Tuesday, April 22, 2008

4-21-08 Tele-clinic: Introduction to Commercial Finance & Factoring

If you missed our April 21, 2008 Tele-Clinic: Introduction to Commercial Finance & Factoring, please listen to the audio. Click the title above.

Friday, March 28, 2008

New Broker Class Starting April 6, 2008

Tele-clinic: How to Find, Broker &
Invest in Real Estate Notes

National Note Association was formed to provide support and advice to both the start up note broker and those interested in investing in notes. We are also a serious note buyer through our affilate, Private Mortgage Association, Inc. NNA desires to provide education and guidance.

Private mortgages are valued in the billions in the United States. When we compare the private mortgage industry with the “public” mortgage industry we look at the figures provided by two government-sponsored organizations: the Federal Mortgage Association (Fannie Mae) and the Federal Home Mortgage Loan Corporation (Freddie Mac). These two enterprises account for almost half of the $8 trillion outstanding U.S. home mortgages. Now, considering today's credit market, sellers and buyers will need to rely more and more on private financing. When people ask us whether there is room in the industry for more real estate note brokers or real estate note investors, we have to ask, why not? Join us for our Tele-clinic™ on how to find, broker and invest in real estate notes and other cash flow streams.

WE USE PAYPAL TO PROTECT YOUR CREDIT CARD INFORMATION.

Class Time: 10:00 p.m. Eastern, 9:00 p.m. Central; 8:00 p.m. Mountain; 7:00 p.m. Pacific

BONUS: Those who attend our Tele-clinics™ are eligible for 6 months of free email NNA note coaching. There will also be a weekly bonus for those in attendance each week. During every class, we will also focus on marketing for and finding real estate notes, since in past classes, students were most concerned about this issue.

Tuesday, April 8, 2008, Week 1: Time Value of Money – calculating present value on cash flows (we recommend having access to a financial calculator or TValue software). We'll quickly move into calculating discounts and yields for your investors.

BONUS: Those in attendance will receive a $10 off coupon code for TValue software.

Tuesday, April 15, 2008, Week 2: Packaging Your Note: don't be afraid to interview the note holder to obtain all the necessary information. We will discuss forms for this information and how to encourage discussion with the note holder.

BONUS: Those in attendance will receive a “cheat sheet” with hints on how to quickly make an offer for a note without even pulling out your calculator.

Tuesday, April 22, 2008, Week 3: Qualifying a Note: Credit Scores, Seasoning, LTV, and Other Indications of Value.

BONUS: Those in attendance will receive a list of national sources for determining 1) value, 2) credit, 3) title and 4) other resources for qualifying a note.

Tuesday, April 29, 2008, Week 4: Forms – documents that will protect your labor. Suggested forms will be emailed to those in attendance.

BONUS: Those in attendance will receive a selection of forms recommended for your note brokering business in Microsoft Word format.

Tuesday, May 6, 2008, Week 5: Business Presence and Business Credit – how to not look like an amateur, establish liability protection, and develop business credit.

BONUS: Those in attendance will receive a copy of the “Building a Business Presence and Business Credit” chapter of our soon to be published book, “The Art of Money.”

Tuesday, May 13, 2008, Week 6: Finding Notes – marketing and with or without cash resources.

BONUS: Those in attendance will receive a list of note sources, including a point and click spreadsheet of URL’s where notes can be found.

Tuesday, May 20, 2008, Week 7: Negotiating and Contracting with the Note Holder.

BONUS: Those in attendance will receive a sample marketing materials that can be used in your marketing campaigns to find Note Holders.

Tuesday, May 27, 2008, Week 8: Negotiating and Contracting with the Investor.

BONUS: Those in attendance will receive a $200 bonus for the first note closed with National Note Association, Inc.

After registration, each Tuesday morning you will be emailed the telephone number for that Week’s course. For some classes, we will be using Web presentations for those of you able to simultaneously talk on the phone and get on the Internet.

