EP 487 – Overcoming Analysis Paralysis Today

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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 pennies 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 notes, Scott Carson.

Good morning, good afternoon, good evening everybody. Welcome to this episode of the Nunclos Show. As always, Scott Carson. Excited to be here today. Hopefully you're doing well. And rock and rolling. It's been a pretty busy couple of days around here. We're process of closing some asset sales, getting ready to look at buying some more stuff and then also kind of doing all the fun stuff that goes along with marketing for our upcoming Note Camp Convention taking place July 26, 2728. But today's episode, I want to talk about something a little bit different. And I am seeing people struggle with this and struggle with this and struggle with it again. And I think, well, it's not, I think I know that people are experiencing this. And what it comes down to more than anything else is people are often their worst enemies when it comes to what am I talking about, Overcoming over analyst paralysis. I mean, people get tapes in and I see this happening on a regular basis. They keep looking to try to squeeze a square peg in a round hole or in worst case scenarios, what they end up doing is they end up killing every deal because they start to rely on, on an ROI calculator, return on investment calculator, spreadsheet that's got all the expenses and unfortunately that's where the problem lies, is trying to squeeze every scenario into a spreadsheet before you even know what the value is, before you even know what the price point is. And this is one thing that I really want to spend a little bit of time on today talking about this. For those that are listening out there, for those that are doing deals or trying to get their feet wet because I mean, let's face it, you're going to learn more from doing your first deal, and you will, from any textbook, any podcast, any webinar, any ebook. You taking action is the most important thing you can do. But what I have found, and I see this over and over and over again, and it's just mind boggling, is that people are lazy and so they rely on a couple things to take place or not take place. They get a list and they try to squeeze that list into a spreadsheet, into oh my God, I got to Figure out every foreclosure cost, I gotta figure about every operating cost, I gotta figure about everything on the front end before I pull the trigger. And that's not always the case. Now why is that not always the case? Well, especially in the note business, you don't know exactly which way the deal is gonna go unless it's a vacant asset. And now with a vacant asset, most of the time what you're gonna see, the vacant asset is you're gonna have to foreclose on the property. You're gonna take the property back. Now that's not always the case. Taking the property back if it's in good condition, you can often sell that note to the foreclosure auction. Sell it so you don't have to take that property back and then fix it up and then try to relist it. Trying to squeeze every drop out of the deal is often going to lead to you losing money because you're trying to get too much versus you've heard the whole saying, a bird in the hand is worth two in the bush, a dollar in hand is worth two out there that possibly be. And what am I getting at? Well, when you have a non performing note, the first thing you got to look at is just not, oh, is it going to be a foreclose? You need to know what state it's in, obviously. And that's going to dictate timelines. Now if it's in New York, New Jersey, even Pennsylvania, those have a longer foreclosure timeframes. I tend to stay away from the states for that reason alone. Longer foreclosure time frames mean longer, longer timeframe before you get paid. Also more expenses. That doesn't mean I don't own some. In Pennsylvania. Yeah, I've bought some great deals that I either got modified or reinstated relatively quickly and are performing along the way. That's the good stuff. All right. Now what's not the good stuff is when you're looking at a tape, you can't just take the tape and drop into a spreadsheet. There's factors along the way that make things a little bit different. Now what I mean by those factors, well, the first one being we already discussed is the state. The second one though is looking at is there equity? Are they underwater? Are they break even? Where's the borrower in this whole game? And a lot of people, I have seen this mistake happen many times. They take their spreadsheet that they get from a hedge fund or a bank or whatever. I drop it in and the numbers Start it starts calculating numbers, you know, oh, so much in value, so much in upb. We start looking at values. This is where we talked about an earlier episode about the seven biggest mistakes that fix and flippers make. They start going off of value. We can't go off the value to go off to upb. But then you also the UPB standing for unpaid principal balance and looking at the balance of the loan plus the rearages to see if there is equity. If there's not any equity, okay, they're underwater that way. But if there's still a lot of equity, you have to realize the seller is probably not going to sell at a big discount below upb because you're already at a substantial discount