How to Invest in Notes

Podcast: Play in new window | Download (Duration: 58:52 — 134.7MB)

Subscribe: Apple Podcasts | Spotify | Amazon Music | iHeartRadio | Email | RSS | More

Eddie Speed  – Note School

Often, to make a deal happen, you need financing.  In real estate especially.  But often the typical bank cannot offer financing for a home to an entrepreneur.  We just don’t check the W2 box like the banks want to see.  So where can you get financing for a home, if you are an entrepreneur?

From another angle, you want to invest in something that has some great returns, but being a landlord isn’t really your idea of fun.  What is another real estate investing option that can help you make money in your sleep?

Eddie Speed has started the Note School.  A school that teaches how to invest and offer notes to people that need financing outside of traditional banks.

Eddie shares insights from his decades of experience teaching people how to “be the bank, a strategy that has helped countless real estate investors convert their rental properties into seller-financed opportunities. As rental profits dwindle and banks tighten their lending standards, Eddie explains how seller financing can transform a landlord’s cash flow and serve an underserved market of aspiring homeowners. From practical math to tax strategies, and a behind-the-scenes look at the NoteSchool training process,

 

Podcast Overview:

00:00 Learning to become the bank
04:18 Discussing rental properties as businesses
07:22 Helping sellers with financing
12:41 Rental income and market comparison
13:35 Tax tips for installment sales
19:13 Training successful yet overthinking students
22:05 Starting in the business
25:22 Finding a niche in real estate
27:43 Challenges of property management
32:12 Challenges with traditional mortgage lending
35:16 Frustration with appliance durability
40:36 Comparing 30-year vs 50-year loans
44:25 Finding reliable, hardworking realtors
47:50 Finding local property services
50:19 Getting started with online basics
54:43 Funding notes and marketplace strategy

Podcast Transcription:

Eddie Speed [00:00:00]:
Think and think in terms of the easiest way. People say, people say, give me a reference of seller financing that everybody can relate to the car industry. You, you buy, buy a car, maybe it’s a used car or you are, you know, whoever your secretary buys, whatever that is. Right. Somebody buys a car and the car dealership carries the financing. They sell or finance the car. Does that make sense?

James Kademan [00:00:26]:
It does.

Eddie Speed [00:00:26]:
Instead of seller financing a car, you sell or finance a property. So you’re not renting it anymore. You’re, you’re transferring the deed to the new guy, but you’re saying, wait a minute, I’m going to carry, I’m going to be your bank and I’m going to carry long term financing.

James Kademan [00:00:47]:
You have found Authentic Business Adventures, the business program that brings you the struggle stories and triumphant successes of business owners across the land. Downloadable audio episodes can be found in the podcast link found@drawincustomers.com we are locally underwritten by the bank of Sun Prairie Calls On Call Extraordinary answering Service, the Bold business Book as well as Live Switch. Today we’re welcoming Slash, preparing to learn from Eddie Speed of the note school. So Eddie, how is it going today?

Eddie Speed [00:01:15]:
I’m great, how are you?

James Kademan [00:01:17]:
I am excited. We’re talking about real estate notes and I gotta admit, I don’t know much about that at all. So I’m excited to learn from you. So let’s start with the basic foundation. What is the note school?

Eddie Speed [00:01:31]:
Well, note school teaches people how to be the bank. There’s basically two ways you could be the bank. You might have a rental property that’s far more profitable for you to finance the rent property than continuing to pay rent and taxes and insurance and the plumber and the all that. Right. And, or you may say, no, I don’t have a rent house, Eddie. I just, I like the idea of being a bank. How would I find a note? And so we have run a school for 25 years showing people how to go be the bank.

James Kademan [00:02:09]:
So help us with a foundation here. A real estate note. Is that essentially the same as the deed or what is that?

Eddie Speed [00:02:15]:
No, is what we all sign when we go to the title company and buy a house and get financing.

James Kademan [00:02:22]:
Gotcha. So it’s the loan on the property.

Eddie Speed [00:02:25]:
You know, you sign a promise to pay to the bank, it has an amount that you owe, it has interest, it has a monthly payment and then you sign another document that says if I don’t pay, the bank can foreclose. Usually in some states that’s a deed of trust in some states, that’s called a mortgage, something kind of like that.

James Kademan [00:02:46]:
Okay.

Eddie Speed [00:02:47]:
Yeah.

James Kademan [00:02:49]:
So if somebody has a property, is this. I guess in this case with the notes is this. You are helping somebody purchase the property. So instead of a bank, they’d be using this person?

Eddie Speed [00:03:00]:
No, I. No, I am, I am pretty specialized in the business, and so we help people. Seller finance.

James Kademan [00:03:12]:
Okay.

Eddie Speed [00:03:13]:
So I deal with a lot of landlords. Main, I don’t usually deal with too many mom and pops. Normally the people that I deal with are people that are real estate investors. Some really big, some super small, but normally they’re a real estate investor. And so I help them create notes and I buy notes that they’ve already created. And in the, in the little, narrow little world of seller financing, I bought 50,000 seller finance notes. Wow.

James Kademan [00:03:42]:
So I feel like that’s a lot.

Eddie Speed [00:03:44]:
It is. And in that little industry, it is. And so we’re. We’re pretty. We’ve got a seat at the table in that industry. And so we find a lot of these notes and we spend a lot of energy trying to find them. Right. So we do pretty good at that.

Eddie Speed [00:04:00]:
And then right now we have a really active program where. And a lot of the podcasts and things I do, people are interviewing me, like, okay, how do I convert my rental to seller financing? Because rentals aren’t making near the profit they used to. Inflation messed up the rental model.

James Kademan [00:04:18]:
It turns out as I, as I interview people that are in the real estate world and I look at the rental property world, I’ll reach out to a real estate agent and I’ll be like, hey, man, from my point of view, a rental property is a business. You look at what it costs, acquisition costs, and then the money coming in, the revenue, the expenses. I don’t see how some of these businesses are making money. Who would buy this? This is a. Not necessarily a failing business, but it’s a business that’s going to cost you money rather than make you money, unless you’re working on speculation and saying, in 30 years down the road, this is going to be worth more.

Eddie Speed [00:04:55]:
So we help people get paid now versus having to wait for appreciation.

James Kademan [00:05:00]:
Gotcha.

Eddie Speed [00:05:01]:
And if you, if you just look like this would be kind of an easy way to think about it. The average rent in the United states is about 1800 bucks.

James Kademan [00:05:12]:
Okay.

Eddie Speed [00:05:13]:
Ohio and California and Iowa, and you know what?

