RealPropPro Podcast Ep 16 - Scott Carson | July 24th, 2025 - RealPropPro Podcast

Episode Transcript
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(00:00):
When I'm buying mortgage notes is that we're literally going to
banks and buying that mortgage loan, but it's a residential
property note or commercial property.
We're buying the mortgage at a discount because usually the
borrowers haven't paid in six months to six years.
In some cases, we're buying whatthey owe at a discount and then
becoming a lender and then we make our money because we bought

(00:22):
that mortgage discount. We can reach out to the
borrowers and say, hey, what's going on?
Do you want to stay? Do you want to go?
If you want to stay, you got to pay, because you no pay, you no
stay, you know? Welcome to the Real Prop Pro
podcast, where strategy, innovation and wealth converge
to redefine real estate investing.

(00:49):
Hello and welcome to the Real Prop Pro podcast.
I'm your host, Ian Deitler, Sacramento based real estate
investor. On this show, we talk to real
people doing real deals, sharinglessons, mindset shifts, and
opportunities that can change lives.
At Real Prop Pro, we train investors in fix and flips, tax

(01:12):
deed and tax lien investing, creative financing, wholesaling,
and so much more. If you're ready to take action
and start doing real deals, visit realproppro.com to get
free tools and excess upcoming virtual events.
Today's guest is Scott Carson, anationally recognized note

(01:33):
investor, speaker, and educator.He's the host of the Notes
Closer show and has helped thousands of people learn how to
buy and flip distressed debt, including myself.
Today we're going to dive into his story, how he got into note
investing, how you can find deals and buy notes, and the

(01:56):
mindset required to win in this unique space.
Plus, if we have time, we'll tapinto where he sees AI fitting
into the future of node investing and how he's using it
in his business. Scott, welcome to the show.
Honored to be here, Ian. Man excited.
Let's have some fun today. Huh.
We really appreciate you taking the time to come on the show.

(02:18):
We were just talking about how many shows you've done, which is
extremely impressive. I I thought you'd done almost
1000 and you're saying it's evenmore than that?
Yeah, when you figure out what we've got the Note Closure Show
podcast, it's coming up on his thousands episode.
We've done it for eight years, but then we've also got a couple
spin offs, you know, three seasons of note Camp, which is
kind of the, it was our online summit we would record from.

(02:40):
And then we've got Note Night inAmerica, which is started off
doing a a Monday night webinar like 14 years ago and we did it
weekly and it it done it for basically 13 years.
Now it's just a rebroadcast because folks don't like to show
up a lot of the webinars. But yeah, man, it's it's 1500.
And then you add in the 300 other shows I've been a guest on
or spoke on so, but honored to be here, buddy.

(03:02):
Always nice to see somebody taking action and kicking butt
what they're doing and launchingthe pockets.
There's not enough of of them out there right now, whether
what would people believe or not, but keep you're doing a
great job, man. Very, very excited to be here.
Thank you so much. I appreciate that.
Let's get let's go all the way back.
We on the show, we like to talk about people and like kind of
what their life was like growingup.

(03:23):
So where were you like born and raised and what was life like
when you were a kid? Life was really good.
I was, you know, my family's allfrom Minnesota.
I was born up there, but my parents moved to South Texas and
I grew up down in Corpus Christifor a while.
And then it's right, which is right on the coast of, of Texas.
And then parents moved across the Bay to this little small
town called Ingleside, TX, about5000 people, My dad open the

(03:46):
local hardware store in there and my mom and dad were working
in there and I worked in there. And, you know, when you weren't
going to school, you were working in the store or working
on, you know, mowing lawn and doing chores and stuff like
that. So I feel very blessed.
A lot of kids may not have thought that, but I looking back
now, it's definitely built a work ethic and an
entrepreneurial spirit that my parents had.

(04:07):
And you know, it got me working as a young age, you know, from
running the register to cutting keys, cutting glass, cutting and
threading pipe and running a register and stuff like that.
It really, I think it helped me mature earlier than a lot of
kids, stuff like that and have that, that spirit of hey, I can
do it. Because I used working in the
hardware store to help me start going and doing odd jobs and

(04:28):
working with people to mow theirlawns.
And I ran my own business basically doing cutting grass
stuff like that. My buddies would come work with
me and I think they just led to a just an absolute great thing.
I look back at it now and reallyenjoyed it.
Stuff like that. Maybe not so much when I was in
when my buddies were driving by.Hey, we're going to the beach.
Have fun, Carson, you know, while I'm mowing, my mowing in
100° weather. So, but yeah, you know, growing

(04:50):
up the coast is great still. My mom still lives down that
neck of the woods. Dad passed away, you know, a few
years back. But you know, Corpus is, is an
interesting city. I really like the smaller town
or the Texas Riviera, they call it down in Ingleside and Ransis
up the neck of the woods. We'll probably end up moving
closer, moving back to the neck of the woods before too long,
like a lot of folks do. So but just, you know, working
young, always had chores, You know, we weren't the richest

(05:13):
people, but we weren't poor by any means.
We always had food in the table.And my parents, my dad was
definitely my hero growing up. And my mom is definitely is one
of my heroes. As I've gotten older, more
mature to everything that she did, you know, she went back to
school for 20 years out of high school to become an RN and went
to nursing and my dad's health got bad and just absolutely just
became the bread earner. And just, you know, I've never

(05:37):
heard my parents say you can't do something, you know, and they
never told us we couldn't, you know, it was always a well, if
you want to do that, how are yougoing to do that yourself?
And that that that leads to a lot of OK, I'll find out a way.
Tell me I can't do something. I'll prove it wrong and right,
Ian. Yeah, exactly.
Yeah. I mean that goes to, you know,
really talks about type of mindset.

(05:57):
So hopefully we'll get into thata little bit later into the show
because on this show we'd love to focus on mindset because we
see so many people trying to getinto real estate investing.
You know, it doesn't matter whatstrategy you're using, you still
have to have the right mindset because things aren't always
going to turn out the way that you think and things aren't
always going to go right. So we really like to focus on
that mindset of being able to belike, OK, well, since this bad

(06:21):
thing happened, how can I adjust?
Or kind of like you just said, you know, it's not that I can't
do it, it's more so of how I do it.
So we really like to focus on that mindset.
Yeah, I would typically say that's the biggest difference
between people that are successful versus though those
that aren't successful. And you have people that have
been born with a, you know, silver spoon in their mouth and
they fail. And then you have immigrants and

(06:42):
the people that had nothing and overcome extreme obstacles.
And, and part of it is that, youknow, the biggest tool and
biggest asset you have is that 6inches between ears.
Sometimes it's 8 if you got a big old melon head like I do,
but other times it's, it's the biggest tool you have, but also
the biggest handicap. All I can't do that, you know,
And it's like Henry Forrest saidearly on, whether you think you

(07:02):
can or think you can't, you're correct, you know?
Yeah, exactly. So so, you know, so you're kind
of growing up with your mom and dad, you're in this this awesome
hardware store that your dad owns.
That's great. What was high school like?
And, and did you get into sportsor any other activities?
Yeah, so Ingleside is a was a small little 3A high school.

