How to Connect With Bank Asset Managers

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

Hey Note Investors. So you want to dive into the world of note investing but no know how to get started or you don't want to pay 30, 40, $50,000 for a one on one coaching program that just completely does not deliver the deals or the funding or the access that you need to take your note business to the next level. That's why we have our one on one coaching program. I'm Scott Carson. I've been buying notes for 20 years. I've helped thousands of investors buy their first note direct from banks using either their own funds or other people's money to buy non performing, reperforming or performing notes yielding them an above average return. Now what's involved with my one on one coaching program? It's unlike anybody else's because guess what? You're working with yours truly. Not some paid student, not looking at some recycled list of stuff. Now what we do is differently than anybody out there and that's why we have such a huge success rate with our one on one coaching program. What's involved? Well, once you take in our three day class or not Buying for Dummies workshop, sign up for our coaching. You get 10 weeks of one on one coaching calls. These are on zoom in the morning, the after the evening. What works best around your work schedule. We accommodate this to help you start looking at stuff. And during those 10 weeks we focus on finding deals, making offers, getting your website, your social media stuff set up so that you are a lean note buying machine after spending 10 weeks of Zoom calls with yours truly. That's right, live not somebody else will spend two days one on one. And usually people come to Austin, Texas to hang out with us on a Thursday, Friday or Saturday, Sunday. And those two days are focused on whatever you are still lacking and need the most amount of work. One Sometimes it's making offers like Larry came In, we made 50 offers that he got 20 approved in a weekend. Other people came in to raise capital so we helped them find IRA investors to fund their deals so they're able to raise hundreds of thousands if not millions of dollars for their note deals and other investing stuff. We're also going to give you a list of asset Manager contacts for you guys to dive into. That's right. This will be your LinkedIn profiles, emails, phone numbers, names, all for you to start reaching out to people. No, you don't need to buy notes directly from me. We're going to show you how to go to banks and contact them directly. We're also going to make introductions to our top 12 hedge fund managers that send us deals on a weekly or monthly basis. That's right. You go straight to the front of the line and guess What? There's no 10, 20 or 30,000 upcharge for the deal you buy direct from the hedge funds. Because we make the introduction, that's why. Because. Why do we do this? Because we know not, we believe, we know there are more than enough deals to go around. And yes, we make most of our money from buying note deals for ourself. Some people say, oh, you're creating competition. No, because there's plenty to go around. All right, we're also going to give you a one year membership to our WCN membership for one year. That's $97 a month. Usually that's going to allow for you to continue support weekly coaching calls along with access to our base camp group for other things, other tapes, other resources for our coaching students. We're going to help you with raising private capital, putting your pitch deck together, putting sample deals together, or your case studies that we've done, other students have done, or that you're doing so that you help raise capital or help you find IRA investors in your local market or the markets you're looking to buy in, you're going to also basically for you, plus your partner, spouse, person you're going through this with, you're going to have VIP access to me. That's right. Whether you need to jump on a quick phone call, a text message, a quick zoom call to go through tapes or notes that you're making offers on for us to review your bids or help answer a question. When it comes to loss mitigation, foreclosure, bankruptcy, what it might be about a deal you're working through, get VIP access to me most of the time. Come on now, everybody. We're also going to do a six month follow up day after you spent two days with me, six months later, if you want to, we can do a half day, a full day, zoom follow up just to see where you're at, what are you dealing with, where you're looking to go. Because within six months you should have already closed on several deals the way that we teach them. Because we will help you find your first deal and then some. We've had students have closed on their first deal in 30 days. We've got others who closed on six deals in their first 35 days. Other people closed on 100 deals in their first year. We are here to help you because guess what ladies and gentlemen, there is plenty of inventory out there. We're not going to focus on owner finance notes. We're going to focus on how to get people calling you with their deals or how to get banks sending you lists on a regular basis that you can cherry pick and show you how to raise