James Kademan [00:05:19]:
In the whole US So you got New York and San Diego, and you

Eddie Speed [00:05:21]:
also have everywhere in between, right the middle of nowhere. The average single family house rents for about 1800 bucks. Okay, that’s not an apartment. That’s not. That’s not a duplex. That’s it. That’s a single family standalone house. The average payment that a brand new customer pays their mortgage payment is 138% of rent.

Eddie Speed [00:05:49]:
Okay, so that tells me the banks are making. Getting a bigger payment now. That includes taxes and insurance. So you got to saw a little off of that. Right. But Even if it’s 110%, 100, 115%, people’s mortgage payment is more than rent. But wait a minute. If I’m the landlord, half of my money runs out the door and paying expenses.

Eddie Speed [00:06:10]:
And if I’m the bank, none of my money runs out the door. So it doesn’t, it doesn’t take a, you know, a long spreadsheet to look at the math and go, you know, you know what, Eddie? It is more profitable for me to be the bank than a landlord.

James Kademan [00:06:27]:
Gotcha. So tell me, who is coming to you?

Eddie Speed [00:06:35]:
In the last two weeks, I’ve been to the largest two real estate masterminds for house people in the United States. So call it top, you know, 800 top thousand house buyers. A good percentage of them are in. Are one of those groups or another couple that I’m involved in. They have. I sit down with a guy on Friday who’s a fractional CFO for other real estate investors. So he helps other real estate investors with their math. Right.

Eddie Speed [00:07:06]:
But he has 275 rentals, and he’s. And he knows me from the past. He says, eddie, I want to convert all of my 275 rentals to seller financing. I don’t. You don’t need to convince me. You’ve already convinced me in the past. You’re right. Your math, what you’re saying is true.

Eddie Speed [00:07:22]:
Just help me with the process. So I build a back office for them so they don’t have to go do it. So we help them do all the things to create really smart seller finance transactions. Not homemade, looking well underwritten, well structured, including me coming in, buying part of their notes so that they can pay off underlying mortgage debt and do all that stuff. And so I basically help them become a mortgage bank. But they’re outsourcing a lot of the process to go do it because it’s not what they have. And internally, they don’t have a shop built to go do it.

James Kademan [00:07:59]:
Gotcha. So is the idea that could be

Eddie Speed [00:08:01]:
somebody on this podcast with five rentals or that could be, you know, some realtor that goes like, oh my gosh, I’ve got all kind of clients that would convert their rentals if somebody go do it for them.

James Kademan [00:08:16]:
So if somebody owns property, is this essentially the equivalent of refinancing? Just not through a bank, through.

Eddie Speed [00:08:22]:
No, you’re just changing the use of the property.

James Kademan [00:08:26]:
Okay.

Eddie Speed [00:08:26]:
Words. Think in terms of the easiest way. People say, People say, give me a reference of seller financing that everybody can relate to the car industry. Buy a car, maybe it’s a used car, or you or you know, whoever your secretary buys, whatever that is. Right. Somebody buys a car and the car dealership carries the financing, they sell or finance the car. Does that make sense?

James Kademan [00:08:54]:
It does.

Eddie Speed [00:08:56]:
And so instead of seller financing a car, you sell or finance a property. So you’re not renting it anymore. You’re, you’re transferring the deed to the new guy, but you’re saying, wait a minute, I’m going to carry, I’m going to be your bank and I’m going to carry long term financing. Because the math is just, you know, you know, people say, well, what’s the best time, Eddie, to be in the note business? And I started in 1980. Okay, wow. What’s the best time to be in the note business? I said, there’s two things. Either it’s inflationary times or disruptive times.

James Kademan [00:09:32]:
Hmm.

Eddie Speed [00:09:36]:
So right now we have both.

James Kademan [00:09:38]:
I was just gonna say, I feel like we’re checking both those boxes now.

Eddie Speed [00:09:41]:
Yeah, yeah.

James Kademan [00:09:43]:
Tell me a story about the, the large real estate investors and the small real estate investors. What does a metric look like there? How do you distinguish those two? Is it dollar amount or is it doors or is it property?

Eddie Speed [00:09:58]:
Probably number of transactions in a year. So these masterminds, these are, there’s different levels of them. But the ones that I go, the kind of the premier level that I go to, those guys probably are at least doing a hundred houses a year. I mean, look, there’s guys there that do 10,000 houses a year.

James Kademan [00:10:17]:
Like 10,000 houses a year.

Eddie Speed [00:10:19]:
Not, not a huge amount. There’s several guys that do more than 300 houses a year. Like a, like a good many of those.

James Kademan [00:10:28]:
That’s a lot. That’s some farmers that don’t have that many houses.

Eddie Speed [00:10:31]:
Yeah, these are guys that have built ninja business buying houses.

James Kademan [00:10:35]:
Okay.

Eddie Speed [00:10:36]:
And I’m a specialist. But right now there’s 18 million rent houses and not many happy landlords. So it’s a pretty big pond to fish in.

James Kademan [00:10:47]:
So if you’re a landlord, what is the advantage? Just help me walk through the math here.

Eddie Speed [00:10:55]:
The advantage would be if you’re netting 900 bucks, you might could net $2,100 if you finance the same house you’re renting right now, net income.

James Kademan [00:11:05]:
Okay.

Eddie Speed [00:11:06]:
It’s worth, it’s worth testing it out.

James Kademan [00:11:09]:
Okay. So if we just for. I don’t know what easy numbers would be to look for, if I got a property that’s worth $100,000 just for easy math. Can you help me with the, the equation there? Just walk me through that.

Eddie Speed [00:11:22]:
Yeah. So, you know, like, and I agree with what you’re saying, people kind of label $100,000 houses. That’s too cheap today, but it makes nice round numbers, right?

James Kademan [00:11:31]:
Yeah. Just. Yeah, I’m not. I mean, if you can find a house for 100 grand, let’s just say

Eddie Speed [00:11:35]:
that you sold the house and you owner financed it and you got 15% down from a new buyer. And by the way, we can help you find a realtor and have realtor oversight to manage that realtor. So this isn’t just any realtor. This is a realtor that’s been specially trained to go find that type buyer. They’re not, it’s not like they don’t. You can. They can’t prove their income. It’s not like they have bad credit.

Eddie Speed [00:12:01]:
We’re not chasing people that don’t need to be buying a house. Right. We’re chasing people that we believe are the underserved market. Right. So they’re going to pay 15,000 down, 100,000, 15% down, and then that landlord will carry 85% of the note or 85% of the financing, which is an $85,000 note. So their monthly payment is going to be 850 bucks a month, something like that, you know, $800 a month. And. And, yeah.

Eddie Speed [00:12:41]:
And so if they rented the same house, they’re probably netting 300 bucks. Now, once again, I don’t want to. You know, that’s a little cheap for the market today. So I don’t want people to just use the round numbers and think about. That was an easy way to get a frame of reference compared to percentages. Usually the math is between two on the bottom end, about two times the net income. We’ve seen it as high as three times the net income. Wow.

