Selling & Buying Reperformers
36:56 · 2018
It is good to be back in Austin after being out of town for the last couple of days. I was actually up in an uncharted territory for myself. I was actually up in the Greater Cincinnati area for the first time speaking at the Ohio REIA Expo put on by Vena Jones-Cox, the real estate goddess. It was a really nice event. They had 540 attendees throughout Thursday, Friday, Saturday and Sunday. Talk about an expo; they go from early morning, like 8:00 in the morning to sometimes people network until midnight. They had VIP receptions. They had a banquet. They had a panel that I as on. Don’t get me wrong, I always enjoy speaking, I actually have really nice speaking spots and the room for full both times, great audience. It’s always nice to run into your peers, and by peers I mean fellow speakers, people that I admire, and get to hang out with them. It was really nice getting some nice compliments. It turns out with what we’ve been doing the last year, we actually have a lot of envious people who love the fact that we no longer have our road warriors for the most part. Don’t get me wrong, I still travel quite a bit but it’s really nice when you work on something, you go against the grain and it works out. Then the people that you respect respect you for what you’re doing as far as doing all the online stuff that we do and all our marketing. Sometimes I think we get a little over carried away with a little bit but then people are like, “No, you guys are rocking, kicking butt and taking names.” That’s always a really good thing.
Today’s topic is something that I think a lot of people have a lot of interest in who’s in the buying and selling of re-performing notes. I’ve seen a lot of questions on Facebook, on LinkedIn, in my email about, “Somebody’s offering up some re-performing loans or performing loans. Where should we bid at? What should we buy at? Can I resell this note in twelve months?” I thought I’d take some time to go through that. I don’t necessarily focus on performing notes. My goal is to get our non-performing to re-performing and then hold on to it for a while, twelve to eighteen months of performance and then sell that note off.