off of fair market value. Fair market value means as is value, not ARV after repair value. We don't want to be thinking about arv, okay? Uncle R doesn't need to show up, okay? He's not invited to the note game. So if you have a lot of equity, 50%, 30%, let's just say a sizable chunk of equity in a deal. Do you think the borrower is going to fight you for that? Yes, they are. They're going to fight you for that. Now another thing to look at too, that will affect bids and analysts is looking at what type of interest rate is on that existing loan. Is it a low sub 5% interest rate? What I mean by sub 5%, if you're buying a note at $0.50 on the dollar of unpaid balance, really easy way to figure out What a quick ROI will be is if they reinstate $100,000 loan at 50 grand at a 5%. If you get them to reinstate, you're going to see a 10% return on the cash on cash return right off the bat. That's what you have to look at. If it's a low interest rate, 4%, 3%, 2%. And you've got to just down your offering to make sense. But what happens? I have not talked about insurance. I've not talked about mowing the yard, rehab costs. Because when you're looking at a spreadsheet, everybody, you don't know which way the deal is going to go. So for you to go the worst possible situation like recording and foreclosure cod, you're only killing the deal way ahead of time. Way ahead of time. Now, yes, if the seller tells you, I want 85, 90 cents on the dog, some idiot would say, I want 95% on these performing notes at a 5% interest rate. I'm like, that doesn't make any sense. Go sell that to somebody else with cheap money. You have a lot of people, though, that are so scared about everything, you know, they never pull the trigger for the first time. And you can't do that. You got to pull that trigger and go out, make some things happen. You got to realize. And take a little bit away from the spreadsheet, throw the spreadsheet out and look a little bit at common sense underwriting. Now, I know common sense is not common all the time, all right? But what you have to look at is a couple of things. Everybody narrow your list down. Quit trying to make every asset a deal. And I've seen this happen many a time. A lot of realtors, they overthink things. Again, everything and every property is an asset. I had a conversation with a realtor who's an investor here in town. I was like, oh, I'm getting ready to buy this note. I'm like, what are you paying for? And he was paying 105% of UPB. I'm like, why are you overpaying because it's worth this much? I'm like, yes, but you're not entitled to that. Being the note investor. You got to realize you're a bank, not a fix and flipper. And that leads to over analysts. He's like, I didn't know what to make an offer on. Like, well, let's look at some numbers. Throw it on a dry erase board. What's the property worth, what's owed? Are you coming from a fix and flip side or are you coming from a note investor side? Here's the thing. If you're buying at 50% of unpaid balance, okay, great. You've usually got a good chunk of change in case something goes wrong. To be able to build some value. When I'm talking assets, 50 grand or later, you start getting under 50 grand, $3,000 valued assets, you gotta be very careful, especially if you're buying at 50% of UPB. If UPB's higher or less. But what I'm saying, let's say that the numbers are the unpaid balance is at or above the fair market value. Pretty close to it. All right, you're buying 50% of that. You've got some equity loan equity in there from you buying the loan at a discount. Now, if it's way underwater, then you gotta look at what your bid is as a part of fair market value. And you don't want to be really above 50% of fair market value. And sure don't want to be really further above 50% of UPB now. Only time I'd be above 50% of UPBURG is when there is a lot of equity on the note. Okay? That's where you've got to adjust your things. You can't take the stair step pricing that we've talked about in the past on the show and apply that to every asset. You got to take a look at the deals. You've got to break it down. If you just dump things into a spreadsheet and expect a spreadsheet to have common sense underwriting, it's not going to work that way. It's not going to work effectively and you're going to kill every deal. So let's talk about some rules of thumbs. Here are some average. First and foremost, if you're buying occupied assets that are still occupied, they've made payments in the last six to 12 months. It's probably a good idea that you're probably going to reperforming. And if you're making offers on occupied assets where they've made payments in the last six to 12 months, you know what's going to end up happening. They're probably going to reperform, especially they've made the last few payments. So taking a look at a deal and then adding all these foreclosure costs to something that's basically pretty close to performing now. Yeah, it's going to kill your deal. You don't want to do that. Take it down. Hey, what's the yield gonna be based off of what we offer? Offer the note and some servicing costs. What's that number gonna be by taking the principal and interest payment times 12 months divided by roughly what you're paying an investment for the note. Now, I'm not talking about adding 5,000 or 3,000 or $2,000 in foreclosure costs. That doesn't make