Eddie Speed [00:13:09]:
And so it’s pretty cool math. And you’re right, people say, well, I don’t get depreciation. That’s true. And they say I don’t get appreciation. And that’s true. But number two, you got the appreciation now, and you don’t have to wait for it. Right. You’re getting paid now, you just don’t have to wait for it.

Eddie Speed [00:13:35]:
And we’ve got all kind of things that, how we can show people to, you know, quick analysis to figure out. Like, oh gosh, you’re right, I am getting paid for it. I just didn’t think about it that way. And then the answer is there people say, well, there’s no tax hacks if I own or finance. That’s not true. Because the IRS that you can pay them capital gains when you get the money, not the year you sell it. Right. Installment sales.

Eddie Speed [00:14:08]:
And so you can stretch out when you pay. And depending on your tax bracket, that may mean that you earn such a low amount of capital gains per year, you may not even have to pay tax on it. There’s some of that possible. And the other thing is, is the long form depreciation, they let you stretch it out and pay it out over the life of the loan. So there are kind of some tax hacks with it.

James Kademan [00:14:34]:
Are there any properties that this is not ideal for?

Eddie Speed [00:14:38]:
Yes, we deal in very middle class property. So property that is in substandard neighborhoods probably don’t make a perfect fit. Right. And. Or properties in really bad condition or properties that really are like an executive home, like it didn’t work near as well, you know, depending on where somebody lives. But $750,000 house doesn’t work as well as a $300,000 house. Right. So.

Eddie Speed [00:15:14]:
And depending on what market price range is normal, medium price property is kind of the target. And there’s probably a range off of either side of that that works well. So we are serving an underserved market. And, and we really, really, really. I mean, I don’t think a lot of people totally realize this, but about 40% of all loan originations today are not, are not agency loans.

James Kademan [00:15:43]:
Wow, I had no idea it was that big. Okay.

Eddie Speed [00:15:45]:
And so, so just because somebody doesn’t listen, I’m self employed. I’m involved in about nine different companies. Like they don’t really like me in that. In the traditional put me in the box W2 employee box.

James Kademan [00:16:06]:
That is very true, very true. Yeah. It’s interesting because my, when we refinanced our house back when interest rates were dirt during the pandemic, the banker, I remember him suggesting that we only use my wife’s W2 income on the application because I’m self employed. And he’s like, oh, it gets a little weird. I think I make more money than her, but it’s just easier for them to be like, here’s the W2. Rinse and repeat. Away you go versus another.

Eddie Speed [00:16:37]:
There’s another little caveat to this. Okay, okay. Most people have an underlying mortgage and they go, well, what do I have to do? And we’re saying, like, look, we’re going to help you liquidate part of that note income. Buying and selling mortgages is what I’ve been doing for 45 years. You know what I’m talking about. You have a mortgage and you know, all of a sudden letter shows up in your mailbox and says, your loan has been sold. Your payment doesn’t change, your interest rate doesn’t change. It just says, your loan’s been sold.

Eddie Speed [00:17:15]:
And now instead of paying First national bank, you’re paying Main Street Bank. Right, whatever. And so it’s common in the business. And so we help people. And that’s where I build a marketplace. So some people need to sell part of their note, and I created a market where they can do that. And then some people say, I want to buy part of that note. And so I’ve built a marketplace where people can do that and do it very efficiently and with confidence.

Eddie Speed [00:17:47]:
You know, when we were. I was talking to my assistant before we. We filmed this podcast and know it’s, it’s. It’s kind of about business mistakes. Right, Right. And. And that’s a great. I love it, like, because all of us with gray hair, we got way more bombs than we’ve ever had.

Eddie Speed [00:18:08]:
You know, things that we were brilliant at. Most of the things that make us really good is because we’re forged in fire. Right. And the answer is, is that I just don’t make as many mistakes along the way as I used to because I’ve kind of tried a lot of stuff and I know kind of what won’t work. And. But my job in helping people do this business is to give them confidence, because confidence is when people will take action. People that don’t have confidence have a high tendency not to take action.

James Kademan [00:18:49]:
Oh, my gosh. Incredible amount. Yeah. Yeah. It’s very interesting chatting with people that are anxious, not confident, and they just can’t make a move. And you want to tell them, look, man, just jump. Right? You can’t. The decision not to make a decision is a decision.

James Kademan [00:19:08]:
So if you’re just going to stand there and think about it, your decision is to just stand there.

Eddie Speed [00:19:13]:
You know what I’ve noticed, like, in the training business of real estate oriented training, my end of the spectrum is I tend to Train people, you know, with a little, you know, whatever, like they’re a little hot, more educated. Not, not 100%. Because listen, I, I, you know, I, I’m the, I’m the, the poor boy, you know, come from the mobile home thing. All that’s my story. Right. So I, I have a heart for that for sure. But I do train people with, you know, that have been successful in something else and they’ve got, you know, they’re, they’re pretty smart and the, you know, and I have to get them not to overthink the deal. And, and that is because I had to really get clear about how to give them competence that lead to confidence.

James Kademan [00:20:08]:
Interesting. And how do you do that?

Eddie Speed [00:20:11]:
Well, today when I, how I do it is I show them the process that we, that we put a transaction through and somebody goes, I don’t know, I don’t know about being the bank. I don’t know what I’d get paid or I’d be scared to death. Like I don’t hear landlords saying that. And they have defaults all the time. I mean the likelihood of having a rent house for eight years and having a problem with the tenant is almost 100%.

James Kademan [00:20:36]:
Yes.

Eddie Speed [00:20:38]:
Me having a note and having a problem with the payer in the next eight years is a pretty low percentage shot. But see, they don’t know that until they know what we do and how we do it and how we avoid chasing deals that look like they’re going to become a problem. And so I would say that just showing people a risk management blueprint, that in real life is what we really operate with. All of a sudden they’re like, oh, okay, I see that.

James Kademan [00:21:09]:
Interesting.

Eddie Speed [00:21:11]:
So when you, most people pay the bank back, right?

James Kademan [00:21:15]:
Yeah, I believe they do. But I don’t. You probably have a statistic there that tells me wrong.

Eddie Speed [00:21:20]:
No, I mean, you know, they do. I mean there’s been markets where there was really aggressive underwriting which led to excess. You know, all of that. Right. But if underwriting is reasonable, the odds of a mortgage loan being successful is pretty high percent shot.

James Kademan [00:21:37]:
Right, Right. Tell me about the people attending your classes. What is their goal?

