EP 496 – Sage Advice from Logan Hassinger

Foreign 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 this episode of the nuclear show as always scott clarkson excited to be here today excited to have a special guest join us today from the dfw market it's our buddy logan hesinger from sage investments sage notes sage investments or is.

It sage notes sage investments was taken.

That'S right i remember see i helped do we did the search together on that excited to have logan on here logan's doing some amazing things taking down some deals not just small one offseason he's doing some bigger notes and really can't cash in he's we're excited to have him because he want a couple things not only is he taking action and we'll be talking about some of the deals that he's done but he's working towards his goal of financial independence of being able to leave what he's doing now to focus full time because you're doing this part time right now.

Right logan part time till about two in the morning you got your side.

Hustle seven pm to two am right that's right so for those that don't know who you are logan why don't you take a little bit and kind of talk about who you are and kind of your background getting into real estate and up okay yeah so i.

Started out with my bachelor's in finance kind of pursuing the investment space going towards the wealth management kind of transitioned to some private equity reporting and currently sitting in a financial reporting role for a large national firm focusing on body collision work you may or may not have heard of them but they're pretty large so that's kind of giving me some exposure to some different areas allowing me some free time though as well back in twenty fifteen is when i kind of read a book called rich dad poor dad on my way of studying for become a cfa or a chartered financial analyst thinking the corporate path was what i was going for that book was eye opening to say the least and i told myself i had failed the test results which were about a month out then real estate was gonna be what i was gonna do ever since then we've bought five or six rental properties have sold all those off now have jumped into the note space full time as of last year late and trying to hit the ground running as fast as i can so.

You got into the landlord space first.

Rentals yeah and then you did some.

Fix and flips as well too yeah.

Yeah we sure did right here in.

The dfw area right and over how long a time period was that that.

Was from twenty fifteen to early twenty nineteen so we sold the last rental property here this early and you bought.

Them pretty cheap and that's what helped.

Us really kind of build some equity on the front end we were finding distressed sellers for whatever reason buying really cheap fixing the property up holding it for a couple of years i really intended on keeping it for lifetime cash flow but quickly learned that some capex will eat away at that along with some tenant turns and just decided that you know we had significant equity in the properties to go ahead and pull it out and see what else was out there that could really scale the rental business was difficult for me to envision scaling and really wanting to do full time it wasn't that appealing after we were you know neck deep in.

It you're like this is great but i don't want to do this the.

Rest of my life exactly paid us well i have no complaints about it and i still push people that way as well it's a good investment but you've got to know what you're doing and you got to keep nailing it down or it's just going to fall apart in my opinion that makes sense.

Now how do you find out about the note space so i was on.

A on another cash flow podcast that i would just on my way to work and you were a guest speaker on that show and was like oh okay notes i remember notes a couple years back didn't really understand the inner workings of how they work but i was like mailbox money i can sign up for that i'm not getting mailbox money today so i jumped over to your podcast and i probably listened to forty fifty episodes in about ten days and immediately signed up for fast track and came down last october or november.

Yeah i think you went through the virtual though too virtual or the blueprint.

I thought about it so i thought that was a hands on approach i was like no you after you inform me that's not hands on i was like just tell me where the hands on is and i'll be there the.

Thing is you came in and then you immediately took action right right yeah.

You kind of showed me the pieces of the marketing aspect that i didn't know really existed or was needed in the notes space really in real estate in general i was just kind of a rental properties on the side and just kind of stuck slowly but surely but if you want to scale it and make it something that was full time you really had to put a little bit more effort into it and so you're showing me the marketing side of things and just what a note is how to price things and just the general scope from there and just take it and run with it yeah.

And then you also did a really good job though because you had private investors that were funding some of your fix and flips right i think if i remember correctly you talked to them and kind of told me hey i'm going in a different direction you guys want to be a part of this.

Or not right i did so about a week and a half two weeks prior to end down to fast track in november i was kind of already prepping them saying look i'm in the process of selling the rentals i'm going to have some cash you guys are going to have some cash as well that you know i'm not going towards the traditional flicks and flip stuff so if you guys are still looking to earn some cash then this is what i'm going to be doing this is what i know so far and i'll give you a call back on the way from austin to dfw with the rundown and so far so good the.

Reason i want to bring this up is because i think a lot of people and we get a lot of fix and flippers we got a lot of landlords that are looking for better deals better pricing on stuff and they're just not seeing because the market's competitive right now let's just face it it is especially in dfw market for sure it's not the only market out there but that where you're at i think a lot of people are scared to have that conversation with their funding partners.

