Niche - Posted by Scott
Posted by Scott on April 13, 2000 at 14:42:26:
I am glad to see that people with your experience take time to respond to individuals questions on The Paper Source. It helps me and others a great deal. I am sure you get contacted by a tremendous amount of “newbies” in the note business who ask for your advice.I have completed a seminar on the note business back in the summer of 99. When I was taking the 3 day course I noticed a response you had made in August 1999 about how you do very tough deals. I had asked the instructor about tough deals and they said to stay away. I have been following the instructors guidelines on where to find notes but with little success. The ones I have come across have been the “ugly” ones that no one wants to touch. The institutions want clean deals only, and I feel as though the Brokers are not taking me seriously anymore. I know there has to be a niche for me in the ugly paper because it seems as though nobody in my area is doing anything with it. Because I am green, I need to be proficient in finding the paper and then having the ability to see a deal where others would pass it up. I guess the best way to compete is to not compete. I am very curious and anxious to learn more about how you find and do the tough deals. I know there are plenty of these deals out there, as I would like this to be my niche in my area (Philadelphia). If you have any time to respond to me with any guidance, I would greatly appreciate it. Thank you very much!!