Learn how due diligence and risk management can turn distressed mortgages into profitable investments and remote income. Scott Carson takes us on his journey from his banking and finance background to real estate investing to becoming an entrepreneur who specializes in investing in non-performing mortgages. He explains how to identify and buy non-performing notes and how he bought over $500 million in distressed debt for his own portfolio. He also explains the risks, how he conducts his due diligence, and his precise strategy for making non-performing notes into profitable investments. Scott also talks about his entrepreneurial journey as the founder and CEO of We Close Notes and shares how he built his business, how he developed his information products and coaching programs, and how he scaled his business through networking and content marketing. He also talks about why and how he built his company with a location independent infrastructure so he can run it remotely while traveling the world. Scott then talks about his leadership style as a CEO, his tips on hiring and managing staff, the importance of training and process building, and explains his concept of the “marketing octagon”. Scott then talks about how and why he started The Note Closers Show podcast, what the business benefits have been, and what tips and lessons he has after publishing nearly 500 episodes. We then talk about Scott’s lifestyle design, what he loves about world travel, and how he chooses his destinations.
Buying $500 Million in Distressed Debt and Mastering the Note Investment Game with Scott Carson (Ep 41)
Episode Summary
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About the Guest
Scott Carson
Scott Carson (aka “the Note Guy”) has been an active real estate investor since 2002 and has been solely focused on the distressed mortgage and note industry since 2008. For over a decade, Scott has specialized in buying and selling non-performing mortgages directly from banks and hedge funds on properties all across the U.S. Scott has purchased over half a billion dollars in distressed debt for his own portfolio across 30 states. Scott is also the founder and CEO of WeCloseNotes.com, an Austin, Texas based real estate firm that has helped thousands of other real estate investors make money buying and selling Notes. Scott is the host of the popular podcast, “the Note Closers Show”. He is a highly sought after speaker on distressed debt, marketing and raising private capital, and he has been featured in Investor’s Business Daily, The Wall Street Journal and Inc.com. Scott has built his businesses with a location-independent infrastructure, so he can run them remotely as he designs his lifestyle around attending sporting events, concerts, and traveling the world.
What You'll Learn
- How non-performing note investing really works.
- How to build an information product and coaching business.
- How to execute a “marketing octagon” strategy.
Links From the Episode
Disclosure: This page contains affiliate links. If you click through any links and make a purchase, you should assume that Maverick will receive financial compensation (at no additional cost to you). We greatly appreciate you using our affiliate links because it helps to support the show and cover production costs of the podcast.
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#1 BOOK THAT SCOTT RECOMMENDS
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TOP 2 PEOPLE WITH WHOM SCOTT WOULD MOST LIKE TO HAVE DINNER
TOP 3 TRAVEL DESTINATIONS
TOP 3 BUCKET LIST DESTINATIONS
LOCATIONS WHERE THE INTERVIEW TOOK PLACE
- Matt: Accra, Ghana
- Scott: Austin, Texas
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PODCAST RECOMMENDATIONS
FAVORITE SPORTS TEAMS
FAVORITE PROFESSIONAL ATHLETE
CONNECT AND FOLLOW SCOTT
Time Stamped Show Notes
**Click the time stamp to jump directly to that point in the episode.
[4:02] Scott’s Journey Towards Note Investing
- Scott’s background in banking and finance
- Scott’s real estate investing experience
- Scott’s decision to get into the note game
[6:50] How Non-Performing Note Investing Really Works
- How and why banks sell distressed debt at a discount
- What Scott looks for when buying distressed debt
- How and Why Scott keeps borrowers in their homes
- The value of creating a “re-performing note”
- Why banks prefer to sell notes at a discount rather than foreclose
- How Scott conducts his due diligence
- Understanding and mitigating downside risk in note investing
[14:04] Scott’s Business Building Journey
- How Scott built a business around his note investing expertise
- Building a speaking, coaching and information business
- Identifying demand first and then building the product offering
- Scott’s 30-week trip to see a game at every baseball stadium
- Traveling for 3 years to build his real estate and note-investing network in person
[23:06] Building a Location-Independent Infrastructure
- Scott’s choice and vision to build a location independent business
- How to overcome your fears about building a remote business
- How Scott started public speaking and producing online content
[26:33] How Scott Runs His Business
- Scott’s #1 tip on hiring
- How Scott manages his staff remotely
- The importance of training and building replicable processes
- Empowering team members and giving them increasing amounts of control
- Scott’s marketing strategy and how to run a “marketing octagon”
- Why every business needs to become a media company
[34:27] The Note Closer’s Show Podcast
- Why Scott started his podcast
- Podcasting lessons from recording nearly 500 episodes
- Getting 350,000 downloads in a narrow niche market
- Monetizing his podcast
- Why Scott believes everyone should start a podcast
[40:09] Building an Information Product and Coaching Business
- Scott’s home study course
- Scott’s book
- Scott’s coaching program
[42:50] Scott’s World Travel
- Traveling to Recharge, Experience New Things, and Focus on Gratitude
- How he chooses were to travel
[45:56] THE LIGHTNING ROUND
- #1 Book Scott Recommends
- #1 App Scott Recommends
- The celebrity with whom Scott would most like to have dinner
- Top 2 Podcasts Scott Recommends
- Top 2 Favorite Sports Team
- Favorite Athlete of All Time
- Top 3 Favorite Travel Destinations
- Top 3 Bucket List Destination
[53:45] CONTACT SCOTT