all the capital that you need. Our one on one coaching program is the most complete program out there. That's why you have such a high success rate and it's cheaper than most of the others out there. And we also give you the biggest bang for the buck by helping you make the introductions, looking at the tapes, helping you bid if you're coachable. Now, not everybody's coachable. Not everybody can afford this. But what we can do is we can set up payment plans and different options for you. I encourage you to either book a phone call with me@talkwithscottcarson.com and we can talk about it. See if you're a fit and not everybody's a fit and that's a okay. But go to talkwithscottcarson.com, book a call on my schedule and we'll gladly talk about our one on one note coaching program to see if you're a fit. One of the very requirements is we do require people to go through our three day class but that whatever you've paid for that three day class is applied to the tuition for your one on one coaching. And we also have a third party provider who's willing to finance this and carry financing for two to three years to help you paid off. But we're going to work with you until you get your first deal closed. We want to help you make your money back in the first six months, if not sooner. So check us out. Pick up the phone, give me a phone call. Talkwithscottcarson.com that's talkwithscottcarson.com book a call and let's see if you're fit to take your business next level. Sometimes all we need is just a hand up to take you to the next step to show you the way. This is not a blow smoke up your tail, give you the crappy tapes left over or upcharge you 10, 15, $20,000 per asset. No, we want you to buy direct. And we've always found if you can show a man how to fish, you'll feel for a lifetime. So let's get started. You being a note investor for the rest of your investing lifetime. Good morning, good afternoon and good evening. Hey, welcome to this episode of the Note Closure Show. Happy Monday. Hopefully it's nice and warm where you're at. It's kind of a little dreary gray day here in Austin, Texas, but it's not going to stop us from having some great stuff. I had a. This episode is dedicated to. I can't remember who reached out to me, but in the last couple weeks we've had people like, hey, how do you find non performing notes? And somebody posted this weekend on LinkedIn like, oh, there's no notes available, non performing notes and only stuff I'm seeing is crap. And I would agree to the second part. A lot of times if you were just dealing with a low hanging fruit and allowing your LinkedIn network or your Facebook network or Facebook groups to send you lists of notes, you're probably going to see a lot of individual notes, a lot of land notes, a lot of performing notes, people originating notes and trying to sell those after closing. Or you're going to get some folks out there that get some lists in that are a mixture of first and seconds. And that's, that's what I have seen because the guy posted a snapshot of the spreadsheet and it was a bunch of first and seconds, low, low balance seconds and a lot of low balance first. And I know who sent that out. And that source doesn't have a lot of good quality product to take a look at. They're not direct to a lot of banks. They may have a couple sources, but they're mostly from the second lien space. And there's not a lot of second liens recorded out there originate, I should say, in the last 10 plus years. Okay, we don't see, I mean, we're starting to see more seconds come back on the market as people are cashing out the equity in their houses and don't necessarily want to refinance their firsts. But there is still a tremendous amount of non performing notes out there. I mean we're at what, about a 3% default rate. If you figure that at 80 million homes, mortgages across the country, that's still 2.4. Somewhere between 2.4 and I would say 3 million. And in loans that are non performing across none, not only banks, but also private sellers, reits investment, you know, mortgage companies and stuff like that. So the question is, how do you reach out to direct sources? Now this is one thing that we have specialized in and we're one of the few note educators out there that teaches this niche of note investing. A lot of people will say, oh, you're too small. Asset managers won't deal with you because you're too small. And that would be a hundred percent correct. If you're only targeting like bank of America, Chase, Citi, Wells Fargo, some of the bigger banks, okay. Or you're targeting like these big commercial REITs or commercial notes, right. Like on a big 50 million, 100 million apartments out there. You're not going to go close on those. They're not going to deal with you because they can smell that you're inexperience. But there are still plenty of different lenders, contacts you can make that will send you lists of non performing notes that you can cherry pick from. Now, you're not always dealing with Gordon Gekko. Okay. You know, an intimidating character like that, even though fiction, a lot of asset managers at banks can come across like that can come across as just. And unfortunately we, we see that kind of happening in the smaller