It'S a conversation that they're kind of questioning well what was wrong with the rentals or what didn't work and my piece was always well it's not that it didn't work it's just i'm looking for scalability and i'm looking for things that will offer me a longer approach that would get me where i wanted to be in the long run and reynolds did that to a certain degree but not to the level that i knew i wanted to be in the near term which was one to three years so having that conversation explaining them that look you know i'm going down and learning as everything that i can and really just putting things to work is what kind of separated me from somebody else's like yeah thinking about doing notes or i'm thinking about doing fix and flips it's i went out and did the fix and flips and i went out and did the rentals and i had made them money so that helped and now i was buying notes and they were like oh okay so he really is he didn't just go down to go to a conference and talk to some guy so and see.

Some shiny object syndrome and go running back to them you know exactly yeah.

Oh look what i found no that's.

Not what we did yeah so he came to the fast track we put the plan together and then he called him on the way back said okay we're both gun barrels blazing right going forward yeah so what were some goals that you set yourself initially after going through the training and stuff like that because that's these are important things i don't think there is as complicated as a lot of people make them out.

To be right exactly i mean the biggest piece for me was just kind of getting a presence on social media when i came down to fast track i hadn't had a facebook in ten years i had no social media accounts frankly i just got tired of looking at other people's stuff and then i realized you turned me on to forget that forget what they think about you forget about other people's stuff it's about you and how you grow your business and so i left there with all my facebook instagram twitter and all those things created got a website designed and ready to roll within about a month after fast track and then the other piece was the marketing to the asset managers and to my investor database although small at that time it just you got to build it and start somewhere.

Now if i remember correctly at night after dinner during the fast track you were actually going back to the hotel the next morning come in like saturday morning okay i did this can you check this out exactly this last night can you check it out right right.

And for me i set sometimes too lofty of goals but i've got to do that for myself just so that i can do everything i can and even i'm probably not going to hit that goal back of my head but you know it just helps me get going we had a goal of one hundred deals this year we're probably not gonna hit that or at ten today so i got a long way to go but without that you know if i said just do one i did one in february okay now what so i've got to keep the pedal down.

Let'S talk about some of those deals let's do this instead are you doing this you have kids are you married you know how many hours you put in your job let's set up what your normal week hour wise looks like for for those that are listeners out.

There yeah so it's a nine to five typical corporate job it's about a thirty minute drive there and back so i've got an hour's worth of commute in between there i'm home around six i've got two girls that i come home to five and three you know they take my time up and i want them to take my time up i get home and i put my bag down you know i eat dinner and then we either go to swimming in the pool and just hang out and relax and be with them they go to bed around nine and i'm at the gym and then i'm back home working from usually ten thirty to eleven till about two in the morning that's typically three to four days a week and then some stuff on this on the weekends so what are your.

Ten to two activities that you're doing from ten pm to two pm it's.

Kind of shifted in the very beginning it was really honing in on finding asset managers and finding leads i was scrubbing a lot of the county record stuff for looking for assignment of mortgages and things like that that you talked about in the podcast mm that led to a deal hang on there's a.

Nugget for people there you did what you picked which county did you pick.

So in this case i was looking in north carolina and that was i'm pronouncing it right bacombi or bacomi county in asheville north carolina yeah yep so i like the market and just kind of dove into that area and was looking for common grantee grantors on the assignment of mortgages so when you pulled.

Your search how big over a search to do a year a month six.

Months back to twelve months from whenever that date was maybe late february early.

March yeah okay so they pull a.

Big list for you that's roughly i want to say three thousand records okay.

And how did you whittle it down.

Did you narrow it down obviously very crafty with excel being my corporate jobs got all that in there so something called the pivot table was able to slice the information the way i needed it to and do some counts and say okay who's got more than ten in the last year okay these are the people i want to focus on oh wells fargo out jp morgan out and ran into a group called pennymac which i'd heard of but didn't know how big they were they're massive but i was at the time i didn't know so i went ahead and reached out on linkedin that was the next kind of follow up of who are some individuals that work at this company with some keywords asset manager special assets distressed anything i could think of and came across a couple of individuals that led to an email that got shuffled around within the company and then finally to the lead decision maker on selling you know single one off non performing.

Loans so how over a time period before you reached out initially to the time that you actually got a list how what time frame was that probably three weeks okay how many contacts did you have to make did you follow.

Up more than once or five yeah so with that person there was no follow up they reached out to me pretty quickly within the first week or so that i'd say i'd submitted that linkedin request and then they shuffled me around like i said and then finally talking with the person you know they vetted me they wanted to know that i had a servicer in place you know who i was you know all the background about what we were doing and making sure that i could legit close if we got to that point so that was about a three week.