Sunday, October 21, 2007

Mortgage Notes: The Ultimate Creative Financing

The antithesis of the mortgage industry would be a lender encouraging owner-financing. Why would a lender who makes money arranging loans encourage the Seller and Buyer to arrange their own financing? Because you, as the mortgage broker, can then assist the seller to “cash out” that mortgage note, and earn a commission. I tell brokers it may be the worst-case scenario for your sellers, but in today’s credit market, it may be the only-case scenario.

Many mortgage brokers may not be aware of how they can make money in a seller-financed scenario. Let’s go through the steps of what a mortgage broker needs to do to “cash out” a first lien mortgage note for their client.

1. What is owner financing? Some mortgage brokers are not familiar with creative financing – particularly new mortgage brokers - and their first question may be what is owner financing? Owner financing is simply when the seller of the property agrees to take back a promissory note and a mortgage (or deed of trust) from the buyer of the property. The seller’s property becomes the security for the repayment of the buyer’s obligation. It’s an I.O.U., similar to what any bank would issue. While a mortgage can be in any order of priority for repayment, typically only the first position mortgage note is saleable. Generally, investors will only consider a second position mortgage note when the total outstanding balance of the first and second mortgage note added together equal less than 80% loan to value (LTV).

2. How does this work? The Buyer agrees to give a down payment between 5 – 10%. Typically 100% LTV is not possible because most note investors want to see the Buyer have something to the deal, which generally reduces the possibility of default. The seller then agrees to take back a first mortgage, and in some cases, even a second mortgage, to make the deal work. The first mortgage will be the mortgage an investor can purchase. The second mortgage will not be purchased, but can provide the seller either additional income on a monthly basis or can be treated like a CD, ballooning in a few years at a good rate. Below are examples of how notes should be currently structured, with the recommendation that a second mortgage may need to be carried by the seller. Six months ago a second mortgage was not required in most instances, so check with your investor to determine the current status regarding a purchase structure.

3. What documents are required? If closed properly, the seller would have received a promissory note and a mortgage or a deed of trust signed by the buyer(s), the HUD-1/ settlement sheet, and if they planned ahead, they should also have a lender’s title policy since the seller is acting as a lender. The investor will need to see each of those documents prior to the closing of the transaction. Some investors also offer what is known as a “Near Simultaneous Closing” or “NSC” where the mortgage note may be purchased at the closing table over a 3 – 15 day period. NSC’s typically require that a least one payment be made during escrow.

4. Can you work with the sellers and buyers to suggest what would work best? Yes. Provided below are three scenarios for NSC’s. However, even a seasoned note in this day and age may require a similar structure before it can be purchased. If the note is seasoned and still not saleable, and if both the buyer and seller are cooperative, a note can be recast to make it more appealing to an investor. For example, something that is to balloon in 6 months may be recast to balloon in 3 years. In some cases the investor may wish to increase the yield, but can compensate the buyer by lowering the number of payments and overall cost of the loan. Remembering that the five (5) variables of the time value of money (PV, FV, N, I, PMT) can be controlled to produce the best results for all parties.

5. What terms are you looking for? Investors must see three initial items: a) Average credit with a minimum credit mid-score of 600, b) Minimum note value of $50,000, and c) To minimize the discount a note rate of at least 9%. Here are three examples:

FULL PURCHASE 80-10-10
Property Type: 1-4 Family and Mobile Homes w/ Land.
Down Payment: 5-10% cash down from Buyer.
Second Mortgage: 10% Seller Carry Back 2nd Mortgage.
First Mortgage: 80% Seller Carry Back 1st Mortgage, which is purchased at a discount. Flips are allowed.
Advantage: Seller has 5 - 10% CASH from the down payment AND Seller gets CASH for the 80% first mortgage note AND the payments on the second note - or the balloon of the second at a good rate in a few years.

FULL PURCHASE 70-25-5
Property Type: 1 - 4 Family (No Mobile Homes)
Down Payment: 5% Cash Down from Buyer
Second Mortgage: 25% Seller Carry Back 2nd Mortgage.
First Mortgage: 70% Seller Carry Back 1st Mortgage, which is purchased at a discount. No flips allowed, but assignment of options or contracts are permitted.
Advantage: Seller has 5% CASH from the down payment AND Seller gets CASH for the 70% first mortgage note AND the payments on the second note - or the balloon of the second at a good rate in a few years.

