GDNIP Ep 49: Open Mic Night: How To Become Successful In Note

Many people can be successful in doing note investing, but you have to remember that this isn’t a race. The reason anyone is more advanced than someone else is that they have done the deals and paid their dues. You need to build and have the confidence to make that next step and take a leap because buying a note is pretty simple compared to everything else. You can’t become good unless you plunge in a big way. Learn how you can do note investing successfully as Chris and Gail answer questions and comments from other people on this open mic night.

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Gail Anthony Greenberg & Chris Seveney Open Mic Night: How To Become Successful In Note Investing

Open Mic Night: How To Become Successful In Note Investing

I’m with the lovely, Christopher Seveney, hot off from a theater at his son’s elementary school. He got to watch his son portray a prey item in a play about life cycles.

Predator and The Prey was his skit. I’ll relate a little bit to note investors in this. On stage, my son was nervous because there were going to be a few hundred people there. When I started to explain to him, he was like, “I’ve never been on stage.” I said, “You’ve been on stage all the time.” He was like, “No, I haven’t.” I was like, “Do you play soccer?” He was like, “Yes.” I said, “You’re on a stage on a soccer field. You’re surrounded by hundreds of people watching you.” I tried to relay those activities where you play soccer, you’re focusing on soccer and that’s what you do on the play. How I’m tying this together is you see a lot with note investors, it’s all about confidence. They don’t have the confidence and make that next step or ask that question or ask for help. They never make it or get to that next step, or get confident and be successful. In order to do so, you sometimes have to make that leap. It’s like when people sit back and look at their careers. A lot of people on here have done amazing things. A lot of people with their lives, what they could do and buying a note is actually pretty simple compared to everything else.

People have done scarier things than this. I always assumed you’d be a great dad but that was such a great way of talking to him about it. That was genius. I sit down my kids, who had very fluttery stomachs and would get very nervous. I would say, “If you think about the way your body feels when you’re nervous, it’s the same way it feels when you’re excited about something.” It’s not a bad thing. It’s how you think about it. I would love to relay, apropos of what you said that an investor who is not a brand-new investor, but has maybe eight months of experience and is getting some traction was talking to me about how she always has to wait for her husband, who’s an engineer to do all the number work. He’s so busy, it sits and sits and they’ve missed a lot of opportunities.

Speed is much more important than accuracy in this business when you’re bidding. She was sad that she had missed so many opportunities and she has another tape that’s sitting waiting for him. She referred to herself as not the number person. That’s me in our relationship but you don’t have to be a genius with numbers. Chris happens to be a genius with numbers but he has so much more skill than you actually need to do this. That’s why he ends up doing things that are so innovative and interesting. Regular people, you can do this. Don’t let the Chris Seveneys of the world make you feel it’s beyond you.

It’s interesting because most engineers make horrible note investors.

Note Investing: Everyone has a different way on their spreadsheets; there is no right way.

They have analysis paralysis.

They get so hung up on reviewing and trying to analyze every single situation. I’m an engineer and I did that at the outset. I was analyzing everything and my calculator has got 27 different options that can happen on it. The reality is it’s such a crap shoot and the moment you plug those numbers into your calculator, they’re wrong. Your guess isn’t going to work. If somebody can plug it into their calculator, it’s going to happen. If you can make that calculator, make one for me for Powerball or Mega Millions and I’ll split it with you. That’s what a calculator is trying to do is what are the best odds of getting this outcome. It’s literally playing the lottery sometimes but at a different level of trying to minimize risk.

