NoteExpo 2020 - Building a Successful Mortgage Note Business
https://noteexpo.com/
"The reason I keep attending NoteExpo year after year is the quality of attendees, and lack of sales pitches. There is a genuine atmosphere of shared success and continuing education at these events. It is great that NoteSchool continues to add value for its students, and the public, without asking for additional money while leaving the "gurus" and salesman at home."
Kevin Moen,
Note Investor in Seattle, WA
Distressed debt is the hottest niche in real estate investing. And NoteExpo has one goal…to help you capitalize on it now while the opportunity is at its peak.
The first annual NoteExpo was launched to fill a void in the Note Industry. Even though note investing events have proliferated over the past few years, we hear from our clients that they want one big event that combines education, networking, a vendor exhibition area of the highest quality, and they want it to be run as professionally as you run your business, including a premium venue, sessions that start and stop on time, and an atmosphere where guests aren’t subjected to nonstop sales pitches.
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Brian Lauchner (00:01):
Welcome, Welcome, welcome! Wherever you are in the world. Welcome back to NoteSchool TV. We are once again, as always, we are live here on Wednesday. We will planning on being live every Wednesday at 11:00 AM central time. And so I want to first just simply say, thanks for coming in today. Secondly, I'd like to go ahead and just encourage you. If this is quality content that we're trying to bring to you every single week, I really would love to ask you to simply like our YouTube channel, subscribe to the channel. And probably most importantly, because this is a live show. I want you to click the bell notification to actually get the notification so that, you know, when we're coming live, you'll get the notification. You'll be able to jump in and, and get the content. And that's important because this is a little bit of an interactive show.
Brian Lauchner (00:58):
We have the opportunity to where if you have questions, man, comments say hi, and if you've got some questions about what you're talking about, we could pop it up on the screen and be talking about it as we go through the show. So it's a really great opportunity to get some engagement and that kind of stuff. For those of you who are brand new to NoteSchool, the NoteSchool world, I'd love to encourage you to learn more at NoteSchool.com/TV. And you can discover a little bit more about the Note Business there, and we'll talk about that. But today we got to get into the show. We have a very full house today. I've got lots of friends with me. The first guy I want to introduce is Joe Varnadore a 30 year veteran in the Note Business.
Brian Lauchner (01:38):
And we've got a special treat because it's not just Joe. Joe has brought some other friends. We've got the one in the only Eddie Speed himself. And we also have Bob Repass who we're going to introduce. And so Joe, if you want to come up here on the screen, I'd love for you to just take it away. Tell us about who we got today and really what are we talking about today, Joe?
Joe Varnadore (01:58):
Very good. Thanks so much, Brian. So today we are going to be talking about our annual event, which is Note Expo, and we're going to go through, you know, all the different reasons that you know, what we're going to do with Note Expo, what you can expect, why you should be there, who should be there. And all of those things. We're going to answer all your questions about Note Expo. So Eddie, Bob, why don't we all kind of jump on here and let's just jump right into it, right? Hey Eddie, hey Bob.
Eddie Speed (02:30):
Hey Joe, how are you?
Bob Repass (02:32):
Good to see you, Joe.
Joe Varnadore (02:34):
You too guys. So, you know we probably should keep Brian on here with us because he's like a little younger version of the three of us, right?
Bob Repass (02:46):
I was thinking Joe, and when Brian said here's Joe with 30 years experience, and then I sort of admire Eddie's, let's just say we have over a hundred years on the screen here.
Brian Lauchner (02:56):
Yeah. Which is really, really great because what event that we've got coming up, it's going to take this kind of seasoning this kind of experience to bring some value to really the industry. And so why don't we just go ahead and jump in and Bob, why don't you kind of start by telling us a little bit about what Note Expo is, what people can expect and really why they should be joining us?
Bob Repass (03:17):
Sounds good, Brian. So this would be our seventh annual Note Expo and Eddie and I got together about seven years ago. And you know, we were talking about various events in the industry and we were like, we really need a marquee event. That will be the event of the year for the Note Industry. And we've been working hard over the last seven years, getting better and better each year with Note Expo. And for the past six years, the first weekend in November has been Note Expo live onstage.