space where you know, some of the people, if they're trying to sell notes just come from being an ass. And you can't be that. Especially when they started off buying a one off note a few years back. And we've taught plenty of people how to buy direct from banks and lenders, how to make those connections. And you don't need a lot of asset manager connections to really tap into a wave of notes for you to take a look at. All right now, if you're targeting seconds, yes. Guess what? You're not going to be happy. I'm sorry, if you're chasing seconds, it's not a bad strategy. It's just not going to be very fruitful because you're not going to see a lot of great product out there. All right, I don't buy, I've only bought a few seconds in my life. They were behind the first that I own because I found it easier to raise capital being in the first lien position and more profitable. Bigger checks. Yes. The ROI could be higher if you bought a second at a thousand bucks and held onto it for five to 10 years so the borrower actually paid you off. And that's, that's possibility. But you're not going to buy them at like $0.05 on the dollar, like easy. You're not buying first at like 5 to 10 cents on the dollar like we used to. We're still buying them at a significant discount compared to traditional real estates and so leads to a lot of great deal flow. And the more you market, the better off you're going to be. Like I used when I first started, I challenged myself to make 100 asset manager contacts in the first year. Well, I tweaked that at the end of the first month because I made a hundred asset manager connections in the first like 30 to 60 days. So my challenge was to get to a thousand. I did that in the first 12 months. And you can do the same thing too. It's actually easier right now. It is easier in today's world to connect with asset managers than it ever was back when I started this doing, you know, 2004 to 2008 when we started reaching out myself. Now I. There was, you know, less than, there's more now, but it's easier to connect to the right individual through the use of social media, through the use of skip tracing things. We'll get into that. Okay. And no, if you don't have, if you, you know, some people. I was talking to a guy this last week and he said, well, I don't have 40 hours a week to turn this into a thing. I was like, well, you don't need 40 hours a week through some of the automation tools that you can use that work with LinkedIn or email blast script marketing. Those things don't take a lot of time to do once you set them up. Okay. Yes. It's going to take you your first hour or two in setting up your first email blast to an email database of asset managers once you build it. But guess what? You can set up automated marketing. You can use like Octopus CRM to connect with people. There's some great skip tracing tools out there. You can hire a VA to do this for you for 20 hours a week. So I want you to take it from that aspect because there is possibility a lot of people have closed mindsets out there that there's no notes available. Yes. Of our haters out there. Oh, you can't find non performing. No, it's not the way Scott does. Yes, you can. You just have to understand it is a process like any good thing. 80% of sales are made after the fifth contact. Okay. And so you have to follow up with asset managers on a monthly basis because these guys are busy. They don't have time to sit around reading your Facebook posts. All right? They don't have time if they don't have something right now, they're probably not going to send it to you, all right? But the whole idea is that they're going to Forget about you 10 minutes after you make a phone call or make an email. But you got to set up systems so you can touch base with them through a drip marketing campaign. And we'll talk a little about that later on. But anyway, let's get into some nuts and bolts. I'm opening this up for questions. Whether you're joining me live or watch the replays, I answer my questions. So if you have a question about something and I don't cover it, feel free to type in the comments and I'll make sure and come back and make sure to address it and or give you some resources to make this happen. So now here's the one thing you got to realize, too, everybody is. What's the best way to say you might need to have a little bit of thicker skin? If you give up on things, you send out 10 like displeas. Oh, it doesn't work. People don't call me back. Yeah, they're not going to call you back until you've actually connect with them, get them on the phone, get their, you know, assistant or gatekeeper to connect with them. I mean, this is one of the great things that we used to love doing is we would do call blitzes. We would make, you know, three, four, five weeks of call blisses and get 20, 30 people on there. But people don't want to do that. Okay? So if it's easier than it's ever been before, I'm going to tell you that right now. And if you follow through with what I teach you here in these next 30 minutes or so, you'll find asset managers. Okay? Now the first thing you got to realize is there are best practices. There are things you want to do and things you don't want to do, what you do not want