(07:23):
So I think I had originally around 80 kids in my my class.
You know, I think we had 60 kidsthat graduated finally.
I mean, only like, you know, like 400 people in high school.
So plenty of opportunities. I'm like I played football,
basketball, baseball, ran track a little bit, was in the one act
play, you know, theater was in the band for a little while,
junior high, stuff like that. But for the most part, it was an

(07:45):
athlete and a academic. It was very smart.
You know, I want to say I didn'tmake straight A's.
I had, I had too much fun. I'll just say that.
I made A's and B's and occasional C's.
I was like, I'm not a big fan ofscience, but I put my mind to it
definitely. And that led to doing some good
things. You know, I ended up getting an
academic and an athletic scholarship to play college
football. That was one of big dreams to do

(08:07):
and was able to accomplish that.And it's just, it's just a great
area. A lot of people talked about how
close that your our senior classwas.
You know, there's 60 plus kids roughly.
And all all of us got along. The jocks got along with the
band geeks and then the, you know, everybody in between got
along if something was going wrong or we see somebody on the

(08:27):
side where we stop to help them or we would all hang out.
Maybe not every weekend, but we got along enough that there
wasn't any kind of, you know, cliques like they were aren't a
lot of high school stuff like that.
It was just a really good, good group of kids.
And I'm still proud of the fact they still communicate with a
lot of those folks today throughsocial.
Thank God. But it was, you know, it was
fun, but it also made me realizeI wanted to get the heck out of

(08:51):
Ingleside. You know, I did not want to stay
there. And they're still friends today
that still live there. Never even, you know, never left
Texas. And I just, well, I just don't
get that. So it was great, great place to
raise kids. It's obviously grown a little
bit different now, but yeah, I call Austin, TX home and was,
you know, I was probably one of the ones that went the furthest
away for for college, 8 to 10 hours away and and was out on my

(09:12):
own playing ball and going to school for business and and mass
Com. I want to be the next radio DJ,
the next Stuart Scott from ESPN,Dennett, Dennett, you know what
I mean? So no night in America, man.
That's that's part of it. You know, the logo looks sure,
sure looks the whole like the NFL logo, but anywhere or, or
Sunday Night Football. But you know, yeah, yeah, we

(09:33):
borrow from the best out there. Don't still we borrow?
You know what I mean? Yeah, awesome.
Yeah. So if you guys don't know, check
out Note Night in America, checkout Scott's podcast as well.
So much great stuff on there. You have some amazing guests.
You know, I, I kind of know you all the way back from the no
camp days. I don't know if it was the

(09:54):
second or third note camp. It was a long time ago that I
was watching or learning as muchas I could from you on those
events. So I actually went in and it was
actually the second one we did was, you know, I went back and
found your registration and the lists you on because I keep
everything from those. So I was like, yeah, note camp
Season 2 for sure. It was good stuff.
Yeah, yeah. So check him out on that.

(10:16):
Now, you'd played football for what, 2 years of football?
And then what was life like after that?
Did you did you start working atlike AW2 job or anything like
that? What was life like right after
college? Yeah, I mean, I took a year off
after you know, transferred to Iwent to this little school by
Dallas and then ended up moving to West, TX at Angelo State for

(10:39):
a little bit. Then took a year off and moved
to Central Texas and San Marcos and finished up my final two
years of school getting a business degree out of school.
I took AW two job like a lot of folks figuring out, you know, I
got a business degree, made the Dean's list and you know, I've
been interviewed with about 20 different companies and settled
on probably the worst one I could have settled on enterprise

(11:00):
Rent-A-Wreck, you know what I mean?
I was in that management training.
I was sold the dream. It only lasted about 90 days
till I realized this is not whatI want to do.
My managers are not living the life that I want to live and
thought I'd go back to Graduate School.
And I remember the district manager Jeff Klein was his name
is why would you want to go to Graduate School?
We'll teach you everything you need to know here.
And I was I was like Lily requested can I get off 30

(11:22):
minutes early 2 nights a week soI can drive to school.
They didn't let me do that. So I put my notice and I was
gone and then got into the worldof cell phones and started
working for Verizon Wireless andthat I really blossomed that
great sales training was a just a top performer.
I was one of the top sales reps in all of Texas and said all
these states sales statistics, you know, sales polls and sales

(11:45):
records and made a nice chunk ofmoney.
But that was also working weekends in the malls and stuff
like that. And I, I fortunately a buddy of
mine, a really good friend of mine now came up to me and
started talking to me about financing and, you know,
finances and getting your stuff together.
I was like, that's important. Of course I read Rich Dad, Poor
Dad about this time. And so I met with Boyd and we

(12:06):
got started on my first Roth IRA.
We got a little life insurance, me and my wife at the time and
he's like, you know, you can learn how to do this.
I was like, this is interesting.So while I was working in
finance, I went and got my securities license, my insurance
license to start doing that as apart time hobby with with Boyd.
And then I guess I've been at Verizon for about two years and

(12:26):
left that for about a year. And we bought our first house
and almost lost her first house because about two more
investment properties at the same time and got laid off from
my finance job and my tenants got laid off from their job at
Dell. So I went from making about 6
figures a year to, you know, basically trying to pay for

(12:46):
three first mortgages and three second mortgages on a private
school teacher salary and did not like real estate that point
basically when you get kicked inthe teeth like that.
So it took us a little while. I mean, six months were pretty
tight there. I was working odd jobs
delivering packages for FedEx, waiting tables and barking at
Chili's at nights and stuff likethat and lit my wounds and, and

(13:06):
got a job working in high tech here in Austin for a little
while and did that. It was OK.
But then Boyd came to me and this over appeared about four
years came back to me say, hey, man, I started a mortgage
company with a couple real estate investors here.
I think you'd be perfect to helpus out because I, I need the
help. And I said, OK, well, let me,
let me go, you know, meet with him and I went and met with him.
And at this point I was actuallyworking back at, I was working

(13:29):
for Chase Bank at the time doingwell there.
But I was like, I want to get back in that real estate bug.
I want to be more than entrepreneur versus working for
a company. And so July 4th of 2004, I gave
my notice, which is hard to believe.
It's just over 21 years ago basically, and that was my last
W2 job, was working for Chase and started a mortgage company

(13:52):
with my buddy Boyd and learned real estate investing from Ron
Legrand and my mentor Bob Leonetti at the time and his
partner Jimmy Kayla. He and she were just completely
amazing. So four years while doing
mortgage, I was learning creative financing, you know,
rehabbing, fixing flips, you know, the note business.
So that when everything happenedin 2008 with a crash, I left the

(14:15):
mortgage origination side and started buying notes myself.
So that's, that's kind of it's, it's exciting 21 years since my
last W2 job makes kind of cracksme up a little bit.
Well, congratulations on that. That's a great feat for you to
be able to, you know, get into this real estate investing and
owning businesses and full time and you know, you've never
looked back. So that that's really cool that

(14:36):
you've been able to, you know, sustain, sustain this, you know,
amazing streak and, and invest the way that you do and have all
these businesses teaching peoplehow to do stuff and especially
in the notes. So, you know, kudos to you.
Great job on all of that. And you know, I see, I see you
out here doing a lot of stuff. So I know that you're always

(14:57):
busy and you're always, you know, helping people as much as
you can. So, you know, we really
appreciate that and just want tosay, you know, thank you to you
for all you do. But I appreciate that.
I mean, it doesn't mean there was all uphill or all peaks.
There's some values in there. You know, ups and downs is not
the real thing. And as market shifts change and
stuff like that, I mean, entrepreneurship is not easy.

