I hope this doesn’t go over too many people’s heads but I’m sure there’s an experienced person that can help me. Here goes:
I have a gentleman who sent me a list of banks that are selling NPNs (non-performing notes) backed by commercial assets. He’s my mentor and I’ve learned a lot from him but we haven’t spoke in the last 60 days because he gave me this list and I’m not sure what to do with it. It’s a little intimidating calling a bank and talking about this stuff and being a bit of a newbie.
After some soul-searching and a lot of studying, I think I figured out a pretty good opening line when I call the bank:
“I’m looking to make a full-boat purchase of NPNs backed by commercial assets with UPBs (unpaid balance) of at least $100M”
I think that sounds pretty good. It would be great if someone could help me with that.
Also, when I call the bank who are the correct people to speak with regarding this?
I’m looking to get back into good graces with my mentor. If I can complete a few of these calls and get him some tapes it would be great.
Normally I try to be supportive of aggressive dealing, but frankly, this is the kind of heavy hitting that only the fewest groups of investors can actually tackle. If your mentor honestly expects you to delve into this, your mentor needs to get off amphetamines.
This is like taking a fresh water bass fisherman and putting him on a deep sea trawler, by himself, and tell him to pull in 10,000 bass in the next eight hours.
Risking sounding negative and rude, your mentor needs to get real, and so do you.
If this can be done, have your mentor explain what he’s actually done with what he’s thrown you here. Meantime, you should fish off a smaller boat for now.
All that said, I have no idea about you. You could have done 13M worth of real estate last year. Short of that…
when in doubt, do something,call one of the banks, explain what your trying to accomplish, and ask who to talk to,you will have to go through several people, but when you figure out what department with that bank, you can probable save yourself that time with the next.
There is someone at the bank that wants to sell NPNs, you want to buy them, its a matter of finding the right person/department…
don’t worry about having a perfect ‘pitch’, just say what you are trying to accomplish, when you find the right person they will be happy to give you an education if your a potential purchases of there NPNs
That’s the only way to learn. And you gave me a dead simple approach. I tend to overcomplicate things. They wanna sell and I wanna buy. It really is that simple. Thanks for helping me get un-stuck.