to do. I had a realtor call me up. It's. Well, I'm calling these bank asset managers. I'm looking for notes and reos. That's the first thing you don't want to do. Don't mention REOs. Okay. All right, well, I want bank REOs. I'm going get those listings. Well, then go. Just go deal with ambulance, because here's what's going to happen. If you're calling for foreclosures or REOs, and you call the. The office of the bank, we call loss mitigation. Guess what? They're just going to send you to the foreclosure department and you're going to. Your message is going to a voicemail box that nobody checks or it says call the listing agents. They're not. Banks do not need REO agents right now. Okay. If you're trying to find REOs or foreclosures, just jump on the MLS. I'm not going to sell you my REOs at a huge discount. It doesn't work that way if I'm buying it in our foreclosing on the note myself because it's a note that we bought. We're not going to sell it at 70 cents. We're going to sell it at the full value. Unless it's trashed out or something like that is issues. We're not looking to just give you a 30% discount because it's a foreclosure. No, no, we bought it at a discount. That idea in mind. But anyway, LinkedIn is still the number one spot to find asset managers. Okay, we'll talk about that. And you don't have to spend hours and hours and hours on LinkedIn to accomplish this. Okay, Next best thing is industry events. Yes, there are, there is actually industry events out there that you can log on or go to the website and see who's attending, the vendors, the sponsors, the speaking schedule and see the job titles of these people speaking. That's a phenomenal way to find things, network, reach out, follow up with people from past events. Email is still a phenomenal thing to do. Yes, email. Okay, remember we said this early 80% of sales comes after the fifth contact. You're just not going to send one email to people and they're going to turn around and send you all these notes. Okay. You're only going to see about probably a 15 to 20% open rate and we'll show you that. You have to follow up and follow up and follow up the people to automate. But this is where you're not talking. You haven't picked up the phone once yet. And what we're talking about. Okay. Phone calls though do go through. It's still a good phone call system to pick up the phone and dial for dollars. Now this phone may feel like it's a thousand pound phone in a lot of cases. Okay. Oh, my green screen's kicking in here. But this is still a very valuable thing. A lot of businesses done this way. Crazy commercial, residential, you know, we get, we've gotten bank asset managers to call me based off social media posts about specific asset classes that we're buying on or working through or Foreclosures we're working through this still works well to get asset manager, I can tell you people booked plenty of phone calls on my calendar. We've had great conversations with large asset managing firms or REITs and trusts and stuff like that who are looking for stuff, who have stuff. Okay, so let's first dive into LinkedIn. LinkedIn is the simplest thing. If you don't have a LinkedIn profile, go get you a profile and make it look professional, okay? If you're not going to be professional on LinkedIn, you're just shooting yourself in the foot. I'll give you a great example. We've got this person and our WCN membership. They've been through the class once, one of our classes a couple times. They will not update their profile. It's still this old grainy profile photos that you can't really see them. You can't tell if it's a guy or a girl when you're rolling through it. There's no logo behind you. It looks like crap. Okay? And if the mess, that's the message you want to portray to people that you look like crap, well, guess what? Asset managers aren't going to give you the time or day. You have to look professional. And LinkedIn, okay, you've got to have a good profile photo so they know what you're talking about, not a fake profile photo. Don't put your logo up there, okay? Because when you start searching for job titles, specific job titles on LinkedIn, they're going to look at your profile and that's the first impression. Well, does this guy or gal know what the hell they're talking? Does it look professional? It doesn't take much for you to do it. All right, let's see. Got a comment here. Well, we got. Hey, sk, that's my crap fault profile. No, I'm not talking about just yours. You need to update your profile. We've talked about this many times before. This is not a bash. But with what you want to accomplish in finding note deals or raising capital, you have to look professional. You've got to give a great first impression. If you're not going to do that, you're going to keep banging your head and running into it. And I say this with love because I know that you're capable of doing it. I don't get why you haven't done it, okay? And if you don't know, you don't know. I get it. But if I've told you two, three, four times, guess what? Go do it. It's not going to hurt you. Okay. Because when you start searching for these specific job titles on LinkedIn. Special asset managers, one of them. I mean, literally going into