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When I started my career back in 1980, the number 20 was very significant. I was 20 years old, and mortgage rates were 20%.

Soaring interest rates were a huge problem for realtors, home builders, and traditional mortgage companies. They saw it as a black swan event and they were right. They couldn’t close their deals because people couldn’t afford the sky high loan payments. But their huge problem was a huge opportunity for me because my father-in-law had taught me the problem-solving potential of creative financing.

I showed the disheartened realtors, builders, and lenders how to create seller financed notes with interest rates that were half the going rate so their buyers could afford the payments and their deals could go through. I showed them how the seller could carry a piggy-back second lien at a rate that was much lower than the banks were offering. They went from singin’ the blues to dancin’ a jig! Then I would buy up their seller financed notes at a discount for a tidy profit.

I’ve lived through several other black swan markets since 1980. And I’ve learned that a black swan for one segment of the business doesn’t have to be a black swan for you—IF you have an entrepreneur’s mindset.

This COVID-19 pandemic has been brutal for many people, and I’m certainly not going to deny that. But a black swan for the virus doesn’t have to be a black swan for your note business. I’ve always thrived in down markets, and so can you. That’s because there are always more people who are left behind by traditional lenders during hard times, so you have more potential customers who need creative financing. As an entrepreneur, always keep an eye out for voids in the market that you can fill. You’ll be able to solve the problems conventional lenders can’t.

To be honest, things have already picked up for us. This past May, our NoteSchool training classes have been the busiest in the history of our company.

I’ve had to reinvent myself many times over the last 40 years. I’ve learned to roll with the market and stay flexible. I’ve seen low rates and high rates, plentiful credit and tight credit, expensive prices and basement prices. Creativity has gotten me through each time, and it’ll get us through this time.

So be encouraged!

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