looking to buy your first note or fund your first note transaction, stuff like that. Get something that's going to be a pretty, pretty easy base hit. You know, maybe it's bringing in 16% so you can pay your investor 8%. Or if it's gonna bring in 16 or 17% and you got an investor that wants to make 10%, pay em 10 to get something in to get that first deal in. Okay? You can always, as you get better at what you do, you can always go back in and refinance out your investor with cheaper money. All right? And the more you talk to people, the easier it's going to be. Now you're not gonna go fund your deal with a hard money loan, a hard money lender, stuff like that. You have to understand when you're talking to people too. Where's the money coming from? Is it coming from your self directed IRA account? Is it coming from checking? Is it coming from a trading account like Schwab? If it's like with Schwab or A.G. edwards, that money's gotta be moved into a self directed ira. So I, I understand there's a lot of moving parts with no investing. This is not meant to be difficult, ladies and gentlemen. But don't it's. You gotta realize it's 20, 2025 submitting in an offer at 25% of the unpaid balance without giving loan level pricing. It's just not accepted this these days, okay, if you want low ball offers and lowball assets, then go spend your time on some of the crappy platforms that are out there. Okay, that's fine. You can bid on lowball assets. But don't waste somebody's time who's moving decent assets. And if you want to be a decent borrower or not a borrower but a buyer of notes and you want to have lists into you, then don't submit in stupid bids. I don't know who teaches that. I don't Okay, I have no, I have no qualms. Many people submitting, you know, a chunk of offers and knowing that they may end up have to whittle those down. But don't send in a low ball offer just because you're scared of making an offer or you only want to be that person that buys crap. Well, guess what? Go buy crap somewhere else. Don't waste people's time who are legitimate buyers on legitimate assets. If you can't take the time to submit in a loan offering, loan level, price and offering, don't submit your offering. If not the seller's asking for a tape offering, that's a different story. But most of you guys out there aren't going to be bidding on 50 to 100 assets or more. Okay? And that's understandable, but that's the great thing about this note business is that you get to buy on crumbs. We had a reporter reach out to us over the weekend talking about where the market's at, and he was, he's picking my brain on how we got into this business and how note investors have evolved. Because really, it wasn't a mainstream investing approach prior to 2008. I said, well, look, as things have changed and as markets have changed, you've had investment companies and bigger funds that bought portfolios for banks and lenders and sold those portfolios off or cut them up. You know, they buy 50 million, so they cut them up into five pools of 10 million. And there's chunks in all those assets that they want, premium assets, stuff like that. And there's always like the bottom bit of that tape that they sell off to somebody else. It may not have value to them because they may value those assets at zero, but it does have value to us Main street investors. We're looking at opportunities and I guess we kind of live on the crumbs. I kind of apply that to. If you ever watch that movie with the Teller kid and was it War Dogs, couple guys out of Miami buying and selling ammunition and guns to the US Military during the, you know, the Gulf War. They talk about living on crumbs. There's all these contracts that the government lets slide through that are small, that guys like them step in and buy these 50 berettas or 100 berettas and ship them off the United States army military on these small contracts. That's kind of us. We're living on crumbs. But the crumbs are nice. You can make a great living on buying crumbs. And that's my next, next Thing I've getting so many phone calls about people talking about wholesaling deals or wholesaling notes because they don't have any capital. They're gonna go out and wholesale. Like, well, if you're gonna wholesale, what are you gonna do to find funny or find buyers? You gotta go out networking. That means going to real estate clubs and expos, you should be doing that anyway. In a lot of cases, your local networking groups, local IRA companies and they have network and two, you're gonna have the market. Well, guess what, those two same things are what you do to raise capital. So it makes more sense for you to do that to raise capital for your own investment versus going out and being a waiter for the people out there. And I get it. We don't want to have any type of connections, we don't want to have any investment. We don't want to have an investment in time into a deal. If it doesn't happen, I don't want to be held responsible. But guess what? You're not really investing if you're just looking to flip. Oh, wholesale, I get it. If you gotta make some money, stuff like that, I get it. But honestly, if you're stopping, if your biggest hurdle is that 6 to 8 inches between ears here and that you don't want to raise capital, then go do something else. Go, go wholesale, regular real estate, go wholesale, land, whatever. You want to note investing, if you want to be a good wholesaler, it comes to note investing, you've got to understand what the deal holds. Understand. Is this a good deal, is it a bad deal? More than just what's on the spreadsheet, okay. Like I got in this tape of two, I called them multifamily loans that are performing that are, they're, they're one year loans that are now mature, they're still performing. When I looked at, it's a 20 unit hotel on Daytona beach, it looks like a crack hotel. And then there's a 13 unit apartment complex. It looks like a bunch of these little bungalows in Daytona Beach. Well now, now the, the 13 unit bungalow in Fort Lauderdale looks much more desirable than the 20 or 28 unit hotel there on Daytona Beach. It looks like it's seen as something out of freaking Scarface. All right? The Cubans with the cocaine and the chainsaws, you know what I mean? You know, like I said that the one, the one on the beach, eh, it doesn't look good. I don't want necessarily