the search on LinkedIn and typing in special asset managers and seeing who pops up. Secondary Marketing manager. You're looking for people doing a people search by their job title. Secondary Marketing manager, Chief Credit Risk Officer, Hold Loan trading, Even looking for capital markets managers, a newer one. That's. We see a lot of people that have this, okay, you're gonna see thousands. Now if you have a very brand new LinkedIn profile with zero connections, it's gonna be hard for you to connect with a lot of people. LinkedIn's gonna limit your ability to probably 20 a week. You get the pay to upgrade your LinkedIn profile and then you can start connecting with like a hundred to two hundred people per week. As you start connecting, okay, now we have capped out our LinkedIn connections. I have followers now, but LinkedIn caps you at 30,000. I don't know why they do that. They should really adjust that. But we used a service called Octopus CRM, a simple Chrome plugin that works specifically with LinkedIn. I could do a search on my LinkedIn profile for special asset managers second degree connections. And then I could go to Octopus and Octopus would pull over a thousand of those profiles into the Octopus CRM. And then every morning when I get up, before I go for my morning walk or before I do anything else, I would go to Octopus and I say, okay, send out 100 connection requests or 20 connection requests or 50 connection requests to this list of special asset managers or my list of secondary marketing managers or my list of chief credit risk office or my list of IRA investors or my list of note investors. And it was send out connection requests with a little bit off. Hey sky, see that? You're the special asset manager for ABC Bank. Would love to see if you've got anything on your books you're looking to sell this quarter. And that was the first touch, okay? That was the first contact in reaching out, sending a request to them, all right? And those job titles, there's millions and millions of people out there, okay? Now one thing is that if you see that somebody has a job title, looking at their profile is important because if they haven't posted anything in their profile, they don't have any connections. Guess what? They're not going to be checking LinkedIn for your invitation request. And that's okay. If somebody doesn't respond to your LinkedIn connection request in 30 days, delete them and go pull Some more over to reach out to people. Okay, but that's the first thing. LinkedIn, this is where everything starts at in, in the note investing space. It's one of the easiest places. It's not the dumpster fire that biggerpockets is or connected investors or these Facebook groups. But LinkedIn is still where business is done most of the time, first and foremost. And it's a great way to do it by looking for this job titles and just sending, hey, look, I'm looking to see if you're the right person at your bank that handles your note sales. Okay. You know, are you looking to sell anything off? Are you, you know, not looking for notes and REOs? We don't waste our time doing that. Okay? We don't waste our time asking for reos. That's a waste of time. I can't tell you how many times to do that. And don't bother contacting like bank of America, Chase City, Wells Fargo as well with these job titles because they're going to want a 50 million to $100 million purchase and that doesn't make any sense. You're not going to find a lot of good deals there because they're overpriced in a lot of cases. But you're still going to find plenty of institutions, plenty of smaller banks, regional banks that have stuff on their portfolio that they need to sell on a pretty regular basis at least once a quarter. In a lot of cases, Capital One, we get stuff from them on a quarterly basis. Just give you a bit of a bigger name. US Bank, M& T Bank, just some of those out there that we deal with, citizens, banks and stuff off on a pretty regular basis to those, just a few that can be done. And what's going to happen when you make that connection with the asset manager? They're going to send you what's called a non disclosure agreement. You got to fill out. They may ask you to fill out some information on your llc, Patriot act stuff that's normal send over there. But guess what? If you have a crappy esk, if you have a crappy profile or you don't have anything talking about investing, guess what? They're not going to take you as legit and they're not going to waste their time. Okay? The great thing about LinkedIn though is if you've got a profile, I mean paid profile, you can actually see who's looked at your profile. That's a benefit. Okay. One of the great things that I like doing is going in once a week and looking and see who's looked at my profile the last week and actually reaching out to send them messages or connecting with them if I can or ask them to follow or follow them since I can't connect with them anymore. You get what I'm saying? It's just a process. But you've got to spend a little time here on LinkedIn. This is not spending 40 hours a week. We're saying spend an hour, two hours a week on LinkedIn. And it doesn't hurt to post something about note investing or real estate or deals that