I was saying to this woman, “First of all, you have done so many amazing things in your career. You’re smart. Why do you think you can’t do the numbers stuff?” She’s like, “Why don’t I think about Excel?” I got the impression, I have a friend whose husband plays in the Philadelphia Orchestra as a violinist, and no one in their family ever had the courage to try to play an instrument. It’s like when there’s somebody who is so great at something, you feel like you have to be so great to be even considered minimally adequate. She was like, “I’m afraid if I do it, then he’ll stop and I’ll be all alone with that.” I said, “This will sound crazy but that sounds like the best possible thing that could happen because you want to get this done. You don’t want to be sitting around waiting for him. You want to be alone with it.” That’s what I did. My husband was never into this. I got to be alone doing it. I was a little timid and nerve-wracking at first but then you realize you can do it, you keep doing it, you get good at it and then you’re podcasting.

That’s another thing too is it takes time. This business isn’t about you look back at things and things don’t happen daily. You want to continue to grow and educate yourself. When you think about it, for most of us who have full-time jobs, you went to college for four years, the last two years were focused studying something and then even in your full-time career, how long did it take you to get good at it? It doesn’t happen overnight. Usually, it doesn’t happen in a year. If it happened in a year, everyone would be doing it because it will be simple and if it’s that lucrative, why isn’t everyone doing it? This business does take time to understand and things completely happen out of the blue every day of new situations. I posted about the issue with the contract for deed that had a single borrower who passed away and didn’t have a will. All of a sudden, it’s like, “What do I do?” The benefit of this business is when you’re surrounding yourself with people, a question is thrown out there, you also ask your attorney and get the answers. You also get additional insight and opinions from people and it helps you shape your education and your business.

I was reading people’s comments. I don’t see anyone who’s aspiring to be a multi-millionaire. People have very realistic, really human, understandable and very relatable goals. They’re wanting to leave things to their kids, needing to catch up on a retirement income so as not to be a burden to the kids. I get that. My kids have moved too far away, they have decided that I will not become a burden, no matter how I try. One moved to the East Coast. One moved as far South as you could go. Those kids have plans. Sylvia would like to have a career and a great stream of money once you get it going. You absolutely can do that. How far along are you, Sylvia? Favor us, what have you done so far and what are your obstacles?

Christine says she can relate to analysis paralysis. Confidence is low regarding numbers. I’m convinced, let’s do some spreadsheet podcasts and demos, basic stuff. The same person I was talking to, I showed her a tape where I had created a new column. I had multiplied in that column the number of payments left by the PI payment to show the total gross income you can expect, before expenses. She was like, “That is such a good idea.” That makes me want to like, “What are you doing with your spreadsheets?”

Everyone has a different way on their spreadsheets as well and there is no right way. That’s the thing that I want to relay to people is that you hear a lot of people throw things out there, “I’ll do it this way, that way,” and so forth and so on. There is no right way. I could build in fifteen minutes, add one column and throw one formula in there that would probably 90% of the time be the number that you should be bidding. By using three or four items but then that’s the number and you still got to look at the underlying asset. That’s the other component to the bid, there’s the analytical and the other second half of due diligence, trying to grasp or understand the asset.

This was something really interesting what this investor said to me. Part of the reason she doesn’t think that she can do the number work is that her husband and family do very complicated analyses to arrive at the bidding price that takes into account all kinds of things and lots of factors. I surprised her by saying, “I start out by creating a column on the spreadsheet and putting down what I think the bid is going to be 50%, 55% on a non-performer. Put something down, it’s like for instance.” She was like, “I never even thought about doing that. You’re lucky because you have experience so you know what to put in that column.”

Speed is much more important than accuracy when you’re bidding. Click To Tweet

I doubt because even people we buy from all the time when you think about Dave Pollio represents different sellers, and there isn’t one formula that every one of them uses. Different sellers want different things and even on the big tapes that John sends out, sometimes you get things for 38%. Sometimes you don’t get anything for less than 55% even on a nonperforming. They surprise you and knowing which sellers you need to try to get as close as you can to the bid that you are willing to pay. Other times, it doesn’t matter at all. You can low ball it because they’re definitely going to counter and you might as well put something down, something on the low side down. It’s like the classic negotiating strategy of not wanting to be the one who mentions a number first because that sets the level that you’re going to work within. If you do a low bid, then you’re setting the level low.