any sense in those cases. Now, yes, you wanna make sure you're seeing a good return on the performer. And you still probably wanna be below 70% of value, providing that the unpaid balance is a lot higher. Okay, I know I'm tossing different numbers out here. An underwater asset is why it's the easiest thing to work on your numbers. I don't really waste my time buying a lot of assets that have a lot of equity because then the pricing point is all very. It's hard to run simpler things. Okay, so, but anyway, you've got to run some numbers in your spreadsheet. And I'm talking simple spread numbers, not talking about complex algorithms. Vlookups and adding every expense under God's green earth. What you can think of as a way to drive things. Because that's how you're going, going to kill your deal. You're going to overanalyze your asset. It wouldn't matter if it's a note deal or fix and flip. If you try to throw everything possible on there, yeah, you can find an excuse not to do every deal. You can definitely find excuse. So the best thing I can tell you and I had this conversation with a guy today, called me up and kind of knew the dunkinvesting game. Done some fix and flips. He's like, man, I just, I don't know where to go. I don't know what I should be doing. I'm like, listen, man, it makes sense here. Run some numbers. And what I tell people to do is throw a bunch of stuff against the wall, throw that bowl of spaghetti and see what sticks. And he goes, what do you mean by that? But look, run some numbers down the whole spreadsheet. First of all, get rid of the states you don't want. Get rid of The New York, N.J. the longer foreclosure timeframes, the lower valued assets that you don't know in Podunkville USA, get rid of those. The lower UPB, lower unpaid balance. That's anything below $25,000 unpaid balance probably isn't worth the time. Lower values, if they show values on there, anything below really 30 grand, get rid of it. And then run some numbers. P and I times 12 divided by a stair step price, provided they're upside down. What does that mean? I'm going to re rank my assets by values. If you're using noteprose.com, notepros.com can give you a quick rough value estimate. Highs, lows, go somewhere in the middle. Go a median price point on that, all right? And run those numbers. Run the spreadsheet and oh, it's worth 50, we're going to multiply it. Times 0.55, it's worth in the 40s, 0.45. If it's worth in the 30s, 0.35. Anything below $30,000 value, we're going to drop it at 25%. Now also opposite side of that is a little bit different. If it gets in the 60s, 70s, 80s, you're probably going to be somewhere in a 60% to 70% provided you're buying the best assets, you're not going to buy any junk. If you're looking after the best possible deal, you expect to Pay a premium. Just what happens if you take the best without taking any of the crap? You're going to pay a premium. You're going to pay more per dollar, more per asset for that. So that's the thing to keep in mind is taking your over analytical mindset and start focusing some things. One, like I just talk to people. Get rid of the equity deals. All right? Get rid of the equity deals. The buyers are going to fight you. Boom, boom, boom. They're going to fight you to keep that equity. They're going to fight you to avoid foreclosure. If they got $50,000 in equity, just what's going to happen now that's not saying you can't do a deed in lieu cash for keys. Give somebody a walk, great. But they're going to fight you with a ton of equity. Why would you want to do added stress? It's going to drag out further. Okay, you're not going to get all that equity. Like a lot of investors have a tendency to think, no, you're not getting the equity that's going to go back to the borrower or there's a second lien holder. Keep that in mind. Everybody keep that in mind. So look at some things. All these foreclosure costs, all these workout costs. Well, look, if they're already serviced with a servicing company, you're not going to have a transfer fee. If you're going to keep the same servicing company, if they've made at least three on time payments, most of your servicing companies will transfer. Change that from a non performing note for performing though, just three on time payments, they'll start doing that. So there's not as much charges. You're not going to pay 90, 95 cents per acid, be paying 20, 25, maybe 30 bucks a month. Another thing you want to look at, look at the P and I payments. If the principal and interest payments are low, like below $250, kill the damn thing. Why? Scott? I like this asset because when you do figure in that you're going to lose 10% or more on a servicing cost and then other miscellaneous fees, it doesn't make sense to keep the asset. All right? Doesn't make sense to keep a $200 or $150 a month performing note if you're going to lose a 30% of it right off the bat in fees on a monthly basis or vice versa. So those are some things to narrow your list down. That's not saying, oh, I want to put this in my IRA. Okay, put in your IRA. If you want to make $100 a month, great, put it in your IRA. If it's a small thing, it all comes down to yield. And yes, you need to know what your costs are. But the thing is, like I'm saying, don't get so bent out of shape looking at 100 assets that you don't know where to begin. Filter it down, squeeze it