Eddie Speed [00:21:46]:
Well, it’s a, it’s a good question. Some people are a young. Eddie speed. I was 20 years old. I was living in a 10 by 40 mobile home. I didn’t have any money and I met a gentleman that later became my father in law. He wasn’t at my time at the time and we weren’t really even dating at the time. So it Wasn’t like it was.

Eddie Speed [00:22:05]:
You know, he rescued me because he thought I was gonna marry his daughter the second we met. Right. But, but, but I will, I will say one thing. The thing that I had in me is tenacity and taking action, right? Because I didn’t have any money. And he showed me a path to go basically become a bird dog for him. And so I, I started out in the business with no money. I started out with his money. So I trained people how to go do this.

Eddie Speed [00:22:37]:
And they start out with our money, right? They don’t have to go be the bank. We’ve got the money. We just need them to go chase the right deals. Right? And so there’s a way that you can do that all the way to somebody that shows up and says, look, which is super common. I got a rental portfolio, and my spouse said if I buy another rental, there could be a divorce. Like that. Figuratively speaking. Right.

Eddie Speed [00:23:05]:
And so they’re trying to. They like real estate, but they’re looking for the easiest end of real estate. So think about the two spectrums of real estate. You can invest in a syndication and you don’t have to work, but you also have zero control. Or you can invest in a rent house and you have control just more than you want. You own this note. When we sell a note, help somebody buy a note. They own it.

Eddie Speed [00:23:41]:
I don’t own it. They own it. So they have control. But it has on the workload very close to about like a syndication would be. You can sell it, you can buy it on Monday and sell it on Friday. So you. So it’s you. You can turn, you can, you can create liquidity with it.

Eddie Speed [00:24:00]:
Good loans are more liquid than real estate. Wow, look at the mortgage industry.

James Kademan [00:24:09]:
So tell me more about that. If you got a loan, you have this note where you’re not just going to the Craigslist or marketplace or something like that to try to sell this thing, or am I going to someone like you to market this?

Eddie Speed [00:24:22]:
Or I’ve helped people build a marketplace, okay? And so. And we’re working at more and more efficiency. Within a year, we’ll be selling loans on blockchain. Now, that’s not. That’s not today. But all of the things in order to do that are in motion, right? And. And we, we’re not at the blockchain level at the moment, but we’re definitely selling loans that have a high. Reese you.

Eddie Speed [00:24:53]:
High level of liquidity because they’re good loans. They’re underwritten. We’re dealing with A group of people that have a. A comfort level with it. If I tell people, people say, well, I don’t know if I’d have a comfort level and be in the bank. I’m like, do you have the comfort level of being a landlord? Because that’s way riskier than the bank. So it’s not hard to find somebody that does it. Once they get, you know, they go down the road a little bit.

Eddie Speed [00:25:22]:
And when you introduce me, which is very common, you’re saying, I don’t know anybody else that does this. And the thing is, I would say, would you rather be in a business where everybody and his brother is chasing the same deal, or would you rather be in a business where you don’t have to fight, you don’t have to go fight over and get in front of 20 people to go find a good transaction that you should be doing? So there’s. It’s not as competitive and, and I feel like it’s, you know, like we’re. We’re continuing to train people to do it, but we’ll never. There’s 18 million rent houses. There’s tons of landlords. So understand there’s not as many people who do it, and I don’t think there’ll ever be as many people that do it. But once, once we show people what it is and how it works, it’s very unlikely.

Eddie Speed [00:26:15]:
Somebody goes, oh, I’m not interested in that at all. Like, it’s almost a zero percent chance of that.

James Kademan [00:26:22]:
Interesting. Tell me just so I can wrap my head around this, and I apologize if I sound ignorant in this. I’m just trying to wrap my head around this. Let’s work from the players of the game and the, the materials that we have in the game. Right? So we have the property itself. We have the liquidity, so the value of that property. We have tenants. We have the owner of the property, who I’m going to say is the owner of the property considered to be the same as the landlord in this transaction.

James Kademan [00:26:52]:
Okay.

Eddie Speed [00:26:53]:
Yes.

James Kademan [00:26:54]:
And then we have. You essentially are your business. Right. The marketplace. Am I missing any players there?

Eddie Speed [00:27:02]:
Yeah. So the property currently is used in the way that the owner of the property is making money with it today and in the future is they’re basically renting out the use of their property. They are a landlord, right. And they, they’re probably asked to do some things that for them are pretty difficult. They’re asked to, like, underwrite a tenant. Like, they’re somebody that owns 3,000 apartment complexes, apartment units. Right. So they’ve got to do underwriting.

Eddie Speed [00:27:43]:
Then they have to be the service guy that if something goes wrong then like, and you’re thinking, well I’ll just have a realtor manage it. Then you got to manage the realtor. You do know that that realtor makes a spiff on. Every time they call the plumber, they make a little fee on that. Over and above you’re paying them a management fee. So you kind of got to monitor things. Right. So, so when you really look at that whole business, I’m just eliminating the fact that they gotta go be a lot of things just to make a little income every month and wait for appreciation versus the fact that they could say, you know what, I’m the bank.

Eddie Speed [00:28:24]:
I have a loan servicer that you make your payment to. They monitor the taxes and the insurance. I’m kind of like the investor that gets the money wired to me and I don’t have to go administer the business to go do it.

James Kademan [00:28:37]:
So it’s just easier so that the additional, it sounds like there’s an additional player in the game that would be

Eddie Speed [00:28:44]:
a buyer, a loan servicer. And yes, I’m going to sell it to a consumer buyer. They’re going to live in the house.

James Kademan [00:28:51]:
Oh, okay, okay.

Eddie Speed [00:28:54]:
To an investor because see, I have to make his payment low enough he can pay taxes and insurance and the plumber and all that stuff. But you own a personal home. What do you do if you call the bank and you say my taxes went up?

James Kademan [00:29:10]:
Yep, yep.

Eddie Speed [00:29:12]:
Right. And so, so think about your bank in, in the fact that, that, that you don’t call them when the hot water heater goes out or you, you don’t call them if the carpet needs replacing. So think in terms of, if the banks workload is way different than the landlord’s workload.

James Kademan [00:29:33]:
So that, so you, you be the buyer is someone that’s going to live in the house so there’s no longer a tenant.

Eddie Speed [00:29:40]:
That’s correct.

James Kademan [00:29:41]:
Interesting. Okay, so is it harder to find a buyer or harder to find a seller?

Eddie Speed [00:29:47]:
It’s without, without specialized knowledge, you know, it’s not, it’s. It. I don’t, I say it’s not difficult. You just, it’s just like anything else in life. If you don’t know how to use it, you’re not going to use it near as well. So we figured that out and so we have a specialist oversight realtor program where we have some ninja people that have trained nationwide realtors and have networks of realtors they know from around the country because They’ve come from big brokerage operations, Right. And they find a Realtor in that market that they probably have experience with in the past. And we give them very specialized training on how to find good buyers that need seller financing.

