By Cody Cox
I’m old school. I grew up in a time and place where if something was broken, we’d fix it. We weren’t able to run down to the one-stop shopping center and replace what was broke. Plus, we never really had the money to buy something new. We had to find a way to make something work without a real replacement part. That was good, because I broke a lot of things. I had to be creative to fix what I broke. Some of you might not understand this, but this was before the internet. I couldn’t go to YouTube and watch a video. I had to figure it out for myself.
Fortunately, I’ve been able to adapt. I’ve been able to roll with the changes and get a bit of a handle on this internet thing. Especially when it comes to note investing. Fifteen or more years ago, investing in promissory notes was an entirely different process. Today, we have this internet thing where I can look up all kinds of information on a specific property, secured by a promissory note, somewhere 2,000 miles away, and get a pretty good idea what’s happening with that asset. In fact, provided I have a good internet connection, I can invest in promissory notes any where in the world. What a powerful tool!!
Yet, when you compare investing in promissory notes from 15 years ago to today, the fundamentals remain the same. It’s all about these 3 basic items: Value, taxes and title. The tools to obtain this information may be a bit different, perhaps more efficient, likely faster, but the fundamentals haven’t changed. There are no such things as new fundamentals.
I say all this because that old school taught me there are no shortcuts to success. I see too many folks looking for a quick way to make fast money. It just doesn’t work that way. Running a business takes time, it requires focus, following the pre-described model, and going through some very mundane processes. Each and every time. Methodical. Every new potential investor that approaches me to venture goes through the same process. Every tape that gets sent to me for review goes through the same process. Every asset that receives a bid acceptance goes through the same due diligence procedure. Very old school; but very certain. No shortcuts; no skipping.
Now, that doesn’t mean the model, the process, doesn’t get some adjusting from time to time. For me to scale this business to the level I have targeted, I’ve got to streamline some processes. I’ve got to automate some tasks. A year ago, it took me over an hour to go through a complete due diligence process on one asset. Now, with the tools and automation I’ve developed through this past year, I can work through 10 assets in the same time. I know can maximize my time to focus on other details. I’m better today than I was a year ago. And, I’ll be better yet next year. Yet, still focusing on the same fundamentals. Still old school, just in a better way.
Thanks again for reading. I always appreciate the feed back and support. If venturing with me on acquiring promissory notes secured by residential real estate sounds interesting, then I welcome you to contact me. I’ll take you back to the old school, with a new twist.
Together, our potential is infinite!