The 2011 Defaulted Note Accountability Program Launch
How do you get on board?
A Team of Accountable Action Takers
Well it’s 2011 now. January 3rd to be precise and there are 362 days left in the year to achieve some pretty broad goals that my business partner and I have set out for ourselves. We realize that we can’t do it all by ourselves. We can’t spend all of our time on the phones calling banks, evaluating notes, buying, marketing, and funding all the deals and expect to get where we want to go. So we aren’t.
We took our existing members and applied crowd sourcing to those that were seriously interested in getting involved in the note buying business and holding those individuals accountable. We had 21 respond with signed accountability papers on how many calls and what hours each week they would be making calls to banks if we supplied the lists of banks. We now have over 500 phone calls being made each week by people other than us!!!
On a good week, we could each get 50 phone calls out to new banks. We could more calls out, but when you combine all the other things that we do, something would end up slipping by the wayside. We obviously launched this offering in December so that it could be rolled out today.
We will spend some time coaching our members who are making the calls and who need the extra help. We provided scripts, call logs, and the corporate numbers for them to call. 21 people are calling 16 states currently on commercial and conforming single family lenders with offices in those states. It’s a very focused set of lists now, and we will provide new lists to these 21 as long as they provide their call logs to us on a weekly basis.
As you can tell, it’s a win-win for both parties. Members learn how to track down defaulted notes and partner with us on getting deals sold and we find new tapes and exponentially grow our sales force along with building a deeper rolodex of direct bank contacts that we can go back to again and again for more notes. It’s a beautiful thing!
We will be keeping those of you interested in following what’s going on with this as we will be posting pictures and bios of those making calls for us. We will also be sharing in the victories and the hurdles that we face. Stay tuned for a fun and wild ride!
Note Buying For Dummies Note Class Info
Week One Stats
Well week one is in the books of our Note Accountability Program that we launched the first week of January. We ultimately ended up with 23 people calling banks. Out of those 23, we had 7 people turn in call logs by the proper time on Friday at noon our time. That's not suprising to have so many people flake the first week. People have already started to whine about getting the call logs in on time, or that they are too busy to make phone calls.
Its sad to see people give up on their dreams. It's not hard to call banks and it actually takes less time and resources to do what we do. For those that stick with it, there is a lot of good things going to happen to those peeps. They will get placement on our website, a dedicated email address and be ahead of most note investors out there by being able to "piggyback" off of our experience.
One of our current members is looking to make $32K on two note deals that we are closing soon. That is HER profit alone for just getting the contact at the bank to send us a pool of notes. We marketed the list, negotiated the price and we will close it before the end of the month. That's not a bad payday for making a few phone calls each week!
We ultimately had over 300 phone calls made on our behalf, with 12 NDA's signed with the banks along with having 2 pools sent into us. That's still not a bad week. We will see what happens when we throw the gauntlet down on Monday to those who are the falling behind! Keep an eye out for more videos on our progress!
Week Two Stats
Week Two of our 2011 Note Accountability Program seems to be picking up a bit more steam with the calls as we had 15 people turn in call logs. This is up from the previous week. We have had a few stragglers, but we are now at 26 callers. Week Three will see us removing anyone who hasn't turned in a call log in the first three weeks.
Week Three also included us having our Note Buying For Dummies Class and we had two attendees in the class who are part of the program and it looks like we might be adding a third and forth one from that class to take the place of some slackers who have fallen off the radar.
We are getting some notes in individually. Danny Volz out of Houston is working on getting three individual SFR homes in the San Antonio market that we would love to offer on and other callers are getting more and more positive responses from their calls! I have a feeling this next week will be full of NDA's and tapes rolling in as January and the first quarter of the year are now rolling again with the holidays being over!
More by this Author
Here I'm sitting at home on a Sunday morning, trying to come up with a topic to send out on our weekly coaching call with our 1:1 students. I wanted to come up with an idea that would not only motivate our students, but...