Process obviously if you contact them on linkedin they probably checked out your linkedin profile right correct yeah a relatively brand new linkedin profile though right linkedin i'd.

Had for a while so that was one of the things that i picked up from college so that was probably eight or nine years old at the time that was my only what i called social media but i wasn't active on it i mean there was really nothing other than just some prior job.

History so you updated that though with what your new stuff some of your past fix and flips or things like.

That or no yeah so as soon as i left fast drive that's when i started pushing stuff out there that we had closed on some things i'm in the notes space now this is what i'm looking for this is how we help borrowers in the end cool.

Well i'm only bringing it up because a lot of people don't do the things we say to do and kind.

Of work don't they they do that deal's going to make us some pretty good money here in the next month.

So let's talk about that asheville deal first of all they sent you a list yep they sent you a one.

Off asset we got a list of about one hundred ten hundred assets a lot of stuff sitting in new york not interested and a lot of this paper was bought from jp morgan back in twenty ten eleven and twelve and it was just bottom of the barrel stuff for them that they were just trying to move at the end of the day they had a floor for what they were trying to sell it for and i said just give me your floors and i'll see if it works and we were able to find that asset and i was like okay there's enough equity in the deal this far through the foreclosure process the borrower hadn't made a payment in ten years.

In ten years huh ten years yeah.

He he it was a part of a condo development and the condo went under in two thousand six now they finished the completion of the condos and you know people were coming in and buying them he just happened to buy one and you know the whole thing kind of went under still operational today but you know he didn't make it.

Out so well so let's talk about the numbers on this what was the value of the condo when he first kind of came across it so we.

Were somewhere between two hundred and forty five and two hundred and fifty five.

Okay and what was the unpaid balance.

On the loan two hundred fifty four again he probably made about six payments on the loan and with all the arrears and interest and penalties he was pushing four hundred fifty so pay off.

Four hundred fifty value two hundred fifty hadn't made a payment in ten years did you deal with any had the bank anybody started foreclosure process yet or.

Not they were almost done with the foreclosure they were just tired of messing with it it was getting stuck in the appeals process the borrower was trying to fight the fact that they were owed money on a title policy there was some indication of forward signatures they lost and then the settlement was finished up and the appeals process which cleared the way for the foreclosure which had already been awarded but the appeal was holding it up so probably five days after we took it and bought the note we were rewarded and we moved on it was luck it was action it was a number of things but it worked out so do you mind.

Sharing roughly are you done is the.

Borrower out of the deal yeah the borrower's out yeah we own it as.

An reo okay what did you end up buying the note for at one.

Hundred seventy three hang on a second.

What one hundred seventy three what kind of percentage is that off of the two hundred fifty value let's see real.

Quick we're saying one hundred and seventy three.

We'Re looking at roughly seventy cents on the dollar is what you paid.

For the note about seventy cents but.

You know it had a significant amount of equity yes you know seventy five grand there now did this go smooth did you just walk in turn around and sell it or did the borrower get kind of do some shady stuff.

To it the borrower did do some shady stuff to it these are fully furnished units so there's a rental program that each unit can be placed into as a vacation rental for when the owner is not there we had all accounts that this thing was fully furnished and it was until about three days after the foreclosure sale and they ripped out everything they took furniture tabletops dishes silverware oven stackable washer and dryer just about everything you can take except for the countertops and lights and cabinets so which is fine you know we still had money in it fully fixed up you're probably looking at two hundred and eighty five to two hundred and ninety i got a list of what it would take to get it back into the rental program from the property manager which is about seventeen thousand it wasn't worth us putting the additional money in to make another ten with that risk so it's right now it's listed for two hundred sixty five on the market we're getting some help we've got a property right next door to us or a unit listed at three hundred ten so we're a deal and that's been on the market for about seven eight days now some pretty good interest it's a different property so it's going to be a different type of borrower or buyer but we've got full confidence that even if we drop the price five ten grand we'll move it and we'll.

Be fine and so from the time that you bought the note to how many how far along are we from the time you bought the note right.

Now we bought the note march fifteenth march thirtieth somewhere in there we'll probably be out of it i'm expecting by august thirty first that's not too bad.

So five months in and out and what fifty grand at least in profits.

At least yeah at least and are.

Your funding partners on this are they a flat percentage or oh nice yeah you've had some good success too with talking with funding partners about getting stuff at a pretty cheap interest rate too.