Eddie Speed [00:30:37]:
Now, most Realtors don’t know how to do that.

James Kademan [00:30:41]:
Right?

Eddie Speed [00:30:41]:
So it’s a specialty. And think about what you do every day. It’s a specialty. I mean, you’re self employed and your podcast and all the things you do, you don’t probably, if you look up and down your street, you don’t know anybody else that does what you do. Okay, well then I don’t know people that do what we do in seller financing, but I know that after 46 years, we’ve kind of figured out how

James Kademan [00:31:06]:
to do it right now you mentioned NINJA a few times. We’re talking no income, no job. Is that right? No, no, no.

Eddie Speed [00:31:15]:
Okay. No, this is not, this is not weak underwriting.

James Kademan [00:31:18]:
Okay, Okay. I heard ninja.

Eddie Speed [00:31:20]:
And I’m like, when I say ninja, I mean like a ninja real estate investor. I mean somebody that does it at a very successful level. That’s when I, when I use that term, that’s what I was referring to. I’m sorry, I’m, I’m used that in the wrong context.

James Kademan [00:31:36]:
No, no, no, no worries. I was like, wait, wait, wait. We’ve been through 2008. We know how this works.

Eddie Speed [00:31:42]:
We’re not, we’re not. Listen, we’ve kind of already tried most things in the past. We’ve kind of dumped all the stuff that doesn’t work.

James Kademan [00:31:50]:
Right? So when someone is looking for, as a buyer, someone’s looking for seller financing. What is the problem that they’re typically solving? Is it that banks are kind of a pain or the banks won’t lend? Or banks will lend, but their interest rates are high.

Eddie Speed [00:32:12]:
So one of the typical things with people that need seller financing is their income is not just traditional salary. W2 income like you and me and people that are in sales or people that are bonused or people that have a contract, you know, like work for Google under a contract. Right. All of that becomes some reason that we have found out. You find really good, good people with good credit, good income, good down payment, all of that. They just don’t fit the traditional box. And, and mortgage lending is much more strict than it was before. The virus about it is pro.

Eddie Speed [00:32:58]:
This is an estimate. Okay, so. So if I’m slightly off, I’m not. I may be slightly off by 5%, but I’m not terribly off. Okay. If 1,000 people could have gotten a traditional conventional mortgage in 2019. About 550 of them can get a traditional conventional mortgage today. According to Mortgage Banking’s chart, they call the Mortgage Credit Availability Index.

Eddie Speed [00:33:28]:
That changed that much over underwriting is that much tighter.

James Kademan [00:33:32]:
Wow. Okay. I guess I didn’t realize that stuff changed. That just assumes it got looser. Interesting. All right. That’s a big change.

Eddie Speed [00:33:44]:
You know, I mean, and. And so you go back and look at something that I said. The reason rentals aren’t making money is because of inflation. We have some disruptive things in the market today. Right. And so what do you do? Go dig a hole and go live in underground? Or do you find out that there’s some proven strategies that work in some imperfect times, and that’s all that we feel like we’re helping people do is to. Because I’m helping people with homeownership. That’s a pretty cool thing.

James Kademan [00:34:26]:
That’s very cool.

Eddie Speed [00:34:28]:
I’m helping people with homeownership that otherwise might not be able to have it. And they are prepared for home ownership. Right. They’re not like some people aren’t prepared for homeownership. They’re not. The shocker. The shocker invoices they may see as a homeowner. They’re just not.

Eddie Speed [00:34:44]:
They’re just not quite at that where they need to be for that. So they’re better off to be a tenant than a homeowner that’s made a bad decision and shouldn’t have tried it. So I’m not. I try to push people away and say, look, you’re just not. Sometimes people come to us and we just say, you’re just not ready yet. Right. In a loving way, sure.

James Kademan [00:35:04]:
No, I get. I can remember my first house when we had a major appliance. I think it was a water heater. Go out. The water heater itself was probably 30 years. And so it was a surprise, whatever few grand that we had to pay.

Eddie Speed [00:35:16]:
Yeah.

James Kademan [00:35:16]:
And that was a. That was a kick in the gut. And the kicker, the double kicker was when the plumber that was installing it told us, hey, don’t expect to get 30 years out of this again. And I was like, whoa, what do we just pay you for, man? I don’t want to have to deal with this more often than that. Yeah. Like, it was interesting. Like, oh, we get to look forward to replacing these appliances every five years or decade. That’s great.

Eddie Speed [00:35:42]:
Don’t last as long as they used to. That’s correct. Fact.

James Kademan [00:35:44]:
Yeah, that’s so awesome. Thank you.

Eddie Speed [00:35:47]:
Yeah.

James Kademan [00:35:49]:
So the, the people that get to be the homeowners that pass the test are like, yes, we can handle a bad water heater, furnace or whatever. Yeah. Know how to mow, get a lawnmower, all that jazz. All right, what is the advantage versus disadvantage of, I guess, going through this versus bank?

Eddie Speed [00:36:11]:
Well, we just, we, we. We’re not competing with a bank.

James Kademan [00:36:15]:
Oh, okay.

Eddie Speed [00:36:15]:
We just serve an underserved market that the banks aren’t serving.

James Kademan [00:36:19]:
Gotcha. So the bank essentially says no or it’s just not an option.

Eddie Speed [00:36:23]:
The bank is. And go ask any realtor, the banks are tougher on underwriting than they were. And that stat I just gave you is a real stat that came from the Banker’s Own Association, Mortgage Bankers Association. So I didn’t make up the stat. I’m just saying it. And it’s very shocking to me that you, you don’t, you don’t claim to be a real estate guy. So it doesn’t. Wouldn’t at all shock me.

Eddie Speed [00:36:49]:
You didn’t know that. But I have people that are lifelong real estate investor guys, and they didn’t know that until I do it. In fact, it’s funny, I have some of them message me and say, hey, I Google that, what you talked about on that podcast, and you’re right. Like, yeah, I know.

James Kademan [00:37:06]:
So is the, it’s so interesting to hear that, because I wonder, was that the banks throttling because the interest rates were dirt? So so many people were coming on and the banks just didn’t have the money to lend because you get so many people that are hanging out at these three, three and a half percent loans that are still kind of camping out there.

Eddie Speed [00:37:25]:
Well, there’s market pressures that have caused mortgage bankers. Mortgage bankers want to, want to make more loans. Don’t get me wrong. I mean, they’re not looking to do less business.

James Kademan [00:37:39]:
Right?

