How To Find & Contact Texas Bankers For Note Deals

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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 real estate investors.

If you have ever wanted to dive into the sexy side of real estate and become a note investor and not just somebody that owner finances properties or buys and sells on terms, but somebody who's actually buying debt from lenders, mortgage bankers, hedge funds on distressed real estate on both residential and commercial properties. Now is the perfect time. And guess what? We have our upcoming three day workshop.

Here in just a few days on.

July 25th, 26th and 27th. That's right, that's a Friday, Saturday, Sunday.

You can join me live on Zoom.

And our Note Buying for Dummies workshop. We'll go through the Fs of how to find fund and flip non performing notes at huge discounts without having to use your own money. And we'll show you all the different ways you can make money being a note investor. Day one's all about how we find these deals from banks, hedge funds and how you can automate the process of connecting with these people and get tapes and listen to you over and over again. Day two is all about raising capital and marketing. We'll show you how to tap into thousands of IRA investors who are looking for deals to fund and how to communicate and how to contact them and get them to fund your deals. And day three is all about the flip the exit strategies putting deals together. We'll mix in due diligence. We'll mix in the marketing side along with the structure side. So much stuff in three days Live on Zoom with yours truly, the note guy, Scott Carson. Make sure you get signed up by going to Note buying for dummies.com or click on the three day workshop tab on our workshop. Get signed up today as we're still running discounts and you too can soon become a no buyer.