Bob Repass (03:47):
And we've all been there with industry experts, tons of vendors and networking opportunities. This year, we're gonna have the exact same thing, except we're going to be virtual due to the 2020 pandemic that we've all been facing. So, Eddie and I have been working hard to put a quality schedule of speakers and lineup. We've got some great content provided. We're also are going to use some of this technology to have some interactiveness and some networking opportunities like a Virtual Happy Hour. So we're excited about that too. And we've got virtual exhibit booths for our sponsors and vendors where the audience will be able to go in and, and watch little videos and chat with them and download all the materials. So we're excited about the way that we've been able to leverage technology. And Eddie, why don't we kind of talk a little bit about the background of Note Expo and why we thought the industry really needed a meeting place at least once a year, we were the industry leaders, whether they're new to the business seasoned veterans, like we are but why we wanted to create an atmosphere for everybody to congregate once a year in November.
Eddie Speed (04:59):
Well, I think that was a great point Bob, you know one of the things that I realized is that along the way in that process, our industry needed to bring old dogs together. Like Bob and Joe and I, right? Who I met at an Industry Note Trade Show, 25 or 30 years ago. That's how we met.
Bob Repass (05:21):
Yep.
Eddie Speed (05:21):
And now all of a sudden, we've all been working together for years, but how that all kind of initially came together was exactly because of the fact that there was a networking opportunity to really get to know people and get to know what that was like. And I just felt like that there was a gap in the business to do that, and secondly, I felt like with our experience, we could have an influence with a lot of what I think were the most critical speakers. And so there's no one focus of Note Expo.
Eddie Speed (05:52):
We'll talk about how our real estate investor can utilize creative financing. We're going to talk about how you can buy defaulted loans. We're going to talk about how you can buy first liens and second liens. We're going to talk about how you can work with passive investors towards all of the things that I really believe are cogs in our wheel, we're bringing together people to really talk about their expertise and talk about their experiences. So I think Bob and I've always taken a lot of pride in Note Expo as far as the quality of the speakers and the range of the speakers level of experience and kind of their view of things. And we just feel the diversity is just something the industry really needed. So you know, that was a, this is a lot of work.
Eddie Speed (06:39):
I mean, Bob and his team they're really cool. They make me look good, but the truth of battery is behind the scenes. They work at this excessively for a long period of time. So you know, it's very enjoyable. It's a homecoming for all of us. And Joe and Bob and I, who have been in the industry obviously for years it's so fun to do it. And even this year with the virtual, I mean, we're, we hired a special vendor that's going to be able to do it in a way that's making it as engaging as it possibly can be. And I think you're going to be very excited about the way it's set up and how it's going to be able to be conveyed in a way that you're going to feel like you're, you have the opportunity to network and engage with vendors and, and other participants and stuff, and just a way that it's going to be very effective in doing it, and doing it virtually. So
Eddie Speed (07:35):
Go ahead Joe
Joe Varnadore (07:35):
Bob you I'll, let's talk about, who's going to be there in just a minute, but Eddie let's break this down a little more. You had said that, you know, we're going to talk about buying on terms and for our audience that, you know, is new to Notes here, you know, so what does that really mean? We'll talk about buying long terms.
Eddie Speed (07:54):
Well, buying on terms Joe, is where you would buy a piece of property yet get the seller to offer some seller financing to you. Now I didn't mean that they have to sell or finance the entire price of the property. Maybe you use some private money, maybe you take over an existing mortgage. And we're, I think we're really going to draw it down to a point of the real estate investing strategy that I think most real estate investors are leaving behind, which is, you know, the opportunity to really pay more for the property. And that didn't sound like a good deal, right? I'm going to pay more for it. Well, let's talk about how you're paying more for it. You're paying a higher price for the property, but you're also negotiating when you're paying for that property, right? You're paying for a property on today's price, but with tomorrow's dollars.
Eddie Speed (08:42):
And so there's a lot of opportunity in that. And that's obviously something that I have grown to have a real passion for. But we're going to have a wide variety of people. I was looking at our speaker layout and just all the crazy level of experience and vendors that do different things. I know Joe, you're interviewing a lot of people for Note Expo that are that really just really allow you to scale your business. Right? People say, how did Bob and Eddie run a shop and have thousands of assets under management and do it all in South Lake Texas, yet we have less assets in Texas, Bob than we do in the state of Ohio. How do we do that?
Bob Repass (09:31):
Yeah. Eddie I think that was an excellent point, and I wanted to piggyback on the comments you made a minute ago about the diversification that we're going to have in our lineup this year. About two years ago, we made a little tweak in our agenda where we added what we refer to as Note Talks, which is a take on the Ted Talk. And we would have folks from all across the industry, come on and take 10 to 12 minutes and tell their stories, motivational, inspirational, and educational. I mean, they covered all the topics and they would really get the the audience fired up. This year we've tweaked that a little bit as you kind of alluded to the four of us, Brian, Joe, Eddie and myself are interviewing one-on-one conversations with industry leaders for about 20 to 30 minutes. So we got about 15 of those that we are going to do.
