Do you recall the 1981 hit from “Men at Work called Land Down Under?” (and yes, I was a big Men-at-Work fan.)

Well, what made me think about it was this email that I just received from a Korean by the name of “Joe” (that’s what he goes by, I kid you not).

What Is The Relation To Buying Notes?

Because Joe told me a little story today that demonstrates one of the most important lessons in the world of how to find notes. Relationships matter.

In addition to these relationships, you should find “commonalitites” with your seller. This will also help you when you’re trying to find notes.

These can be social, cultural, sports-related, geographical, you name it. Almost any activity, sport, hobby, pastime, event, book, play, food group or Australian rock band can be a point of commonality.

Joe’s Little Gem of A Story On How To Find Notes

Here’s what he wrote to me today:

“I own a Korean Investment Club, and last week I was approached by a big Korean bank. They wanted me to the buy the notes from the person that was in charge of defaulted mortgages. Because of my lack of understanding, I’m not ready to think about buying notes yet. The first trust deed had a face value of about $2.7 million including interest, and the the property was a 79 room motel with restaurants. The Bank asked me to offer any amount for the note. Now I am very interested in buying the notes. This property is well worth over $4.1 million. What do I need to do? Thank you for your help.”

So What is Happening Here?

We have Joe – the leader of a Korean Real Estate Investment Club located here in the US. And we have a big Korean Bank. And that bank has just sent a pretty interesting lead to Joe.

What does Joe Know About Buying Notes?

No – he admits as much in the first line of his email. So do you think that he pitched to this big Investment Bank that he would be the perfect guy to buy their non performing notes?

No he did not. The note buying opportunity found him. And it also seems that they are willing to accept any offer that he makes on that note.

Now try to not to focus on the the great opportunity that has been offered to Joe, who might be albe to make a low bid on this note. Don’t focus on the fact that he might be able to foreclose on a $4 million dollar motel.

I want to point out something that is so simple when you are trying find notes. It is so simple, you probably looked it over thinking that there is a bigger lesson here.

What kind of a bank is this? Korean. And where’s Joe from? Korea.

So the fact that this note, which is on a California property, happens to land in Joe’s lap, should actually come as no surprise.

Tips on Finding Notes

When trying to find notes remember that banks often want to sell notes to people that they can talk to.

Most of the time, the people that they can talk to have other similarities. They might look like them, talk like them, do business like them, live like them, or enteretain themselves just like them.

Chances are: even if I were Mr. Well Known Note Investor and I found a way to that Korean Investment Bank, I would probably never get the same reception and credibility when trying to find notes that Joe has. You see, they’d rather deal with him than you or me because Joe is one of them in a way that you and I never will be. So the process of “getting to know one another” for Joe and this bank will always be a whole lot smaller than the same process for your or me.

Now go out there and apply this note buying tip.

Find the Commonalities between You and your Sellers.

Try to find someone who speaks your language, and see if they have any notes for sale.