Tracy Z (00:01):
Hello and welcome. This is Tracy Z. This is Fred Rewey.
We are here for a Note Investing 101. We're talking about how to start a thriving note business. Today we thought it'd be fun to walk through a day in the life of a note buyer. If you've been joining us on this site, these sessions, thank you. We've done several already. If you've missed them, make sure you go back and watch the replays because we talked a little bit about marketing and opportunities for profits. And today we want to talk about what you need to do. What a day in the life of a note investor looks like.
Fred Rewey (00:45):
We covered marketing and we're crunching numbers. That’s why we thought it'd be really good to do “A day in a life”.
Fred Rewey (00:51):
What does a typical day, from starting your business to working with investors, look like? Or what does a typical week look like? We're going to start right out of the gate by setting up the shop. Before we do that let’s put up a disclaimer. We're not attorneys. We are not giving you legal advice. We're not giving you tax advice. We're not pretending to be doctors on Facebook or LinkedIn or YouTube or wherever else we are.
Tracy Z (01:28):
Exactly. If you want to catch any of these, then please go to www.noteinvestor.com/101.
Tracy Z (01:35):
That’s noteinvestor.com/101 to receive notices when we go live and to watch any of the replays and other things we talk about here today.
Let’s start with setting up shop. I mean, that's kind of an obvious place. You only do this once, if you were just starting out in note investing, this would be where you would start.
Fred Rewey (01:55):
There are a couple things I think that you want to pay attention to. The most popular question is, do you have to set up an entire company for it? When I started a long time ago, I did not. I created a DBA. At a very minimum, I think you want some sort of entity. Yes, that can be you. And yes, you can be private, but if you're talking about running it as a business, I think it's good to have some sort of company name.
Fred Rewey (02:15):
Now whether you want an DBA, an S-corp, a C Corp or whatever, that's really between you and your tax accountant of how you think you should set that up. Just to put it out there a minimum of DBA doesn't cost much at all.
Tracy Z (02:25):
Most people eventually will form some sort of entity like an LLC or an S-corp board. Fred mentioned the C Corp, most common being the LLC. Most will do that eventually.There's some tax benefits and asset protection benefits. If you're buying and investing in notes and you're using your self directed IRA, then you'll be taking a name with your custodian for the benefit of your IRA trust. The reason we talk about this is we don't want people to get slowed down. If you're referring notes, you could refer a note as a person, as Fred mentioned, DBA - Doing Business As, and it would just get reported to you as income personally.
Tracy Z (03:06):
We just want to talk about some different opportunities there, but don't let it hold you back. Once you have your entity that you want to do business as, then think about what you want to get for a business address. You don't need to have a brick and mortar business, but it is good to have a business address because you want to be able to put that on your website. You want to be able to receive mail and most people don't want to use their own personal home. It's very acceptable to use a UPS store mailbox, or sometimes people use an executive suite. There's different opportunities there, but we do recommend getting some kind of address, even a PO box, that's not your personal address,
Fred Rewey (03:45):
I think you need to have a web presence. It's important. We talked about this in a previous episode, when we're looking for people or wanting to find credibility, if nothing else, and yes, websites can get you deals. Yes, you can put forms on there where they can submit deals to you. But a website's only as strong as your marketing out there. However, if you're doing any kind of marketing, if you're trying to get referrals or if you're trying to outbound to sellers, they're going to look through a website. They're going to turn to your website for information. If there's no information on there, that's a problem they're going to move on to somebody else. Basically you need to have a website. We call it a ‘brochure website’.
Fred Rewey (04:26):
If you just want a basic website that shows who you are, what you do, how to get a hold of you. You can certainly do that. There's nothing wrong with that. You can add on a few bells and whistles, but at a very minimum you’re setting up shop. You're a DBA or starting out just as yourself and flipping notes. You need to have a presence office-wise. Which is nothing more than a laptop. You don't have to have office spaces. As Tracy said, you're going to need an address to send mail, typically, not your own home. And you need to have a web presence.
Tracy Z (04:53):
You also need to have a phone number that you feel comfortable sharing. Some people use their cell phone number. You can also use a service like ringcentral.com. Which we've been using for 21 years. They have programs where they'll give you a business number. Then you can just have her being through to your cell phone.
I saw a question pop up. Somebody asked “Can I use an LLC that is not in the state I live in?”
