Here’s Your Cash Flow Business Tip of the Week

One of many helpful hints deals with insurance. The Note Owner’s Manual discusses in detail the importance for the note owner to be covered by insurance. This hits a lot of hot buttons. It is amazing how many calls you get from folks who now have an urgency- at least to get more information. “Why do I need insurance”, they want to know; “didn’t my attorney take care of this”, etc.? I have made the following statement to many note holders (and I mean it): “Do not go to bed tonight until you know you are adequately covered by insurance”. I have even helped place insurance binders for note owners. But the important thing is you never would have had the conversation about this unless they read about it in The Note Owner’s Manual. It is almost impossible to create urgency in an owner who is naive and uninformed; who thinks the only thing they have to worry about is depositing the payment. It is easier to dealwith an informed seller; one who has some understanding about the need for insurance, record keeping, legal issues, inspection of the collateral, etc. (of course, these topics are all covered in The Note Owner’s Manual). Next tip will continue with the topic of “Creating urgency – Note Owner’s Manual”.

If you want to get a look at the Note Owner’s Manual I use, here it is:


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