Christine did hop on that she’s JV-ing and she’s challenged making sense of the activity logs spreadsheet from the servicer, which it can be extremely confusing. There were some posts on the Facebook group about servicing and the comments, the money and how it goes in and out. It can be challenging with some of these servicing notes, especially when they’re taking escrow and moving escrow around or somebody doesn’t make a full payment and then it goes into reserves. You see it go in there and also like, “I already paid for $500,” and all of a sudden, you’re checking your bank account and get some money, it’s still sitting in the reserves.

If you’re servicing, you’re talking about the payment history but servicing those themselves. I don’t know a lot about their shorthand. Here’s one ILS comment about paying taxes.

If you ask SN for their acronyms, they have a spreadsheet of what they all mean. When they train their servicers, they know how to use the lingo, actually I may have it.

There was another one that I figured out. It was about mailing in a check by mail, CBM.

I remember reading a lot the first time because I started out using SN as a servicer and along with their lingo and stuff. I emailed them one day. I was like, “I am completely lost what all this means.” There was a woman there named Jody who was one of my service reps, a super sweet woman and she would help me answer my questions. I called her up and I was like, “I know I’m sounding stupid,” but I had to check because I think I have something from them.

I found it. It’s CPB, which I assume was check by phone because it says, “Talk TT and then someone’s name, to set up a CPB, date such and such, amount such and such.” I figured TT is Talk To person to set up a CPB, check by phone. That’s 5% of what I still don’t understand about that but thank you. She started brokering. She has notes that are working, mostly seconds. I went on LinkedIn and found out that people have been sending me messages. If you are among those people, I do apologize. I’m not much of a LinkedIn denizen. I got people on there looking for seconds. If you want to sell any, Sylvia, I found a guy who’s asking for them, bought seconds because they were cheap. They could’ve done well by luck. You say luck, we say clever girl.

I have people ask me, “I’m looking for seconds,” because it’s looking probably to find something cheap down and dirty. I typically respond to people, “I don’t play in that space.” If something comes across my desk, I’d be happy to but I’m not out there soliciting seconds on anyway, shape or form.

Note Investing: When you start having success, people smell money and they come.

Sylvia says she has some people who want to work with her. That’s what happens when you start having success. People smell money and they come. Sylvia don’t be afraid to say yes to those JVs. You do have three to five years of experience with these seconds and there’s no reason you shouldn’t be able to work with someone. Don’t tell them that you’re the Yoda of note investing and you cannot fail. Be like, “We all remind our JVs that there is an element of risk even working with someone with a lot of experience,” and if they accept that, what everyone does is say yes and when there’s something you don’t understand, contact Chris, me or anyone else in this world that’s got a little more experience and you will be fine.

I’ll go back to Sylvia’s comment a little bit about JVs and sometimes being nervous and stuff. I remember when I started doing some JVs with people. I would explain to people, “Here’s the asset, here’s what can go right, here’s what can go wrong and have an attorney look at it, have this other person look at it.” First, you want to confirm, do you have a legitimate claim to the property or make sure you’re secured and it’s safe that it’s broken or there are issues with the term.

It all boils down to can you get it back if you have to.

If you can, then it boils down to what is your investment versus the risk? That can be measured by what are you paying, what’s the equity, what’s the borrower history? If it’s a borrower who could look like the sweetest deal where you’re paying $0.25 on the dollar, the borrowers fought foreclosure four times with attorneys, that’s a lot higher risk because you could have cost $20,000 to $30,000 foreclosure. If the guy is a perpetual bankruptcy filer, you could hold that much longer. Whereas if you have somebody that makes ten out of twelve payments a year and they’ve been in the property for nine years, that’s something that you bid off of that. It’s safe to assume they’re probably going to make ten payments a year and they’re not going to ever be performing. The ten payments a year still get you a good return and you’re not fighting with somebody to constantly throw them out of the house. You work with them or come up with a program to try and get them to twelve consecutive payments.