PARTIAL PURCHASE 95-5
Property Type: 1 - 4 Family (No Mobile Homes).
Down Payment: 5% Cash Down from Buyer
First Mortgage: Seller Carry Back of 95% 1st mortgage note. The investor purchases part of the note (called a "partial") up to 65% of the property's value. The note holder keeps the other part. Flips are not allowed, but assignments of options or contracts are permitted.
Advantage: Buyer needs smaller down payment. Seller gets CASH from down payment and CASH from purchase of the partial. Seller also keeps the "tail" of the note, which can be sold at a later time or kept to receive payments at a good yield.

6. How does a mortgage broker make money? The great part about working with selling financing is you get to set your own commission. The investor will quote the price for which they will pay for the seller’s note, and you subtract your commission before you give the offer to the seller of the note. You may ask how much should I subtract? Well, it’s the question of how much will the market bear? It needs to be enough to make it worth your while, yet not so much the seller refuses to do the transaction. You know the parties best so you are in the best position to negotiate the purchase.

7. What happens when the seller agrees to sell their note? First the investor provides a note purchase agreement with the seller for the purchase of the mortgage note. The investor will give you a side agreement for the commission you have negotiated. The investor will need the credit information about the buyer who will be the Payor on the mortgage note. Most investors look specifically – and almost exclusively – at the three credit scores of the buyer. The credit report is usually not as important. This works for many buyers who somehow have good credit but a bad credit report. The investor then orders its own appraisal or broker price opinion. Under the terms of most note purchase agreements if the property does not appraise for at least the value set out in the note purchase agreement, they do have a right to ask for payment of its costs, so no one should be encouraged to hold out the value to be higher than the current market value. Next the investor needs to see a standard note and mortgage reflecting the terms of the agreement. The buyers can sign and the copies can be kept in escrow pending the investor’s approval. If the investor does not approve the purchase, then the seller could refuse to close if the contract makes the sale of the property contingent upon the sale of the note. Remember, the investor’s assessment is based on three areas: the paper, the people (the buyer) or the property. The investor’s next step is to order the lender’s title policy, if it’s not already in place. The lender’s title policy is the one item that the seller must pay for, and which is deducted from the quoted price. After the investor has checked the credit of the payor (the people), approved the forms, including the insurance certificates and the lender’s title policy (the paper) and approved the appraisals or BPO’s (the property), the investor is ready to close. Sometimes the entire process can be completed in less than one week; typically it might take 15 – 30 days.

8. How does the closing proceed? The seller can select their own escrow agent (a title company or an attorney) and does pay for that cost, or some investors provide a free escrow service. Funds are wired to the closing agent according to the agreements; the mortgage broker’s fee is typically wired to the broker.


For more information contact us at info@NationalNoteAssociation.com

Divina K. Westerfield, JD, is the Manager of Private Mortgage Association, Inc. (http://www.privatemortgageassociation.com/ ) She oversees its investment in owner-financed notes. Dr. Westerfield is active in residential and commercial real estate investing and has worked in the banking industry since 1984. At that time, she represented international banking interests while residing in Riyadh, Saudi Arabia and working as an attorney for the largest law firm in the Middle East. Contact her at Manager@PrivateMortgageAssociation.com or 1-800.527-1938.

Saturday, October 20, 2007

REO, Non-Performing, and Performing Portfolios

The "big deal" right now is matching up big buyers with big sellers. What do I mean by "big?" In this particular case its buyers that want $10 million portfolios of REOs, non-performing notes, and/or performing notes in weekly stages, up to over $1 billion dollars. Makes your head spin doesn't it! The key is finding the direct buyer and finding the direct seller. WE HAVE FOUND BOTH. We have direct connections to many banks and funds that have REOs, non-performing and performing notes available.


