Almost two years into the note journey
Almost two years ago I began my note journey and I was amazed when investors shared the size of their portfolio and the number of joint venture partners they had, and that helped me shape a goal for my note business.
A little while ago I wrote about my journey from one to fifteen notes. The journey from 15 to 25 has been a lot quicker as we bought a pool of six notes, and we are now actively looking to buy more pools.
Touching peoples lives
The most satisfying aspect of our journey so far has been touching peoples lives and being involved in so many different scenarios. We’ve had:
- Thankful borrowers for letting them release a mortgage and move forward with their life.
- Thankful borrowers for working with them to keep their home.
- Borrowers that avoided contact and left their house in perfect and clean shape.
- Thankful borrowers that were looking to move to a new stage of their life after a divorce but that were tied to a property and a mortgage they could not get out of until we came into their lives.
- Borrowers that were reluctant to pay because their account was not set up properly.
- A deceased borrower with no heirs interested in the property.
- People that could not afford their home, but did not want to move forward.
- New investors that want to learn the note business and needed an experienced party to hold the wheel.
- Investors that wanted to join the game, but later decided to keep at their own game and let us handle the note part of their portfolio.
- Fellow investors looking to make their IRA funds.
Challenge in growth
Other aspects of the business have been challenging, and I always welcome challenge. Growing a business is a balancing act that requires lots of thought and self-discipline.
Our main goal is to achieve an objective and to achieve that objective we need to acquire 100 notes during this year. To acquire 100 notes we need to ramp up acquisitions, but we cannot forgo our due diligence process or any other process because skipping processes will inevitably lead us to mistakes, and that will get us further away from our main goal.
To buy bigger pools and more assets we need to work with more joint venture partners, but a note investment is a relationship from 4 to 18 months, sometimes maybe more, and you have to choose carefully with whom you would like to be in a relationship for better or worst for that long, therefore we cant forgo our process to form partnerships either.
And now the journey to our next milestone is on. Soon enough I will post about our journey to 50 notes.