Robert Burke: Alright we are back. We’ve got another guest who’s another one of my favorites with Nationwide Secured Capital Company in California, Gene Powers are you on the line?
Gene Powers: I’m here Robert. Good to hear you.
Burke: Well it’s always great to have you here. How is sunny California?
Powers: It’s doing well, Spring is springing in. The mild weather is wonderful this time of year.
Burke: Well that’s great. Hey you probably didn’t hear the first part of the show because you’re calling in from California and you don’t hear our show there. But we’ve basically taken the show to go over some things, a lot of questions, comments that people have written in. Some questions they’ve had. Of course, the number one question we get in regards to your company, Nationwide Secured Capital, you guys buy owner financed mortgages around the country. There are a lot of companies out there who do that. But what sets you guys apart from all the rest?
Powers: That’s a great question. You’re right Robert. There are probably more companies and brokers that you can shake a stick at. Out there. As soon as you go out and start looking to sell your note, you’re going to find a lot of them. Our company is an established, experienced investment firm. These notes, brokerage that buys real estate mortgage and contracts, Nationwide, we can buy them in any of the 50 states, on all kinds of properties, land, commercial, apartments, duplexes, single family, et cetera. And that investment experience is essential to providing sellers firm and reliable top of market pricing, and offers for their notes that meet their needs that will actually make it to closing. Without a cancelation or change. Many of the buyers out there are new brokers or brokers who don’t fully understand what investors require. They’ve purchased very few, if any notes for themselves. And many of them are novices so a company like ours can help a seller get, provide an offer, a cash out offer that’s actually going to happen. That gets to the closing table.
Burke: Ok, let’s say someone out there has a note they would like to sell. They want to get an offer from you. What do they do? What’s the step?
Powers: They can call the main number. 800 853-0573. They can go to our website, www. NationwideSecuredCapital.com. There some notes, a free quote on the website.
Burke: That’s what I like about it. I’ve done that before, I’ve tested you guys out. You can go on their website, you can fill out their form. On the website there’s a form anybody can fill out. You put the information about the note there, and then, you guys, you usually, it’s very quickly get right back with the people and then maybe with other questions. But then you’ll come back with a quote and what you’ll pay for the note. Right?
Powers: We do. And that’s a real good point. We do ask the questions. And we do ask a number of questions. And do you know Robert when the highest offer is not the best offer?
Burke: When is it not?
Powers: When it doesn’t close.
Burke: That is exactly right.
Powers: And when reason that we ask a lot of questions up front and we work with our sellers to get full information on the note and documentation, et cetera. Is because we need all that information to ensure an offer that will close, and price that will give them the most change. We actually, our records show, that we close three to four times, more of our offers, as we made them, than other investors or brokers in the market. That’s because we did our homework up front. We don’t do quick float offers.
Burke: That’s a great point. And I’ll honest with you. I had somebody about 3 weeks ago that contacted me and said hey that had gotten a quote from you guys. It had come in a couple of thousand dollars lower than somebody else. They were concerned about that. I said, well that happens. Some people look at notes different, and hold values different. You going to get some different quotes. I said but what I want you to do, is I want you to call me back after it closes and let me know it closed. And about 2 days ago I guess it was, they got back in touch with me and they said, you know they said it’s not closing.
Powers: Well you know I’m said to hear that but it’s also what we tell our sellers, the reason we do it this way, and the numbers we give you are solid, is because we want it to close, we want it to be real. And there’s just too much flying out there that are not real numbers.
Burke: And you guys are the real deal.
Powers: We’re the real deal.
Burke: There’s no doubt about it. And here’s another thing I want to cover. And again it’s because of questions that have come up in the last few weeks. There are a lot of people out there who are buying properties, that own a property, but they are able to work in cash. Matt was just with us here before you and he was just saying that 30% of the homes out there have no debt against them. They are free and clear. But for an investor who wants to sell a property, and hold back the mortgage, because they not in the cash, they want that steady income stream. But what would you recommend to them, because I always say somewhere down the road you may need that cash. You need to plan a head, you need to be smart. So for that investor who’s looking to sell a property, and owner financed it, what are the top 3 or 4 keys you would recommend that they do?