down, run some numbers, run some simple high, low plays and throw the thing against the wall by emailing out to the asset manager and seeing what they come back with. Are they going to accept it? Are they going to counter? Are they declined? Give yourself a hard fast number. Then at that point, then you really work off of that. This wondering what's going to happen. Overanalyzing something that you don't even know if your bid's going to be accepted wastes a lot of time. It stresses you out. And then also you're not growing, you're not moving forward in the business. And what I mean by that, look, everybody can look at assets, everybody can look at a tape. I mean, heck, some people don't even do that. Some people don't even email out for deals. They're like, oh, we're just going to get together and scratch each other's back and do that. That's not doing business. This business is about making offers. That business is about making bids on tape. It's about reaching out to asset managers. You're not reaching out to banks or asset manager managers or making offers. You're really not in this business. Now I'm not talking about the low hanging fruit that everybody sees out there. You can go into bigger pockets, all sorts of things and find the lowest hanging fruit of list exchanges and things like that, that have notes, that's a low hanging fruit. Yeah, you're going to pay a premium for that because people are selling their one off deals and trying to get the best, biggest chunk of the change for it. Now that's why I don't waste my time with those. Why don't I waste my time? Because I have better deals. Other places. Why would I want to go where 100 or 200 people are picking over something? I'd rather go direct to the source, get a list in and dive into it and look if it's occupied and the house looks good, great. If they made payments in the last six months, five out of six, three out of six, and most recently they want to stay. Don't overlook, oh, they're making payments, yeah, we're going to foreclose Be smart about it. Be smart about this business. All right. Over the next couple of weeks, we're going to be going through a bunch of different case studies of what we paid for assets and what we bought it, how we got them to work out, what the situation was, what kind of returns we looking at. We're going to be diving into a lot of individual case studies. Think you're going to enjoy that. All right. I think you're really going to enjoy some of these deals that we're breaking into and sharing with everybody as we're selling stuff off and going through and finalizing deals. I think you're going to enjoy the case study side. But the thing is too everybody. I know it's harder to be that brazen gunslinger. Oh, I'm gonna make 200 offers when you only have 50 grand or 100 grand to bid off of. I get that. I totally get that. But it's. You have to, at some point you gotta put your big boy pants on or your big girl panties, pull em up tight, pull the wedge out of your ass and realize, hey, what you're doing, sending out isn't gonna hurt you. Some people are so scared of their shadow. Oh my God. All right, like, I had a conversation with another guy today and the first thing he did when he called me today was like, hey, I know I should be doing other things, but let's focus on this. And I'm like, well, first and foremost, focusing on that doesn't mean rat's ass. If you want to go to your spreadsheet that you're trying to make everything fit, you probably need to go do something else. He didn't like that. I said, listen, if you're not doing the two most important things and then working your ROI calculator before you make bids, is it helping? Okay, I'm like, what's your big goal? I need to close on 30 notes. Okay. That means you make 300 offers. Where does I need to make sure and streamline my ROI calculator before I make any offers. That doesn't come in the picture. I'm sorry. It does not gotta be making offers and be reaching out to asset managers. I don't care if it's five asset managers or 500 or 5,000 reaching out to asset managers, depending on what your timeframe is. For a lot of you guys and gals, you're working part time, okay? That means you're limited on the. You're not gonna make a lot of phone calls, let's face that. But you can leverage LinkedIn and reach out though, you can leverage sending an email blast up out to them and follow up with people that made phone calls or check your email out by your breaks, lunches, hours. If you're in the east coast, the west coast, and it's a different time frame, you know, we all know that 7 o' clock on the east coast is 3. What's 4 o' clock on the west Coast? All right, you get off at six, you got three, two hours on the east west coast you'd be calling on same thing. You wake up early before your job. On the west coast, you've got a few hours call the east Coast. But what I'm trying to get at is if you're not doing the two basic things and you're trying to squeeze blood out of a rock of a lift that you finally got, that's a problem. You got to realize this. Everybody and I see this happen in different groups, online, see this happen over bigger pockets, people trying to figure out everything. So here's what I'm going to tell you. Basically, if you're making multiple offers, one thing that you want to look at, yeah, you want to figure in some expenses along the way to figure