Do you remember that 1981 hit from “Men at Work called Land Down Under?” (OK, so I was a big Men-at-Work fan, I admit.)

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?

The story that Joe shared with me involvd on of the most important lessons in the business of how to find notes. Your 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 – His Story on How To Find Notes

Here’s what he wrote to me today:

“I am the owner of Korean Investment club, but we are not ready to think about buying notes yet. ( for lack of understanding) I was solicited last week from a big Korean bank to buy the notes from the person in charge of the defaulted mortgages. He ask me to offer any amount for the first trust deed with face amount of 2.5MIL or more (including interest will be 2.7 Mil) collateral behind is the 79 room big motel with restaurants. I am really interested in buying the notes, because I know it’s worth around 4Mil. Is there any way to make it through? Thanks for your advice.”

What is the situation 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.

Let me point out something to you. The answer is so simple when you are trying to find notes, it doesn’t have to be complicated.

Joe is from Korea, and this is a Korean Bank.

It shouldn’t be a surprise that this note, which is a California property happens to find its way to Joe.

A Good Tip On Finding Notes

Remember when you are trying to find notes, 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.

So get out and start applying this note buying tip.

Find the similarities that You and your Seller share.

Go find someone who speaks your language, and then see if they have notes for sale.