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Do you remember that 1981 hit from "Men at Work called Land Down Under?" (OK, so I was a big Men-at-Work fan, I admit.)

When I received an email from a Korean guy that went by the name Joe, It got me thinking about the show.

How Is This Related To Buying Notes?

Because Joe told me a little story today that demonstrates one of the most important lessons in the world of how to find notes. Relationships matter.

In fact, not only do relationships matter, but "commonalities" matter. In other words, what you want to do when you're trying to find notes is to find out ways to build ties with your seller.

The commonality can be a list of things like sports, pastimes, favorites books, foods, etc. They can be social, cultural, sports-related, geographical, you name it. Just find something in common.

Joe's Little Gem - His Story on How To Find Notes

Here is the email that Joe sent to me:

"I own a Korean Investment Club, and last week I was approached by a big Korean bank. They wanted me to the buy the notes from the person that was in charge of defaulted mortgages. Because of my lack of understanding, I'm not ready to think about buying notes yet. The first trust deed had a face value of about $2.7 million including interest, and the the property was a 79 room motel with restaurants. The Bank asked me to offer any amount for the note. Now I am very interested in buying the notes. This property is well worth over $4.1 million. What do I need to do? Thank you for your help."

So what are we looking at here?

There is Joe, the owner of a Korean Real Estate Investment club. And then we have the big Korean Banks offereing an interesting lead.

Does Joe Know Anything About Buying Notes?

Joe knows nothing. And if asked if I thought that he made a great pitch to this big Investment Bank, saying that he was the perfect person to buy their nonperforming notes, I would say no.

No he did not. The note buying opportunity found him. And it also seems that they are willing to accept any offer that he makes on that note.

Just for a little while, try to stop focusing on the fact that Joe might be able to offer a low bid on this note and actually close his first note buying deal. This can be a great a deal! If the value of the collateral is actually $4 million and if the loan is a non performing note, Joe will have the opportunity to foreclose on a motel.

I want to point out something that is so simple when you are trying find notes. It is so simple, you probably looked it over thinking that there is a bigger lesson here.

What kind of a bank is this? Korean. And where's Joe from? Korea.

It shouldn't be a surprise that this note, which is a California property happens to find its way to Joe.

Tips on Finding Notes

Remember when you are trying to find notes, banks often want to sell notes to people that they can talk to.

Most of the time, the people that they can talk to have other similarities. They might look like them, talk like them, do business like them, live like them, or enteretain themselves just like them.

Chances are: even if I were Mr. Well Known Note Investor and I found a way to that Korean Investment Bank, I would probably never get the same reception and credibility when trying to find notes that Joe has. You see, they'd rather deal with him than you or me because Joe is one of them in a way that you and I never will be. So the process of "getting to know one another" for Joe and this bank will always be a whole lot smaller than the same process for your or me.

Now go out there and apply this note buying tip.

Find the similarities that You and your Seller share.

Go find someone who speaks your language, and then see if they have notes for sale.