Note investing can be an incredible opportunity but you have to know what you’re doing and the best advice I can offer here is getting an exceptional education.
You need to find a note mentor. It’s all about leveraging other people’s experience or OPE. In general, as a beginner at just about anything, there are only a few resources you need. You need a good plan—the commitment to follow through, and all the key contacts that possess the other resources.
Getting a mentor is a good plan. Note investing can be an incredible opportunity, but you have to know what you’re doing, and the best advice I can offer here is getting an exceptional education.
The saying goes standard education produces standard results. And I believe that to be true. If you think about it, most people don’t have masters to apprentice under in life, but they should. People that have achieved greatness generally had somebody that showed them the way, and an excellent term for this form of leverage is OPE. Also known as other people’s experience. With a great mentor, you can learn what took somebody ten or more years to master but do so in a fraction of the time. You can eliminate many mistakes and accelerate your outcomes through leveraging OPE.
So how do we ensure commitment to follow through? This is where an accountability group comes in. One of the essential principles discussed in the widely known book by Napoleon Hill Think and Grow Rich was the mastermind concept, which Napoleon described as the coordination of knowledge and effort of two or more people who work together towards a definite purpose. It’s a great idea to do meetups and mastermind groups but, at a minimum, have an accountability partner to keep you on track and to bounce ideas off of. Let’s cover the third and final piece here, which is the important contacts that possess all the other resources. In the note business, there are a lot of valuable contacts you’ll need to develop over time. You’ll need access to sellers for inventory to acquire notes. You’ll also need access to investors if you’re looking to sell a note. And you may need a J.V. partner or an investor for capital. In terms of vendors, you’ll need a list of loan servicers, title vendors, valuation companies, property preservation companies, custodians, and more.
So let’s recap the big points. It’s a great idea to have a mentor that’s blazed the trail before you in the note business. Mastermind groups or a success partner can be the key to accountability and follow through. And there are a lot of contacts that you’ll need overtime in the note business.