Sylvia’s saying that seconds have dried up. I see Sherman Arnowitz selling them but I doubt that the prices are very good. Also, Rob Hytha in Philadelphia sells them quite a bit.

He got a bunch of the USMR stuff and I’m not sure. We only had fixed notes but I haven’t seen him very actively.

I have a new accountant because my life has gotten complicated. We have a regular bread and butter, a live turbo tax person. I have not upgraded yet. My husband loves this guy. They’re like two old Jewish guys. They love to go and have deli together. I have this new guy, he’s 36 years old. I called him, he was like, “I’ll be around.” After I called, he was like, “I can’t talk to you right now. Can I call you in an hour?” It turns out he’s got a nine-month-old baby. His wife sent him to Target to get baby food. He was literally standing in check-out lines. That’s the kind of thing you run into. Sylvia’s asking if you’ve ever had success at . He’s a very charming guy. Pricing-wise, they’ve never even answered me when I made bids on there. Admittedly, that was in the early days, I don’t even remember what my bids were, Val Sotir.

Their stuff had been very pricey. I go back to some of these sites like Val and so forth. You’ll pay for some of those assets. If you get the stuff from sometimes from Dave Pollio or John Keith and getting people call it the low hanging fruit but if you’re not buying million dollars at a time and buying two to three assets or an asset at a time, 300 items on a list or 50 items on a list, there’s probably one in there you get a good shot of winning. That’s why I usually don’t buy from them because I can get plenty of product from some other people. Christine also mentioned about getting quite a few sellers who sell or finding notes in Texas but they’re not seasoned.

You only become wiser by making mistakes. Click To Tweet

I want to think that taking on new general loans are the best unless they discount them substantially. It’s interesting because the seller financing component to it is another risk factor. Did they vet the borrower it’s a brand-new loan? Do they have the collateral file that shows that they’ve vetted the borrower? I wouldn’t pay a performing price for a loan like that. I had an instance where somebody sent me a loan, it’s a note and I’m not going to get into details but it was an owner finance deal. This was in 2009. It was an eighteen-month balloon. He made so many payments for eighteen months and then it was supposed to balloon out.

They never paid the balloon, they worked the deal but never put it in writing where they would keep paying. The borrower paid for six or seven years and what happened was the borrower stopped paying. The lender negotiated a significantly reduced payment from $1,000 to $300 a month. Nothing has ever been written on any of this stuff. There’s no modification. The person’s default is they want to sell it but I did a quick research. I saw in the state that the statute of limitations runs five years from the date of expiration but if the borrower keeps paying, then it doesn’t expire. If the original lender sells and that buyer buys it, the way it reads is it kicks back to that maturity date, which is past due.

This guy can’t even sell this note because then it’s nonredeemable. It expired nine years ago. From the seller financing, there’s quirky stuff like that that can happen. I’d usually tell people when you’re starting out, buy from some of the bigger funds or versus some random person who has a seller finance note. To answer your question, Christine, I would discount them. Honestly, I would treat them depending on what the credit history of the borrower is and what everything is. I would discount it to either 18% up to 24% return. You’re probably looking at discounting it 15% to 25% and also check what the interest rate is. What are other questions people have out there?

We made fun of the paperwork of the big firms that created all these land contracts within a very short period of time long ago. As faulty as it is, having people who are individually figuring it out can be a lot scarier. I’d say people who didn’t necessarily follow any compliance rules.

Even some of the big firms, if they do it wrong and you buy from them, you know going in the next time what they did wrong. You know how to easily fix it. The other thing too is if something, in some of these big firms, was clearly way out of whack, my suspicion would be they would probably step up to the plate and work with you to resolve it. If it’s a private seller, their only interest is getting rid of that asset, taking the money and you would never hear from them again.