All right, good morning everybody. Hope you are all doing well or good afternoon, good evening, whatever, what time it is wherever you're at. It has been a very hot weekend here in Austin, Texas. We saw our first triple digits this weekend while we were out to watching some high school baseball state championship games. But anyway guys, we are glad to have you here. Today's topic is something I think is very important to keep in mind and something that is I don't think a lot of people do actually. I don't know really anybody else that talks about this aspect of note investing and exactly how to do what we're about to share with you guys today. When it comes to actually getting note deals, I mean that's the biggest thing is people want notes, right? We all want note deals. Some people talk about going after the larger bankers and that's fine, you can do that definitely going after banks, you're just not going to get anything from the bigger five or 10 banks that are going to securitize their mortgage portfolio. I mean they will bump some stuff out but they're not going to sell it to you in a, in a one off basis for the most part. So one of the things that I did early on in my note investing career is coming from a mortgage bank at Chase and Bank One previously before I worked it, and also being a mortgage banker in my career as we launched a mortgage company. We worked with the likes of Big Bank World Savings, which then became Wacovia, then which then also got sold to Wells Fargo. That was all after, you know, I gotta the mortgage business but I want to go through with you with a very untapped source if you will put a little bit of work to it and go through. I know that people are used to, they want the lazy aspect. They want, oh, is there a listing platform I can go to and buy a note? Yes, there's a few they can go to. But you know, we all, you and I both have been around for a while. They're cherry picked over. It's a lot of the, you know, the bottom of the barrel stuff, especially if platforms aren't reinvigorating their inventory on a regular basis doing their own outside market. Now I like the guys over at Exchange that Loans, Andre, Mike over there, they do a great job because they're constantly reaching out to banks and lenders for their commercial stuff and they're getting stuff that they can work through. So it's a phenomenal website to go take a look at. I love what the guys do at Credit iq. They're not a listing platform but they do provide some great quality information for you to help, help you see what's going on in the industry. But many people, many note investors, let's just face it, people themselves are mostly pretty lazy, right? But most of us, when we get started as real estate investors, what are the things that we're doing? Well, we're targeting what we're driving for dollars, right? We're Looking for the ugly properties in the neighborhood or we're getting a foreclosure list and sending out postcards and yellow letters and spending thousands of dollars in direct mail to find deals. I don't like doing any of that stuff. I'm a big believer. That's all a bunch of garbage for the most part. Don't get me wrong. Yes, you can get deals from that, but you got to do go through a whole lot of work. I mean I was a part of several masterminds where they're literally spent. People are spending 10, 15, $20,000 a month in postage to get a couple deals. And that's a huge overhead to have every month. And then you gotta hire staff, you gotta hire people to be able to process those leads and those phone calls. And look, it can be a great business, but then you end up creating a, oftentimes a business that ends up owning you because you're constantly working. I like the note business. Cause I think it's. If you're a smaller individual, you can make this work for you. Of course, if you want to take it big, you can take it big. It's all up your choice. But the biggest thing that separates most investors from getting the ball rolling is that big overhead. They don't have the money, they don't have the systems in place, they don't have the time because they're doing this on a part time basis. So today's topic is going to be something that I think you guys are really going to enjoy because it's something that you can do pretty relatively easy and make things happen for you without having to put a lot of work in. You're going to be able to do some great things to help you get deals sent to you direct from sources by just rinse and repeating a few things. Okay, now what am I talking about? Well, here in Texas, Texas is the land of milk and honey when it comes to being a lender. Because we have the fastest foreclosures, we've got fast evictions. I mean it's, it's a really lender friendly place. It's also friendly to get information, you know, to literally be able to harvest information from the state when it comes to licenses and people that are licensed to business in Texas. And if you've gone through our three day workshop before, I go to Buying for Dummies workshop, which we're going to have one in a couple of weeks here, actually in two weeks. One of the things that we go through is how to get a list of Mortgage bankers or licensed servicing companies that are doing business here in Texas, license to business here in Texas, you contact the Texas Mortgage Banking and Savings Department, request it. They used to allow you to download direct from the website. Well, you've got to email them and ask for it, but they will send you a secure email that you can download. Now that download list is going to be a company roster of all the mortgage companies here in Texas. You don't need that. It's going to have another download, another Excel spreadsheet you can download, which is going to have a list of licensed mortgage servicing companies, mortgage bankers, company roster, banking lists, licensed loan officers, processors, credit union auxiliaries and then other mortgage company auxiliary services. Huge list. Okay, you don't need that whole list. You have to filter through that list. And if you are in our WCN crew, our monthly membership for $97 a month, you should have gotten this morning I uploaded a new list, a chopped up list, I guess you could say edited list a little bit so that you guys don't have to worry about trying to go out and find it and reach out to the county. And I would. I mean you can have the county, but you can reach out to the state and definitely reach out to for yourself if you want to. It's good to do that once. Well, hey John. Good morning, John. If you don't live in Texas, you can still reach out to the state lending department in Texas and request it. You can also, and I would highly recommend this, reach out to your local state government agency, whatever handles the licensing of loan officers or mortgage brokers. Every state's a little bit different. Don't ask me to go through it. Some states will have a list, others will refer you just to the national mortgage license search website, which is just inefficient as hell. Okay, so Texas is still one of those few states that you can actually get on and download a list and request. You should still be able to request a list from the states, but some of them are just going to be, hey, go to the website. Like that's not an efficient thing. But anyway, let me digress here. So what's going to end up happening? Well, you're going to end up getting a list and let me share that list here. So you guys have a bit of an idea what I'm talking about? If you're listening here, I highly encourage you to go over and watch the video. So this is the most recent list