(15:18):
You know, it's not for everyone.I'm just telling you that.
But you have to understand it's,it's a process and there are
going to be good days and bad days.
Now, the best thing is that my peaks are greater than anybody
would ever imagine. You know, I have friends and
people that I know that I just would have never imagined.
But the valleys are so much higher than the peaks ever were
before. And, you know, and you just got

(15:39):
to stick with it. And sometimes, like I was
talking to a guy the other day, so I'm going to quit my job.
I go, no, no, don't quit your job.
Keep your job. Let's let's build a road map to
success. Let's work 12 to 24 months at it
and replace your income. So it's a much easier way versus
just going cold Turkey, you knowwhat I mean?
But you know, part of the reasonI started coaching and teaching
people how do I do is because I had that four years, you know,

(15:59):
learning as a God. If you help me get through a bad
situation or get me through this, I'm going to make sure and
help as many people along the way as I possibly can.
That's why, that's why we just crank out so much content and
try to help as many investors aspossible.
And that's, that's awesome. Now you'd mentioned 2008
happened. Was that something that really
affected you and your business or were you pretty well isolated

(16:23):
from that type of massive drop that happened?
It affected us on the mortgage business because we went from
original loans to not original anything, you know what I mean?
So that hurt there. I mean, luckily I had to had
some investment properties. I'd started, you know, buying
some fix and flip and stuff likethat.
And I bought a couple propertiesright there at the cost.
Like I'll give you an example ofthis house that was a, a four

(16:43):
bedroom, 4 bath, you know, 3500 square foot house was valued at
like 3:10, 3/20 when I bought it.
I bought it for 1:50 and I borrowed 100, you know, 830
grand to get to 180. Well, the matter of six months,
the values of that properties inthe neighborhood dropped because
of foreclosure. So they went from being valued
at 300 plus down to 150. It was upside down, you know

(17:07):
what I mean? That's not where you want to be
on a fix and flip. Of course you had people, you
know, other people, you know, onanother rehab.
I was able to get out of it and sold it off, made some money.
But that one I, I basically justhad to move into it for a period
of time while dealing with a crazy market like it was.
Now the flip side of it, I started buying more debt.

(17:28):
So I started getting more lists sent to me from banks and hedge
funds. Like, OK, I can offset some of
my losses by buying some of thisdebt and either flipping into
other investors, wholesaling it,or taking it back myself and
working through that. So there, there was pros and
cons during that period. There's about, you know, I
gotten divorced in 2008. So that was a little bit of a
hiccup I didn't expect at a business partner I was working

(17:49):
with for about a year, 2 years too, that we went our separate
ways. And so it's kind of 2010 was,
well, I'm going to do this myself basically.
And it's I literally kind of sold everything I own in even
the house I was living in. I sold it, wrote a check back to
the investors who funded the deal and said here you go and
decided I was going to start travelling for, you know, a year

(18:12):
at least. Planned out this baseball
journey across the country to hit all 30 Major League Baseball
parks in about 30 weeks. And you know, when I planned
that and wrote it down, wrote down that goal.
Literally went on to ESPN and found out who was playing in
Houston and Atlanta and Miami and all those things.
I wrote it down a calendar and just put it up to divine
intervention. And.
And fortunately, over the next couple weeks, I started getting

(18:35):
phone calls from real estate investment clubs and conferences
and stuff that were going on andsaid, hey, would you come speak
to our group or can we use your videos or blogs in our
newsletter? Like, yeah, why do you want me
to come speak? And the dates they wanted to
come speak lined up almost perfectly with this baseball
journey. So I said, sure, God, all right,

(18:56):
I'm going to follow your lead there.
That's I don't need to have a helmet or I mean a baseball hat,
you know, bat upside the head. I can follow what you're telling
me. So that's what I did.
I went traveling when I thought would be 30 weeks turned into
basically 3 1/2 years of non-stop travel and you know,
talking to investment clubs across the country, buying
notes, working with banks, I mean walking into bank
conference rooms and there's just stacks of stacks of loan

(19:18):
files all the way to the ceilingand just made for a very
interesting time during those, you know, 3 1/2 plus years, you
know, was the educated of the year.
And we ended up, you know, we bought all about 1 or 2 million
and over 1,000,000 / a billion dollars in distressed debt in
the last 15 years, which is kindof crazy, so.
That makes sense. Crazy for sure.

(19:40):
Do you remember the first note deal that you or the first first
note that you purchased? Yes, I do.
It was a it was a property in Detroit, MI and it was on a list
of like 1500 notes from Banco Popular.
OK, Banco Popular is a bank at aPuerto Rico S South Miami.
And this property looked like was in pretty good shape.

(20:01):
But Detroit was just this, you know, smoking wreck of default.
So I paid $500. For this note.
And then I flipped it a week later for 1500 bucks for scrap
metal. Basically somebody was bought to
go through and and he's like, Ohyeah, yeah.
So I was like, oh, I just tripled my money in less than a
month. This is pretty good.
You know, the next note I boughtwas on a Oh my God.

(20:24):
It was these this property out in Phoenix that we flipped.
Actually, we partnered with our investor on a deal on this one.
It was only like 2500 bucks. We paid for it and the guy owed
like 30 on it and after we got acash for keys from the guy, my
realtor was the investor that funded the deal after all.
We end up splitting and making 16 grand each on the deal.

(20:44):
It was a pretty good deal. That was from Wells Fargo
Financial back in the day and you know, we bought a lot of
small little one off stuff, but but you know, then got into
multi family deals from Capital One and buying some multi family
notes at big discounts. And then either a selling those
off to other wholesale investorsare going through the
foreclosure process to take the process back as well too.
So yeah, you remember those first couple stories and how

(21:07):
this I think 'cause they're morestressful.
You're what am I doing? Am I figuring this out and how
am I going to get this done? And like making bids on
apartments and not having money in the bank to fund them, but
knowing we could figure something out in 30 days, you
know? Yeah.
Can we take a step back here because I just realized that,
you know, there might be some listeners on the show that are
like, what the heck are these notes?