that into it. Funny, you may want to figure in and avoid the longer foreclosure states. First and foremost, that'll solve a lot of issues. Okay. Trying to squeeze blood out of a rock in a long foreclosure state isn't worth it. Don't do it. So you may want to figure in 2,500 or $3,000 in foreclosure costs for faster foreclosure states. We're talking like nine months or less, $1,500 for servicing. When we're talking about that servicing includes the monthly servicing and then also like a right party outreach. If you're going to hire like a law firm to do some reach out for you, okay, ahead of time, you're going to have some marketing costs along the way. So 500 to 1000 bucks for marketing costs. By marketing cost, that means your time. It means like no pros. It means like jumping on and I mean VA pulls off of natural online, the county records. You're gonna have some recording costs, you know, 100 bucks along the way to doing due diligence. You're going to have to pay for O and E reports on your final accepted offers. You know, for most people that's 150 bucks. You, I would throw in 100 bucks for that or less BPOs. 150 bucks is what people are going to pay most of the time. This is why it makes sense for you to spend some time with realtors. Try to give them at 50 bucks or even free. If you add those expenses up. Throw in 700, $800 a year for insurance. That's what you try to have fun. And extra above what you're paying for the note. Now you've got to look at taxes. You're going to deduct your taxes that are owed from the bid, but you also got to figure that they got to be paid somehow. So full what you're paying, plus taxes, plus those expenses, those need to be. That needs to be below 70% of value. Needs to be below 70% of as is value, provided it's below. UPB's overvalued. Why? Because that still cuts you enough slack there in the back end. I would prefer you be below 60 cents on the dollar, provided that the EPB is higher than the property. That's going to give you some cushion to foreclose. This will pay back your investor a good return. Now, also looking at what your money costs are, the money costs are high. You need to be out of that deal faster. If they're lower, you've got some flexibility there. But here's the thing I highly recommend. If you guys are struggling with an ROI calculator, struggling to pull things together and you're not making offers, you're not tracking the number of bids you're spending each month, you're doing yourself a disservice because an ROI calculator is great, but it's not worth the O and I, the zeros and ones is typed on. If you're constantly killing every deal across the board. All right, Killing every deal across the board. I know a year, two years ago, there were people, oh, you got to have an ROI calculator. Yeah, you have to have an ROI calculator, but you don't need to really spend a lot of time on it until you don't even know what the bid's going to be. You don't even know what the value of the asset is. Focus on getting bids accepted or bids submitted in at least, and then whatever falls through is being accepted or countered. Then do a deep dive. Then start looking at that and use your common sense if you have it. Not everybody has it to really underwrite the deal. Is it occupied? Is it vacant? Vacant. You're going to foreclose most of the time. That takes away all your modification deals. If your goal. Here's another thing. If your goals don't line up with what's on the assets you're making, then you're probably a change your goals or change what you're looking at. I probably get three, four emails from people each week asking, oh my God, I talked to a banker, he asked me what I want, what do I tell them? And I'm like, well, what are you looking for? Are you looking for performing notes? Semi performing, non performing, occupied? If you're looking for performing notes, great. If you're looking for stuff that you can buy cheap and get performing, then what do you want? You want occupied assets. At that point, you probably want assets below $250,000 in value and above 50 grand. Why? Because that's where the majority of the assets are at. Not knowing the states you want to buy in, that's a big no. No, some people call me. Well, I got a list of stuff all across the country. Okay, great. It's all across the country. Well, I got a list of stuff in New Jersey. Well, are you going to be buying in New Jersey? I don't know. That's not a good number. I don't know is not a number. I do not know is not the appropriate answer. It's either yes or no. I buying in New Jersey. Okay, great. If you know that area, it's your backyard, you're buying stuff there. Fine. You're aware of the risks. Longer foreclosure time frames, that's fine. Higher valued assets, for the most part, that's fine if you understand the risk. But asking what am I looking for? When they ask me what my buying criteria is, that's a big no. No. You should know exactly what you're looking for, Mr. Asset Manager. Mrs. Asset Manager. I'm looking for homes, underwater mortgages, hopefully occupied in the larger metroplex areas. Larger cities? Not really. We'll look at anything rural unless it's nearby a major city. I would love to see some sort of payment history, some sort of something received in the last 12 months. And I want to be between the $50,000 and $250,000 in market value as it is. All right. I would avoid