I got. So here is. The list is already clean, so you can see it's Got, I've already filtered, got rid of a bunch of stuff. But this list by itself, when you look at the mortgage bankers license we just look at the number, we click over here and filter through it. So between the mortgage bankers registration. Mortgage bankers are important. Not mortgage loan officers. Mortgage bankers will have a line of credit where they represent a bank or a big lender and they have their own money off their, their own technically bank. Okay. There's also mortgage company licenses. Let's see here, hang on here. Yeah, mortgage company license is not so bad. And then the residential mortgage loan servicing which is great. So if we look at the bankers, mortgage bankers, there is 59 mortgage bankers on here. Okay, not a lot, I mean there's usually a bigger list. But this is just for those that are in Texas. For some reason they didn't send me anything else outside of Texas which you might want to go back and ask who's license to do business in Texas and those out of Texas are doing business. That probably should have reworded my email. But anyway, 59 bankers, that's still pretty good. That's a day or two of phone calls and that represents a huge amount. Now the great thing about this list when we get to this list is it gives you the company name, their street mail in city. You're not going to really need the mailing address. Then you have a company contact name, a phone number, an email address. Right. And if their license is still Good. So making 59 phone calls. Yes. Are you going to get a lot of these phone numbers are going to go into licensing or the main office and this is probably not going to be the right person you'd ask for. But when you contact the mortgage banker, if you're going to call them, say hey mortgage bankers, I want to speak to somebody in special assets or secondary market. Do you have anything on your portfolio that you've had to retain and get rid of? Okay, that's the first place you go to. This email and phone numbers are basically makes it easier for you to upload 59 emails and send an email blast out to everybody. That's what I would do. First upload the 59 emails. Sending email blast out, say hey, you're looking for notes, you're buying notes. You don't know if they're the right person at Blank company but would love to talk to the right individual and then just follow up with a phone call. Now there's a couple duplicates in here because some people are in charge of multiple loans, multiple mortgage companies. That's okay, so really you have less. You probably got about 50 people. If you look at this, give or take, I see Connie Carlson's on here like four or five times. So that's, you know, less than 50 people. But that's still 50 people you reach out to and drip market to on a monthly basis. Right? We can agree to that. Hey, good morning, John. Good to see you, buddy. All right. Now that's the mortgage banker off this list. Okay. I guess it's full spreadsheet. You're going to need to separate the spreadsheet up into three different lists. The next part of this list is another nice chunk is the mortgage loan servicing company registration. So if we go down, let's see how many people are down here. So from 1700 all the way down to 18. So there's 105 loan servicers in Texas. Now here's the thing, same thing. It's got their names, it's got their addresses, it's got an email address. Person in charge of licensing. Some of these are just going to be licensing at or admin at. They're not going to be very effective, but it's still worth reaching out to doing the same thing. Drop and drip marketing to the servicing cap. Some of these are big. Like let's look over here at some of these company names just so you have a bit of an idea. So there is. Okay. You know Bighorn Capital, they're out of Edinburgh. Some of these are going to be smaller guys that are just local folks that service for their own portfolio. But that's worth going to. You don't understand that some people that have notes on their portfolio that our servicers just here in Texas are servicing their own portfolio can be great resources like Kobe Financial. Our buddy Eric Kobe is on here. He's probably under another one under Toro if I remember correctly. Let's see here. Because he services a big list of maybe not, maybe just under Kobe now, but anyway, Zeus Mortgage, Zippy Loan Servicing. There's a whole bunch of services on here that represent either individual investors who have their own servicing company or some larger companies. Okay. These are all people doing that are in Texas. So if you're looking for Texas notes, great. You're probably going to find a bunch of stuff here. Everybody likes Texas stuff. Whether it's performing non performing, where it was institutional or owner finance stuff. This is a good list for you to reach out to now. Yeah, so this like 100. So basically what I would do, you go from 1811. So but yeah, it's 104, 105, same thing. Drop an email out to these guys and gals say, hey, I don't know if you're the right person at Blank Mortgage company or Blank Servicing company in charge. I'd love to talk to the person in charge of. But this, this is a servicing company. Either their special assets department or their business development department. Okay. So some of these are bigger services. Like let's look, see if Halo's on here anymore. Well, Habitat for Humanities on there, that's a big one. Let's see here is Tony Harris. It's an individual. Okay. Hey, what's on here? So anyway, but that's what I'm trying to get at, ladies and gentlemen. You've got 100. Was that 160? Technically contacts there roughly give or take that you can reach out to. Now the third party group on here that you really probably don't want to waste your time on is going to be the Texas Mortgage. I mean the Texas company. Ross, I left that on there just for the heck of it for you. Texas Mortgage company license. Most of these guys are not going to be portfolio lenders. They're not going to probably have a loss if they're just being brokers. And some of them might have stuff that they retain for their own portfolio. And so you can still drop it out to them because that's. That list is a little bit bigger. So we go from 60 down to. Yeah. So that's 17, 16, 40 names. 16, 46 names. So if you've got the room, it wouldn't hurt for you to drop an email to these people and say, hey, I see that your person in charge of licensing. Do you, does your company, do you know if your company has any notes for sale or who's the right person? It doesn't hurt to drop an email to reach out to people because you never know. Some people will have stuff, some people will be referrals and stuff. It's a good thing to do and then start that whole marketing campaign. Like I said, you send out on a Tuesday, you follow up on a Thursday with another email. Isn't open. Those that open, those that you send email on Tuesday, those are maybe the ones you make a phone call to Wednesday and Thursday as they open. Because that's an effective way if you're looking for Texas deals. This be a great way to get the ball rolling to find notes from mortgage bankers and loan servicing companies and mortgage companies here in Texas. The most effective servicing and bankers probably least effective mortgage company because there's a lot of people just originating. And some of these people have probably moved on too with the amount of people that have gone out of business or left the business or mortgage companies that have closed. So don't be excited to get a lot of bounce back or nature now on the servicing