Scott Carson, Founder and CEO of WeCloseNotes.com, Host of The Note Closer Show is all about investing in Distressed Notes and he shares his secrets for FREE on this episode!
Scott Carson is the founder and CEO of WeCloseNotes.com, a real estate company whose focus is on buying pools of distressed assets in residential and commercial properties. He is also a nationally syndicated radio host of the popular podcast The Note Closer Show which has millions of listeners around the globe and across 130 countries! If you are an investor and interested in this asset class, tune in to this episode as Scott details the actual mechanics of investing in distressed notes whether they are residential or commercial ones! Scott Carson is also one of the most fun guests to talk to and listen to!
01:04 – Scott shares the mechanics of investing in distressed notes
- You have to approach buying distressed notes in a different mentality where you’re buying the debt to become the bank, and not a property owner
- Buying notes is a vendor-driven business
- You go directly to banks’ special assets departments for purchasing distressed notes
- Scott reaches out to asset managers through LinkedIn
- Buying distressed notes is a people business and must engage with them at some point
- They do research and due diligence to borrowers
- Scott buys notes in 30 different states
14:44 – How Scott invests in distressed notes
- Scott filters which state he just wants to work with
- Every deal is a little bit of a Hollywood drama story
18:57 – When is the time to stop collaborating with borrowers
- They usually give 90-day window but due to COVID, they extend up to 18 months
- They started researching state programs and educated borrowers to help them
21:45 – How buying commercial notes works
- Every asset is completely different with commercial notes compared to a residential note
- If you’re going to invest in commercial notes, you have to be an expert in one or two classes
- You have to do a lot of research with an asset because the dates are not always updated and you have to do the work yourself
27:00 – How Scott started in the world of real estate
- For 4 years, he got an ‘apprenticeship’ with real estate investors in their mortgage company
- He left the mortgage industry in 2008 and started buying distressed notes
- In 2014, he was awarded the Note Educator of the year
30:22 – The risks of note investing
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About The Author
About Atara Twersky
Atara Twersky, is a real estate owner, sponsor and syndicator. She is principal and founder at Ascendo Capital LLC. Atara is also an attorney in NYC and the bestselling author of the children’s book series, Curlee Girlee, inspired by her own young curly haired daughter Atara is the host of a popular Real Estate podcast to help women understand their Real Estate Investments options so they can be informed investors. For more information on Real Estate investment listen to Atara’s podcast Bridging the Gap: Real Estate for Women.