you've done that's going to add value as well. All right. Or articles about investing. SK asked, they're going to ask you to sign an NDA non disclosure. And what else? There's probably going to be an A document. It's kind of with the Patriot act information. They're going to ask you for your, your LLC information, your tax ID number for your LLC articles, incorporation, some will do that. Rarely they're going to ask for proof of funds. But they may ask you what are you looking for? What do you want to, you know, what kind of, what's your exit strategy? You know, some of that stuff, some of the basics of making sure that you're an actual legitimate business. All right, now if you're just an individual with no llc, they're not going to give you the time of day. But if you've got a business or an llc, great. What's the company that you'll be buying in? That's what they're going to look for. Kind of like a buyer's profile sheet right now after LinkedIn is going to industry events or paying attention to industry events is what I do. I don't attend industry events a lot. It's not worth my time to spend a huge ticket because these big asset manager conferences or things like that Gonna cost you 1500-2000 bucks to go to. It's not really designed for the solo note buyer or the smaller mom and pop. No buyer. Now if you want to go, go spend some time and sound good. Yeah, go do that if you want to. I've always found it more valuable for me to actually be smarter, work smarter, save my money and target industry events to go out and find the people that are going to. Because if you look for special servicing conventions or you look for mortgage banking associations that have their monthly or quarterly event, there's a big Western secondary marketing conference, there's an Eastern secondary marketing conferences, these big big once a year conferences or servicing conferences or industry events you can find plenty of asset managers there. Okay, like if you look at the registration list for these events is sometimes they'll be, you'll be able to go to the website and find the registration or like I am in Information Management Network, if you're on their emailing list, they'll send you a list of who's attending, you know, the job title and the in the entity, you know. So if it's really easy for you to pull a list, oh, there's 800 people going to this event or 400. What are the special asset managers? What are the capital markets? What's the chief credit risk officer names. And then taking that info and going over and searching for that name and job title off of LinkedIn or hiring like I do hire a skip tracing company or a VA to take that list and go over and find their URLs or any contact information as well. Or find, you know, trying to find a phone number form. Okay, if you're going to be calling the banks, do not call the loss mitigation number. You know, don't call customer service. If you can, try to find the main corporate office number for these banks and institutions, then you'll get a switchboard operator, somebody at a front desk who can direct you in the right direction. If you just call the customer service number or loss mitigation, they're not going to know who the hell to send you to. And that's a waste of time. Okay, but look at the speakers, look at the speaking schedule. If an event is nearby, you go hang out at the event. Don't go pay for the event. Go dress like you belong. Dress professionally and go hang out. The bar. Usually most of these places have a bar right next to what's going on in the conference center. Usually can get to that bar pretty easy. Maybe it'll walk. Act like you own the place and just walk in. Maybe they've got a vendor hall you can get into pretty easily. Who knows? But look who's on the marketing, who's the speaker, what's the schedule? Those will give you names and contacts that you can reach out to after the event or before the event to see if they've got anything or who the right person is over there. Okay, look at the sponsors event. This is the easiest thing to look at. You see the sponsors of a mortgage event. You'll see the banks, the asset managers. Hey, then go to that company's website and look for the investor relations tab. Most of them will have a tab or a PR contact name to Reach out to and say, hey, I'm trying to reach down to contact the special asset manager or the secondary marketing conference person. Okay, but that's. That takes a little time. Yes, you can hire a VA to help you out with that, but just tell them exactly what you want them to do and you're off and rock and roll. Okay. Email and phone call. Oh, my God, the dreaded email and phone calls. Okay. This is still, by large, the best way for you to systematize your outreach by sending an email at least once a month to your list of asset managers. You can buy a list of, you know, licensed servicers or licensed mortgage bankers. Well, you can pay for it if you want to, but you can often go and find them at this different state licensing websites, like here in Texas. We can download a list of mortgage bankers and servicing companies and reach out to them via email or the person in charge of licensing. And that gives us an in. Say, hey, who's in charge of this? Who's