HELP?!?!?!? - Posted by Whitney King

Posted by BTI on May 27, 2007 at 10:17:15:

Whitney

When I started investing I had just turned 16 and didn’t look that old.

My key was to learn to read people and when I sensed reluctance due to my age, I brought it up with " I sense your a little nervous about my age, may I ask you something? Which is more important to you, my age or the age of my money? And as long as everything is above board and legal, do you think you can just look at the merits of this transaction and forget what I look like?"

That usually did the trick, and I did everything possible to make the deal a pleasant transaction which led to repeat deals and referrals. I do have to admit it was a lot easier at 19 when I reached 6’3" and 210 lbs but I know I could have still been successful if I had stayed looking like a kid, and I know you can too.

BTI

HELP?!?!?!? - Posted by Whitney King

Posted by Whitney King on May 10, 2007 at 22:25:28:

I’m just starting out in this business at the rather young age of 17. I would like to know how to get started, put my best foot forward and make it off the ground.

Re: Focus and Clarity… - Posted by David Butler

Posted by David Butler on May 11, 2007 at 13:18:33:

Hey Whitney,

Best immediate advice is to suggest asking questions with a purpose!

“Help!!!”; “I’m Confused?”; “How Do I Start”; etc. show a lack of thought, commitment, and/or initiative - whether you intended to communicate those negative appearances or not. And it generally makes it impossible to get very meaningful answers… if for no other reason than the question that accompanies it is generally overly broad.

As far as getting started… well, you’ve come to the the right place. Simply enter “getting started” right into the “Search” feature at the top of this Forum, and you’ll pull up a ton of detailed suggestions on how to get started dealing with cash flows"! :wink:

Here are a couple of simple threads to help you along the way in getting out of the gate.

"Focus on Learning First - Not Systems"
http://www.creonline.com/cashflow/wwwboard3/messages/22471.html

You’ll find many more valuable discussions offered by John Behle, Mike Morrongiello, Terry Vaughan, and many other users of this Forum as well!

Good Hunting, and best wishes for your success! And…

Have Fun For A Living!

David P. Butler

Re: Focus and Clarity… - Posted by Whitney King

Posted by Whitney King on May 12, 2007 at 09:59:00:

How do I get the other brokers/owners I come in contact with to take me seriously. The deals seem to fall through for me because they seem to think I am to young to understand.

Re: The Art of The Deal?! - Posted by David Butler

Posted by David Butler on May 22, 2007 at 10:51:46:

Hello Again Whitney,

First problem you face is removing age from the equation. Only you can make that factor a problem. What are you doing that causes your age to even come up? Start with that, since it is the easiest thing to correct. Then… consider the bigger problem, which has nothing at all to do with your age. The trick to being taken seriously in the note business, is taking the business itself seriously.

Regardless of appearances, in the long run, people tend to appreciate people who are business-like in their approach. In the note business, the information gathering process is the most important function, and the foundation of everything else you do. In fact, if you think about it, you’ll recognize that everything else you do costs you money - money spent to find note holders. Once that occurs, it is “Showtime”. That is where you make your money.

Once you have engaged a note holder, you now have a 15 minute to 45 minute “Window of Opportunity”. Right then, you have one job, and one job only… and the process is exactly the same, for every type of cash flow:

  1. gather the relevant, meaningful information a note holder will need in order to make a decision about investing in that note;

a) the rate, terms, face amount, current balance, lien position of the note, date created, date first payment made, date last payment made, total payments made, total payments remaining.

b) how the note was created, and the terms of the sale if the note was a seller-carryback, purchase money mortgage.

c) Payor credit score and income capability, payment history/seasoning on the note.

d) type of collateral securing the note, and the value of that property.

e) what are the answers to the “Money Questions”

  • why does note holder want to sell now?
  • how much cash does note holder need now?
  • what are note holders expectations?
  1. review that information by performing an “eyeball” test - i.e. does the information make sense on its face? If it does not, you need to get back to the note holder, or cooperating finder who provided the information, and get it corrected, before you present the package to potential investors. You would be amazed at how many folks start shopping “make-believe” notes that make no sense on their face??!!:frowning:

  2. assemble the information in a submission form that is clear and concise, and which an investor can tell in 10 minutes or less (30 minutes or less if complex commercial note, development note, or business note transaction) whether he has an interest in that note, and if so, how much he will pay for it. A great submission leaves an investor with little or no questions to chase answers for.

  3. Present the information to investors. As a broker/finder, you do not sell notes. The notes sell themselves, based on the information you provide in the submission.

Again… the process is the same, every single time, for every single cash flow. There is only one shortcut. Doing it right the first time. Ask the note holder questions, and demand answers. If you are not getting the answers, move on to the next deal.

Happy Hunting, and…

Have Fun For A Living!

David P. Butler

Re: The Art of The Deal?! - Posted by Whitney King

Posted by Whitney King on May 25, 2007 at 23:59:46:

I have a disorder therefore making me grow a few years behind schedule. This tends to make me look younger than I really am. Thats just the way the cards play with this disorder. With that factor in hand they think I’m a “joke” i.e. (very child looking… around 13 and not wanting to do business with a 13 year old) but I am very persistent in what I do, and strive to be the best in it but I keep getting short stepped by this disorder. Thats how age is thrown into the equation. I am very knowledgeable in the cash flow business so how can I get them to look past that and see the business woman in me?