A few weeks ago I met with one of my Real Estate students, Tom Gontz, for lunch to discuss the results he’s getting from his marketing efforts. After looking over his numbers, the conversation segued into a discussion of the current market and some non-conventional opportunities that he’s seen for making money in the current economy.
Tom asked me what I know about purchasing discounted notes. At the time I knew very little about the subject. He explained that he’d spoken with another investor that was making A TON of money converting leads from higher end properties using a strategy involving the purchase of the note. The topic interested me, but I’ve had a lot on my plate over the past few weeks. So after our discussion my curiosity quickly died . . . until last Friday night.
Friday night I went out for dinner in Annapolis and ran into Peter Conti. Peter is a renowned speaker and Real Estate trainer. I’ve gotten to know him over the years through our mutual friends, the Hard Money Bankers Crew. As we talked about what projects we were working on and what was new, I remembered the conversation I’d had only a few weeks earlier with my student.
Peter started telling me about a new program he and his business partner Jerry developed to generate some really ridiculous returns. It involves discounted notes, big dollars and huge profit. He calls it the Residential Back Flip.
Unfortunately my wife wasn’t really interested in talking Real Estate all night, and our name was called for a table before I could get all the details. But before I said good night I set up a call with him for later this week. Thursday I’ll be posting some details on our conversation. Stay tuned.