The non-performing notes are the cheapest, because they have yet to incur the cost of bankruptcy and are still tangled up with a sometimes messy borrower. Yes, in some cases the payor has said they will sign a deed in lieu of foreclosure, but when asked to do so, there is no promise they will if they know they can live there paying only the utilities until after the foreclosure and an eviction takes place. In fact, as a practicing attorney I told my clients to stay as long as possible because it was free rent and they could save up the difference for the move. Most had already declared bankrupcy, so they weren't incurring more personal costs to stay there for free. If a deed in lieu of foreclosure is not signed by the owner, then foreclosure is required and that can be a 2 - 6 month process in many states. Because there is a time element with non-performing notes, they can be purchased in large increments at a low 17 - 35% LTV with 3 points based on face value. That's quite a buy for the fund which can cover the costs of foreclosure, renovations and holding until resale.


Portfolio orders can be narrowed to certain areas of the United States (i.e. coastal states, New York City, rust belt, etc.). About 3 - 5 days after a letter of intent is delivered and proof of funds is provided, the investor will be provided a spreadsheet of assets to review and have a brief due diligence period. HOWEVER because there is constant bidding on these packages, UNLESS/UNTIL a deposit is made, the portfolio is first contract to purchase wins. Closing is usually very quick - be prepared to use the funds you've shown because portfolios have a short time fuse for closing.


REOs is the next type of portfolio, with a higher LTVs since the foreclosure or deed in lieu of foreclosure have been completed. REO packages are coming out in the 35 - 65% LTV range, again with 3 points of face value. The REO package can also be narrowed to specific geographic locations.


The performing note market usually has the highest LTV and is in a very competitive market, as both institutions and private note buyers wish to invest in these instruments. Remember, these are first position notes, as the knowledgeable investor usually won't touch a second, unless the CLTV is 80% or less. In this credit crunch, institutional note buyers have tightened their funding requirements and are insisting that the mid-credit scores be above 600. Private investors may be a bit more lenient based on the entire credit report history, since medical bills and student loans can decrease credit scores, but may not be detrimental to the payor's ability to make their house paymetn. The sale of a subprime (below 600) note to institutions may be possible when seasoning has occurred, i.e. after 6 months to a year of payment.


If these sound attractive to you but you may not wish to get $10 million packages, the alternative is to invest in a fund that is purchasing these packages. Private Mortgage Association (http://www.privatemortgageassociation.com/) does have a new fund opening for just this type of accredited investor: interested in the foreclosure market, but not wanting a hands-on management of the assets. If you are an accredited investor (see the PMA website to determine if you qualify) ask for a copy of our offering memorandum when it is available to determine whether this will meet your investment needs.

Thursday, September 13, 2007

How Mortgage Brokers Can Broker Mortgage Notes

Scotsman Guide's November issue will feature an article submitted by Private Mortgage Association, Inc. (National Note Association, Inc.'s affiliate company) on how mortgage brokers can broker mortgage notes and earn a commission. Don't miss this issue.

Local Mortgage Foreclosure Rates and Sub-Prime Loan Issues

This article was submitted to the Community Action Agency Board of Sarasota County:

Statistics speak volumes in understanding the foreclosure rates in the Sarasota – Manatee area.

Foreclosures 1/1/2006 – 9/10/2006: 716
Foreclosures 1/1/2007 – 9/10/2007: 2560
Percentage Increase 357%

Sadly, the news is likely to get worse, as lenders are letting loans go longer in default before the Lis Pendens is filed with the Court commencing the foreclosure case. Lenders have delayed foreclosure in some cases because of the accompanying FDIC requirement that such loss be adequately reflected in reserves. While speculative, it is estimated that foreclosures will increase in the next 6 – 12 months as lenders have no option but to pursue foreclosure.

The Sarasota market was most greatly affected by the pyramid of growth in housing prices that occurred between 2001 and 2006. Investors rushed into the area because of the 23%+ housing cost growth rate, buying and selling properties in a virtual frenzy. But like most pyramids, the pinnacle is reached and those left holding at the top are now suffering the consequence. Although unable to find quantitative data, many of the foreclosures now reflect those investors’ losses. Many investors left holding have decided not to spend more money in holding cost when they found themselves unable to resale or lease the property. They have good credit, but make the business/investment decision not to continue to feed a now bad investment. Some of the foreclosures reflect the problem of adjustable rate mortgages now increasing. And some also reflect the kick-in of the higher property taxes after the first year of purchase. And more sadly, some of the foreclosures reflect a reduced job market when building industry jobs, such as Realtors, mortgage brokers, construction workers, and property service-oriented jobs had to be cut. Those families now struggle with the ramifications of re-education and re-employment in perhaps lower paying job sectors. Unable to sustain mortgages based on former pay, they must let go and find rental housing, return North, or find family or government support.

