Landlording ain’t what it’s cracked up to be, so lots of landlords are cracking up. They’re going crazy trying to collect rent from delinquent tenants, with more states putting eviction restrictions on landlords. It’s never as easy as what they make it look on HGTV!
Fortunately for note investors, these burned out landlords are perfect candidates to become passive investors in your note deals. Our guest on this week’s installment of NoteSchool TV explains how he finds them.
Our guest, Jeremy Scott of Summit Cove Realty, took his first NoteSchool class in September of 2019. He was only 28 at the time, and had some experience as a realtor. He immediately saw the potential of creative financing as a way to close more deals than the typical ratio of 1-out-of-20 (which he has now doubled or tripled). He also uses what he learned on how to get passive investors to fund his note deals. Since then, he has already raised around $2MM in passive investment money.
You might be thinking that Jeremy must have had a lot of rich friends, but that’s not the case at all. He has raised the money completely from total strangers. In his very first meeting, Jeremy made such a compelling case for the potential of notes that he raised over $100K. His first few meetups were in person (which he prefers), but the pandemic forced him to start meeting virtually.
His success wasn’t just luck. According to Jeremy, “Good luck helps, but you’ve got to put yourself in places to get lucky.”
In our NoteSchool TV episode, Jeremy is joined by heavy hitters Eddie Speed, Joe Varnadore, and Brian Lauchner. We’ll go into depth on how Jeremy raises money, but here are three important things he advises you to do:
- Have ways to advertise. Jeremy uses Facebook and Meetup.com to get the word out.
- Meet regularly. He meets every other Thursday online at 11am CST. Just look for the Note investment Group on Meetup.com.
- Have a follow up system. You have to stay in touch with leads to deepen their trust.