Eddie Speed [00:37:39]:
But at the end of the day, you know, there’s a funnel that those loans have to go fit through. And when that funnel gets smaller, you just, what you don’t want to do is originate a bunch of loans, and all of a sudden, now there’s no market for them. Right. And so, and there’s many scenarios, but the bottom line is, is that we have a giant underserved market and there’s, you know, everything from, you know, all kind of specialty groups that we’ve kind of identified that like, man, it’s pretty frequent. Those people are really qualified and have good credit and good income and all that stuff, but they’re just not, they’re, they’re not being served in the traditional mortgage market as well as they could. And we make no mistake about it. We target them and say maybe we could help. Maybe we’re a fix.

Eddie Speed [00:38:42]:
Maybe we’re somebody that could help you with this in a way. And that’s clearly what we do. So anyway, it’s, we feel like we’re helping people with. We’re certain that we are. We’re helping people with homeownership. We’re helping landlords that are frustrated with, with the, their situation. I tell, I deal with, I deal with everything from fairly small landlords to guys that are just like, have a whole bunch of them, like like many hundreds of houses. Right.

Eddie Speed [00:39:17]:
And, and they’re frustrated right now because they, they make about half the net income they used to make in about 2018 is about what the math is. Wow,

James Kademan [00:39:31]:
that is rough. That’s a big drop. Interesting. Tell me, when you’re a seller, in this case, is the seller typically or does the seller typically own the property outright or. They still have a loan on their end.

Eddie Speed [00:39:45]:
They, they have a mortgage. And that’s why we go in and create a liquidity event and help them sell part of the note. We don’t help them. We don’t help them. Not. They have to pay off the note to work with us.

James Kademan [00:39:57]:
Gotcha. Okay.

Eddie Speed [00:39:58]:
Yeah.

James Kademan [00:40:00]:
And is that a same day, same moment transaction? Okay, Gotcha. So just a lot of people sitting at that title table.

Eddie Speed [00:40:07]:
Well, you know how the title company works, right? They take all this money in and everybody. Yeah. So that’s how it works.

James Kademan [00:40:14]:
Yeah, Gotcha. As a buyer, I don’t know if, can you talk about rates or terms or something of that nature is a typical 30 year amortization or 30 year loans. Okay. And then the interest rates are there

Eddie Speed [00:40:29]:
so much noise about the 50 year loan that if.

James Kademan [00:40:32]:
Oh, that’s insane.

Eddie Speed [00:40:33]:
I’m kind of a math guy.

James Kademan [00:40:35]:
Yeah.

Eddie Speed [00:40:36]:
Okay, so let me just give you some basic math. Between a 30 year loan, a 50 year loan, now this as rates are a little different, it won’t always be the same math, but just it’s close to this. Your, your payments about 8% less on a 50 year mortgage than it is a 30. Your payoff on a 50 year mortgage is about 8% more when you refi and pay it off in eight years, which is the average time a mortgage is paid off. So there’s just all these people get on Facebook and stuff and start, you know, pontificating about 30 years versus 50 years. I’m like, you can’t, if you could use a calculator pretty good and I can, you’d know it ain’t no big deal. They just, if, if you can’t afford a 30 year loan, it’s okay to do a 50 because you’re not going to pay 50 years, you’re going to pay at 8 and then you’re going to pay it off and then you know, you’re going to refi or sell the house or do whatever. So anyway, I, I’m not opposed to people doing longer term loans, although in most cases we find the people that we’re selling do not usually have an income problem.

James Kademan [00:41:46]:
Okay, so is it typical 30 or they go 15 or 10 or even 5:30 normal. Okay, yeah, gotcha. All right, and then tell me about interest rates. Are those, is it more commercial?

Eddie Speed [00:42:00]:
They’ll be slightly higher than like, you know, the best loans in the market. So they’re, you know, Fannie or Freddie are the best loans in the market. But I will tell you this, the effective interest rate sometimes can be, the effective interest rate cannot be way off of where it is with fha.

James Kademan [00:42:21]:
All right.

Eddie Speed [00:42:22]:
But if you look at all of the things that you’re paying for, so it’s, it’s, it’s, it’s somewhere in that range. You know, the, the very best loans in the market are kind of the Fannie Freddie loans. And so it’s not going to be as good at that. Nobody would expect it to be. Not everybody has the same interest rate on our car.

James Kademan [00:42:42]:
No, no, not at all. Tell me a story about all the little fees that you see with banks. The flood fee and a title insurance and the just because we can fees and all that we’re stacks up. We’re like your loan is this.

Eddie Speed [00:42:56]:
Yeah. Title insurance or, or you know, flood, you know, having a flood search or if you’re in a flood zone having, you know, flood insurance. Those aren’t, those aren’t BS fees. Those are, those are, those are, those are real things. Now I might argue that title insurance is overpriced, but I’m sure my friends in the title agency would assure me that. I’m confused, although I don’t think I am. Well, I would agree with you and, but there’s a difference between that and what you would call lender junk fees. Right.

Eddie Speed [00:43:33]:
Where you know they’re charging you. In other words, it’s a way to get their effective rate a little higher because of fees that they charge. And you know, the thing about Our business is that we just make it simpler than that. We don’t charge junk fees when we’re helping people create these notes. So you don’t actually pay points.

James Kademan [00:43:52]:
Right on, right on. So tell me about the marketing side. You’re trying to find these buyers. What do you do from a marketing edge to try to find the buyers?

Eddie Speed [00:44:05]:
We teach Realtors to be very good at networking.

James Kademan [00:44:10]:
Okay.

Eddie Speed [00:44:11]:
All right. And. And of course, with social media today, there’s a lot of networking groups. And. And so we are. We. That’s a. That’s a very effective tool, and we’ve helped people do it across the country.

Eddie Speed [00:44:25]:
So we’ve learned, you know, some pretty cool strategies. But I don’t want to make it sound like it’s magic dust. First of all, the realtor has to go work, and that’s one of the things that we do, is that when we bring on a realtor, they’re going to have to prove to us, you know, if we go find you a realtor, you tell us you want us to sell your house, and you just want us to go help you with a lot of things. Eddie, go find me a smart realtor that’s willing to work. Okay, well, we actually are going to do that, and we’re going to make them demonstrate that this is what we think is an industry standard, that is what somebody should do. And, you know, this. A lot of Realtors don’t necessarily do the industry standard. They do less much.

Eddie Speed [00:45:09]:
Right. So they don’t. They’re not a fit for us. But we do find realtors that are energetic and, and innovative and willing to be taught this kind of unique dimension. And so we’re pretty good at that. Pretty good helping them do that. And then, you know, once again, like, what do they do and stuff? Well, if they’re just going to go put it in MLS and then, you know, go out of town for the weekend, they think somebody’s just going to come look. They’ll hunt them down in MLS to go find it.

