Real Estate Investment

Archive for May, 2008

When a private mortgage investor calls a private mortgage notes holder, he or she would like to hear either Yes or Maybe. Yes is the best answer from a private mortgage notes lender but maybe is not bad either.

If maybe is the answer from the private mortgage notes lender, it is often followed by:

“how much are you willing to pay?”

In this Maybe case, the private mortgage investor should answer the question by saying:

“Great, let me confirm the information I saw at the courthouse”

Then the private mortgage investor should go through the list of things he or she wrote down about the private mortgage and the Real Estate property from the courthouse. Then the private mortgage investor should say:

“Let me talk to my partner about this and I will get back to you in the next forty eight hours with an offer. If that fair enough?”

Then the private mortgage investor should get off the phone immediately.

Contact private mortgage buyers

After the private mortgage investor talked with the private mortgage notes lender, he or she should contact private mortgage buyers to see what they offer for the private mortgage.

When a Real Estate investor calls on a private mortgage lender, most of the time, the lender is likely to refuse to sell his/her private mortgage notes. When the private mortgage lender is not willing to sell the notes, it does not yet mean that there is no deal.

How to respond to private mortgage lenders not willing to sell?

If someone says no to you, what should be your response? Response to no comes in many forms. But, in the case of private mortgage investors, if a private mortgage notes lender says no to the investor, the response to no should be:

“may I leave my name and phone number with you should your circumstances change in the future?”

This response to No is also popular in the sales professions. If someone is not interested right now, maybe he or she will be interested sometimes in the future. It does not hurt to just leave your details with them. Sales professionals learn early on that no does not always mean no.

It just means ‘not right now’. No can also imply an invitation to explain more. Nice sales people learn to read the body language and the tone of voice to decide when to keep talking and when not to.

Retain the information on private mortgage notes lenders who say no

When a private mortgage notes lender says no to a private mortgage investor, it is not a total lost. The private mortgage investor should retain the information on the private mortgage notes lender who says no now. The private mortgage investor can stay in touch with the private mortgage notes lender. He or she can even contact the private mortgage notes lender every few months with a postcard.

While on the phone with the private mortgage notes lender, the private mortgage investor can even ask if he or she could keep in touch with the private mortgage notes lender in case his or her situation changes.