(21:27):
Can you do a quick like overviewof what notes are and how
they're kind of different than buying an actual property?
Yeah, sure. Everybody's in the note space
already, whether they know it ornot.
If you have a mortgage on a house, car note, student loan
debt, credit card debt, you owe your cousin Bubba 50 bucks.
That's an I owe you. Those are all technically notes,

(21:49):
you know what I mean? But you're on the wrong side of
the payment stream. When I talk about when I'm
buying mortgage notes is that we're literally going to banks
and buying that mortgage loan, but it's a residential property
note or commercial property thatwe're buying the mortgage at a
discount because usually the borrowers haven't paid in six
months to six years. In some cases, we're buying what

(22:09):
they owe at a discount and then becoming the lender and then we
make our money because we boughtthat mortgage of discount.
We can reach out to the borrowers and say, hey, what's
going on? Do you want to stay?
Do you want to go? If you want to stay, you got to
pay because, you know, pay, you know, stay, you know, and work
out some sort of payment arrangement with a bar and try
to keep them in the property. That's actually where we make
the most amount of our money. And the biggest bang for a buck

(22:32):
is, but is not by rehabbing the property, but rehabbing the
borrower. I don't mean send them to the,
the Betty Ford claim to dry out because they're Alcoholics.
Some of them are, but no actually trying to, you know,
keep people in their houses. And we're able to do that about
70% of the time. And so if they won't play ball
and come to some sort of paymentplan or liquidation, then we'll
with the same rights as the lender does the foreclosed.

(22:52):
And then we can either a sell that property off the auction,
you know, or take the property back and keep it and either rent
it out, resell it, do, you know,fix it up and sell it then or
turn the rental. And so when you buy the note,
you don't own the real estate. What you're actually buying is I
keep a file here, this is a filefolder and a property in
Kankakee, IL worth about 85. I paid 25 for it, OK.

(23:17):
And the borrower started making payments of 578 to me.
So their mortgage payment was now I became the bank.
So when I you look at that, we were able to hold on to this for
12 months cash flow, which is really good.
So they paid about 7 grand on my$25,000 investment.
That's a pretty good yield in the first year, right?
Well, got even better because that after 12 months we sold

(23:39):
this note because they're back on time.
We sold this now back to Wall Street for 70K.
So made an additional $45,000 inprofit by holding it for 12
months without having to rehab the property.
Just working with a bar to get them back on track because they
were in a bad situation. Yeah, it sounds like you had to
rehab the note instead of the property.
That's that's what I love to do.I like to buy owner occupied

(24:00):
assets as I can. If I, you know, sometimes you
know, the properties need 0 work, you know, like well you're
talking about this morning we were doing that live stream with
on those 20 multi family apartments where we could pick
up the debt somewhere between 65to 80% of what's owed on it and
they've all got equity. Well, some of these properties
have been fully rehabbed that you said the underlying

(24:20):
borrowers can't refinance out intoday's market.
So it leads for an opportunity for somebody like me to come in,
buy it at a discount, either a work with them to keep, stay in
the property management or if they won't play ball or they
want to get out of a bad deal, just beat it over to me.
Now we own the property, do whatever we want with it.
Awesome. What are some what are the best
ways for new investors to get started and note investing?

(24:43):
Got to get you got to learn it'sa, it's a total different
mindset being the bank than it is being the, the, the property
buyer, right? That's the biggest thing.
And that's where if you don't know what you're doing, you'll,
you'll over bid or do the wrong thing by trying to buy the note
and basing it off like the, you know, maximum allowable offer.
Mao, what people are used to in the rehab side or ARV.
Well, ARV does not exist in the note business.

(25:04):
It's always as is because we maynever end up with a property.
So some of the best things is obviously there's a lot of
YouTube videos and and podcasts out there, including the note
closure show podcast. But you know, we have a free
class just designed to help you kind of learn the basics of it.
If you go to noteweekend.com, noteweekend.com, exactly as it
sounds, you can sign up. It's about a three hour class of

(25:27):
how we teach the basics, how we find these, how we fund a deal,
and then also how we make money and flip it, you know, whether
it's flipping the paper or keeping it.
And like I said, it's just is there designed to help you get a
good overview of not investing and see if it's something that
you want to pursue. Yeah, great stuff.
I mean, like I said, you know, that's where I learned way back

(25:48):
in the day on how to invest in notes with you and your program.
So, you know, I can't recommend enough to listeners to, you
know, not only check out the free stuff, but consider signing
up with some of, you know, Scott's programs.
I think today I saw that you have like a monthly subscription
as well. Yeah, we have a monthly
membership. It's $97.00 a month.
It's designed to kind of help people spread out their costs

(26:09):
because we do teach a full blown3 day workshop, it's usually
997. I think we're running a discount
on it right now and we host thatthree day class once a quarter.
But the $97.00 a month membership is, I think it's the
best bang for the industry because not only do we do weekly
coaching calls with that group, we upload lists to folks so they
can cherry pick it themselves. We'll also they can always book

(26:30):
a phone call with me to get a little bit of coaching to help
them when they're making an offer.
Trying to raise capital. All that's included in the
monthly membership. So folks always tell me like we
give way too much, you know, because it includes 3 day class
as well. So it's just, you know, besides
there's a class of wholesaling notes and due diligence and
marketing and raising capital all designed in that thing to

(26:52):
kind of give people a really great spot to go to.
I think just the biggest bang for the buck is, is when we
upload a list that people can cherry pick, you know, they
don't have to buy the whole tape, you know, buy OneNote, get
Rock'n'roll. And then there's also sort all
sorts of education in there too of how to raise capital from IRA
investors or how, what to say, what not to say to people to get
them to define your deal, whether it's a property or a no

(27:12):
deal. Now you'd mentioned a couple
terms there. I like to break that down for
the listener. So you'd mentioned tape.
Can you talk to the listeners and explain what a tape is and
usually where they come from? Yeah, Tape is just an Excel
spreadsheet that lists all the details of a non performing
note. So like this tape of 20 notes

(27:33):
was basically a spreadsheet, 20 line items deep.
Every line is a different asset,different address, and it gets
all the information from like the borrower's info, the payment
history, when they last paid, the interest rate, the payment,
where they're at in the foreclosure process, what's the
full payoff amount, what's the value of the property.
So it used to be on a, you know,remember the big IBM, Big Blue

(27:54):
computers used to have everything on a tape roll and
that's what they used to call itwhen they send out a tape.
Well, these days it's just a setExcel spreadsheet that they send
out with all the details, you know, of the note of the ball or
stuff like that. And you know, we get these from
banks, lenders, hedge fund, any mortgage company should be able
to do a download and it's going to download a spreadsheet of
what they have as far as the lending portfolio.