Roy and I both went to a seminar of Bob Zachmeier’s in Arizona. Bob has an interesting approach to creating notes. He finds flippers who are having trouble selling their properties and he basically offers them full price. He has no problem finding properties and then he finds a single investor who wants to be the note creator, the lender on the property and he will use their money to buy the property. He will turn around and resell the property at somewhat higher premium price because he’s going to hold the note. People who have a good income but can’t get bank loans. He mentioned his favorite group of people to sell to are Hispanic people. He lives in Albuquerque, New Mexico. He’s taking a retiree’s money where they’re getting almost nothing on it and he’s using it to buy the flipper’s house. He’s creating a note, but with a nice fat percentage interest rate of 8%. He sells the house to the Hispanic person.

From what I understand, let’s say $100,000 house, a fix and flipper can’t sell, he goes and buys it for $100,000.

He borrows $100,000 from the investor and they are going to hold the note. He buys it for $100,000 and sells it for $130,000. The LTV of the person holding the first is 70% and the difference, he’s collecting a 10% down payment. He’s creating a second for 17% that he holds. That’s his part of the deal. In that way, he stays in the deal. If anything goes wonky with the borrower, he’s going to step in. He can foreclose with his second and get a new borrower in there.

Note Investing: Stick with a company that has a lot of employees and backing.

The only thing I would question on that strategy is the legalities in nowaday’s world. If a fix and flipper can’t sell it for $100,000, how are you getting it appraised for $130,000?

There’s no appraisal because he’s the bank.

I know but in a lot of states, they’re regulating that as part of seller financing that the property has an appraisal. He uses a servicer.

Like a conventional lender won’t lend more than a certain percentage of the appraised price but a person can agree to pay more than the appraised price. A lender I would think can lend them the money to do it.

It’s an interesting strategy. It sounds like he’s wrapping his note to the lender with another note to the end buyer. There are some Dodd-Frank laws he needs to follow but there are folks who do that. Usually, a property that needs a little work. What are the questions people have out there or topics they want us to touch upon?

Is anyone doing due diligence on any of the large number of notes that are floating around?

I am.

What problems are you having, Chris?

Part of the due diligence is being very realistic about what will probably happen if the deal goes bad. Click To Tweet

On one of the servicing notes, this is why you get servicing notes, it saved me costs in the BPO owning because in the servicing notes it mentioned that the preservation company went out to the property, there’s five feet of snow in the front yard. They couldn’t get to the door along with about four feet on the roof, which they finally got to and they open the door. Water was pouring in everywhere from the roof and in the back, it looked like a portion of the roof was collapsed and the whole house was going to collapse.

I feel personally very fortunate when things like that show up in servicing notes. I famously had one that reported that there had been a fire in the house and then a tree fell on it. The person I sent to take a picture, took a picture of the front and it looks beautiful. It looks so good. That was a close call.

Somebody mentioned NoteProz. I haven’t used NoteProz for anything.

I’d love to know what you think of them. Have you used them? Do they do good work? Does anyone have an experience? They offered a package price for something in one of the note camps.

I think it was the last one and they came out with something new with this program as well.

I’m about to try going for Superhost status as an Airbnb owner, I have to build the house first. This is a little way off but I am not aware of what a Superuser. Is that a Superuser on NoteProz?

I’m not sure. I know a lot of bank uses them and signs up for a basic package on asset manager.

Is that a way of keeping notes on asset managers?

Note Investing: If you have a property that’s in decent shape and it gets listed, it will sell somewhere close to the asking price.

You can call asset managers and a few other things as well. I think it’s starting to use as a CRM system. It’s not a bad-looking house that I had under agreement for $12,000 or something that had a BPO value of $40,000. I realized that roof doesn’t have a lot of pitch to it. I could see it having issues. One thing I will mention, when you start reviewing all these systems and so forth that you use. I ran into this early on is I tried a system that was new. I don’t know NoteProz in any way shape or form. This isn’t directed toward them in any way. I was using another system and it was run by these two guys. Basically, they ended up splitting up. I was sitting there thinking, “I’m so thankful I didn’t have 50 loops and using it as my CRM.” They split up at that time. For me, I prefer to stick with a company that has a lot of employees and backing.