the longer foreclosure states. New York, New Jersey, don't really get excited about Puerto Rico too long. Pennsylvania, it's a little too long, but anything 12 months or less than foreclosure time frame, I will look at that and that's great. That's your buying criteria. All right. That's what you're looking at right there. You want to make it simple for them, say, okay, all right. I can download it, get rid of Newark, New Jersey, Pennsylvania and send it over to you. What you do not want to go is come the opposite side of it. Overanalyzed things. I only want something in the 78750 and 78316 zip codes. That's not going to fly. I only want anything in Dallas not going to fly. You have to look at what's coming up and you got to be that sometimes in between aspect. I want to. Here's exactly what I'm looking for, but it's still phased enough that I'm going to hopefully find some stuff. Now, the only time that you want to be more narrowed down to one specific state is if you're in a state that has a lot of distressed debt. Right. If you live in Ohio, Indiana, Illinois, Michigan, you're going to see a lot of debt there. All right, Pennsylvania too, if you want. Maryland, like Baltimore. Okay. You're gonna see a lot of stressed assets there. I had a conversation with a realtor the other day who's in Washington, D.C. she's like, we don't see a lot of distressed debt. I'm like, no, you don't. Because the city turns over every four to eight years. Higher value houses, higher educated financially people. All right? You see some stuff occasionally, but not much. So know where you're at now. Like here in Austin, Texas. If I say I just want something here in Austin, Texas and Central Texas, I would have gone bankrupt a long time ago and been really, really sad because my business would have bombed. All right, so know what's coming up. Somebody called me from, I only buy stuff in Phoenix. That's great. Keep doing what you're doing. Well, I'm not struggling to find deals. You got to get outside of your network. You got to quit overanalyzing the markets over analyzing the cities and go where the deal is. When I first started in the note business 10 years ago, I was big on Florida. Love Florida. God's waiting room. Woo. Yeah. Little beach, little sun. Viva la Miami. Okay, love Florida. But what happened with Florida? Market started coming back strong. Great. A lot of people buying in Florida. 40 cents of every dollar is basically international money coming in to Florida at one point, okay, I was smart. I got in, bought a lot of assets and sold them off, worked through them, foreclosed, whatever. As the market rebounded, I was able to ride that up. Too many people are looking at markets where the market's too high and what's going to happen when the market goes south? They're going to be upside down. We see this happen a lot with fix and flippers. We see this happening a lot with landlords are overpaying for us. Now, landlords, they can often ride this out, a lot of it, as long as the market rent will make up for the difference, especially if they're getting cheap financing along the way. Cheap financing, or they've taken over mortgages that are relatively cheap with some equity, maybe no equity, but the interest rate is low. And they can offset it because their rent payments are a lot higher than the mortgage payments. But what you have to look at is this. If you're buying at a peak premium of the market, you really don't have any place to go except down. And this is one of the things that we've done seen here in Austin. People coming in overpaying because they're coming from California where it's a lot cheaper. They don't mind overpaying because they're getting much more for the bank for the buck. But for us locals here, I don't want to overpay for a house. I'd rather look at stuff. Rather than take 300,000, $350,000 and buy one house here, I'd rather take it and buy five, six, seven, eight places in Columbus or in nicer parts of Ohio that I can leverage it and be renting out at 800 to $900 a month or getting the mortgages reinstated and seeing a 15 to 30% yield on the reinstatement. Don't overanalyze things. Please do yourself a favor. If you're starting to feel the struggle of overanalyzing, starting to feel like, oh, I don't know what I'm looking at. And you're looking at your spreadsheet, and all your deals are dying because your spreadsheet. Do yourself a favor. Take a step back and talk to somebody. Call somebody up. Go to our WCN Crew Facebook page and post something there. If you're a member of it, say, hey, I need some help. Can somebody talk with me for a minute? Can somebody break down a deal or two? Heck, you can always connect with me on the Facebook page or send me a message. Most people know that I answer pretty quickly back. And you have time to look at a deal. If I do, I'll send you a link. If I don't, I'll tell you, but I'll try to find somebody else to help out with it. It's such an important thing in these days. Everybody, look, there's still a lot of deals out there. There's still a lot of things out there. If you're struggling financially and you've been in this business for a while, it comes down to two things. One, you're not marketing enough, you're not making enough offers. And the two, to get to more offers made. What's that mean? Means you got to market more. If you're not sending out emails, if