When we get to that fine tuning of that question, we're going to say to refer to your legal counsel. But certainly there are people that have set up LLCs in different States from where they live. You just have to keep in mind, what's best for operating there and also for where you're going to buy the notes and transact the business.
Tracy Z (05:50):
I guess there's some benefits to certain States. They make it easier and less expensive to file an LLC. Definitely talk to somebody that's adept at that because there is a pretty reasonable amount of setup. Those are the main things that you need to do in setting up shop. There's one more thing you should check. That is where you're planning on doing business. There are laws that specifically relate to how you're operating and doing business. We want to make sure that if you're buying notes, collecting notes, and brokering notes, just do a double check on how your state treats that as well. Those are the things that you need to do for setting up shop.
Then you're ready to start marketing.
Fred Rewey (06:31):
Typically in a day, you're going to spend at least 70% of your business in marketing. It takes so long to analyze the deal. It takes so long to send the deal to somebody. To have it quoted or someone to close it for you. You're going to spend a lot of time marketing. As we talk about in the last episode, there's lots of different ways to market. You're probably going to have more than one method. We recommend that you at least have two. Sample If you're doing direct mail and maybe also do a referral. Online at the same time network meetings. Whatever it may be, you need to do methods of marketing probably.
Tracy Z (07:04):
Yes, I definitely agree. Don't try to do them all at the start. Maybe you will add additional ones later. As Fred mentioned, if you start with two, maybe three that’s where you are really focusing on. Maybe reverse ad marketing as well. Remember, we did that whole session on marketing. We went through the different varieties of marketing and that just of course tip of the iceberg, But those were the most common methods. So pick a couple, stick to them, get them up and operating and then slowly add in others as you go.
Fred Rewey (07:31):
How you pick which ones to do were based on budget and we did talk about that. If you go back to www.noteinvestor.com/101 and you sign up, you can get access to the previous one we did, which is on marketing, where we actually analyzed them. Like I said, budget also comes into play of how you're going to do your marketing. Also like I said before, you always needed to be marketing.
Tracy Z (07:52):
You absolutely do. Once you get that set up and it's a marketing machine that's happening. You may not spend 70% of your time marketing, but you definitely will be in. We still set aside a good part of our time marketing because you're always looking for deals, sources of inventory, unless you're going to the listing sites. Like we mentioned, if you were trying to shortcut all of those methodologies, marketing is super important.
Fred Rewey (08:20):
Let's talk about gathering information.
Tracy Z (08:22):
Yes. You've somebody contacting you or emailing you or submitting the worksheet online. This is where you've got to get some information to know what to do with the deal.
Fred Rewey (08:33):
The worksheet is probably one of my favorite things. It's evolved over the years, but it's not changed much. It's basically content about the deal. It has the information of who you are. If you're going to flip this on to somebody else, otherwise you're going to skip a lot of that. Then just talk about the property.
What it looks like, what type of property it is. Then you're going to historical information. That's talking about the data sale, the selling price, and the down payment. Remember when we talked about in the previous episode about working with sellers and things like that, you're going to fill out all that information. Whether you're going to buy the deal you need to know that information. Then if you're going to flip it onto a funder, then you absolutely need to have that information to find out how much a funder will pay for it.
Tracy Z (09:17):
That information is very important. Don’t go down that worksheet like a robot. This is an opportunity to really get to know the party, that's wanting to sell their note because they have a reason that they're doing that. This is your opportunity to build some rapport and really discuss the transactions. Don't ask the questions like it's some kind of interview process. They're really more conversational questions. You're trying to get to the crux of the matter. When you're dealing with what we call a mom and pop seller, or a seller finance has just done one or maybe two notes in their lifetime. You're trying to understand: what is their need? Are they wanting to solve a problem or they're trying to pay a bill. Maybe they want to move on to another investment and maybe they want to do something fun, like take a vacation or buy a boat. You're trying to understand what the need is because that will help you understand how to better serve them. How to meet that need and whether they need something like a full purchase. Or maybe they just need a partial purchase. When we went through profiting with notes and talked about the different opportunities, we looked at prop partials and fulls. This is the conversation where you'll see what option is going to best fit their needs.
Fred Rewey (10:25):
A lot of different ways to buy a note. I could look at any note and probably come up with 10 different ways to buy it. I would never offer that to someone trying to sell a note. “Hey, here's all 10 options”. It's like walking into a cheesecake factory. I'm completely confused. I don't know what to order. There's no way you can be good at cooking all of this stuff. So I'm just going to have a hamburger. One of the things you want to do is that you pick one or two ways to offer, to buy the note and you do that based on what their need is. That's what filling the worksheet is for me. That's what I love about the worksheet. Tracy knows this: I spent just as much time on the back of the worksheet as I did in the front of the worksheet.
