Buying Defaulted Mortgages - Multiple Exit Strategies Needed
I had a conversation with a new Note Buyer the other day, and he told me that he was launching himself into buying defaulted mortgages after spending a long time wholesaling properties.
When he said to me "Dean, the reason why I want to get into buying defaulted mortgages is not only for the cash flow, but I want to keep these people in their properties. This is what worried me.
Don't get me wrong. I'll be the first to admit that Humanity counts. But...
Don't forget about the bigger picture here.
When Buying Defaulted Mortgages, Don't Only Focus On One Exit Strategy
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.
How To Buy Defaulted Mortgages: Multiple Exit Strategies Are Needed
In order to invest successfully in defaulted mortgages, you need to be like Rafael Nadal.
Nadal is a really well-balanced tennis star. He has an amazing serve, excellent grass court experience, plays solidly on clay, and can fire a wicked forehand.
Follow the same approach when buying defaulted mortgages. Learn how to pursue MULTIPLE Note Buying Exit Strategies at once.
Be careful you don't "stick yourself" with one note buying strategy.
When Buying Defaulted Mortgages, Use Foreclosure As A Tool
When trying to modify a loan, sometimes the only way to get a borrower to cooperate with you is to start the foreclosure action.
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.
Be careful not to fall into the same trap as the investor I talked to.
Don't think that 1 Exit Strategy to your Defaulted Mortgage Buying business is enough to make you successful.
You really need to be a jack of all 5 Exit Strategies to do well in the note buying business.
When he said to me "Dean, the reason why I want to get into buying defaulted mortgages is not only for the cash flow, but I want to keep these people in their properties. This is what worried me.
Don't get me wrong. I'll be the first to admit that Humanity counts. But...
Don't forget about the bigger picture here.
When Buying Defaulted Mortgages, Don't Only Focus On One Exit Strategy
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.
How To Buy Defaulted Mortgages: Multiple Exit Strategies Are Needed
In order to invest successfully in defaulted mortgages, you need to be like Rafael Nadal.
Nadal is a really well-balanced tennis star. He has an amazing serve, excellent grass court experience, plays solidly on clay, and can fire a wicked forehand.
Follow the same approach when buying defaulted mortgages. Learn how to pursue MULTIPLE Note Buying Exit Strategies at once.
Be careful you don't "stick yourself" with one note buying strategy.
When Buying Defaulted Mortgages, Use Foreclosure As A Tool
When trying to modify a loan, sometimes the only way to get a borrower to cooperate with you is to start the foreclosure action.
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.
Be careful not to fall into the same trap as the investor I talked to.
Don't think that 1 Exit Strategy to your Defaulted Mortgage Buying business is enough to make you successful.
You really need to be a jack of all 5 Exit Strategies to do well in the note buying business.
About the Author:
Get More Information about the Note Buying Business? Access To 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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