you're not reaching out on a regular basis, I'm sorry, there's not much I can do for you. I can't hold a gun to your head. I could, I guess, but it's not going to be effective. Quit taking a look at all the spreadsheets and overanalyze. I've seen people come to tears because they're trying to make something work out of everything and realize not everything is going to be a deal. Move on, cut bait, move on to another deal. Move on to another list as you get. Abbott was saying next, if you're struggling and you're over analyzing a specific tape that's came in because you don't have anything else, then go out and market for some more. Don't try. Like I say, shove a round peg into a square hole. You don't want to do that. You don't want to do that because you know when it doesn't end up happening, that deal is not going to make sense in the long run. You're going to overpay or do something stupid. Overanalyze. Now, what happens a lot of times too is the reverse side. You overanalyze things and then it doesn't make sense in your initial due diligence. So you come back and make a ridiculously low offer to make it work. Of course you lose that connection, you lose that opportunity with that bank or hedge fund because you over or underbid dramatically trying to get your ridiculous ROI calculator to work. That's just as bad because then the asset manager at the bank, the hedge fund guy, whoever's selling the notes, special asset manager, secondary marketing manager, it's like, what the hell is he or she thinking? I'm not going to offer 10 cents on the dollar or 20 cents on the dollar. This deal, there's a lot of value behind. There's a lot more numbers that make sense. I'm not going to give you this deal at a 35% yield on your cash flow. On a performing note. No, I'm going to give you something at 15 to 20%, maybe 12 to 15. You got to know these things. Everybody I know, it's not the easiest thing, especially if you're coming from either A the workforce, you've never done notes. B, you've not been a fix and flipper or real estate investor and you're brand new. I get that. Understand it highly recommend you check out our videos. I highly recommend you check out the noteblueprint.com noteblueprint.com Our education, our online home study course. That will help with a lot of this. But you've got to go back and talk with people. You got to look at your numbers and go from there. Now, when we did our Note Night in America, our Monday night webinar a while back, we did creating your ROI calculator. One of the most one of the most number one attended note night in America's it's still people are like, oh, you're gonna build this for me. I'm like, I'm not going to build you a calculator because the things I look at are gonna be completely different than what you look at. I talk about our, you know, we've got our due diligence spreadsheets. I have the short one page version and then there's like a 21 page version. I call it the engineer's wet dream. Do I look at the 21 page? Rarely, rarely, rarely. I go to one page and I make offers and I wait to see what happens. I wait for my common sense underwriting to kick in. You got to take action. All right? If you're struggling with over analysts on the back end, you're struggling with things taking place, it's because you're probably not doing enough marketing. You're probably not reaching out enough. You're probably, I'm gonna say right now, guaranteed, not doing the things you need to be doing. If your Facebook is full of more weekend getaways and deals that you're working on, you're not doing the right thing. If Your Facebook or LinkedIn is barren and you're not posting things that you're doing, you're doing the wrong things. I'm not saying it can't be full of the fun. It can't be full of family. If you're in a place that makes sense, great. But if you're going to market that stuff, but you're not going to do an email blast out to asset managers and you're going to complain about a 5% open rate. 5% open rate. It's still 5% better than if you didn't do anything. If you made 50 phone calls, that's still better than saying oh, I'm not going to make anything stick to the thing, schedule the things. I've talked about this as well too. If you can time block your schedule so you're doing similar things every hour of every week, it will help you flow a lot better. It'll help you move. Oh, I got got my email blasting out. You know, I've talked to people like, oh, I go, when was the last time you sent an email out to ask me? Oh, two months ago. Well, what stopped you from doing it last month? I forgot. Okay, get on there right now. You know what? You forgot the last 60 days. You know what? There's no excuse that you can't take that action. Now quit overanalyzing and feel sorry about yourself. You know that I don't have and realize you have the power to it. You have the key man. I have the power of Grayskull. You can take action, don't care what you haven't done the last 60 days. That doesn't mean you can't take action today. It means you can't jump on LinkedIn. That means you can't jump on a mailchimp or infusionsoft or something. Send an email right now. And you know what, when you finish writing that email, take 30 minutes and write one for next month. Take another 30 minutes if that's done and write one for the following month. Take 15 minutes and write one for the fourth month. Get