Eddie Speed [00:45:45]:
We’re probably not going to use them. We think they need to work. They need to be smarter than that. They need to work harder than that. And we just try to teach them how to work smart.

James Kademan [00:45:55]:
So the boots on the ground doing the marketing are actually the smarter real

Eddie Speed [00:45:58]:
estate agents that you’ve been, in my opinion. Yes.

James Kademan [00:46:02]:
Okay. Fair, fair. So is with the note school, is it the real estate agents that are attending that?

Eddie Speed [00:46:09]:
I train everybody.

James Kademan [00:46:10]:
Oh, really? Okay.

Eddie Speed [00:46:11]:
I train. I train real. I have all kind of realtors because they know they don’t want to be a landlord.

James Kademan [00:46:17]:
All right.

Eddie Speed [00:46:17]:
I train, you know, dentists. I train school teachers. I trained some young Eddie speed that was 20 years old. It’s got some hustle and willing to go do something. I think you can make more money doing this today than you can flipping houses. For sure.

James Kademan [00:46:33]:
All right.

Eddie Speed [00:46:34]:
And so there’s an opportunity for, you know, somebody young that’s. That’s willing to go be a energetic. And then if you’re my age, your age, and somebody says, look, what I’m trying to do is to spend something that makes me spend less time. And so I think we serve kind of both ends of that market pretty well.

James Kademan [00:46:57]:
That’s cool. And are you nationwide? You are. All right. Did it start out in a certain area of the country and then just branched out from there?

Eddie Speed [00:47:07]:
Yeah, Texas was kind of my base center to start from. Technically, I started in Mississippi.

James Kademan [00:47:13]:
Okay.

Eddie Speed [00:47:14]:
But I. When the guys I worked for pointed me kind of to Texas back in the early 80s. Very early 80s, and my wife and I moved here. 82, Dallas, Fort Worth. But no, I bought notes all over the country. All right. I bought. I’ve certainly bought notes in all 50 states.

James Kademan [00:47:32]:
Okay.

Eddie Speed [00:47:33]:
Yeah.

James Kademan [00:47:34]:
And do you. Tell me about the. Since you’re doing nationwide, I guess the question is you’re doing a lot of this or all of this remotely. What. How do you look at the property, make sure it’s real? Like, how do you make sure that you’re not getting screwed?

Eddie Speed [00:47:50]:
You know, the boots on the ground thing after 2008 became way more efficient. It used to be a lot harder to find trusted boots on the ground, but after 2008 and all these mortgage centers and insurance companies had properties all over the country, there’s countless services and boots on the ground that can go do things. We’re so good at that, that if I had a property right here in Dallas, Fort Worth, I wouldn’t go look at it no more than I would fly to Chicago to go look at a house in Chicago.

James Kademan [00:48:21]:
Wow. All right.

Eddie Speed [00:48:23]:
Just wouldn’t do it because, I mean, it’s. It’s gotten so efficient, and we have such a good track record with it. We just know that works.

James Kademan [00:48:32]:
That is incredible.

Eddie Speed [00:48:34]:
Yeah.

James Kademan [00:48:34]:
That is truly incredible. You know, it’s funny. I was going to close out a property later this month that fell through, but I’m going on vacation, and there was this whole thing. We’re like, oh, my gosh, when are we gonna have to sign? We’re gonna have to push the closing. I’m like, I can sign my taxes from anywhere. If I can sign my taxes from anywhere, I shouldn’t have to be at this desk at that time to do this, Right. Like, we got an Internet. It’s worldwide.

James Kademan [00:49:00]:
What are we doing?

Eddie Speed [00:49:00]:
Yeah. You know, the last time I physically went to a title company and signed documents, it must have been 10 years ago.

James Kademan [00:49:08]:
Oh, I think that’s awesome.

Eddie Speed [00:49:10]:
And I mean, I’ve. I’ve traded a lot of properties since then.

James Kademan [00:49:16]:
That is incredible.

Eddie Speed [00:49:17]:
I might go to a reception at the title company, you know, a little party or something. But not to go physically go to a closing. Not anymore.

James Kademan [00:49:25]:
Gotcha. That is. That is truly amazing. So, Eddie, I know we don’t have a ton of time, but let’s get the details here about how people can find you. Note school, I imagine, is a remote education. Is that right?

Eddie Speed [00:49:39]:
Yes. Note school. We. We had. We do have some live training.

James Kademan [00:49:43]:
Oh, you do?

Eddie Speed [00:49:44]:
Okay, but. So people will come to Dallas and come to a training, But a whole lot of people get connected with us because we’ve become pretty good at being virtual.

James Kademan [00:49:55]:
All right, all right, tell me. Let’s just start with the live stuff. How often are you having those?

Eddie Speed [00:50:01]:
So we probably have a live class about every three months.

James Kademan [00:50:04]:
Okay.

Eddie Speed [00:50:06]:
All the time.

James Kademan [00:50:07]:
All right.

Eddie Speed [00:50:08]:
We have training all the time. And as I said, we got very good with virtual during the virus, and we just. A lot of our people like it.

James Kademan [00:50:17]:
Yeah, I would imagine so.

Eddie Speed [00:50:19]:
So, you know, usually. Usually what we’ll do is this. Like, if somebody will go and listen to. An interview like this, right? And they’re like, you know, I think I’m interested in that. So what we’ll do is give them a little starter series that’s all virtual, all online, and we’ll just go through something that, that we don’t make it complicated. We make it pretty easy and pretty palatable to get what they want and learn what they’re doing. And then somebody will say, yeah, okay, I want to go deeper. And, And.

Eddie Speed [00:51:00]:
And I think it’s all how any of us get interested in anything. You couldn’t decide you wanted to be a mountain climber. That probably isn’t the first thing you do to go get involved. You say, I want to go hiking. Then all of a sudden, like, you know, I think I could climb mountains. Like, most people would just go hiking and they wouldn’t climb mountains. But we try to. We try to be easy with people and, like, get them the level that they’re trying to get to.

James Kademan [00:51:25]:
Gotcha. That’s fair. And the the school itself, is that pre recorded or is that a live training, even if it’s remote?

Eddie Speed [00:51:33]:
Oh, no, we do, we do live training every of some type, all the time, every week.

James Kademan [00:51:39]:
Okay, nice. And then how long is it?

Eddie Speed [00:51:42]:
I’ll do a live training today.

James Kademan [00:51:44]:
Oh, nice. All right. How long is the training itself?

Eddie Speed [00:51:50]:
It could be anywhere from just something really short to it could be something that’s an hour and a half.

James Kademan [00:51:55]:
Okay. All right. And when what is considered graduation or certification or when are they done?

