Auto and Trust Deeds - Posted by Rebecca


#1

Posted by John Behle on October 20, 1998 at 18:48:22:

Auto paper is not for a beginning investor. Any collateral that depreciates and has wheels is not the same as real estate paper. Auto notes are great, if you know autos well, are willing to check on them occasionally and repo them if needed. It’s not all that fun to repo them anyway.

I had some auto notes. One day I had a real bad day and thought I would try something new - see if messing up someone else’s day would make me feel better. I had a guy that was about two months late and dodging my calls. Besides, he’s just a snake. He should be the first one lined up against the wall when the revolution comes (just kidding). So, we hooked the car and it didn’t help my day at all. I just don’t like that stuff.

Some have gotten into auto paper and relied on the dealers. I have seen them disappear literally overnight. A guarantee by the dealer means little - unless he wants to back it up by some real estate.

So, avoid the auto paper for now.

As far as real estate paper, networking with agents and sending them flyers, brochures, email and faxes works well. I’ve only had one ever complain about an un-solicited fax and the funny thing is an agent at his office had requested it. I don’t over do it with the faxes though. No more than one a month and they look different each time. The approach to dealing with agents on notes is the same as agents take in getting listings… )20( … Twenty people per day belly to belly. You need to just go out and meet agents as well as mailing and marketing to them.

Exhangors would be a later step. They would shy away from or even brush off a new investor. When you have the knowledge and confidence, then they are a great resource as far as personal contact. They can be marketed by mailers though, but it is hard to find out who they are in any given area. Attornies are much the same way. Leave them until you gain some confidence with Realtors and the industry itelf. Do a few deals before approaching exchangors and attornies.

Learn, Learn, Learn. Knowledge is power. If you think education is expensive - try experience. I could own every home study course and even the expensive programs with just a few of the deals I’ve made mistakes on. Especially!!! with the hundreds of thousands, maybe even millions that have gotten away because I didn’t recognize or see the deal or have the tools to track it down. Some were like giant buffalos standing staring at me. I looked down and at the time all I had in my hand was a pea shooter. I could knock him down with the creative equivalent of a cruise missle now.


#2

Auto and Trust Deeds - Posted by Rebecca

Posted by Rebecca on October 20, 1998 at 16:37:41:

Hello i would like to thank all of you and John for helping us also iam interested in auto notes and trust deed how would the title companies help and how can i go about the exchangors please i send out information to the dealers and i need to call to see if there interested is it better to call first or send out the information please and also when i contract agents and attorney what is the best way call first and explain what i do or how do i go about this please thanks for your time