them done, go ahead and get them pre scheduled so that when they do hit. When you start seeing emails come in out of office autoresponders like oh my gosh, I just sent another email. I forget. That's how you build systems. That's how you do the things versus trying just to throw it against the wall. I'll get to it when I get to it. Life is full of things and it's a lot of distractions. And you know what? It's full of a lot of distractions that will cause us to drift, to go away from what we need to do. If you want to read a really good book about drifting and how to overcome things, read Outwitting the Devil by Sharon by Napoleon Hill. Edited by Sharon Lechter talks about drifting and if you find yourself not doing the things you need to do, you've got the devil in your life. You need to have your own. Not resurrection, but you need to have your own. Come to Jesus, meeting with yourself and start doing the things that you need to be doing on a daily basis to drive traffic. Doing the things you need to do. On a weekly basis to get bids, assets in, money in things like that, you've got to do those things. Otherwise you're going to be sitting here struggling 6 weeks, 12 weeks, 18 weeks, and finding yourself desperate. And if you're desperate, you're probably 60 days beyond where you should have started doing things and gone from there. All right, everybody. So that's the best bit advice I can tell you to do is look. If you're struggling, killing every deal, look at what's killing the deal. Is it your analysts? If you're over analyzing your struggle with paralysis, you're only making offers on one deal versus 10 deals, you're trying to get too many bids down to a specific dollar and cent on the front end, that's your issue. If you're not sending out to asset managers, that's your issue. If you're not following up with asset managers, if you're trying to go after the lowest hanging fruit out there, that's your issue. Not my issue, not your family's issue, your issue. You need to look at yourself in the face, in the mirror and say, am I doing the right things I need to be doing on a daily basis? And I'll tell you right now, we all struggle. Everybody struggles. What separates those that are doing an amazing job versus those that aren't. Are the ones that are struggling, are the ones that understand the struggle and they keep to it. There are days, I think everybody feels this day where they get up out of bed and they don't want to go to the office or they're just struggling, they're tired, they're going to their job. Maybe they don't hate their job, but they would love to do something their own time. They love to be control of their own destiny. And we all are in control of our own destiny. Okay, guy, girl, whatever avenue real estate you're in, you control your own destiny. You have to take the actions with the time that you're allotted or the time that you have available in your schedule to do those things. If you got 10 hours a week, heck, you need to be putting in at least five hours of those 10 hours of doing something. If you got 15, hey, seven and a half, 10 hours, you're not going to get anywhere in life by sitting here and trying to do the least amount or trying to squeeze rock out of a water, blood out of a rock, you can't do that. Take the time, put your business in place, putting it a priority. Focus on an hour, two hours of your time each day. Everybody's got an hour. Everybody's got two hours. Care if you get off at 8 o' clock at night, you work till 10. You work from 10 to midnight. Most people are up anyway 10 to midnight doing stuff. So it's important for you to realize these specific things. Time. Block your schedule. If you're struggling, call somebody. Don't wallow in guilt. Don't wallow in despair. Take action. Pick up the phone. Call somebody. Pick up somebody. Trust me. If you call me and you have a spreadsheet and say, hey, let's make an offer on 12, 20, 30. Oh my God, I can't do that. Why not? I don't have that much money. Vol, we don't know it's all going to be accepted or declined. Let's just make a bid and go from there. Don't sit here with your thumb up your butt, all right? I don't have a sound effect for a thumb up your butt. I need to find something. No, that wouldn't work. We're not gonna do a burpee. But anyway, what I'm trying to get at. Pull your head out of your ass. Go make some offers. Get rid of the ROI calculator in the front end, run some numbers, get some stuff submitted and see what comes in. Quit over analyzing every deal before you make an offer. You can kill a deal really fast. And you know, by the time maybe if you do make an offer, it may be already taken to somebody else being faster out there to do what they're doing. So I want to wish you all good luck, go out, make something happen, everybody. And if you're struggling with overanalynous paralysis, pick up the phone, drop me an email, shoot me a text message, talk to somebody, post in the groups, post in different Facebook groups, post a bigger pockets. Somebody will be glad to help you. But nobody has esp. If you never say that you need help, you never say you're struggling, I can't help you. Other people can't help you unless you make let us know that what's going on so we can help you overcome your obstacles. So go out and make something happen, everybody. We'll see you all at the top, everybody. Bye. Sa.