your business development guy or gal? Okay, phone calls. You still need to make phone calls. If you got a phone call somebody, it's a direct line cell phone. Pick up the phone and call them. If it goes to voicemail, leave a message. Okay, 80% of sales comes after the fifth contact. This is the number one and number two areas where people drop the ball. I don't want to speak on the phone. Okay, don't speak on the phone. Send them a text message if there's their phone, but leave them a message with your phone number clearly stated or an email address that's easy for them to respond to. If. If you've got a complicated LLC that is not easy to spell out, or it's not. It's too. It's all long. Keep it simple. Like, that's why I have Scott@weclose notes.com Very simple. Okay, Very simple entity. And I have multiple LLCs we buy in. But that's my big thing. Of course I have a website. A website's important these days for people to see. If you don't have a website, expect to have an executive summary that you need to send in. Sometimes these asset managers, like, okay, let's see you pass the muster. You're on LinkedIn. Tell me what you do or can you send information about your company and we have an executive summary that we send over to them from the review and they're like, okay, this guy is serious, or this company is serious. And go from there. You have to realize that, yes, you can jump back to LinkedIn and send a direct InMail to a lot of people. If you have, you know, you get what, 40 or 50 inmails a month to send out to. If you got it paid, that's great. Okay, but look in LinkedIn groups too, all right? Besides just doing a search, look in some of these big asset manager groups for direct contacts to send to. And if you've got in a group together, you can reach out and contact that person. Hey, we're in this LinkedIn group together. I want to see the right person. Your bank, who sells your notes. We're buying for our own portfolio. Okay. If you've got a mutual connection, ask for an introduction. Hey Jim. Or hey Scott, you know, I see that you're connected to these asset managers. Would you mind making an introduction? It's, you know, that'll work sometimes, other times it won't work. Somebody calls me up and says, or hey, would you make an introduction? I look at their LinkedIn. If they don't pass the muster test, I'm not going to do the introduction. I want it to look bad, but somebody knows what the hell they're doing. I'm glad to make an introduction In a lot of cases and of course taking that list of contacts or emails or phone numbers or registration list, there are services you can use to skip trace or search for emails. Okay. You know, some skip tracers are better than others. Okay. I like using Rocket Reach is a pretty cool tool. It's a Chrome plugin. If I'm looking for a specific contact name or email that gives me a lot of good phone numbers. There's a freer version that doesn't give you the phone numbers, it gives you the emails in a lot of cases. And that works well because I'll just harvest those emails, drop it into an email blast and, and send out a drip marketing campaign once a month. What's drip marketing? Well, drip marketing means it's dripped every month. So basically I can write up pre writing my CRM, my, my email platform. I can pre write 12 months of emails. All right? And as I add email contacts, I tag them my asset manager list. So like if I write emails for 12 months and I keep adding people to it, guess what? I don't have to send out individual emails to new people all the time. It's already pre written, pre scheduled to go out usually the first Tuesday of the month and then it follows up with a Thursday, the next Thursday it goes out as well as a re reply. There's a whole system for doing that. But email Drip marketing. I have asset managers that still call me up and say, I got your green email because it's formatted to look be green and they want to see stuff. If I'm following up with them consistently, you know, it helps me build rapport with them because they know I'm not giving up. I'm not just a flake. A follow up on a monthly basis is so important. Now when you send an email blast, you're going to get email responses from people who are either out of the office. That's what's o o read those emails because it'll often tell you, I'm out of the office for the holidays or I'm out for personal reason. Contact this person at this number or email address or contact these people. Those are so valuable. Take those contacts and put those into your contact database to market to as well. If somebody is left, okay, all right, you get an email back, oh, so and so no longer works for the company. Contact this person instead. All right, great. Now if it bounces back where the email is bad, it's a long thing now that keep that name. See if you can't find somebody else at that bank or institution and say, hey, I'm trying to contact the new person in charge. I see that Jim Bob has left. All right, who is, who replaced Jim Bob that I could talk to? All right. Or reaching out to people on LinkedIn and say, hey Jim, I saw that you left the company. Who's the right person I need to talk to right now? Because people don't always update their LinkedIn and