Haven'T you yeah well i wouldn't say cheap it's ten percent we're kind of offering people a lot of my connections are i wouldn't say savvy investor you know with real estate but they're familiar with the returns that are generated from real estate so with that background you know i'm not going to be able to offer the four six eight percent returns and you know as long as the deal makes sense then i can afford to pay the ten the way i see it at the end it's a part of a deal is better than no deal we'll take what we.

Can get for now yeah so that's not so bad so if they're if you're in it what's your say one hundred seventy five and you're having to pay them ten percent yeah so you pay them basically eight grand in interest costs along the time right and you make seventy grand roughly something like that that's not too shabby it's not too bad yeah i'll take every fifty thousand dollars i can get right right yeah is the wife and kids pretty excited.

About that when i first got into it she was kind of wishy washy on me moving around from the rental stuff because that was tangible that was it was easy to see we could drive by it with the note piece i'd given her one of your books she had read it and you know it made sense but you know she's a big all talk and no action so she wanted to see some action so you know at the end of the day we own a condos i want you fly out to asheville and go stay there for a night there's no bed but you can hang out.

There you go and go stay next.

Door right that's right that's right so yeah she's she's pretty excited about that property move in and she's kind of already carved out a thousand dollars so she can go to the mall or.

Something you better have a good shut up check for that lady that's right.

It'S already there it's already carved out of the closing statement that's good stuff.

Now do you mind sharing kind of what your financial goals because you've got a goal of what you need coming in basically monthly to help you if you want to leave your current full time gig right right yeah so i'm.

Completely honest with basically anybody that i talk to in terms of my numbers ideally we're probably i'd like to push in six to seven thousand a month with our latest note that we picked up out in california that was a sizable property with a sizable note balance and payment on that one was pushing three thousand four hundred dollars a month so obviously that got me pretty close on top of the non performing stuff that i've gotten performing since so with the numbers right now we're probably about seventy five eighty percent of the way through of my cash flow goal of some recurring stuff and then obviously you get the windfalls like the seventy when we pick that up but i'm really basing it off of just performing stuff that we can really count on right.

Let'S talk about that california deal because you called me about it i was like oh my gosh i think you got too many ducks too much stuff in the barrel and i will be the first one to say that i'm eating a little crow here because it's turned out to be a phenomenal deal i was like i don't know joel.

Wanted all that one joel he helped us review the collateral on that one and he was like man if this bank sells you anymore let me know.

Because i want it so let's talk about that let's not give away your source name so you bought is this from a hedge fund or another bank.

Or this is bank direct yeah it's.

A bank direct deal and how did you get a hold of this people through linkedin email phone calls what that.

Was again actually that was part of my asset manager email list so that was i think somebody that was came through your list because i know i didn't source it so it was just constant contact i think what had helped is i was finding some good subject lines catching people's eyes and again my email got shuffled around within the bank and finally ended up at a vp of treasury and he's like hey i've got a scratch indent or whatever you want to call a scratch and dent let's just talk about the loan and then you let me know where you are so that one was a in roseville california for kind of i guess that's closer to the mountains so it's not there more of a rule it was kind of an ag loan they taken out a construction loan back in two thousand seven to build a property on five acres they're in the business of growing strawberries avocados all types of stuff so it's a big market for anybody that lives in that area i didn't know so that was where we brought in joel to help review the collateral but also the asset and then utilizing dickie baldwin for inspections and getting o and e reports and everything on there everything came back clean exactly what we were looking for that borrower had defaulted back in two thousand eight two thousand nine on the construction loan and they were able to actually they filed bankruptcy and about half loans written off so about nine hundred thousand dollars of the loan was written down about four hundred fifty and then over the last seven years they've been paying consistent payments so i got a full seven year payment history and they've actually been paying an additional one hundred and fifty to two hundred dollars in additional principal every month on a regular basis so with that coupled with how much equity was in the property property worth today is worth about one point two million beautiful home five bedroom three bath like three thousand one hundred square feet and yeah it's just it was a good pickup we were able to get that one we paid two hundred twenty two on a upb of two hundred eighty four.

Hang on a second you pay basically seventy cents on the dollar for a loan at what type of ltv though so it's worth how much again one.

Point two one point two and the.

Underlying balance on the loan is two.

Hundred and eighty two hundred eighty four.

One point two million basically twenty four percent ltv that you paid city cents.

On the dollar for that's right okay.

That doesn't suck those are good percentages because you still got what seventy grand if you have to foreclose and all this equity that's right mind you that honestly they could go take a hard.

Money loan out and wipe me out that's fine in a good way right yeah the borrower in this position has every incentive to keep making payments or find a way to refi us out which i'm okay with what's the underlying interest rate on the loan eight or.