Fred Rewey (10:59):
Now, if you've never seen the worksheet, there is not anything on the back. It's blank. I would just write down little notes. They were going to Disneyland. They wanted to buy a boat. They always wanted to go. They were going to sail on the key West, whatever it may be. I wrote down all those notes because they became important later when I went to make an offer.
You do need to know the need. You have a chance to build that rapport. You also have a chance to find out what the need is, why they're selling.
Tracy Z (11:39):
Once you've gathered the basic information, then you are ready to start doing some deal analysis. That's the next piece of what a day in the life of the note buyer looks like. The deal analysis is really doing some preliminary homework, the transaction. The first thing I like to do is just pull up Google and type in the address and just get a picture. Now I know that's not a current picture, but it gives me an idea for the property that is acting as security or collateral for the note. It also gives me an idea what the neighborhood looks like around it. The second thing I like to do is hop over to the County tax records. Fortunately, almost all counties are online now. You can type in the address and you can find out who the current owner is. When it lasts, how much taxes are and are those real estate taxes current? Because it's one of those things that if the buyer's in trouble or if they're having troubles keeping their real estate taxes current.
Fred Rewey (12:33):
I like to crunch the numbers. All that takes is basically a calculator. We have training where we actually went through all the numbers and showed you how to do it and stuff. You may want to get used to, take a course or take some videos on a financial calculator. It'll make you much more comfortable making offers. It's essential. If you're going to buy notes and hold them for yourself, you need to know what you're buying. You need to know. If you say, Hey, I want to earn a 12% yield on my money, on my investment. Then you need to know how to operate one of these. It's not that hard. I've said it a million times. I don't like math, but I like money. We've made it real easy. When we talk about how to work with calculators, a lot of people out there can know how to do it. So you definitely need to know the calculator.
Tracy Z (13:24):
The basic numbers we're looking at is how much equity does the buyer have. That's called LTV or Loan To Value. We're looking at what maximum investment we make. Investment to value compared to the property value. We want to see if the buyer's balance is what they currently owe the unpaid principal balance. We want to know if that matches up where it should be in the amortization schedule. Are they paying ahead or maybe they've gotten behind. Those are the things that we're looking at first. Then we can say, well, based on the property type, the equity, the terms of the note, we can see what we might pay for a yield. That's how we start doing our basic deal analysis. We also like to go online and do some basic comp analysis. Now, some people are in the real estate world.
Tracy Z (14:07):
They might have access to the MLS, the rest of us just starting out. They were going to go and look. Things like Zillow. We do Redfin. We've got a couple of different sites that we use for that as well, even just realtor.com. The thing there though is we know that those aren't set in stone values, but we're trying to get an approximation of what things are selling for what supply and demand is. Because later in our formal due diligence, then we'll get a true broker's price opinion of BPO to substantiate it. Right now, we're just trying to get a basic idea. And at this stage, in this gathering information, deal analysis stage, then we also are going to want copies of the documents.
Fred Rewey (14:57):
We are. I want to say right here is a good dividing area because you may not be crunching the numbers. So I want to be very clear about this. If you are going to just flip the notes and I think it's good, by the way, for everybody to learn how to crunch the numbers, no matter what, but if you find a deal, there are always people that will crunch numbers. We do it for our members. We know funders on funding deals. At the very basic there's a split here. If you're flipping the note and you fill out that worksheet and we're going to talk about that in a few minutes about sending deals to funders. They will come back and tell you how much they're willing to pay for it.
Fred Rewey (15:34):
There is a little bit of a split, but as Tracy said, at some point, we're going to want to see the documents when you're talking about deal analysis. Because we're going to want to see how the note was written. What are the terms? Do they match what the seller told you on the phone or submitted via email? Because that happens a lot. They forget about something. Oh, I thought the note was at 8%. It turns out to be 2%, you know, or I forgot there was a balloon or whatever it may be. At some point we're going to want to look at documents. It's not a big deal. It can affect the deal pricing, but it's not a big deal to go find out what it is.