Powers: You know the down payment, the interest rate, the creditor are the 3 biggies. We look for at least for at least 10 to 20 percent on the down payment side. We highly recommend sellers to get 8, 9, 10 percent depending on the property they are selling on the note and then we say on the credit, nothing under 600.
Burke: Ok. Alright.
Powers: Now I do have one other thing to tell you about.
Burke: Ok.
Powers: What makes us different, it’s basically this. We treat our note sellers with respect. We work on a win-win philosophy. If it’s not good for you the seller, it’s not good for us. Our staff is highly, is expert, highly knowledgeable. We answer all questions that we’re asked, the seller asks us. We strive to deal totally transparently in the transaction. We don’t use hard ball negotiation. We don’t use, disrespectful language or tone, intimidation, bullying, pressure tactics that many of the brokers and buyers sometimes do in the market to get you to accept the agreement or change in purchase terms. We have decades of experience and we use that to provide professional solutions.
Burke: Let me ask you this. If somebody get a quote from you, and it’s accepted and they have all their documentation in place, what’s the average time it takes to actually close and for them to get their money.
Powers: If they have all their documentation in place, we can get it down a little inside of 30 days. We always tell people it’s around 30 days. There’s 3 things outside of our control: How fast you get back to us with your documentation, payment, records, proof of insurance on the property. The next thing up is the appraisal. We use outside services for this. It typically takes 7 to 10 business days. If it takes longer than that, it would extend out time frame. The last thing is title work. Title companies typically get back to us with our title work within a week. We can then go to docs and closing. The whole process is about 30 days unless one of those factors outside our control then the whole thing takes longer.
Burke: Ok. Another thing I was thinking about while you were talking is we talked about the ease of going to your website, Nationwidesecuredcapital.com, and filling out the little quote sheet that you have. They give their information about the note, you then get back with them. That quote is usually emailed back to them but a lot of people like to have a voice to talk to there. So they can also call to talk to someone about the quote or any questions that they have, right?
Powers: Yeah, well actually we never make an offer except by voice, then we follow it up with email.
Burke: Ok. I learn something every day.
Powers: We typically interview the seller before we make that offer. We do our homework upfront. We ask them. We ask a lot more questions than the other guys do. We look at a lot more things, we actually pull preliminary credit, soft pulls so it doesn’t affect the creditor’s borrowers’ credit. We a lot more work up front to make sure our offer is the best that’s going to be available on the market that can actually close. And there are a number of questions you can ask your buyer, in terms of what they can do. But if they not quoting you based on real credit then, it’s just a coin flip in terms of whether that purchase agreement going to change after you’ve done it.
Burke: Well here’s why I like about you guys and I like Eugene and your company. Is, we talked about this in the earlier part of the show. When you’re talking with somebody, you can tell when talking with them, if they’re knowledgeable about what they’re trying tell you what they’re knowledgeable about. We talk about making offers on real estate, if you ask the right questions, that type of thing, you build this credibility. We I talk with you on the show and ask you questions, there’s no hem/hawing around you come across as very knowledgeable in what you’re doing. And I appreciate that. I think that comes across.
Powers: Thank you Robert.
Burke: What I need you to do is to give us a telephone number again and the website because again we are out of time. So that if anybody has any questions, wants to get a quote, they can do that.
Powers: The telephone number is 800 853-0573. Any of our staff can help with the online interview. Or you can go straight to the interview yourself, fill it out at your leisure, under “sell my note, free quote”, www.nationwidesecuredcapital.com.
Burke: Thanks Gene. They can also go to our website and get that information. Thanks Buddy.
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