The world credit markets are reflecting these same concerns. Since August 8, 2007 world financial markets have been pumped with more than US$400 Billion of liquidity to prevent the collapse of world markets. In the United States, this infusion of capital is the Feds’ first since September 11, 2001. Half of the amount is from the European Central Bank, reflecting the fact this issue is not confined to the United States. The concern is that even if this artificial infusion of cash succeeds in calming the markets, will it have any long term effects on the economy? In other words are we just postponing the inevitable recessionary spiral?

Bill Jamieson of Scotsman’s Guide (the professional bible of the mortgage industry) commented that “Estimates of losses on poor quality (sub-prime loans) now stand, on Bernanke’s own reckoning, at $100bn. Other estimates range up to $300bn. And the shock waves have extended to giant Wall Street investment firms such as Goldman Sachs, which announced last week that it was pumping $2bn into one of its struggling hedge funds.”

Jamieson continued, “The worry is that it appears to let the wild hedge funds and leveraged private equity promoters off the hook while keeping the screws on US households and consumer lending and spending.” (emphasis added). In other words, there is a “too big to fail mentality” and some companies have deftly used infusions of capital to create insider-trading-like bailouts. The latest example is the $2bn bailout of Countrywide by Bank of America. Countrywide was priced at $15 per share, yet after the bailout shares jumped more than 20% in “after-hours” trading. Who gets to trade during “after-hours” time period? The big banks like Bank of America, of course. Further, one needs to consider whether Bank of America was encouraged or even given concessions by the Fed to make this infusion.

There are also serious allegations that hedge funds that were purchasing subprime mortgages, did not properly disclose the risks of such investments. Hedge funds operated by Goldman Sachs that purchased subprime mortgages, which would generally be seen as a much higher risk investment, were rated high in comparison to the investments made by the fund. So the ratings process is now being called into question, and investigations are being called for to determine whether collusion existed by the rating company and the hedge fund managers.

The effect of the large bail-outs and the ensuing turmoil has left the normal lender skittish about extending additional credit, even to prime customers. Prime customers with credit scores above 600 will have to jump through more hoops, while any jumbo loans above the $417,000 limit for automatic purchase, will have characteristics of subprime mortgages due to the apparent additional risk exposure.

The subprime customers will have basically three choices: 1) unaffordable conventional financing, which is likely to price most borrowers out of the market because of the higher expectation of yield, 2) a return to seller carry-back financing, or 3) no purchase at all and an overall failure of the American dream. Subprime borrowers will generally not qualify to purchase a home under FHA guidelines because of past credit history requirements, including issues of bankruptcy, late payments, foreclosures, collection, judgments and Federal debts such as for tax liens or student loans.

In an informal survey of owner-carry back note payors, the inability to pay medical bills is the largest reason why a person has become subprime (letting a credit score fall below 600). If an American falls ill or a family member falls ill, and neither has sufficient or health insurance, it is very likely that they will join the ranks of the subprime payors. In order to repair the system, one may need to look at what is reported on credit reports. Should we always judge a person’s ability to pay based on their ability to pay for medical bills? Should medical bills be considered an off-credit report liability? Further, if the subprime person has been paying his/her rent and utilities on time, should not the credit bureaus be REQUIRED to report that good payment behavior to offset the those creditors that do report?

As for the Florida market, noted Economist Hank Fishkind, stated that he believes “the market reached a bottom a few months ago.” Fishkind based his statement on treads in real estate statistical releases, stating that “things may not be great but there’s also no indication that they’re getting worse.” The press release issued by the Florida Association of Realtors, who obviously hired Fishkind to give his expert opinion, continued by stating, “Fishkind does not believe Florida home prices will decline any further over the next 18 to 36 months, but he does expect them to remain generally flat, depending on where they’re located in the state.” Note that the press release was only dated 2007 and it is not apparent if the recent Fed activity since August 8, 2007 has been accounted for in his statements.