If something happens to somebody, there’s someone to help you but that’s my own opinion. I see JD, you could have 50 guys working for him. When we were talking about NoteProz, I don’t want to combine the two. When you start using systems, especially some newer systems, check to know what the backing is and ask the questions of, “If the system goes down, how long do I have to wait?” A perfect example is Madison. I had it for two weeks with over 50 assets. I couldn’t see the servicing notes on and I got to a point where I was ready to pick up the phone and call Kevin and be like, “I’m pulling every single loan because I can’t see servicing notes.” I was getting so pissed off that I was ready to pull the plug and then I get an email, two hours after, “It’s all fixed.” My suspicion honestly was they thought it was only a few but then I sent them a list of literally 54 assets.

You need everybody to complain for anybody to do anything. It’s like when the electricity goes out in your neighborhood, if it’s not dark out, you can’t immediately tell whether it’s you or it’s the whole block, “Did they call? Should I call?” When Madison is letting you down, you should definitely call for sure.

One thing I want to mention on CRM, if anyone’s considering using Infusionsoft, please contact me first. I can get you set up for trials and everything.

Infusionsoft will basically make it worth Chris’s while to give you lots of help. From Sylvia, “Are either of you part of the WCN?”

I am part of the WCN group. If you’re talking about the one that’s $97 a month, I am a participant in that group as most of us are. We’ve got a good amount of people on here, I know it fluctuates. People come and people go as part of the group.

He likes the bling. It’s not a matter of needing the help. He likes the swag.

When you say we’re so far ahead, ahead of what? This isn’t a race and this business isn’t a business where multiple people can be successful. It’s not like there’s one winner. It’s not a sporting event. Many people can be successful in this realm and that’s what I think I like about note investing is most of the people in here don’t have $20 million that they’re going to go take down an entire tape. When they put out a tape of 100 assets, you can still pick what you like and you’re competing with other people. In the same world, people have certain preferences they like or certain places they invest in. There’s some overlap but not a lot.

There’s only one reason anyone is more advanced than someone else and that is because they have done the deals and paid their dues. I feel like a lot of people want to be good at it before they plunge in a big way. The problem is you can’t become good at it unless you plunge in a big way. The other thing is I know that people don’t like to make mistakes or to feel the sting of defeat in any way or be disappointed but this is a business that you only become wise by making the mistakes. You have to try to think things through in a way. This is where having the companionship and mentorship of other people, being able to talk to other people, and to have them look at your deals. Once you get into a deal because it’s a solid deal, it doesn’t matter who you are, things can go bad. It’s not your fault, that happens. If you get into a good deal at the beginning, even if it goes bad, you can still be fine 90% of the time.

One thing, I’ll mention in this part too with deals and stuff, have some capital set aside just in case. I’d get calls from people like, “I’ve got to sell this note because the legal cost is twice as much and my JV partner has no money and I have no money. I’ve got to sell it.” When you’re doing that and nothing’s been done to the note when you look at it, it’s a $30,000 property with a $30,000 UPB. You may pay, depends on the state, say $15,000, 50% for it but then you went and spent an extra $3,000 to $4,000 in legal and some things. They get too far. That note hasn’t appreciated before you spent.

Due diligence is making sure the house is still there, that the paperwork is in order, you’ll be able to take it back if you have to. To me, part of the diligence is being very realistic about what will probably happen if the deal goes bad. Think about the worst-case scenario and what the likely outcome would be. What would it cost you? Don’t be unrealistic about the legal costs. If it’s in Ohio and you have to do a foreclosure, you have to plan for it to cost $8,000. Maybe it won’t, maybe it will be cheaper and you’ll be a little on the plus side but that has to be part of your due diligence. What actually is it going to cost you if you have the worst-case scenario happens and then what if you get the house back and it’s in bad condition? Are you going to be able to resell it? What does it take to get it into even modestly improved so you can resell it or another land contract? You have to think about those things.

