Evolving as an investor is the best way to keep yourself ahead of the competition. And though we’ve discussed on the show before that in the note investing space people can have a spirit of coop-etition, there is certainly still an element of competition in there. Which makes evolving as an investor an important endeavor.
Evolving As An Investor
As we get closer to 2018 you know there is a goals episode on the horizon. However, there seems to be some more pressing issues at hand. During some recent conversation both online and off, it seems too few are paying attention to all the macro and micro issues within the note investing space.
Just to name a few, the recent rumblings at the CFPB and early numbers coming out about foreclosures/defaults headed into 2018, are two macro issues you need to keep an eye on. And that’s just two! There are many more where that came from. There is a double edge sword thing happening here in the note space. Everyone wants to talk about how great it is to be the bank – which it is. Though, they fail to see how important all the data points from a macro economy perspective can affect their business… you know, just like a bank.
And on the micro side, we’ve been blowing the horn about proper business management, organization, and systems for the better part of 2017. We’ve gotten our fair share of emails about how we sound like a broken record from time to time. And that’s fine, we’ll continue to talk about because it matters. Running a tight ship, paying attention matters. Doing the right thing is always the right thing.
And lastly, like we mentioned many moons ago, it’s ok to pivot from time to time. If you have a great wholesale opportunity come across your desk, do the deal. Got a good lookin’ development deal? You might want to do more than just “consider” it. That’s what evolving as an investor is all about. Remember Amazon started as just an online book seller. It’s unlikely a bit of evolution will kill you, but not doing it, just might.
Note Investing Contracts
That header could’ve also read real estate contract, or just contracts. The number of times I’ve read through a contract and seen errors is bananas. One that we went through this week though was something else. This was a seller many listeners might know. This is a seller with a good reputation – or at least a decent one. It didn’t matter though.
His contract was junk.
If you haven’t been burned from not reading a through an entire contract, line by line, congratulations. It’s one of those lessons that seems to catch everyone at least once. And I’ve seen too many bad ones in the space that I’m surprised we haven’t covered it on the show before.
With all the sellers and potential buyers you plan to do business with, please… please read the contracts you’re given thoroughly. The one we cover on this week’s show had some unreal errors and was so totally lopsided in favor of the seller I’m surprised he’s made it this far with it. And I know some people that have touted buying from this person. Which can only mean one of two things: he thought he could pull one over on us or he’s been pulling one over on others. Either that, or he accidentally sent us a very old contract from 3 years ago… that he just had laying around… I guess.
That’s it for this week! Thanks for listening everyone and as always, if you have any questions, comments or potential deals to send our way, email us at email@example.com.
Listen & Watch this Week’s Show to Learn:
- The Importance of Properly Reviewing Contracts
- Why You Need To Be Evolving As An Investor
- What We Did For Thanksgiving
- A New House-Hacking Project
- Upcoming Events & Real Estate Travel Plans
- And much more!
Featured on the Show:
- Note Investing Academy
- CFPB Woes
- Recent Foreclosure Data
- Note MBA Facebook Page
- Due Diligence Pro
- Hardwiring Happiness
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Thanks for listening to our show! We’ll be back next Wednesday morning.
Chase & Robby