Bob Repass (10:21):
So we've got folks from all parts. Folks that have their own capital funds, or accounting firm, some vendor services companies, people that are in different spaces. Like we talked about non-performing seconds, we talked about re-performing loans. So we've got a wide variety of folks that we are going to sit down and talk to, going to have conversations about regulations and regulatory relief. So we are going to cover the whole gamut through these interviews. So I, these one-on-one fireside chat type things are just going to be engaging where we sit down and just tell our story. And we're really looking forward to that. Eddie, We also have some main stage general presentations and one of your good friends, Matt Andrews is going to join us. And one thing we've always tried to do over the last six years at Note Expo, it's also bringing the, a entrepreneurial mindset and how we can always get the note investors, the real estate investors to think beyond just the day-to-day grind and how they can be motivated. So why don't you give us a little background on why you invited Matt to read with our keynote speakers this year?
Eddie Speed (11:33):
Matt is a friend of mine. He and I were in a Mastermind together for years and years and have been in other Masterminds together. And I so respect Matt because first of all, he just, it's just his outlook on life. And just the spirit of Matt and I've gotten to, he and I have actually had some products that we developed together, some training products and stuff, and just, I just really enjoy him. And so I was recently with Matt and we were talking about just kind of, I got a chance to kind of hear his heart. I know his heart, but I got to hear it again about you know, just really the camaraderie and working with other people in the business and what that really means. And to the point where I call him after we left and I said, Matt, I was really resonating on really what you were talking about as far as not looking at each other as competition, but looking at each other as opportunity because my whole life has been around networking with other people in the business.
Eddie Speed (12:37):
Bob and I were, Bob and I sat across the desk from each other for years and years, meaning he was an institutional investor and I was selling loans to him. Bob ran the biggest investment shops in the country that bought these notes. And so I was selling loans to him and Joe was my competition for years, right. Joe was, I was trading notes and he was trading notes, but yet we were buddies and we figured out a ways to do things together. So I, Matt is going to have a, just, I think, a killer presentation, that is really going to talk about the mindset and what that means. And I just think it was a good reminder for all of us and thought it would be something that our audience are really, really get a thrill out off. So you guys are going to enjoy my friend, Matt Andrews.
Joe Varnadore (13:22):
Yeah. And you know, he's a sharp young man. And then, you know, see another picture there on the screen that we've that's been in the business a long time and that's Melissa you know, she's one of the runs one of the biggest servicing shop, right? So not only are we going to have the insight, but the how to, right? How do you scale this business? You know, what does Bob do on a daily basis to manage, you know, a couple thousand notes? Right. So that's really, the depth of that is not just, you know, we want to get your mindset in the game. Right. And then, you know, understand the semantics of how it works, but then how do you make this something that you're not just buying another job, right?
Bob Repass (14:07):
Yeah, absolutely. And, you know, I think pointing out some of these speakers and the vendors and sponsors that are going to be there, that you can get plugged into to help you scale that business, to get you the boots on the ground. So you don't have to be the one, like you said, Joe, having a job all the time, you're able to outsource that. Whether it's an accounting piece, whether it's asset management, whether it's default management, whether it's due diligence, we've got folks that have been in this business a short period of time, and we've got folks that have been in this business as long as we have. So and as Eddie mentioned earlier you know, we've all known each other from various events in the past.
Bob Repass (14:48):
And we've either worked together as counter parties or sometimes as friendly competition. Cause you've mentioned Melissa from Allied. Well, I used to work with Melissa back in the nineties while we were all at Metropolitan Mortgage, along with Fred and Tracey Ruby, who will also be there. So we were all co-workers at one point in time. So this industry is a small network in some regards. But where our efforts at Note Expo is to give people access to that network and to expand that network. So I'm super excited and Eddie, we've got some great sponsors this year again, and you know, I just a real quick shout out to, to some of them and I may not get all of them, but Eddie mentioned how hard our team works behind the scenes to get things going and even doing it virtually, it takes the whole industry coming together.