Nine percent okay so at a thirty percent discount you're seeing somewhere between eleven and twelve percent cash and cash return on your cash flow no this one's.

Pushing eighteen oh that's right that's right.

Okay seventeen point six now that i.

Remember correctly you got it that's right.

Seventeen point six percent and then your investor on this one your money partners are relatively cheap on this one so.

This one we decided we didn't have the funds available what i did on this one is a short term loan we're doing basically a five month structured loan on this just a ten percent and then we'll pay them out after we close the asheville deal and cash them out and then we'll hold this one as a portfolio loan for us i'm tying up some money but again our strategy is really partial cash flow partial profits on the back end so trying to find that happy medium get.

Seventeen point six percent yield on your own funds is not bad no yeah.

Right now is making about two and a half at my wells fargo savings account.

Oh good stuff now those are two deals what have been the other eight has been a mixture of cfds non performers what's been up with the other ones that you've bought yeah so.

We started out in february with two non performing cfds had good indication on both of those loans that the borrowers were still there the properties were in good shape and they weren't letting things fall apart we're able to get those re performing with some forbearance agreements utilizing our friends out at polaris so love those guys they've really helped us kind of accelerate the back on plan approach for our non performing stuff those are now switched to performing at madison and collecting payments every month on those we paid let's see i got it here about forty cents on the dollar for those cfds with values at sixty five and upb sitting around forty five to fifty thousand cool and then we picked up three other cfd performing loans out in georgia so we paid in total about eighty three thousand for those with a upb of about one hundred twenty thousand so we got a pretty good yield on those as well on average about seventy five cents on the dollar for those and again still just monthly payments being collected there so like i said it's been a blend of i started out solely focused on non performing stuff and then realizing okay if i'm going to do this full i need some consistent income that i can count on how am i going to get there i'll throw in some performing stuff along the way i'm still buying non performing stuff today as well that's good.

Stuff and has the raising capital gotten easier for you as your guys that you've dealt with before still working with them or are you working with new.

People now so working with new people those guys are getting a little tapped i was able to essentially raise seven hundred fifty thousand over the weekend for a loan deal that we've got hang.

On a second hang on a second everybody seven hundred fifty grand over a weekend there's a quick phone call with.

A good close friend of mine that i'd invested in some apartment syndications and we've been talking to actually a bear pockets guy that i had known for four or five years now so that's a pool same seller from this last roseville california note he called me friday night at the grocery store i'm walking through picking out some steaks and he's like hey i got an off the wall question do you buy small performing loans i said sure not off the wall but we'll take a look at it he said all right well i've got about seven hundred fifty thousand upb on this all in the roseville area somewhat familiar with now and we kind of pass it around to raymond james which is a fairly large wealth management firm little too small for their liking and so we should be getting that tape any minute and we'll look to try to take that one down as.

Well that's awesome so i just followed up and completing a deal an asset manager called you up and said hey thanks for funding this deal we got.

Another one for you exactly yeah and before we even closed the first one i was already hitting them up with hey i know we haven't closed yet and we haven't got the funds but do you have anything else so the.

Question is what did you send the guy i would be sending that guy a good bottle of scotch or bourbon or a box of cigars man exactly.

Yeah we've got a few things that we like to send based on gender and based on their role at the bank so whether it's edible arrangements or chocolates or some whiskey or something we'll sneak that through the mailbox and get.

It out that's phenomenal man that's good stuff now your goals you set the goal of wanting to close on one hundred deals your first year obviously things have changed a little bit and you're still doing this truly what ten hours a week ten fifteen hours a week yep doing anything on the weekends or just strictly like late at night monday through thursday nights for the month i.

Try to take it easy unless there's something that comes in i'll take a look at the tape and high level pick out some things that we want to do for monday but try to scale back on the weekends i was hitting it hard for the first three or four months every weekend i mean every day i was just trying to figure out everything i could and trying to move forward at this point i'm trying to get a feel for what it's going to be like on a full time basis and trying to plan out my schedule and wake up i'm going to do these things just schedule.

It out now one of the biggest things you're probably stocking reserves away still too i know you're a frugal guy anyway saving money having expenses obviously two girls and your wife that's always a concern right we talk about that they.

Like to go out and buy a.

Few things i didn't say it you said that you hung yourself there brother i'm just speaking the truth yep yep nothing wrong with that hey mama needs a new pair of dancing shoes nothing wrong with that at all so let's talk about those goals what are you i mean the one thing that comes to my mind is hey i would make sure that you're hitting your financial goals for reserves and performing stuff without that big one added into it exactly.