I disagree with Fishkind’s assessment based on the problems facing the mortgage and lending markets, and the further destabilizing effect this will have on the financing of property purchases. I believe the Gulf Coast’s already stagnant market is likely to remain so for quite some time. With the average sales price of a residential property in Sarasota County in July 2007 at $436,907 (down from $461,533 in July 2006) and with Sarasota’s FHA Lending Limit at $336,100 for a single family home, it is unlikely that the median market will pick-up under current lending limitations.

While some argue that baby boomers will continue to retire and move to Florida, these are the same baby boomers that may have experienced the financially crushing blows of uninsured medical costs, additional inflationary costs compared to their retirement income, and the general uneasiness of the economy. Many, in fact, are now strapped with the problem of assisting their adult children and grandchildren afford today’s burdensome cost of living, particularly in light of the fact that those born in 1960 or younger will likely not have pensions, retirement funds or the luxury of medical insurance as companies have cut these benefits to the bone in many cases. Many baby boomers may find it hard to retire in Florida when their own family is in such a state of financial hardship.

In addition to the credit markets, Sarasota County’s employment figures are not positive. According to the Sarasota County Economic Report, June 2007 based on federal and state government sources including the Bureau of Labor Statistics, Bureau of Economic Analysis, census Bureau, Office of Federal Housing Enterprise Oversight, and the Florida Agency for Workforce Innovation, the Report states:
“Wages are still well below other regions and the nation, yet slowly continue to gain ground on state and national averages. In 2002, the average county wage was 78% of the US average, and in 2005 the average wage was 86% of the US average. Given high housing costs and a low unemployment rate, wage pressures can be a challenge to the region that is trying to attract quality jobs and traded sector industries.”
The Report compared 6 metropolitan regions on “Housing Wage Ratios” (including Sarasota-Bradenton-Venice, Atlanta, Austin, Raleigh, Miami-Ft. Lauderdale, and Tucson) and found that the, “Sarasota-Bradenton region had the lowest average wage, yet the second highest housing cost. This combination of low wages and high home prices gave the region one of the highest housing-wage ratios (the ratio of average homes price divided by annual wage).” In fact, the table provided by the report indicated that the index was almost four (4) points higher than that of a similar community. Lower wages generally means a lower ability to pay for housing, thus further complicating the already complicated Sarasota housing market.

Finally, the upper-end market [non-conforming mortgages defined as “a mortgage that do not meet the purchase requirements of the two Federal agencies, Fannie Mae and Freddie Mac, because it is too large or for other reasons such as poor credit or inadequate documentation.” ] which includes those homes above $417,000 will be dampened by the layers of additional lender requirements and higher rates for jumbo loans that were not seen in the past several years. Fewer funds (insurance companies and other institutions) are willing to stake their investments in real estate-backed securities in light of the recent credit market fall-out.

In summary, I believe Sarasota County will likely see a long period of adjustment in the housing market. Unless state or Federal intervention assists those in greatest need, the market is likely to take 3 to 5 years to recover. As members of the Community Action Agency Board we should question how a person becomes a subprime borrower, whether adjustments in the credit reporting system should be sought, and what can be done to educate borrowers about credit use. Additional funds should be used to entice businesses with higher wages to locate in Sarasota County. Industries such as the tech, financial, educational, or publishing would fit well into the Sarasota community.



Submitted by Divina K. Westerfield, JD, September 13, 2007
If you have any questions please contact her at info@NationalNoteAssociation.com or 941-922-6000.

Sunday, August 5, 2007

FREE Broker Training Classes Offered

Tele-clinic: How to Find, Broker & Invest in Real Estate Notes

The secondary mission of National Note Association (our primary mission is to buy and sell mortgage notes) was to "pay it forward" by providing support and advice to both the start up note broker and those interested in investing in notes. NNA desires to serve both of these communities by providing education and guidance.


Private mortgages are valued in the billions in the United States. When we compare the private mortgage industry with the “public” mortgage industry we look at the figures provided by two government-sponsored organizations: the Federal Mortgage Association (Fannie Mae) and the Federal Home Mortgage Loan Corporation (Freddie Mac). These two enterprises account for almost half of the $8 trillion outstanding U.S. home mortgages. When people ask us whether there is room in the industry for more real estate note brokers or real estate note investors, we have to ask, why not?