(28:15):
And the reason they do an Excel spreadsheet like that is it's
all kind of uniform. I mean, there's some of it's
different, but there's a, you know, when he says like unpaid
balance that can match up if it's if the loans being sold or
transferred to another company as well.
Yeah, thanks for sharing that. I think, you know, a lot of
these terms, you know, we kind of just talk about it and then,
you know, when we talk to our listeners, they're like, what

(28:37):
are you guys talking about? So I think it's really important
to kind of explain some of thesethings and again, you know,
explain like where to get them and and like how to get them.
I know that's something that youteach, so we don't need to go
too deep into that, but I know you have a lot of really good
strategies on how to get a hold of these special asset managers
and stuff like that, so. Yeah, when you're buying notes,

(28:57):
you're not getting it from a, you know, not getting it from a
realtor. There's not a multiple assisting
service. You know, you've got to be
direct to banks and most of the banks aren't, you know, we call
the banks say, hey, I want to buy notes and re OS or
foreclosures is what, you know, real estate owned is they're not
going to just send it to you. You got to know get a hold of
the right department and you know, jumping on LinkedIn you
can find people in the right departments that go by like you

(29:19):
said, special asset manager, secondary marketing manager,
whole loan traders or the chief credit risk officer.
Those are the four, you know, most common names for people who
handle the distressed note salesin any type of bank out there as
well. And there's a, there's another
type of person that has notes and, and I, I love that you have

(29:41):
a, a name for this type of person.
And I think you know what I'm going to say.
The joker broker. Can you explain to the listeners
what a Joker broker is? Yeah, I mean, this is nothing
against any wholesalers out there.
First and foremost, you can wholesale notes.
It's all about being direct. So like if I get a list in from
a bank, like I got a list in from my buddy Matt this morning,

(30:02):
well, if I turn around and sell it, you know, send the list to
Ian and Ian's like, well, I don't want to buy anything, but
I know Steve over here and Steve's trying to is buying
notes. Well, Ian sends on the list.
Ian kind of is the Joker broker,right?
He's, he's trying to sell it, but he's not direct to the
source. And so you have people that will
get these lists and they'll justblast it out to their buyers

(30:22):
list and stuff like that. And they're a joker broker.
They're not really, they don't really know deal deals,
Selecting a scenario. If Stephen wanted to buy notes,
he'd make an offer to Ian. Well, Ian's then going to try to
send me the bids, but he's goingto make it a little bit less so
he can charge Steve three pointsor 3% or whatever he might be.
And I'm going to then have to send the list in to Matt.
Well, for Steve to get all the information, he's now got to get

(30:44):
the information through three people.
That's called a Daisy chain. So joker brokers create Daisy.
Like I just literally had a guy literally right before we got on
this guy saw my post about this morning.
Hey, you got notes for sale? And I'm like, yes, I do.
Are they for you? Are you buying?
Are you looking at broker? And he, the guy said own, which
I mean himself. Then he says, well, I, I have

(31:04):
buyers. I'm a, I'm a buyer's Rep.
I just vomited. So somebody's saying they're a
buyer's Rep or a seller's Rep just means they're a joker
broker. I'm like educate.
Like, dude, don't say that word.You know, I got a buyer room.
I'm like, no, no, no, if you're not buying for your own
portfolio, I'm not going to sendyou this list.
I don't want it being blasted out because I've had my own list
I've sent out before Ian come back to me at like 20% higher

(31:27):
than I'm trying to sell it. You know, I just have to laugh
about that. So that's, that's a something we
see in the note business that, you know, sometimes you'll deal
with Joker broker. I mean, there's joker brokers in
traditional real estate too. They're just throwing against
the wall trying to stick like spaghetti, you know what I mean?
Yeah, I think they kind of use Co wholesaling as a term.
It's like, well, they're a wholesaler and I'm going to

(31:47):
wholesale that wholesale deal toanother person and then another
person's going to Co wholesale that.
So they have three people tryingto get the same, the same, you
know, wholesale fee. And it's like, man, how thin can
you slice that pie? Yeah, exactly.
I mean, look, I'm not opposed towholesalers, you know.
Yeah, occasional. I mean, I've got a a broker from
a fund that isn't selling anything they own.

(32:09):
They're, you know, getting listed from like 600 banks, you
know that they'll, they're willing to partition off and
sell to us and that's fine. He knows I'm buying from my own
portfolio if I'm and he's also like, Hey, if I bring a buyer to
a table, he's willing to pay me.But you know, a point off that
I'm like, OK, that's a good relationship.
So if somebody I find a buyer, I'm going to step away, say hey,
go talk to Matt directly. So we're not creating any type

(32:29):
of dizzy chain. He's talking directly, but you
have a lot of people out there that don't want to do that.
So they're going to send out what's like a called a sanitized
tape where the address is removed or they're just going to
send details of the property details and not the full
address. You know, I don't bid off zip
codes. You can't do due diligence off
of city state. You know what I mean?
Unfortunately, people just come from a scarcity mentality and a

(32:52):
lot of a lot of educators out there are like, oh, it's
there's, you know, you can't share information.
I'm a big believer that there's plenty of deals to go around,
but I still have to protect my sellers because what is going to
happen? They're going to get a list.
If a list is blasted out across the event, it actually reduces
the, the validity and the value of that offering.

(33:14):
And you know, people don't want to know.
I mean, lenders don't want borrowers or people that our
clients know that they're selling distressed notes it it
reduces the value of their portfolio overall.
And they're afraid that people are going to make a run on the
bank or something like that. Not that that would happen.
It's on 1929 again, but same thing.
It's, you're dealing with addresses and borrow
information. So you got to protect that as

(33:34):
well. Yeah, thank you for sharing that
again, you know, for the listeners, you know, hopefully
some of this is starting to makesense a little bit on how, how
you're buying the debt, how you're getting these list of
notes that are available. And then how, how would someone
like, if they have identified a note that they want from the
tape, how would they go about purchasing that note?

(33:56):
Yeah, it's really easy. You're going to make an offer.
I mean, usually it's just an e-mail direct back to the
seller. Hey, here's the loan number.
Here's what I want to offer for it.
And then I mean, you're obviously do a little bit of
upfront due diligence, checking the value of the property,
making look at the condition. You're not going to go out and
drive by the property all the time.
It's hard to do that when you'rebuying across the country.
But using Zillow as just a base guide, not due diligence, but as

(34:19):
an upfront guide because then ifthe bank accepts your offer,
then you're going to have a period of time to do a deeper
due diligence dive. Then you're going to order a
broker price opinion, which is arealtor pulling comps and
driving by the property, making sure the value, as is value the
asset. You're going to look at like the
loan file docs that I just shared, where you're going to
actually make sure everything's there.

(34:39):
So you have the right to foreclose, review the loan
documents, making sure it's a note that you want to end up
owning. You're going to do a title
report and pull to see what's ontitle as far as liens,
judgments, anything like that. And then if all that acts, you
know, works out well, besides, you're also going to do some due
due diligence in the borrower. You know, is it occupied?

(35:00):
Have they made any payments or the utilities on?
Is the insurance still being paid or the taxes up to date?
You know, if all those things work out in your favor and your
bid still makes sense, great. You then wire money to the bank
and they'll send you all the documents, usually a couple days
later. If it doesn't work out, then you
can what we call fade our bid orreduce our bid.
And they can either, the sellerscan either accept it or counter

(35:21):
it or say no, we don't want to accept your new offer and they
don't accept it. Guess what, you just walk away
Scott free, you know, you're outsome due diligence cost, but
those due diligence cost really work as an insurance policy.
Make sure you're not buying a piece of, you know, or buying a
property that's actually there or not trashed out or anything
like that. Kind of shifting gears a little

(35:42):
bit here. If if the end goal was to
acquire the property, but you wanted to do that by buying,
let's say a non performing note and then for you know, and then
acquire the property, what wouldthat process look like?
So here's the thing, there's no guarantee that you're going to
end up with a property on a notebecause you don't know what's
going to happen to the foreclosure auction.
That's like the wild, Wild West,OK.