that's one thing I get from people on LinkedIn like, oh, I left the company a year or two ago. Oh, my apology. Do you have any idea who I would talk to? And a lot of times they'll give me names and emails that I'll follow back up with, all right. And make those connections. It works. Well, it's just that follow up process, it's part of the marketing side that most people won't do and that's why you're not finding deals. And like I said, rocketreach Co is a pretty cool tool to type in. Taking the person's LinkedIn URL for LinkedIn, put it in there and then Rocket Reach will go out and find contact information for you. I mean, the biggest thing you have to realize, ladies and gentlemen, is defining asset managers. Yes, some people have stuff once a year, others will have it once a month. It's what you have to do if you want to get more inventory, more deals to look at, you have to broaden your network, broaden your contact list because people that were selling notes 5 and 10 years ago have moved on or they're not selling those notes. But there are always banks always note originators selling their non performing stuff because people are still non performing. Okay, yes, it's a low default rate in a lot of cases, but there are still people defaulting, especially when you start looking at what happened economically wise right now. Highest default rate of credit cards, highest default rate on car loans, highest default rate in student loan debt. Right. It's the house of cards is coming crashing. All right, now if you're looking for commercial notes, I would still do the same thing besides residential notes, just look for your commercial asset manager, your commercial special assets, commercial events. There's plenty of people out there. All right, now if you really want to find more about how to find asset managers, how to connect with people, come attend our next upcoming workshop here in just a few weeks here in Austin, Texas. It's called Note Buying for Dummies, our virtual note buying workshop. All right, three, February 14th, 15th, 16th, the first full day is all about finding deals and that means finding asset managers that have stuff. We'll walk you through the process, we'll share some of our tools in depth for you, name it, give you a couple list of asset managers for you to take a look at that you can actually immediately go out, start contacting people for assets for deal flow. Day two is all about raising capital and money and marketing. And day three is all about making money and putting the deals together and finding the deals from the dud. So if you go to Note buying for dummies.com you can get signed up there. I think there's still a discount code for you to attend this in person. If you're watching this after February 16th, our next in person workshop is probably going to be later in August. We'll have a virtual workshop online somewhere in probably early May. All right, but any questions, comments, concerns? Look, finding asset managers is easy to do if you'll systemize it. If you're not doing that, you're not emailing, you're not jumping LinkedIn. Yeah, you're not going to find anything. You're going to have to rely on your, I'd hate to say, but crappy contacts that don't have good stuff to find stuff. So plenty of deals low and what happens, the great thing you have to realize, ladies and gentlemen, is not many people are doing that little bit of reaching out to asset managers. They're not doing that. They're not sending an email blast. They're not drip marketing. They're lazy. Most people are inherently lazy, I give you that. If you've got two or three sources send you notes, yeah, you're gonna take all got notes coming. Well, if it's, it's, it's crap and bottom the barrel stuff, it's time for you to go back and start marketing again. And a lot of people haven't done that or aren't doing this, but this still works, ladies and gentlemen, this still works. I'm proof we get listen all the time that we target cherry pick. It's part of the stuff that we break down in a lot of these lists. If you look at our YouTube channel, you'll see us going through 66 reverse mortgages or going through 289 non performing first. If you want deals, guess what, you gotta market. And most people are not gonna market. All right? If not, if you haven't updated your LinkedIn profile, go update your profile, all right? It's not hard to do. And if you're just gonna not do it, then go do something else. That's, that's all I can tell you, all right? You're only harming yourself by failing to take the action to update it. Get a photo, take a selfie and put that up there. That's one of the first things. Create a header in Canva for your header behind you. Start posting things about note investing or real estate or distress stuff. Those are things that are going to help you take it to the next level. And actually when you pass the smell test, you'll pass it versus stinking like nothing. All right, so go out, take some action. Get signed to today for Note buying for dummies.com here. And we look forward to see you here in Austin, Texas live for three days, Friday, Saturday, Sunday. And we look forward to helping you take it to the next level. And we'll see at the top. Bye everybody.