Tracy Z (16:03):
Now that you've done some basic deal analysis. You're ready to move into the next step. Which is pricing. This is where there'll be a difference on how you operate. As Fred mentioned, if you are buying the note you're going to determine what price you would pay. You're going to look at your maximum investment to value your yield and your discount. That'll end up being expressed as a percentage of the unpaid principal balance. If you were buying that note, then you get to decide that's the beauty of the note business. Whether you'll do a full or partial. What return you want. If you're going to refe it and flip it and earn a fee then for pricing. You're going to send it to the investor. You want to talk a little bit of how that looks?
Fred Rewey (16:40):
Next thing you do is fill out the worksheet. Fax or send the information to a funder, and the funder's going to look at it. They're going to take a look at what you filled out. They may come back with a couple of questions. But they're going to send you back how much they're willing to pay for the note. They may give you a full offer for note if they buy the whole thing. If you saw some of the other videos, you know, you can do partials. They say, “look we'll buy the whole note for this much”, or “we'll buy the next 10 years worth of payments for this much”. That's when you really want to know how to make a presentation. It helps to have somebody to, you know, talk you through what that looks like.
Fred Rewey (17:15):
Next take that number and subtract something off for yourself. If I was a funder and say, “ Hey, I'm willing to pay $90,000 for this note”. It probably won't be a round number, but for this exercise, let's just say I am willing to pay $90,000 for this note. You need to take something off for yourself and present that onto the seller. If Tracy was the seller and I said, “Hey, I'm willing to pay you right now for $90,000.” You might say, “Okay, I want to make $4,000 for myself. So you take $4,000 off. And now you offer Tracy $86,000. I offered $90,000 you take off 4,000 for yourself. That's going to be your fee. Then you offer Tracy $86,000. Now, again, it's not going to be round numbers. Matter of fact, I'm famous for going down to 23 cents. You'll always see 23 cents on there or 27 cents on there on my offers. I always go down to the penny on that. But that's the way the process is going to look with the funders. If they accept now, you're going to go on for the documentation.
Tracy Z (18:11):
Now, this is a good time to think about when you're making that offer. This applies to whether you're going to flip the note or whether you're going to invest in the note. And what are the costs going to be to purchase that note. Who's going to pay them. It's easiest to negotiate a transaction with a seller of a note. If you can give them a net offer and you as the investor, or if you are flipping it to an investor, they pay the costs that is the easiest sale. Sometimes you might want to split some of the costs with the seller, or you may want to find out if there's an existing title and you can use that to back off some costs. Let's take just a second to talk about the normal cost. That's normally going to be some kind of BPO, which is not very much, right, $100 to $150.
Tracy Z (18:55):
There's going to be a title report or title policy that can vary greatly depending on if there's a title policy in place or not. That can go from just a simple title report, update of a hundred, to $150 to a full-blown title policy. Which could be up to a thousand or more because it's based on the balance of the note. I'm not trying to get too technical. If you're working with an investor on that, they will let you know whether they pay the costs or not. If you're flipping the note, there are investors out there that say they pay all the costs and they're giving you, what's called a retail quote. If they give you something called a wholesale quote, you've got to go, “Oh, wait, who's paying costs?” What are they going to be? If you're the investor, it's likely you're going to pay those costs. You've got to make sure you calculate those in your just accounting for them to make sure that you're getting enough discount and enough yield. That part of the processing is the pricing process, to just think about those costs. If you're flipping it and you're new at this, it's better to work with an investor. That'll pick up those costs than you or the seller. Don't have to worry about them.
Fred Rewey (19:53):
Recapping a little bit and making offers. What we are looking at is presenting the offer. We talked about filling out the worksheet. Now whether you're going to, you're going to crunch the numbers yourself on the calculator, or you're going to get a fund or you're going to present an offer. You're trying to create the best possible offer. As I said earlier, there's lots of different ways to present offers. You can come up with 20 of them. But we're not going to do that. We're probably only going to give them two options, a full and a partial.
Fred Rewey (20:24):
Maybe there's a third partial in our back pocket. You don't want to shotgun them with a whole bunch of offers. They just get confused. They say no. Also, make sure even if the person says no always follow up in writing. That's just good practice because a lot of times people take that letter, they'll put it away. And a month, two, or three months later, they changed their mind and you can rerun the numbers and find out what it's worth.
Tracy Z (20:53):
If possible, make sure you're always getting someone's email and phone number. Then you can email them, put them on an email list and continue to follow up to them with no cost. You could use some more modern ways of keeping in touch as well, depending on the sophistication or the age demographic of your seller. But everybody pretty much has cell phones now or an email.