want to own it. It's gonna be more of a pain in the ass. The 13 unit duplex. That makes more sense as a true rental versus a hotel. Okay. It's something that I wouldn't mind owning the hotel and more work than it's worth. Okay. That's what you also realize, ladies and gentlemen. If you're going to be buying assets, don't be buying stuff that you're going to have to rehab. If you have to take back in foreclosure, you're not prepared to do that. All right? And look, you're not going to learn this business overnight. It takes some time. You're going to make some offers. But that's why I always tell you guys, hey, feel free to book a call. A phone call, like I know Albert, I were jumping on a call. I think tomorrow going through some assets. I see you on here this morning. Good morning. Hope you had a good weekend. You know, Cord, Vernon, as you guys have questions and others that are on here, if you're making offers and want or haven't made an offer yet, you got to do so at some point you got to get off that learning circle and to make some offers and learn as you go. And that's the, that's the great thing about our one on one coach we love is we're going to force you to make offers and get things. Rock and roll. All right. But anyway, when it comes back to common sense underwriting, don't make a low ball offer, just make a low ball offer. If you can't follow instructions of the seller, they're not going to take your bid seriously. Don't bid on something that you don't want. You know, check taxes. It takes a second or two to make a phone call, see what proper taxes are owed. And like I said, just because the numbers look good on a spreadsheet doesn't necessarily mean it's a great asset. Look at it. And like I said, if you wouldn't want to end up taking that asset back, don't buy it, don't bid on it. Go on to something else and make sure you're buying something with a balance or the payments remaining or the monthly p. And I make sense for you. Common sense underwriting will keep you at a lot of bad and skinny deals versus just running numbers on a spreadsheet. Understand what you're doing, look at what you're buying. Take a second to look at the deal. One of the most valuable things that I've ever done was when I first got started, I had an office, oh, probably about ten minutes from here. And I love this office because we we subletted this one room from this continuing education company that did continuing education and licensing for like retirement communities or retirement homes, stuff like that for the elderly. And they start going things doing virtually back in the day, well they had this meeting space with tables and chairs and we hosted our first class there. But on all four sides they had these big dry erase boards. And I would pick, when I would get deals in, I would literally go to that dry erase board. I wouldn't jump on Excel. I would, I mean a little bit, but I would look at it. Hey, how many units are this? You know a lot of these are multi, multi family loans. So what's the unit? I would literally go through underwriting. What do I see that makes sense? How much is back out? Is it a good asset? What do I see about the borrower? You know, those are the things that, you know, it's kind of that whole difference. Remember taking math classes where they would have a story and you'd have to pull the numbers out of that story to solve that math problem versus just numbers. And some people are good at the stories and the numbers and others are just good at the numbers. Well I was really good at the stories, you know, so I could always pull those numbers out. What's the numbers you need to take a look at? And that's where you find some great deals. It's also where you avoid buying deals that turn into duds that end up cost you more money and a bigger pain in the ass. But you're going to learn more from making your first offer, getting your first offer accepted. And that's why I always said listen guys, if you need to get your first offer except to reach out to me, we're glad to help you do that. We've probably got a couple deals for you. There's like I said, There's 16 notes in there. I think about half of them are accepted but the other half are still available. It's an opportunity for you to bend some performing stuff that could be good yields for you. Even some non performing stuff as well too for it because I know the seller's motivated but he's not gonna let things go. And when you have pricing is he's giving me pricing expectations somewhere between 72 and 80 cents on the dollar for the performing, the non performing a little bit more flexible on very easy to book things on my calendar. Talk with Scott Carson.com Talk with Scott Carson.com that'll take you to my schedule to book a phone call with me. I will be out of town next week actually so we will not have a coaching call on Monday, but I'll be out of town and that's one thing I'm really excited about. No, I'm not going to in no conference going to a marketing and podcast convention because one of the most valuable things I've learned in my business as a real estate investor for 20 years. Yes the REI expos, the Think Realty events, the noteworthy the DMEs are not bad to go to for networking but if I'm going to spend time away from my friends and family, my bed, my good food, my animals and my my better half, it's gotta be worth my time and I want to go and make sure that I walk away with nuggets that I can apply to my business. And I've always got more on a marketing conferences than I have about note investing, you know. So I'm going to Chicago excited about this event for 34 days. I'll probably come back with 5 or 6 nuggets that I'll apply immediately to my business and help me raise capital or find more deals. And that's my big goal with that aspect of things. No, I'm not going to Nashville for DME when they're only going to have 125 to maybe 200 people. It's not worth me going for that when I know most everybody else is out there. Now I'm a little different than most of you, but I know that if I look to see who the speakers are, the things I can connect with them online and almost always reached out to them ahead of time and go from there or I've heard them speak a million times and they're not changing anything or the topic matter. The panels just don't make sense. I hate going where there's just