Join us for our FREE Tele-clinic™ on how to find, broker and invest in real estate notes and other cash flow streams.


Class Time: 10:00 p.m. Eastern, 9:00 p.m. Central; 8:00 p.m. Mountain; 7:00 p.m. Pacific


BONUS: Those who attend all 8 weeks of our Tele-clinics™ are eligible for 6 months of free email NNA note coaching. There will also be a weekly bonus for those in attendance each week.


Tuesday, September 11, 2007, Week 1: Time Value of Money – calculating present value on cash flows (we recommend having access to a financial calculator or TValue software). We'll quickly move into calculating discounts and yields for your investors for private notes.
BONUS: Those in attendance will receive a $10 off coupon code for TValue software.


Tuesday, September 18, 2007, Week 2: Packaging Your Note: don't be afraid to interview the note holder to obtain all the necessary information.
BONUS: Those in attendance will receive a “cheat sheet” with hints on how to quickly make an offer for a note without even pulling out your calculator.


Tuesday, September 25, 2007, Week 3: Qualifying a Note: Credit Scores, Seasoning, LTV, and Other Indications of Value.
BONUS: Those in attendance will receive a list of national sources for determining 1) value, 2) credit, 3) title and 4) other resources for qualifying a note.


Tuesday, October 2, 2007, Week 4: Forms – documents that will protect your labor. Suggested forms will be emailed to those in attendance.
BONUS: Those in attendance will receive a selection of forms recommended for your note brokering business in Microsoft Word format.


Tuesday, October 9, 2007, Week 5: Business Presence and Business Credit – how to not look like an amateur, establish liability protection, and develop business credit.
BONUS: Those in attendance will receive a copy of the “Building a Business Presence and Business Credit” chapter of our soon to be published book, “The Art of Money.”


Tuesday, October 16, 2007, Week 6: Finding Notes – marketing and with or without cash resources.
BONUS: Those in attendance will receive a list of note sources, including a point and click spreadsheet of URL’s where notes can be found.


Tuesday, October 23, 2007, Week 7: Negotiating and Contracting with the Note Holder.
BONUS: Those in attendance will receive a sample marketing materials that can be used in your marketing campaigns to find Note Holders.


Tuesday, October 30, 2007, Week 8: Negotiating and Contracting with the Investor.
BONUS: Those in attendance will receive a $200 bonus for the first note closed with National Note Association, Inc.


Join us for as many Tele-clinics™ as you wish or mid-course (however if you miss a Tele-clinic™, we won’t recover the same thing; you’ll have to catch it the next sessions.)


After registration, each Tuesday morning you will be emailed the telephone number for that Week’s course. If possible, we may incorporate a web presentation for those of you able to simultaneously talk on the phone and get on the Internet.



For more information go to our website at http://www.nationalnoteassociation.com/ .

Saturday, April 28, 2007

Welcome to National Note Assocation

I want to welcome everyone to the National Note Association, particularly new note brokers. Remember this is a new part of our website and presently having a small office we will build and grow with time. Its the beginning of the beginning. We want to provide information but at the same time we have a busy office buying and selling notes. We're not selling INFORMATION to make a living, we are buying and selling notes - just what we want to train others to be.

Why do we want to train others? Because we know most of you cannot buy and sell notes full-time; and truthfully its a full time commitment. If you still want to buy and sell notes and cannot make a full time commitment, we can step in and be your partner. We can answer phones, we can talk to your leads, we can create contracts, and we'll make sure the note gets to closing. For our service we will either split the profit for your leads or we give you a quote and you create your own margin. We can work with you so that its a win-win situation.

If you have more questions about our brokering program, please let us know at info@nationalnoteassociation.com.

Please be sure to read the Expert Forum Board and the Note Broker Board for more information as well. Remember we buy notes, we sell notes, we train broker.

Divina K. Westerfield, JD, V.P.
www.NationalNoteAssociation.com
info@NationalNoteAssociation.com