(36:02):
Now there is some ways that you can kind of control that in a
little case. So I'll give you an example.
So if you're, you know, well, you're driving another Rd. you
see a distressed property, a property that's got some weeds
on it. You know, it's the typical, oh,
you're driving for dollar scenario.
The first thing is to find out who the lender is, who the bank
is, OK? Now if the lenders like Bank of

(36:24):
America, Chase City, Wells Fargo, they're not going to sell
you a one off note, OK? They're just not going to do it.
There's no reason for them to sell a one off note.
They just don't, it's just too small.
They sell in like $50 million portfolios.
OK, So if you got 50 million, great, we can talk.
If not, move on. So that's the first thing is
finding out who the lender is. And it doesn't need to be a a

(36:45):
big lender. It also doesn't mean to be like
a small branch, like a one off bank either.
That's not a good point because they're not going to be able to
sell that note at a discount. We find the biggest bang for the
buck in like regional banks, that banks have 5 or more
branches up to some of the bigger lenders.
And so it's once you identify who the lender is and then see
if they will sell notes. It's all about finding the right
department in there, but then also understanding what's owed

(37:07):
on the property. If they owe more on the property
than what it's actually worth, you can off get a bigger
discount for that. You know, 50-60 cents on the
dollar as is value, they owe 300.
The houses worth 200, we might pick that up for a hundred.
OK. The other way scenario that we
see, especially in in California, a note where there's
a lot of equity. So let's say the property's

(37:29):
worth 300, but they only owe 200on that.
In that case, you're not going to get it at $0.50 of the
dollar. You may have to pay like 8090
cents of the dollar of the 200, which could still be a deal, but
it's not going to be as good as a deal as buying at $0.50 of the
dollar. So if it is they owe more than
the property is worth, like let's go back to that first and

(37:50):
are they owe 300 a house loan worth 200.
If you're the lender after you bought that note at 100, you can
determine what you want to sell it for at auction.
All right. So if you really want to own
that property and don't want anybody to bid, then what you do
is just list the property, make the opening bid the full pay
off. Because if it's you say the full
bid IS300 with a house loan worth 200, no investor is going

(38:11):
to pay 125 or 130%. We can greater that right, Ian?
So then you, then it, nobody buys it, then you take the
property back and now it's yoursto do whatever you want with it.
The other scenario where there is equity is where it gets
tricky. So the other strategy is it's
worth 300. They only owe 200.
You paid $0.90 to the dollar means you're paying around 89,

(38:34):
somewhere between 160 and 190. Since you're the bank, your
maximum bet, the foreclosure auction can be the only the full
legal amount. So the legal nuts 200, that's
the most you can put as the payoff.
And we all know a lot of times properties that are at auction
do sell above 60-70 cents on thedollar.
So $0.70 on the dollar of a $300,000 property is 210, right?

(38:58):
And other areas, California, youguys often go up to $0.80 on the
dollar depending on what the after repair aspect is, right?
So in that case, if it sells for240, guess what?
You don't get the 240. You only get what the legal
amount is. So in this scenario, the legal
amount is 200. You paid 180 for it and it only
sold is sold above that 240. You're only getting 20 grand.

(39:20):
Hopefully that covers your moneycosts and you make a little bit
of profit. For me, that's often too skinny.
The 40,000, the 240 minus or 200, the 40,000 doesn't go to
you. It goes to if there's a second
lien or any other liens against the property.
If there's no other liens against the property, that's
going to go back to the borrowerand the bars got to claim that.
So that's why that's why we usually target assets that they

(39:41):
owe more than the properties is worth.
When we do buy equity deals, we'll buy the noted discount and
when we become the bank, then wecan maybe even sometimes work
out a deed and no cash or keys to the borrower.
But you can't approach the bar before you actually own the
note. That's a violation of Fair debt
collection practices. So you have to kind of that's
why we do a lot of sleuthing on the bar.
You know, how old are they, how long they live in the property.

(40:03):
The great thing is that during the due diligence period, we're
getting a look at the actual servicing notes.
So like. If the borrowers call the bank
and talk to, you know an employee about the mortgage
payments or the bank has reachedout to the borrower to get them
back on track. We see all those notes in the
servicing notes and say, OK, this borrow wants to stay or
wants to go. And that helps us determine our

(40:24):
strategy in a lot of cases and also determines of what we're
going to pay for the Note 2 if we think we get a bit higher or
bid lower. There is a term that you used
when you were talking about that, that you said deed in
lieu. What is that and and how would
that convey ownership? Yeah, So deep in the low is

(40:44):
basically a friendly foreclosure.
Maybe you've heard cash for keys.
All right, so when we're buying the note and we're buying the
first position only, we don't buy second liens, We only buy in
the first lien position. OK, so nothing can wipe assess
of taxes and God and we pay the taxes and put insurance on the
property. So if a borrowers live in a
property, instead of us going through the foreclosure process,
which can vary anywhere from like 21 days here in Texas to

(41:06):
three years in New York. Instead of going through that
three-year process and cranking out more attorney fees and
servicing costs and holding costs.
It makes sense for us to say, hey, instead of going through a
foreclosure process can be drained up, going to the bar and
say, hey, you know, if you don'twant to pay, you can't or you
can't afford to pay the modifiedpayment or the, you know, the
payment plan. Instead of going through a

(41:28):
foreclosure process, let's just give you some money to walk or
let's have you just sign the property over to us, deed the
property back to the bank. It's called a deed in lieu of us
foreclosing on them. So they don't have a bad a
foreclosure on their credit. So foreclosure will kill
somebody's credit for seven years late pays 24 months.

(41:49):
ABK will only affect about 20-4 months, but a foreclosure will
kill their credit for seven years.
So that's why it's like, listen,you own one, that property's
worth, you don't have a payment plan that makes sense.
It doesn't make you can't affordto pay this.
You know, let's just give you some money to walk and a lot of
times we'll give them cash for keys, give them some money to
get out of the property and moveon.

(42:09):
If they got a ton of equity and they're not in a position to
rehab the property, we may give them a big chunk Like we've done
anywhere from like 1 grand to $75,000 for cash for keys
before. Just depends on the scenario.
Yeah. And so once that deed in lieu of
foreclosure is completed, the the lender now owns that
property. That's called an Oreo, correct?

