Posted by Bud Branstetter on October 27, 1998 at 13:06:46:
What is their answer when you ask why are you selling this great note?
Or what are you going to buy with the proceeds. If they respond to
your ad you get the feeling they want some money. If you are cold
calling them they may not know they want to sell.
There are some courses out there like “27 ways to buy a note” that
will help with different ways to make offers. How would they respond
if you asked them would they be interested in receiving 110% of the
face value. Of coure that is some now and the rest later but it opens
the conversation.
I liken it to interacting with the seller of a house. You have to find
out what he needs and what he wants before you can make a deal that
makes you some money and makes him happy too. Does he know that he
could sell you the next 5 years of payments and still have almost all
of the principle left earning interest in the future for him?
There is no one silver bullet that I have heard of. Just knowledge and hard work. Not everyone wants too sell a note. At least not right now.