Fred Rewey (21:16):
When they gave their number, we gave them free things. I call it a bribe. Tracy calls it an incentive. For someone to give you their email. But you're providing something of value to them. You don't want to over email them. But you do want to continually kind of check in. If you get somebody from, say you had a direct mail campaign, and that costs you a dollar for their letter and 50 cents for the postcard, they eventually sign up for your email list. Well, guess what? It's costing you next to nothing to continue to hold that conversation or keep that rapport going. Because now you've switched them over to email. And that's very, very powerful and very cost effective.
Tracy Z (21:55):
The values of notes change depending on interest rate and property values. It's really good to get your note analyzed for its fair market value at least once a year. Notes really are at a premium. People are getting really good pricing on notes because interest rates are low. So the cost of funds are low. Real estate values are up. It’s really a good time to sell a note because of those factors. It's good to let those people know that as well, or if their circumstances change that you're always there.
Tracy Z (22:37):
You always are being of service and you're helping them. It's never an adversarial relationship. Let's say they say yes. That's a good thing. Now what do we do? We're going to talk about working with funders. As the funder, then you'll go through this process on your own if you're flipping it. This is working with the investors. You might be worrying, thinking, “Oh, I don't have funders. I don't have the money. What am I going to do?” Well, we want to let you know that they are very readily available. We've got a note buyers directory that we put available on our website. That note buyers directory has been updated for 2021. We update it every year. And there are lots of people that will buy those notes and pay a fee for them. Even if you're buying it for yourself, sometimes you like to get a second opinion. What the note might be worth. You want to see what the liquidity is and you might even send it to them to get pricing.
Fred Rewey (23:29):
Go to www.noteinvestor.com and just look in the resource library in the bookstore, you can see the funder directly.
Fred Rewey (23:38):
We update that every year. There's not only funders in there. There's also an industry provider and there's some other things in there as well.
Tracy Z (23:47):
Exactly. So we also do the Best of Notes every year. People vote who their favorite BPO company is. Which is the broker's price opinion. What’s their favorite title company is. Who’s their favorite processing company or self directed IRA. There's a business note buyer, because you can buy notes that are secured by real estate. But there are also companies that will buy notes that are just secured by business assets. There's even more seller financing on business only deals. There are also real estate deals. So this does not just apply to real estate.
Fred Rewey (24:19):
Charles had a question here. What's the timing of your offer? How soon? I'm going to answer that two ways Charles. Cause I'm not sure if you're asking how soon after they create the note or how soon after I fill out the worksheets. Let me answer that both ways. As the second one being how soon after I collect the information on the worksheet. Typically the next day. The worst case is two days. But I want to get back to them as soon as possible. Sometimes it's a matter of hours if I talk to them in the morning. if I'm going to buy the note and I crunch the numbers, I don't do it immediately on the phone with them. I actually take a pause. I gather the information, I get off the phone with them. I take a look at the numbers, rerun my numbers or talk to Tracy.
Fred Rewey (24:57):
We decided that if we're going to purchase something we make sure we didn't miss anything. Maybe do a little bit of research and then go back and make a presentation. If I'm flipping the note onto a funder. And by the way, we still flip notes. If I've got the lead, I might as well make some money off of it. We'll fill that out, send it onto a funder. Maybe the funder gets back to me late afternoon. Maybe that evening, I go ahead and I submit an offer to the seller. Or maybe the next day I submit it, but probably not much longer than about 24 hours. If you're talking about how soon after the note is created, you want to talk about that?
Tracy Z (25:37):
There are companies that will buy a seller's finance note as soon as one payment has been made and the deed of trust or mortgage has been recorded. There's a wet funding or a dry funding. The ink does need to have been dry to the deed of trust or mortgage recorded. One payment collected that payment could be collected at closing. As quickly as that there are institutional investors. They will pay up to 97% of the unpaid principal balance, on certain quality notes. They will also buy lots that are not 97 cents on the dollar. They will pay that though, if it meets their criteria with just one payment. The more seasoning that it has, the more valuable that note is. We like to see notes that have more seasoning. But the other qualities are good. The equity and the credit and the property type it's possible, one payment made.
Fred Rewey (26:38):
I think one point to make right now that is really important is that you have to understand we are not lenders. We don't loan money. The note has to be done, created and established. A lot of times a payment needs to be made, or some people are even requiring more payments. Then we will purchase an existing note. We do not lend the money. We're not simultaneously funding and lending the transaction. Our money is not being used to buy a property or anything like that. That's an important distinction that sometimes people make a mistake. We are not lenders. That's not what we're doing. Their lending strategies are different from this.