(42:31):
Exactly. We once the once the actual
document, the deed is sign the quitclaim deed is what it is and
we go record it. We now own that property and
yeah, it's a, it's technically areal estate owned asset is what
we call it a REO. Awesome.
Thank you for explaining that toour listeners.
You know, I know we have a lot of new listeners and even a lot

(42:54):
of seasoned investors aren't very familiar with node
investing. So I really like how you're able
to really break it down and just, you know, digestible
pieces and, you know, in terms that people can understand.
Yeah. I mean it's AI mean note
investing is is a niche within aniche.
Definitely it's a smaller niche and most people don't make note
investing. They think of like owner
financing a property or selling a property in terms or buying on

(43:18):
terms. And that's one niche that's
creating a note and stuff like that.
But we mostly buy strike from banks, which is a whole
different niche within the wholenote investing world.
Very nice. I, you know, I appreciate you
explaining that. What kind of mindset do you
think? What type of mindset do you
think separate successful note investors from those who

(43:40):
struggle? You've got to be coachable and
you got to have multiple strategies on stuff like that if
you're just trying. I'll I'll give a great example.
Let's talk with a guy today and he's been trying to buy a note,
but he doesn't ask backwards like he's trying to go find
somebody to buy the property from him in case he has up
foreclosed and then doesn't sellthe auction.
Like dude, you're all worried about Z.

(44:02):
You need to worry about ABC because if you buy the right
price and go through the legal process, you won't have to worry
about this one guy buying your property.
Everybody you know just selling to the on the MLS to sell it.
Traditionally you you have plenty of buyers out the
provides in a good area. You don't buy an asset, you
don't want to end up taking the property back is that you'll be

(44:23):
able to buy. And he's so scared of that for
some reason. I don't get it.
We only want specific propertiesin one specific zip code where
he can like drive to it. Like there's plenty of
opportunities and he lives in Maryland, which you need as a
little separate license to get in Maryland.
I'm like, there's so many more opportunities to think about and
you don't have to go do the workyourself.
That's one of the big things about note investing is

(44:45):
different from most folks is that there are servicing
companies who are doing this forthousands of mortgages out
there. There are attorneys that handle
the foreclosures for thousands of assets out there.
You as a note investor need to go a find a deal and then
obviously raise capital for it. But you're not going out and
rehabbing the property. You're not going out and laying
carpet and she, you know, putting sheetrock in and

(45:07):
painting it. We don't deal with toilet stands
and trash outs. It's one of the less stressful
ways of investing, I'd like to say and can be somewhat passive
if you're just buying like performing paper.
But that's The thing is that yougot to understand and be a
little bit coachable. You know, it's different than
coming from and he's a big commercial, been a commercial
investor for years. I'm like, you're talking about
owning and managing apartment complexes.

(45:29):
That's one way. What you're trying to do is
completely different and it's just not coachable.
So that's the biggest thing is it's a different niche.
You got to understand different terminology, different ways of
approaching things. That's the first thing.
Second thing is patience. I think it's one of the most
important things. We've seen people, they want to
do a deal. I got to do a deal, I got to do
a deal. I'm like, relax there.

(45:49):
You don't have to do a skinny deal.
There are plenty of deals and plenty of opportunities out
there if you understand it. But if you start do the
marketing side, which is no direct mail campaigns, that
saves you a lot of money. So it's either like LinkedIn or
pick up the phone and dial in for dollars.
You know, it's all about that repetition of marketing.
You know, we have lived in such a society that the patience is

(46:09):
kind of non existent. A lot of cases with instant
gratification, everything being delivered to your door, your
handheld, you know, it's it takes time, it takes time to
make offers, it takes time to get offers approved.
It takes time going through the foreclosure process, you know,
in, in different states. It takes time to be the bar back
on track. So that's, that's the biggest
thing. Build some patience and

(46:31):
understand it's different and becoachable.
I would say are two of the biggest sense.
I have some faith. You know, I, I, I'm maybe a
little bit more of a riverboat gambling than some folks.
But like if it's a good deal andyou understand that it's really
a good deal, you're buying a property, buying the note on a
property at $0.50 of value, that's usually a phenomenal
deal. If you'll just market.
And that's another thing, you have a marketing mindset a

(46:51):
little bit, start marketing and sharing what you're doing.
You'll have, you'll raise enoughcapital.
Everybody listening to this, don't care how seasoned you are,
is capable of raising $1,000,000or more in the next 90 days.
If you'll market, if you just sit around and don't share
people, you're a secret agent oryou don't talk to anybody,
you're not going to raise any type of thing.
So getting out and being a little more extroverted, even if

(47:12):
you're introverted, is important.
Yeah, it's, it's all very good advice.
And, you know, I, I, I know thatyou know this stuff very well
because you have coached so manypeople and you have seen, you
know, some of the excuses or some of the things that people
don't want to do and, and therefore you, you know, don't
usually become successful at this.

(47:33):
No, I mean, that's The thing is if you're trying to stay in your
comfort zone, you'll never be successful at anything, you know
what I mean? You got to get outside your
comfort zone. And what you end up realizing is
that most of your fears are justa facade.
You know, they don't really exist.
It's just how we're programmed or how we're taught.
And I think that a lot of that goes back to my parents.
I mean, I couldn't didn't tell me I couldn't do anything.

(47:54):
So I just had to find a way to get it done.
And that's one of the biggest things.
It's easy to, it's actually easyto raise capital today.
It's ever been before because ofsocial media.
And then build the ability to jump on the county records and
find a list of people who have used their self-directed IRA to
fund a property or have used their self-directed IRA to lend
money out of it. I mean, it just takes some time

(48:15):
and and then marketing to those lists or marketing online.
It's one of the biggest things these days that you have to
think, get a market like it's 2025, not like it's 1995, you
know what I mean? Yeah, that kind of leads me into
my next question. Are you using, you know, we
talked about some ways that you're using AI and we'll get to
that in a SEC. But are you, are you happening

(48:37):
to use any AI for this marketingpiece?
Oh my God, yes. So AI people use AI like things
to ask questions and to come up with like lists.
That's the easiest thing. Like that's one of the things I
teach my students. Like listen, you're trying to
raise capital and you're targeting a specific niche or
listen airy go on to AI or ChatGPT or something like that.

(48:58):
Say, hey, give me a letter series, 7 letter series or 7
e-mail series about how to raisecapital and why notes are more
advantageous over fixed and flipping or rentals or something
like that or whatever. What are their fears are first
thing you say, what are the biggest fears of real estate
investors investing with your IRA?
And then write the letter based off of that.
That's the easiest thing you do or write.

(49:18):
Give me 52 weeks of e-mail headlines that are associated
with the, the calendar, you know, so you can send out an
e-mail once a week to your database.
These are all great things, but what we've been doing is taking
like our audio like, like I gaveyou an example, like the audio
from this podcast will upload that to Turbo Scribe, which will
do a complete transcription. And I'll take that PDF and drop

(49:39):
it into ChatGPT and say, hey, summarize this into 4000
characters or less with an an SEO rich intro outro and then
bullet points in the main features.
And it'll literally write the blog article or YouTube
description in seconds. And so now I have a really
valuable piece of content that Ican upload to my YouTube channel

(50:00):
or the podcast episode. That's just one thing.
But then I can also go and say, can you create an image for the
thumbnail for this podcast episode?
And they can do do that, you know, describing a few things
and being more detailed through like Canva and that uploads it
there. That's great.
You can also take like what we get in like copies of the
mortgage documents or a bankruptcy file.