That'S exactly how i'm approaching it the windfalls are kind of exclusive in my calculation for cash flow and you know when they hit great i'll allow some additional capital if we want to add a performing loan or just kind of sock away and use for a rainy day fund so that's good stuff there.

How many deals do you think you'll hit before the year's out well if.

We can wrap up to seventeen that'll more than double us i'd like to be at fifty we'll see how it goes but i've got some outstanding bids on some other properties got another bank that we're looking at a commercial type loan or an individual wrapped into four rental properties within the loan and he's defaulted i think about three hundred fifty days plus so still waiting to hear back on that bid so that'll push us to a few extra so ideally we're around fifty the seventeen is the.

Seven hundred fifty coming from raymond james that we were talking about a second ago because i missed the set where.

The seventeen okay the seventeen is coming from well not from raymond raymond was a potential buyer but yeah yeah my.

Undisclosed seller yeah that's right because you ain't giving don't be sharing that with nobody brother no don't be sharing that at all that's a beautiful thing of you're taking action you're doing putting the work in it and one of the things i want to push to everybody is hey you had ninety days roughly where you were hitting it pretty heavily putting your marketing systems in place now what are some of the things you're doing consistently now each week out to help market and raise capital yeah on.

A weekly basis it's really either publishing some not original content just kind of taking some articles that we find interesting out there and putting our spin on it and then throwing that out to our social media profiles and then also keeping up with our marketing to asset.

Managers what's incorporated with that what are you doing out to your asset managers is it an email blast once a month once a week what's it how.

On typically tuesdays and thursdays sometimes wednesdays we'll mix it up a little bit but at most we're doing it two times to a fresh list and then we'll follow up with anybody that didn't open i try not to send too many emails to them but we are fairly on their radar hopefully do you.

Know what kind of open rates you're getting on your asset manager emails yeah.

It started out pushing like five six percent and right now it's hovering around one and a half to two on.

Open rates on open rates okay wow.

That'S really low yeah it is it is low that's surprisingly low yeah it's dropped over the last couple of months we're getting a lot of out of office whether it's holiday vacation or we no longer work here go contact the other person so what i've been trying to do is kind of scrub all those emails or giving me additional contact information putting those in my database but just takes time so we're trying to always increase it as people unsubscribe but.

You'Re still getting people that are reaching back at you it takes one person sending a list and just follow up.

Exactly yeah i mean just about a month ago we thought we had a pretty good opportunity with a realtor broker notes to try to help a borrower out that was looking through a short going through a short sale and trying to go through your strategy that you had talked about at our last mastermind where we go through and we contact the loan sale department of the bank that's going through the short sale and see if you can't work through this happened to be a jeannie mae loan so weren't able to do anything with that but again somebody called us up because of an interesting subject line that i had and was curious about our process how that can work and then they were like okay well if i ever see something like this again i'm calling you that's a good thing are.

You sending a weekly email out to your regular investor contact database it's picked.

Up lately i kind of fell off that piece over the last couple of months i was doing maybe one a month right now i've done just because we've had some action going on they're getting one every sunday but that one's probably got us close to a sixty percent open rate and then we'll follow up with anybody that didn't open from.

There cool have you reached out to the asset managers that have sent you stuff if they have any other friends or peers at different banks yet we've.

Tried that unfortunately and it's fallen dead they've either unresponsive or they'll say we'll get back to you a little busy right now so it's a strategy that we've tried to use it's just kind of fallen on deaf ears for the few that we have reached out to.

Mm what would you say so would you say the fast track was worth.

Coming to yes without the fast track i'd probably be one note in at this point my whole goal with going down the fast track was i wanted to be up and running the sunday night i was leaving and i tell everybody that is asking how'd you get going so quick i was like well there's a guy named scott carson and fast track program that i attended and they gave me all the tools that i need now it's just about me going out and doing it how much.

Local networking are you doing at different meetups and real estate clubs there in the dfw area unfortunately i don't go.

To a single meetup i found in the past that there's a lot of salesy meetups in the dfw area maybe there's some good small niche ones but for right now i haven't really focused on it because a lot of those investors again are also either being poached at that same meeting or savvy enough to want some returns that we're not.

Offering that makes sense what are you doing to attract new investors so attracting.

