I often get asked by new brokers what date ranges are best for the note business. The answer is not so much a blanket answer for every one as it is specific to your business and expectations. For most the answer is going to be the same. Work with leads that are not older than 3 years. This allows you to find notes that may have some seasoning while giving you some work to start on. In truth the answer varies based on a few questions you must first ask yourself;

  • Are you in this business for the long run or just “trying it out”?
  • Are you looking to buy notes or broker them?
  • Are you an experienced investor or broker?
  • Are you looking for notes with extreme seasoning?
  • Are you willing to receive fewer calls to find god seasoned notes?

These and perhaps a few other questions must be seriously thought of before you decide what age of leads you need to deal with. If you are brand new to the business and if you are anxious to start making money and unsure how it will work for you then you need to start with newer leads to get more calls. This will allow you to get some practice talking to note holders and allow you to ease into the business. You will have more potential deals when the leads are slightly newer. One of the things you need to accept as you start this business is that you are working a numbers game. You must be willing to play the numbers. If you do then you will see great results long term. If you are not willing to stick in the game when things don’t work out well in the short term then you need to grow a bit before this business will be right for you.

If you are an experienced broker or investor and want to find some good seasoned notes then working with leads that are older than 2 years may work of you. You should have the patience needed to wait for the note holders to call. You should have experience with the business and with marketing to be able to get the note holders to call. You will also realize that you will have fewer people contact you from these older leads. many addresses will be different from changes and moves over the years and many of the notes will already be gone. those few calls you do get may be great opportunities but you will need to send out more marketing pieces to make sure you have the numbers to make this work.

So, in conclusion, for most of you starting the business you need to work with leads that are not older than 3 years and plan on marketing to several thousand people before seeing a lot happen with the business. It takes time and serious effort to make the note business work for you.

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