(50:20):
We can upload that to chat GP. You say, hey, can you identify
the pros and cons of this bankruptcy payment agreement or
this loan documents, making sureeverything in there and it'll go
when they're Yep, it's here's these documents and here's the
order and dates on them. So we all know everything is
good and clean. So it's just absolutely mind
blowing at what it can do. You know, we're working through
even uploading spreadsheets intoChatGPT and say, hey, can you

(50:43):
identify the opportunities, the best opportunities here based on
AB or C, You know, and going from there, that's a little bit
Hickey hiccup because it like towanted to say, if we don't clean
the spreadsheet up, some get ridof the states we don't want to
buy and it's going to evaluate those by buying a note in New
York, similar to buying a note in Texas, and there's nothing
similar about that. So got to be careful.

(51:04):
Another thing is that, you know,some of this AI stuff is also,
it's kind of lazy too. Yeah.
So you got to restress it or refresh it and pay the the 29 or
$49.00 a month for it. It's well worth it.
We've we've got some really coolthings that we're working on
right now just to share more content or create more videos
and, and get the word out. And we're doing and you like

(51:26):
take, I'll give you this example.
We got this listing of the economic standing forecast for
855 cities across America, and you know how much overvalued
they are. What's been their one year
growth, year over year in value?How much economists think
they're overvalued? And then where do they see the
markets going? It's all downhill.
But I can take that spreadsheet for 855 cities, upload it then

(51:49):
there, and then say, write a script to create a little blog
for 855 of them. And then I can upload that into
another AI engine called the HeyGen.
With my avatar of my face and myvoice and it can create 855
videos that are minute to two minutes long talking about good
the economic forecast of all those cities in minutes versus

(52:11):
it would would take me hours if not days in some cases.
Yeah, thanks for sharing that. And there's also another thing
that was really interesting you and I were talking about just
before the show. Can you tell people this clone
thing that you're working on? I I love the concept.
Yeah, so we've, we've toyed around a couple of things.
There's one thing that we use that we're still messing around

(52:31):
with, which we upload like our favorite 100 videos from
YouTube. And people can go into this
platform and type in a question and it'll go on these 100 videos
and find exactly where we statedwhat they're asked.
You know, find the second the video the minute it's fully
transcribed, which is nice, which is OK, it's a little
clunky. I'm really excited about is an
AI clone where we're basically uploading my YouTube videos, my

(52:53):
blogs, my books, all our our YouTube channels, all the
podcasts I've been on, all the guest appearances, stuff like
that. And it will become a AI won't
say it's walking, but a talking,texting, even video aspect of a
where you could go on and ask questions and I will answer it
back to you, my own voice to answer all your questions about
note investing or other things. And you can try to get me off.

(53:15):
And I toyed with like Arnold Schwarzenegger and a few others
out there. I've got some clones.
We're using the same company forthat.
It's pretty stinking cool and sounds pretty freaky out there
when you have your own voice coming back at you and answering
a question and it's just it justit's it's pretty.
It's just the way it is. You know, if you're not using AI
and some sort you're spending too much time or too much money

(53:37):
trying to do it all yourself. I mean, even V as virtual
assistants are great. But I think this is there's the
new tragedy has a new thing. It's called an AI assistant that
literally is mind blowing. Just like came out this last
Friday as an update on something.
So it's just a, an interesting time to be a real estate
investor and, and trying to figure what can I give the AI to
do that's going to be accurate to what can I offset so that

(53:57):
saves me time and money and increase the productivity
exponentially. Yeah, I can't wait to to hear
this clone and see how it goes. You know, is that something that
you're you're members and like the general public get to use
for free or how would that work is that?
So what we'll probably do is do like we always, I always open up
for people to make a phone call with me for 30 minutes.

(54:19):
They can always pick up, you know, go on my schedule and book
a phone call with me and pick mybrain for 30 minutes.
And so that's what I'll probablydo is, is just make it pop open
to the public for 30 minutes. After 30 minutes, you'll need to
sign up for a monthly membershipto Get full access to it and,
and go from there. And my goal is the first aid try
to replace me teaching a class for 3 1/2 hours where I can have

(54:40):
it now an AI agent teach that and get people kind of a
self-guided questions to ask prompts for people to ask from
this class. And going from there just it's
fun. Don't you know, I'll never stop
doing video podcast episodes, but it's still pretty freaking
cool to be able to offload a lotof those routine Q and as that

(55:00):
people have. Yeah, I'm sure you see the same
questions all the time. So really cool to hear the stuff
that you're working on, you know, both in your business and
in the AI space. And we're so happy to have you
on. Thank you so much for sharing
all the information you have today.
You know, our, I know our listeners will really get a lot
from what you talked about. And hopefully the listeners
will, you know, follow you and, and wait for that clone to come

(55:24):
out so we can ask it some questions and, and mess around
with that. So Scott, thank you so much for
coming on the show. We really appreciate it.
Every week we do a free book giveaway.
Here's how to enter. All you have to do is like this
episode and comment which book you'd like 5 days after the air

(55:44):
date. We'll pick one lucky winner and
we'll ship it free. Some of the titles we have
available are Rich Dad, Poor Dad, Cash Flow, Quadrant Real
Estate, Millionaire Investor anda couple others as well.
E Meth leaders, Eat last and Go Giver.
Scott's story is proof that you don't need to own real estate to

(56:05):
build well. You can control the paper behind
it. Note investing is about
strategy, patience and perspective.
It's not always about speed, it's about structure.
And as the market shifts and AI continues to evolve,
opportunities will favor those who are creative, efficient, and

(56:25):
focused. So whether you're chasing cash
flow, discounted properties, or just looking for your edge,
learning how to flip debt may beyour most valuable move yet.
Thank you for listening and we'll catch you on the next
episode. For those out there listening,
if you could do me and Ian one big favor.

(56:46):
We as podcasters love to hear from our listeners.
And so if you're getting value, which I know you are from these
episodes that Ian is kicking assand taking names I'm doing on a
regular basis is go over there, make sure you hit the subscribe
button and then also leave a five star review.
We'd love to hear from you. If you don't like me, that's
fine. But we know you like Ian, so
leave him a good review. Not me then in that case, but go

(57:07):
ahead, subscribe, leave a reviewand then share this episode or
the podcast with one friend as well.
You can think might find valuable out there.
It's one of the best things you can do for Ian to help support
him on what he's doing here. And so go out, take some extra
buddy, and I look forward to seeing you off the top at some
point. Thanks again for having me.
All right, Thank you. Have a nice one.
Appreciate it buddy.

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RealPropPro Podcast Ep 16 - Scott Carson | July 24th, 2025

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.css-14f5ked{margin:0;word-break:break-word;display:-webkit-box;-webkit-box-orient:vertical;box-orient:vertical;-webkit-line-clamp:2;overflow:hidden;}RealPropPro Podcast Ep 16 - Scott Carson | July 24th, 2025