The new investors i've tried to post articles about just experiences that we've had with rentals obviously rentals are a top topic on any type of real estate forum so what we'll kind of do is share some pictures about some rentals that have been trashed or you know say hey you want to be a landlord that was my biggest attraction right there i probably got close to four or five thousand shares or views through that post and got scheduled phone calls with investors so it's hit or miss with each post that we put out there but at the end of the day it's being consistent with it and i had a scheduled phone call earlier today had to push back for a few other things going on at work but i'm probably getting a phone call once a week where we're talking to a potential investor or somebody who wants to learn a little bit more about notes and maybe partner and go from.

There now are you posing strictly to facebook or biggerpockets or other places so.

I'Ve been removed from the biggerpockets facebook group they didn't like facebook group okay from the facebook group they didn't like my content there's i was being honest but they didn't like it but everywhere else there's a couple of note buyers groups out on facebook i post on instagram i post on my linkedin page both business and professional and my personal.

Are you posting to the bigger pockets bigger pockets page is what i'm trying.

To yeah i do so i'll go to the marketplace there i'm a pro member and i'll post some upcoming deals that we have and then just in general things that we're doing within bigger pockets i try to stay active in terms of people looking for advice hey just saw something about notes that seems really interesting i'll share kind of my thoughts about what i think notes are and really just be genuine and whether it's right or wrong or indifferent advice it shows that i have some knowledge of what notes are and a little.

Bit dude you pull down seventeen deals man that's or ten and you got another seventeen nothing to be disappointed about.

Man no not at all i mean i'm very happy with where we've been and where we've gotten so far and i really look forward to coming up down the pipeline what would you say.

Has been the biggest aha moment that maybe you thought would be a little more difficult on the front end that turned out to be a lot easier than what you expected putting myself out.

There i'm not necessarily a private person but i viewed social media as a platform for everybody to post all the great things that they're doing and that's all you ever see and so i was like i just don't want to be that person that's always doing that and looking at it from a business perspective and just saying you know what it doesn't matter what some think because not everyone thinks the same way so that's why there's a lot of us out there so it was really kind of getting over that hurdle of just put yourself out there and then see what happens and here we are today.

Yeah you've done have you had any pushback from friends family anything like that.

Well it's no pushback what's funny is they all think i'm full time oh really yeah so they all think based on my activity on social media like man you must be doing amazing i was like well i'm doing good i wouldn't say i'm doing amazing amazing for me is doing this full time but you know they're always shocked to hear that i'm just doing this on the weekends and nights what are some tools.

That you're using to help share that out there on different things my biggest.

App is zoho social it's a free application i'm not able to schedule anything that's a piece that you can upgrade to i probably will but for right now i just kind of create a bunch of drafts and i get them prepared and post them out to allows me to hit every piece of my social media that i need to on one publish button that's good that's good.

Now you're working forty plus hours a week at the job that's right and then you've got a little bit of flexibility there if you need to answer a phone call or an email or.

Schedule something yeah we do yeah i'm able to step away or we're not too strict on you know time clocks and things like that with the corporate job so if a call comes in you know i can usually either take it in another room ten minutes later or maybe i can take it right there so it's pretty flexible in that.

Regard when do you think the timeframe is that you'll be putting your notice.

In well hopefully they don't see this but ideally it's somewhere around march so.

Let'S just not share it to your facebook page okay yeah that's right it'll.

Only go to a select few but i thought about maybe doing december but what i really want to do is kind of just max out my four hundred one k for the rest of the year max it out again contributing every dollar i can for my paycheck for the rest of that max out the four hundred one k walk away with a sizable retirement plan that i can invest on the side as well with notes and take every tax advantage that i can with four hundred one k piece and then by all account on based on our track record so far i don't see any reason why we won't be hitting that goal are.

You using contributing to your own self.

Directed iras i do i max those out five thousand five hundred bucks or whatever the amount is right now then i max out like i said the retirement plan at work and do everything we can to sock away the tax.

Free dollars that's awesome man i'm so excited to see the success you're having proud of you i mean you're just you're out rocking killing it and closing from other sources that aren't the low hanging fruit that everybody else is chasing them for the most part right we.

Still use david polio and john keith and those guys have some stuff that'll pop through that makes sense and you know i'll throw a bid on there we'll get accepted but you're right we've got to stay focused on finding leads out there that maybe others know about but it's not low hanging fruit like.

You said that makes sense there what's the bit of advice that you would give to somebody out there who's looking to get into notes from the fix and flip for the rentals what's some good advice you'd give somebody at the.