panels and panels and panels. You don't really learn anything in those sessions. So anyway, common sense underwriting guys, like I said, don't buy something you don't want owning. Follow instructions and look at the deal. Is it truly a deal that you want to own long term for you or is it a dud if something goes wrong? So go out, take some action. Feel free to book a call with me@talkwithscottclarson.com don't forget to get signed up for our next upcoming workshop April April 25th to the 27th I believe online via Zoom and you can get signed up that note buying for enemies dot com. Oh also one other thing. If you're looking to order BPOs and 1Es. I know we've been a huge, huge fan of Baldwin Advisory Group and Dickie's going through things right now with his health. Feel free. You can still order your BPOs and ONIEs directly on our website. We just have buttons on there. If you go to our vendors on we close notes dot com. Let me pull this up. I should be able to share it with you guys. Boom, boom, boom, boom. Where is it? Here, let me pull this up here for you. Yeah, so there we go. So if you go to our website weclose notes.com and go to our vendor tab across the top, you'll see, yeah, part trusted partners, vendors here at the top vendors, you'll see some of these buttons so you can literally click on. Now, about half of these are buttons that are working. The other half are still being edited and tweaked up. But the order your BPO button, if you click on it, it'll take you to a simple page for you to fill out your bpo, your valuation order, just fill that out. We'll make sure and get that taken care of. If you're ordering multiple BPOs or evaluations, just upload the spreadsheet with all the information on it. Same thing. If you need to order an OE report, click there and submit the information for your O and E report. We're glad to help you get those things processed. This may be a permanent thing if Dickie doesn't get back to where he's going or if it, if he does, it may just be a temporary thing, but we want to make sure that our students and clients were taken care of. And so we've got some sources for you guys to be able to order this. If you fill out information, it'll get an order request into me and my team and we'll make sure you get your order process in a timely fashion for you so you're not sitting around waiting around for something, not know if it's going to get ordered or not. So glad to help you out there guys. Not going to cost you anything extra as well. So go out there, take advantage of that stuff, get your BPOs, your own E's and some other stuff ordered. I think the other buttons right now are if you're, if you're selling a note, you have a note for sale. You can go to sell your note here. Oh, nope, that button will be updated later today. But I'll give you a bit of an idea. So like you can order collateral view. We've got a third party collateral review client we'll review your collaterals, make sure it's complete, tell you what needs to be fixed, stuff like that. If you need to order property preservation, you know that means getting a locksmith, a winterization, somebody secure properties, let me know. There's a whole variety of different things you can do in that. That button will be up probably by Friday. If you you're looking to start in a self directed ira, you can go there. We'll make sure and refer you out to our list of SDRA investors for you. If you didn't order skip traces, we can order those right here for you individually. We've got a bulk account with one of our clients. Sell your note there, click on that. It'll help you fill out all your information on owner financing notes or non performing or institutional note you're selling. If you're looking to order a list of IRA investors, we have a source that can help you in buying a list of IRA investors in your county or city all across the United States. Now they're not necessarily true self directed IRA investors, but it's a list of IRA investors that you'd market to. If you need help with a virtual assistant, you can order there. If you need to start an llc, create an LLC for your entity, you can click on that, fill it out, we'll make sure and get it lawful and associates over there to take care of it. So check it out there guys. Our vendor network is here to help you, help you with your underwriting, help you make sure you're buying a deal, not a dud, and help you take your business to the next level. So go out, take some action buddy and we'll see the top. Thanks everybody. Bye. Hey everybody, Scott Carson here. Just want to say thank you again for listening to the podcast. If you've been listening for a while, you're subscribed to the podcast. First of all, thank you. Second of all, hey, you know, if you're you're not one of our coaching students or you haven't signed up for one of our three day workshops, here's an opportunity for you. You want to check out our WCN membership? This is the biggest bang for the buck of the notice. Besides our one on one coaching, this is our monthly membership for 97amonth that gives you access to all of our online training, our virtual workshops, our note weekends, our special one day masterclasses that we've taught in the past, anything that we have going in the future. As long as you're a live member, I can't make you or save you $97 a month I'm doing something wrong but save you paying 997 or 99 bucks or 399 here or anything like that. We make it affordable at $97 a month and like I said it gives you access to all of our past replays, our upcoming classes, our access to our special classes. We also do weekly coaching calls with our WC members and also our WC members also get first crack at tapes and lists of notes that we get in after our one on one coach to take a look at them. But it's a great way for you to go. You can also schedule call with me anytime to go through deals that you're working on marketing things, questions you got going on about a deal. We're here to help you. So how do you get signed up for that? Really easy. Just go to noteumbrella.com that's noteumbrella.com get signed up there for you $97 a month guys. Like I said, biggest bang for the buck of the industry and we want seeds of the family so let's get you signed up today. That's known umbrella.com welcome to the no family buddy and thank you for always for listening. Sam sat.