Bob Repass (15:43):
And we really appreciate the support of some of these sponsors and vendors. We have obviously NoteSchool and NotesDirect are the host sponsors again this year, but the Mile Marker Club, FCI Lender Services, Allied Servicing, and Essence Servicing, they have been huge. Quest Trust Company is back on board with us again this year. First National Acceptance Corporation Jeff Spiegel and Spiegel Accountancy. They are been huge for us year in, year out. We do appreciate that. We've got Paper Stack back again this year, along with Follow Financial and Revolve Capital. So we've got a great lineup. And as I mentioned earlier, each one of these will have a virtual exhibit booths, where you'll be able to go in and chat live with the members of their team, ask questions, get information from them, set up appointments, so you're able to visit with them and see how their services may be able to help you in the future. One of the presentations, Eddie that I'm excited about is our friend, Jeff Watson is going to come on a main stage and he's going to talk about he's really a whiz in how to invest with your self-directed IRA. So that's going to be a little bit of a twist there. And I think Jeff will, he always has the audience in his hands when he's up on stage
Eddie Speed (17:13):
He's a very seasoned investor anybody's imagined or measure. And that'll be a great presentation. You know, I was looking in just sort of preparing for our meeting today. I was just looking back through our list of speakers and just like we've scrolled here on the screen. And you know, if experience matters, if like being out there and doing this business and being relevant to the components of the business, I don't think we could've done a better job at picking a group of speakers. And I love this new format that we have this sort of interview style format. So as the guys, the four guys here that'll be doing a lot of the interviewing, we'll try to draw out and think of special questions and circumstances that I think will help you as the attendee get their best expertise and what that's gonna look like. So that's really going to be fun.
Joe Varnadore (18:15):
And, you know, Eddie, one of the things that, you know, we talk about, you know, the four of us when we're talking and trying to understand who our audience is, right? So you mentioned this before, right? There's folks that are brand new in the business, right? The newbies and there's the, you know, the old dog's gotta kind of speaking. So three of the things that a lot of people have when they are looking to start out in the Note Business is like, okay, inventory capital and scaling the business. And those are three of the things that we're going to be focusing on as well at this at Note Expo, the two days that we're going to be inside of Note Expo. Right?
Eddie Speed (18:56):
Well, I think you know, scaling the business and really being able to do it virtually is, the magic of the Note Business.
Joe Varnadore (19:05):
Right.
Eddie Speed (19:05):
You know, I mean, the one single thing I would say is that we, I think live this in our fund every day. And the fact that we own a lot more assets that are farther than 800 miles away from us that are closer than 800 miles to us, right? And 800 miles a long way. But I mean, we do this every day and we're, I think the vendors and how the business really works, I think it will be enlightening for a newer person coming to the business. Like, can you really do this remote and can get in Bob and Eddie, sit there in an office in South Lake, Texas, and yet own assets and what Bob 36 States.
Bob Repass (19:48):
It is the business that you can do pretty much from anywhere. And just to give our audience just a little idea, Eddie, I wanted to kind of tie this in, before we wrap up here is one thing that year in year out, folks always come back and say that they really enjoyed hearing where some of the personal stories. And I know we're going to get into some of the personal stuffs during our, our interviews, but once again, this year Eddie, your wife, Martha is going to come on and she's going to do a presentation to kickoff day two. And she's going to go through and tell her story and her legacy and the family and stuff. And you know, I just, I think that really resonates with the audience. I know there'll be some good education and things that we dive deep into. But sometimes these stories about when you see somebody on stage that, Hey, that could be me. You know, I can do that too. And I just think sharing those stories. And I don't know if you can give us just a little bit of a tease on what Martha's going to cover, but I know the audience always loves to hear from her.
Eddie Speed (20:54):
So what Martha's going to do is really relate to how to speak to private money, because when Martha buys a deal in one of our retirement accounts, and she sells a partial, she buys the whole note, sells running cash flow, which recapitalize is our retirement account. Right? So when she does that, she does that exclusively with passive investors pretty much Burnt Out Landlords, right? That's pretty much the audience. And so she's gonna like show the audience exactly how you would speak to the passive investor, what they want, what it, why it matters to them. And I will tell you that every time somebody becomes exposed to the note opportunities, inevitably, they all say the same thing almost every time, where do I find this long-term low cost capital, right? Anybody can go, you can go to the real estate investment club and go find the expensive money.
Eddie Speed (21:59):
Right. Joe? anybody can.
Joe Varnadore (22:01):
That's exactly right.
Eddie Speed (22:02):
But the real money, the real deal is to find inexpensive money. And so Martha is going to like, right? She has really worked at this presentation to like, show the audience exactly how she presents to inexpensive private capital, what do they want? What's important to them. And so I'm excited about it as you can tell because that's something that I see her living and doing the side of the business every day, she doesn't work in operationally in the business that Bob and I do every day, or that Joe and Brian are involved in, she works more than just her own little business over there, just investing with, you know, retirement, various retirement accounts because we're of that age, but people forget, you can be, you know, I've done 20,000 partials before I ever did it in a retirement account. So you can certainly do it in your company or business. So there's going to be a number of speakers that are going to talk about what money wants, right? What does private capital uninvested funds, what are they looking for today? And Bob, you are one of our guys that is just always got great statistics. And I know that you monitor like how much cash America is sitting on. And you might talk about that for a minute because that's clearly going to be while we're trying to message the audience.