Christine, to answer your question, I would say $5,000 to $10,000 to start. For example, you have a property where the borrower has been making your payments but all of a sudden, they have an issue maybe with a utility that caused an excessive utility bill. Here’s the problem. You can’t foreclose on that borrower because they’re paying the mortgage. The only way to technically put them in default is you would have to pay the utility bill first and then default them for not paying it. You can’t sit there and send it to the servicer, like added advances, you need to pay that bill. You can’t say, “Here’s the bill but I’m not paying it.” It doesn’t work that way. That’s an example of you’ve got that and then you let your JV know and JV’s like, “I’ve got no money.” You keep collecting late fees or maybe get on a payment plan but if you were trying to force an issue and this is again all hypothetical but it could happen to somebody.

Sylvia is totally right. She says, “People claim the value is such and such but that’s the ARB and it will cost you money to get there.” You can get a happy surprise but don’t count on it. When I was a flipper, people would be like, “It’s only going to cost this much to fix up this house.” I would like to add maybe. “You’ll be able to sell it for this much when it’s all done.” Maybe, be conservative. If you’re conservative, you’ll be able to weather the storm. That’s the whole thing and you won’t get trapped.

Speaking of ARB, I should do a white paper on taking a property back and selling it. If you have a property that’s in decent shape and it gets listed, it will sell somewhere close to that asking price. If you have a property that needs any work whatsoever, let’s say $3,000 to $5,000 with work. I don’t care what that agent tells you. Take 25% off that number and naturally, that’s what that property’s worth.

That’s actually hard to sell because there are so many people who don’t want to do the work or they look at it, they have no idea how little it might cost. They see that it’s yucky and there’s something sub-optimal.

Except in Baltimore, that’s the only place where I’ve had properties that I wouldn’t even want to walk down the street next to this house. It’s so bad that I’ve had to sell and make some do okay. I’ve had two agents look at all these properties and give me numbers and any offer, anything that comes in, they’re like, “We should drop the price by 25%.” When you’ve been on the back-end, you’re looking to move the assets. I believe it can be fast-tracked if it’s not owner-occupied. I’ve been on some New York assets, Gail. I bid on a New York asset. I have my goal of trying to get an asset in every state and somebody sent me a few one-offs and said, “Any interested in any of these?” It’s actually pretty close to performing. It’s a note that’s got a $10,000 UPB.

You’re quite the daredevil. What states are you missing, Chris? Chris added Montana to his roster. He already had Wyoming nailed down. I don’t think you’ve done Utah.

I’ve got Alabama, Florida, Georgia, Illinois, Indiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, New Hampshire, North Carolina, Ohio, Pennsylvania, South Carolina, Virginia, West Virginia, Wisconsin and Wyoming. Those are what I have. How are my Montana notes doing? It’s one that I boarded at the end of March, early April and the borrower was deceased. The last around where I had ten assets, four deceased borrowers in the last six months. I still need Arizona. I’ll get there eventually. I would like to thank everyone for joining us.

Join us at Facebook on the Notes and Bolts, the Good Deeds Note Investing Podcast Facebook group and make sure to register at GoodDeedsNoteInvesting.com as well. Make sure to give us a review on iTunes, Stitcher or anywhere else. I’m going to send a text message. First, I’ll send an email to see if you’re interested in getting a text because I’m willing to try and get the registrations for this event via text versus email. I want to say to everyone, I do all these things and stuff but the last thing I ever want to do is just blast people with fifteen emails, 50 texts. I get that work all the time and it drives me nuts.

Thanks again, go out and do some good deeds.