Success and Failure as a Cash Flow Note Broker

Success in the Cash Flow / Note industry takes a certain amount of determination and perseverance. Unfortunately, likely because of its very low cost of entry, this industry tends to attract a high percentage of quick-buck-no-work opportunity seekers constantly on the look out for a get rich quick scheme.  The good news is, because of its low cost of operation (website, home office, and a few business cards), this is a business that is very easy to stick with and is tailor-made for self starters and mobile creatives willing to develop the necessary "soft skills" to succeed.  The weeding out of the get rich quick drop outs simply means that competition will remain light for the true professionals. 

The "Hard" Is What Makes It Great

As with almost any new venture, brokering Mortgage Notes and Cash Flows requires work and a certain amount of dedication.  Of course the business is hard.  It is hard...but if it wasn't everyone would be doing it.  Those that stick with it, will earn the rewards and the lucrative commission income.  It's the "Hard" that makes it Great!

 

Become a Self-Starter for Success

While definitions of this unique entrepreneurial trait abound, we will view a self-starter as:

"an energetic person with unusual initiative – ball of fire, human dynamo, powerhouse, fireball – a highly energetic and indefatigable person"

When talking about self-starters, its important to understand that most people are not born self-Success or Failure in the Note Industrystarters.  This highly desirable trait, however, can be learned.  And the quicker you learn to be a self-starter, the higher your probability of success will be in the Notes and Cash Flow industry.

Self-starters do not wait to be told what to do.  They act, take chances, and often succeed beyond their wildest expectations.  If you have to be lead by the nose and told everything to do each day in your work, you are not only NOT a self-starter, but you are likely doomed to fail in any entrepreneurial venture you attempt, including your cash flow career. 

Self Starters are Researchers

Self-starters are typically researchers and determine solutions to problems on their own.  In fact, a typical self-starter will shun help even when overwhelmed with work, saying it will take longer to teach someone how to help than it will to complete the work on their own.  As a new Cash Flow consultant, your first several weeks will feature many hours devoted to researching the many product areas found in this enterprise.  One of the keys to success in the industry is deep product knowledge.  Build on your knowledge base from a quality training company such as the Cash Flow Institute.

Self-starters also tend to be incredibly organized and can often accomplish 2 or even 3 times the work of an average person with "employee mentality" in any given time.  They are computer literate (or will learn to be) and will utilize computer programs and software that can organize and "supercharge" their business marketing efforts.

Self starters tend to need little personal "cheerleading" from others and tend to take the "bull by the horns".  They can clearly map out goals and set a path to achieve them.  They do not like waiting for others to perform supportive tasks and would most often simply rather do it themselves.  They will leap into a task, doing all of their own research and typically jump into a new enterprise with both feet.

How to Succeed as a Mortgage Notes and Cash Flow Broker

  • LEARN:  Teach yourself how to identify target groups, build lists of members of those groups, and market to and manage those lists in a CRM such as Pipedrive.
  • LOOK FOR:  Constantly look for opportunities to develop new "offers" for marketing for your website's squeeze pages and other productive ways to increase the size of your suspect lists.
  • NETWORK:  Actively network on LinkedIn, Facebook, and other Social Media.  This costs nothing and is a powerful tool to assist with your list building efforts.
  • DRIVE:  Through Direct Marketing and Networking, drive "suspects" to your website where they can complete a form for a FREE offer.  Build your Response Lists for prospecting.
  • STAY ORGANIZED:  Use your CRM to it's fullest.  Stay organized and build, build, build those targeted lists of suspects.
  • EXPAND:  Expand your horizons and always look for new "income streams" and product opportunities.  If you are primarily focused on notes, educate yourself regarding the other income streams available to in in real estate such as lease options, wholesaling, fix and flip, etc.
  • PERSEVERE:  If times get tough and funds are short, make sure you stay active and focus more heavily on Social Media, cutting back temporarily on direct marketing.  It costs virtually nothing to stay active on Social Media and build lists in your CRM.  Always maintain your Social Media presence.  Always maintain your Business Website.  Never stop researching and building your Lists of Targeted Suspects.
  • ATTEND:  Attend free teleconferences sponsored by your Notes / Cash Flow training company.  Keep an open mind to new ideas for new revenue streams.
  • INNOVATE:  Explore the hundreds of unique "Guerrilla Marketing" and out-of-the-box business development opportunities available to you.  Try new and innovative methods of generating leads from your website's squeeze pages. 

How to Fail as a Mortgage Notes and Cash Flow Broker

  • LIMIT:  Be dedicated to limiting your knowledge.  Don't waste time learning new product areas and multiple income stream opportunities.
  • AVOID:  Never waste your time doing Court House research and list building.  Spend more time watching Real Housewives and the Kardashians.
  • DISASSOCIATE:  Avoid spending productive time with any form of Social Media and networking.  This takes too much time away from important reality TV programs.
  • LIST BUILDING:  Avoid building targeted prospect lists and using a CRM for list management.  Industry failures can keep track of their one or two prospects in their heads.
  • FORGET:  Forget about launching marketing campaigns to drive prospects to your website's squeeze pages.  Your website is on the web with 876.8 million other sites in the U.S. alone.  If someone wants to sell a note, let them find your site on their own.  Keep up with the Kardashians. 
  • LAPSE:  Even though it cost less than $30 per month to stay active in Notes and Cash Flows, let your Web Hosting and Pipedrive subscription payments lapse.  You can start them back up in 6 months or a year when you get motivated again.  Anyway, you'll probably find a new business opportunity to focus on such as a garage-based Gerbil Farm or a 24 hour flashlight battery delivery service.