Buying Defaulted Mortgages - Multiple Exit Strategies Needed
The other day I had a conversation with a new Note Buyer who informed me that after a long career in wholesaling properties, he was going to start investing in buying defaulted mortgages.
What worried me was when he said: "Dean, I want to get into buying defaulted mortgages in order to keep people in their homes and get some good cash flow."
I do admit that Humanity counts, don't get me wrong. But...
Don't lose sight of the forest for the tree.
One Exit Strategy Is Not Enough When Buying Defaulted Mortagages
It doesn't work.
Even if you want to pursue one exit strategy for the defaulted mortgages that you have just purchased, you can't. (in this case, he thought that he could generate cash flow by re-performing all the notes he bought by modifying them.
Buying Defaulted Mortgages: Multiple Exit Strategies Are Needed
In order to invest successfully in defaulted mortgages, you need to be like Rafael Nadal.
With an amazing serve, grass court and clay court experience, and a great forehand, Nadal is a well balanced tennis star.
Follow the same approach when buying defaulted mortgages. Learn how to pursue MULTIPLE Note Buying Exit Strategies at once.
Don't limit yourself to one note buying strategy.
Buying Defaulted Mortgages - Using Foreclosure as a Tool
Sometimes it takes starting a foreclosure action to get a borrower to cooperate with you in getting a loan modified.
And you might ask why?
Because for someone who has been missing payments regularly and hasn't been current for a while, sometimes a wake-up call with a foreclosure notice (combined with a helping hand from you to help them with a loan modification) is what prompts them to get their act together, take control of their situation, and to work their way out of their delinquency.
Don't fall into the same trap the investor I talked to did.
1 Exit Strategy for your Defaulted Mortgage Buying business will not work. It will not be enough to make you successful.
If you want to do well in the note buying business, you need to be a jack of all 5 Exit Strategies.
What worried me was when he said: "Dean, I want to get into buying defaulted mortgages in order to keep people in their homes and get some good cash flow."
I do admit that Humanity counts, don't get me wrong. But...
Don't lose sight of the forest for the tree.
One Exit Strategy Is Not Enough When Buying Defaulted Mortagages
It doesn't work.
Even if you want to pursue one exit strategy for the defaulted mortgages that you have just purchased, you can't. (in this case, he thought that he could generate cash flow by re-performing all the notes he bought by modifying them.
Buying Defaulted Mortgages: Multiple Exit Strategies Are Needed
In order to invest successfully in defaulted mortgages, you need to be like Rafael Nadal.
With an amazing serve, grass court and clay court experience, and a great forehand, Nadal is a well balanced tennis star.
Follow the same approach when buying defaulted mortgages. Learn how to pursue MULTIPLE Note Buying Exit Strategies at once.
Don't limit yourself to one note buying strategy.
Buying Defaulted Mortgages - Using Foreclosure as a Tool
Sometimes it takes starting a foreclosure action to get a borrower to cooperate with you in getting a loan modified.
And you might ask why?
Because for someone who has been missing payments regularly and hasn't been current for a while, sometimes a wake-up call with a foreclosure notice (combined with a helping hand from you to help them with a loan modification) is what prompts them to get their act together, take control of their situation, and to work their way out of their delinquency.
Don't fall into the same trap the investor I talked to did.
1 Exit Strategy for your Defaulted Mortgage Buying business will not work. It will not be enough to make you successful.
If you want to do well in the note buying business, you need to be a jack of all 5 Exit Strategies.
About the Author:
Get More Information about the Note Buying Business? Get Hours of FREE Training Videos here: Buying Defaulted Mortgages Real-life, Up-to-Date Information for You. Visit NoteBuyingProfits.com or Call 718-783-7605 Or Click Here: Buying Defaulted Mortgages From Dean Engle & NoteBuyingProfits.com - This time on Buying Defaulted Mortgages
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2:05 AM
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