or the mortgage bankers. If you do get a bad email, you probably want to pick up the phone and see if the company is still in business. But check out the definitely if you get an out of office responder, see who they direct you to. Those would be worth picking up the phone and calling and knocking on. Now can you hire a VA to do this? Yes, you can hire a VA to do this. You want to make sure that their English is good, give them some questions to call. Who's the right person that handles your badasses? Do you have any notes in your book that you're looking to get rid of that kind of stuff? Over the next couple months you're going to see us talk a lot more about like the banking blitzkrieg starting those conversations, getting the ball rolling. It's important for you guys if you're looking for assets. Don't rely on the low hanging fruit. Yes, if you're one of our one on one coaching students, you know you've gotten lists of hedge funds, stuff like that, that's great. Keep targeting, keep making phone calls, keep reaching out to those people. That's great. And if that provides enough business for you, by all means that's phenomenal. But the thing that you have to keep in mind is keep that outreach going. You know you got to keep marketing and the easiest way to do that, honestly it's like what we share on here in reaching out via email, following up with a phone call, jumping on LinkedIn, that's what I would do. Like I know John, you've got a VA or two there, do some stuff. So it might make sense for you to take your give your VA that list of bankers and servicing companies and see if they've got names of those that have names because then first name and last name and they're all in Texas on this list. It might be good to jump on LinkedIn and see if you make the connection. LinkedIn, hey, I think you're the right person at such and such company. Do you know if your company has any notes available for sale, performing or non performing residential or commercial notes? They're looking to get off their books and that's the route I would go, ladies and gentlemen. It's not difficult. It's dropping an email, doing it on a regular basis. If you've got a CRM, hey guess what? You're adding 1700 to 2000 contacts to your CRM members. Split it up in three lists. One, the mortgage company roster list is going to be your least effective. So if you're strapped for contacts, then just send your mortgage banker and then your servicing company. But get in the habit of sending these out at least once a month to these asset managers, any servicing companies, professionals, because that's the only way you're going to stay ahead of the ball game instead of waiting to cherry pick or crack the crap off of other platforms. That's really not deal flow in a lot of cases. Yes, you can make things happen, but it's not a long term, doesn't build a long term success. Yes, you can buy and I think it's great to go there. And if you can find one or two you're happy with, that's a great way to get the, you know, the rust off, learn the process, get your training wheels working for you. But really taking your business that next level is all about, you know, growing your contacts, growing your lead gen and just following. You never know when these individuals are going to have something for you, right? And usually if they've got something, it's going to be a sizable amount of notes they have on a regular basis. And for the, I'm not telling you send any letters, don't send any direct mail to that list. Okay, don't, don't waste your time. Send email, jump on LinkedIn, follow up with a phone call. Those are the three facets. Three touch approach. And you can do it once a month. Like I said, if you send an email out to 2,000 people, you're probably going to get a 20% open rate or higher on these. You're going to want to make sure you use a CRM to make sure that your email is dkim, whatever that security thing is so that your emails don't bounce back or get tagged as spam. A lot of these companies have higher spam filters so you just got to follow up the phone call. Makes sense. Your email may go into spam junk folder. That's why you just touch base with them and keep going. It's probably not gonna be the right person initially with the licensing, but it's a great way to get your, your toe, your foot in the door to get the list of. And we've had success with this list over years. The first time we did years ago, we got three notes sent to us. All right, next Time we went to, we got 100 notes sent to us source. Banks and lenders are looking to move stuff. All right. It's. It's something to keep in mind. It's definitely something that you want to be reaching out to and increasing that aspect as we now get into the middle of the year. We're now into. We're coming up on Q3 all right here in the end of this month. So Q3, Q4 is really gonna see a lot of stuff. Residential commercial. Make those connections now and just start that marketing campaign. It's kind of go to old school. Yeah. You can sit around and talk until you're blue in the face talking to other note investors like yourself. But if nobody's marketing out, then they're just kind of. I hate to say their, their sales are incestuous. Is buying and selling from the same few people. And then when you run out of deals from those same few people, oh, there's no. No deals. Well, there's no. No deals because you don't know how to market like it's the 21st century. Okay, any questions, any comments, any concerns for you guys? Before I let you go today, I just wanted to go through that aspect. It's not hard. Go to the Texas Savings and mortgage lending request it if you don't. If you're part of our WCN crew or one of my coaching students, you already should have gotten the list that I just went through briefly. If you're out of state or want to do that, then reach out to your. Like I think in California it's the department of real Estate. In some states it's Department of Insurance. Some states, like I said, you have to talk to pick up the phone, give your state licensing. Who handles in charge of licensing from mortgage, you know, mortgage lending. Like I said, maybe the insurance department may have mortgage and you know, lending. It may be real estate department like it is in some areas. Okay. It might cost you. I think California used to charge like 50 bucks or 100 bucks and they would send you a. They used to send a CD rom. Used to send. First time I requested years ago it was a 3 inch floppy. Then it came on a CD ROM. Then it came as a thumb drive. Then they finally got smart and realized they could send it as a secure download. But that's a huge list, so you gotta be specific. Tell me exactly. For a list of mortgage bankers and servicing companies that are doing business in the state is the easiest way to ask for and see what they say. All right, everybody. And we will probably do a calling bank asset managers off these two lists here in the next few weeks. So stay tuned for that as well. So any questions, comments, concerns, before I let you go for the day, Was that helpful for you? Kind of walking you through that process? Get get the list, send an email blast jump on LinkedIn, send a message request there, and then pick up the phone and call. And when you get up the phone, you can ask for the person on the list. If they don't answer, they're not there. Then that's to see if do they have somebody in charge of special assets or secondary marketing or their note sales department. All right, great stuff. Everybody go out text mashing, and we'll see at the top. Thanks for listening, everybody. Bye, Sam.