Bob Repass (23:24):
Well, let's just say it's a ton. Okay. It all starts with a T, That means it's trillions of dollars. People exited the stock market and they're sitting on the cash and they're waiting to see what opportunities come up, especially as we wrap up Q4 and then we enter into 2021. So private, passive investors are sitting on a ton of cash. And you know, one of their main goals is number one, preserving that capital and then their risk factor in how they can earn, you know, Hey yield, which as we've talked about in the past, Eddie now, I mean, the cost of capital is not what it used to be. Say two, three, five years ago. As a matter of fact, one of our main speakers, Ryan Parson he deals, he raises capital for our capital fund. And he deals with accredited passive investors.
Bob Repass (24:20):
And he's one of our large sponsors this year, his Mile Marker Club. And they're going to have a VIP happy hour for accredited investors at the end of the day on Friday. So if you're accredited investors, if you click that, when you register and fill out your profile, you'll be invited to a private reception with Ryan and his team. And Eddie, we've known Ryan for years. He started with you back probably 10 plus years ago and developed himself into a fund manager and a wealth of knowledge for the high net worth individuals.
Eddie Speed (25:01):
Well, I was just going to say one thing about Ryan, and I think the perspective that I think he brings to the audience, it's so cool that Ryan really you know, he was a fix and flip guy. He was a full-time financial planner kind of in the wealth management space. And then he came and got involved in notes with us at NoteSchool. And just really has taken it to a different level, his, I think his average net worth of his high end member of mile marker club, the average net worth is over like 7 million bucks. So he definitely deals with people with a lot of money and are trying to figure out how they're going to do the business the most effective way. So I think there's his perspective and kind of understanding what private capital wants, like what makes them comfortable, right. And by the way, hint, hint, it's not yield right, Bob, it's not yield.
Bob Repass (25:57):
No, it's not, it's not, that's a great point. So I just want to, before we wrap up here and I know Brian's going to wrap us up. Yeah, Note Expo is November 6th and seventh, right? It's that NoteExpo.com. It starts at 9:00 AM central time. It runs about five 30, six o'clock each night. So if you guys would go to NoteExpo.com and register, that would be awesome. And you can use the promo code virtual and get a little discount on that registration. So we appreciate that. And Joe, thank you for having me on NoteSchool TV this week.
Joe Varnadore (26:33):
And just one thing here is, as we do we're going to flip it over to you Brian here in just a second, but so we're not only going to talk about how did we end up 2020, but Eddie, you're going to bring kind of the vision in as to what your, you know, what you're not a crystal ball, but what your vision is of what's going to happen for 20, 21 as we start getting into that, right?
Eddie Speed (26:59):
I'm going to talk a lot about market conditions in a state of the industry. And I think we're going to tie together to first show people a clear business model that how they can apply the business slightly different maybe than they've done it in the past.
Joe Varnadore (27:12):
Very good.
Brian Lauchner (27:13):
That's great. So let me kind of wrap this up by saying this. It's obviously going to be an incredible event, amazing speakers, but let me say this, who is this event for? I want you to understand if you're brand new to the investing space, you're brand new to the NoteSpace. Maybe you're a seasoned investor. What I want you to know is this, this event is for everybody, whether you're active or you're passive, or you've got an existing business and you're working on scaling, or you're looking to raise capital, whatever it is, this event has something for you. And this is a very unique way to do an event. It's probably nothing you've ever seen before. This is not your standard go-to webinars, zoom type of event. This is absolutely going to be incredible. So I appreciate everybody for kind of joining me today.
Brian Lauchner (27:56):
And I will say this, there are two options before I tell you these two options. Again, I want to remind you to go ahead and subscribe to our YouTube channel, turn on the notifications. So you can participate in these live events every single week, every single Wednesday at 11:00 AM. And again, there are two options that you can go to a www.NoteSchool.com/TV, to learn a little bit more about what is NoteSchool? How do I get involved? How do I learn this stuff? How do I start taking action on some of these strategies, putting money in my pocket and really building my wealth. And then the other option, as Bob says, is go to NoteExpo.com and register for this event. It's going to be an absolutely incredible event that I think you're really, really going to like it's just going to be fantastic. So thank you once again for joining us here, live on NoteSchoolTV. I really appreciate you joining us today. I plan on seeing you next week as well, and so have a great week and we'll catch up next week.
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