Eddie Speed [00:52:04]:
I have people that have been with me 15 years.

James Kademan [00:52:07]:
Oh, wow.

Eddie Speed [00:52:07]:
I have people that get all that they need in the first 90 days.

James Kademan [00:52:12]:
Very cool. Very cool. And then this is a question, the same thing, right?

Eddie Speed [00:52:18]:
Right.

James Kademan [00:52:18]:
I believe so, yeah. Roughly. Yeah. The next question is when I talk to real estate investment people of any type, wherever they’re at, it’s interesting to hear the stats, good or bad, about the people that attend the classes versus the people that attended the classes and actually did something with the knowledge, because sometimes those don’t always coincide. So of the people that attended the classes, how many people are really making something happen with that knowledge?

Eddie Speed [00:52:43]:
That’s all to do with how far they go down the road.

James Kademan [00:52:47]:
Okay.

Eddie Speed [00:52:48]:
You know, somebody just gets something superficial and then they’re gonna go try to figure it out on their own. And they’re, well, I, you know, Eddie, I can go to AI and it’ll teach me everything. Well, who taught AI? I’m not sure. It might, you know, maybe a. Because I know that I can ask AI questions. It’ll give me the wrong answer to it. About this.

James Kademan [00:53:05]:
Oh, yeah. Oh, yeah.

Eddie Speed [00:53:06]:
Or, or I don’t. You know, people. The one thing when people really want to do this, the reason people love hanging out with us long term is that we, we do have a seat at the table in the industry and we, they don’t have to go build a back office to go do the business. We’ll. My, my trading business, my note buying company can help them go find loans that we’ve already vetted and put through a process. And people like that.

James Kademan [00:53:32]:
You know, I forgot to ask you, from a money standpoint, does that mean that you have investors that are pulling this money to help purchase some of these?

Eddie Speed [00:53:40]:
Not pulling it, not pooling it, not pulling it.

James Kademan [00:53:42]:
Okay.

Eddie Speed [00:53:43]:
I show people how to go get leveraging with notes. Just like people can buy a rent house and get a mortgage at the bank.

James Kademan [00:53:50]:
Right.

Eddie Speed [00:53:51]:
There’s leveraging techniques that people can learn how to do easier than most people think. And then. But no, I, as I said earlier, like, you own the note.

James Kademan [00:54:03]:
Right on, right on. So when you mentioned that they, the seller has, let’s say they got their mortgage, a traditional mortgage on their property, they want to go through this process. You help them find a buyer. The seller has to pay off the rest of that mortgage with the traditional bank. Where’s that money coming from?

Eddie Speed [00:54:23]:
Me buying part of the note.

James Kademan [00:54:25]:
Gotcha. Okay. All right. And that’s you, your business or you, your investors in your business?

Eddie Speed [00:54:33]:
Well, I mean, I bought 50,000 owner finance notes. I didn’t buy all of those notes with the money in my back pocket.

James Kademan [00:54:42]:
Gotcha. Okay.

Eddie Speed [00:54:43]:
So, I mean, you know, I, I’m an investor in the business for sure, but I, you know, sometimes it’s, you know, I, I’ve built a marketplace. So on any given day, I’ve got people that have an appetite for certain kinds of loans. Right. And that means that I don’t have to go fund everything myself, although we probably could, and then just resell it later. So it just depends on the circumstances. My mission for my customers that are going to sell us a note is their customer journey is really, really good. All right, so in order to do that, I have to have ready money available to be able to fund their notes when it’s ready to fund.

James Kademan [00:55:29]:
Gotcha. Ready to go.

Eddie Speed [00:55:31]:
Yeah.

James Kademan [00:55:32]:
Interesting. Okay. And are the, the people. Is it a note for a person, investor, whatever, or is it.

Eddie Speed [00:55:40]:
Okay, yeah, you own the note in its entirety. You’re not, you know, it’s like that’s. That’s really, really critical because now you control your future.

James Kademan [00:55:54]:
Right on. What is the turnaround time for something like that? Like, you find a buyer, you got the seller. Are we talking months, weeks, days?

Eddie Speed [00:56:04]:
Probably a month cycle.

James Kademan [00:56:06]:
Okay. That’s relatively quick. I mean, Most banks are 90 days or something like that.

Eddie Speed [00:56:10]:
It is, yeah. It’s quicker than most conventional scenarios.

James Kademan [00:56:15]:
Yeah, that checks a lot of boxes. Eddie, I love what you’re doing. It sounds very interesting. I’m super happy that you’re helping buyers get into houses. That’s a huge deal. So a very huge deal. And the banks, it’s so funny that even when you have money, it seems like it’s more difficult than it should be to get money from the bank. It’s just a bizarre.

Eddie Speed [00:56:39]:
You know, it is, unfortunately, in college and universities, they don’t teach people how to transact business, and they don’t teach people how to make money. And I teach people how to make money with money.

James Kademan [00:56:54]:
That’s perfect. That’s perfect. Eddie. What is the website where people can find you.

Eddie Speed [00:57:00]:
It’s called, it’s noteschool.com is the website. I have a little course, a little starter course if they’re interested.

James Kademan [00:57:08]:
Yeah, what’s up?

Eddie Speed [00:57:09]:
And that is noteschool.com/drawin and it’s just a little starter course. You know, it’s just if they like what I did today, then this is gonna be like, okay, tell me more about it. The website’s awesome, but it’s a little more of a big picture.

James Kademan [00:57:26]:
Right on.

Eddie Speed [00:57:27]:
Yeah, right on.

James Kademan [00:57:28]:
That’s reasonable. I love it. This has been Authentic Business Adventures, the business program that brings you the struggle stories and triumphant successes of business owners across across the land. My name is James Kademan and Authentic Business Adventures is brought to you by Calls On Call offering call answering and receptionist services for service businesses across the country. On the web https://callsoncall.com and of course, Bold Business Book, a book for the entrepreneur in all of us. Available wherever fine books are sold. If you’re listening or watching this on the web, if you could do us a huge favor, give it a big old thumbs up. Subscribe and of course share it with your entrepreneurial friends and those friends that may have a hard time getting a loan from the bank because they don’t have the traditional W2 job or maybe they got some rental property and they’re looking for other avenues for revenue here.

James Kademan [00:58:15]:
We’d like to thank you a wonderful guest, Eddie Speed of Note School. Eddie, can you tell us that website one more time?

Eddie Speed [00:58:21]:
https://Noteschool.com/DrawIn Awesome.

James Kademan [00:58:26]:
I love it. Past episodes can be found morning, noon and night at the podcast link for found at drawincustomers.com thank you for joining us. We will see you next week. I want you to stay awesome and if you do nothing else, enjoy your business.