End of the day for me it's really if you're already doing real estate obviously you're taking some action at that point but it's still to me comes down to taking action i feel like a lot of us are all kind of stuck with the education and we want to learn and learn and learn and we still never feel like we're there yet and you're not going to there's not enough in a book there's not enough that you're going to tell somebody or i'm going to tell somebody that's going to get them over the hurdle or over the fear and you kind of just go people always ask me like man aren't you afraid of like spending that much money or buying this or buying that i was like i'd be afraid if i did so that it's just a different mindset i think that's what it comes down to is and it took me a while i mean i was a big spender in college i left college with like eight thousand dollars in credit card debt my wife wouldn't let us join bank accounts until i paid off all my stuff so she turned me into the frugal person that i think i am today but really kind of with the book and her and changing my mindset about what money can do for you that's what's helped besides rich dad poor.

Dad you have a favorite book out.

There the book you shared with us win win revolution i try to share that one as much as possible it's a good book about how non performing notes can be turned into performing notes and you can help a borrower out worst case you got to take the property back i like the richest man in babylon i think just the frugal book and talking about saving and investing and making your money work for you there's a profit first book that i like i can't yeah mike that's a.

Good book i can't pronounce mike's last name but i got it right here.

So you know i've read a number of books i think another one that i always listen to on audiobooks so good one is wealthy millionaire next door.

Or something millionaire next door baby that's.

A classic so again you know nothing new here with the books that kind of inspired me and gotten to where i am so you know there's something to be said about those books that those taking action just works that's the.

Big thing it's all about getting off the hump and putting things into place the things that we necessarily talk about the fast track or the things like that aren't really complicated things it's more of just hey get out there and do these things and rinse and repeat and eventually it's like planting seeds you plant them and kill back in water and fertilize water fertilizer give them sun and they eventually bear fruit correct you.

Got it yeah that's it so many of us like i said just get bogged down in the details and just the fear of taking action or losing something so it's just a mindset well.

Logan i'll tell you what buddy you're doing an amazing job just absolutely tickled pink and what kind of success you're having man you mean you're doing an amazing job and you're also being there to help answer questions for people out there which is commendable as well too.

For anybody yeah and i can't thank you enough i mean every time i get a response from my asset manager email i want to call you up and say hey thanks and then hang up i mean you sent a few.

Texts i'm always fine for that another one and another one it's just got.

To warn you just keep reaffirming the fact that it works that's all i want to say see you later that's.

It exactly you said that a few times in the facebook group too the wcn crew like hey got another asset manager responding that's the point i want.

To make you know what you should.

Do is go back into your esp and see how many times you emailed that asset manager before they actually reached.

Out to you that's probably pushing fifteen twenty maybe thirty times okay wait a.

Second did you guys hear that you're thinking the average has been at least over a dozen times oh easily yeah i think eighty percent of sales are made after the fifth contact i think.

I'Ve heard that somewhere.

Now if you think about it if you think about how many times you email them out there and if you took a look i don't want you to tell us the number but if you figure out the amount of profit you've made off the deals the performing the other ones that you've got foreclose on what do you think each asset manager email you've sent out not five thousand but what each email that you've originated what do you think it's been worth to that's.

A good question i have to throw that together and see what that spits out i'd be interested to see what that tells me i guarantee it's going.

To have a comma in it at.

Least i would think so yeah we've done pretty well with the stuff and we've been fortunate to do the due diligence on the front end that's turned into a good reperforming loan or do the due diligence on a foreclosure that we were able to take back that wasn't too terribly damaged and close on other stuff that just made sense mm.

Yeah do due diligence you're doing the right thing and like i said you've heard it here guys and gals and listeners out there note nation some sage advice from our buddy logan at sage notes out there man so what's the best way for people to reach out to you get a hold of you.

You can reach me at my email it's logan hassingerageagenotesinc dot com you can visit our facebook page both with sagenotes and my personal profile out there with twitter linkedin i got a couple people that always want to reach out and see my professional background as well and.

What'S the website sagenotes dot com sagenotes inc dot com is a website to catch everything else he's doing out there for you well logan man thanks man i got a lot of great nuggets here for people and we didn't prepare this at all we just like jumped in here and just started talking right.

Yeah i got home from work with a tummy ache and we're having a.

Conversation well it's amazing how much better you feel after you're out of the job sometimes yeah i think i'm gonna.

Have to get in the pool it is hot outside it is too hot we're pushing one hundred all right brother.

Well hey man thanks so much for just going out and kicking ass taking names and sharing some great nuggets here on the no closer show today all.

Right absolutely thank you scott all right.

Everybody hey that's going to wrap it up for this episode like logan said things we talk about they may seem simple but if you just keep doing them and doing them and doing it doing it again and again and again it's going to feed you again and again and again feed you good everybody so go out take some action buddy and we'll see you off the top bye.