Tracy Z (27:14):
If you're lending money to owner occupied buyers, there's a whole lot of regulation out there. We're looking at buying an existing seller finance note on the secondary market. A big distinction. When you are working with an investor or you are the investor yourself, this is when the due diligence comes in, you are truly getting copies of all the documents, ordering a title, ordering a BPO, checking to taxes and insurance, and getting a payment history. Knowing whether they're paying a service or paying the seller and verifying that. Knowing the properties insured, this is a normal checklist, normal transaction checklist that we make available for free on our website. That you go through the process of verifying those things. If you're buying the note, if you're flipping the note that investor's going to do that process, they may ask you to help gather some of those items that they will want to do the check of the due diligence items.
Tracy Z (28:07):
You've gone through due diligence and you're ready to go to funding. At closing, then if you're sending it to a funder, they'll prepare that package. They're going to prepare a purchase agreement. They're going to prepare an assignment, a note endorsement, some what are called hello and goodbye letters. To let the buyer know where to make their payment. They can do that through the title company, wired, the funds in their seller, sends their documents in there, including that original note. That's very important to track down before closing. They will fund into escrow and the title company or escrow company will disperse the money to the seller. That funding source will pay your fee as well. If you are buying the note yourself, then that fee you're not having to pay. Maybe you're paying a fee because somebody referred it to you. You will have to fund those funds in there through working with the self directed IRA. They'll fund those funds in there with your direction. That's very exciting. Then those documents get recorded and servicing gets transferred over. That is typically the day in the life of a new buyer.
Tracy Z (29:09):
I think the most exciting part is when we help people get the money they need. And we get to make a profit. Whether that's going to be flipping it and making an income. Now we're collecting payments and we're getting that interest income. One thing we don't always talk about a lot is if you buy that note and you are getting a return of the payment every month, you've got to think about how you're going to reinvest that money.
Fred Rewey (29:34):
I think that the other issue here that I think is important is that this whole day in the life thing, where we talked about, you know, marketing and gathering information, understand that you can do this from anywhere. We have. Last year we went on the road for three and a half months, four months, and just out of a trailer camper trailer and found a Wi-Fi where we could and still ran our business. We were in Guatemala for eight months and still ran our business. We were in Italy for a long time and still ran our business and came back. Understand that for us, one of the things that attracted us to this industry is flexibility. We don't work for anybody else. I don't have to., We don't have to commute. I'm not worried about traffic. I'm not worried about getting into work at nine o'clock.
Fred Rewey (30:19):
I golf typically on Wednesdays. It's not a big secret. I typically take off Wednesdays in the morning and I go golfing. Or if a friend calls me and says, “Hey, you want to go golf on Thursday or you want to go do something else.” We have that flexibility.That's part of what I love about this industry. In addition to creativeness, and doing all the other stuff, the ability that we can just kind of make our own schedule.
Tracy Z (30:40):
And if you are somebody who wants to invest in notes, it gives you an alternative to the stock market. It is a way to have assets backed by real estate that don't require you to have tenants. You get to have owners in the property that pay the maintenance, the taxes, and the insurance, and you get to collect the payment, via the interest income.
Tracy Z (30:57):
If you are somebody who fixes and flips properties, the real estate themselves, it gives you another avenue. Because it takes a lot of time and energy to find a wholesale deal, fix it up, flip it. It's not as easy as they make it look like on HGTV. And I love those shows as much as anybody. But if you are buying a note, secured by that real estate, then you are able to do it with much less time and energy invested. And so you're the bank, right? The bank is working to make the interest count. They're making it off their advertised spread. Whether you're an investor or you're doing it for median income, this business can be a really great opportunity for you. You have to run it like a business. It truly is a business. The amount of time you want to invest in it as well as up to you, but you will see those results in return.
Fred Rewey (31:42):
Well, thank you for joining us. Appreciate you hanging out with us.
Go to www.noteinvestor.com/101 if you've missed any of the previous episodes. This was just us putting together a mini series on the basics of note investing. We hope you're finding them helpful. We might actually do a couple more episodes coming up here. If there's any subjects you want to talk about, send us an email. You can go to note investor.com to see our contact information.
Thank you so much for joining us.
Tracy Z (32:14):
And happy note investing!
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