GI340: Mortgage Note Investing for Beginners with Eddie Speed

GI440: Mortgage Note Investing for Beginners with Eddie Speed

Since 1980, Eddie Speed has been involved with seller financing and the non-performing note industry. In 2023, Eddie marked the completion of over 50,000 note deals through his company, the Colonial Funding Group. In 1999, he founded the Note School, where he has since mentored over 2,000 students on note investing.

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Transcript:

Charles:
Welcome to another episode of the Global Investors Podcast; I’m your host, Charles Carillo. Today, we have Eddie Speed. Since 1980, he has been involved with seller financing and the non-performing note industry. In 2023, Eddie marked the completion of over 50,000 note deals through his company, the Colonial Funding Group. In 1999, he founded the Note School, where he has since mentored over 2,000 students on note investing. Eddie, thank you so much for being on the show!

Eddie:
How are

Charles:
You? I’m doing well. How are you doing?

Eddie:
I’m good.

Charles:
So tell us a little bit, I mean, we’re going on 1980 to where we are today. Tell us a little bit about yourself prior to getting involved with notes both personally and professionally.

Eddie:
Well, I was 20 years old, so there wasn’t much prior to that, that would be of much of interest to this audience. It maybe a high school rodeo or a a high school basketball game, but I started when I was 20 years old, so I just fell into the business to be perfectly honest with you. It wasn’t some big strategic plan, like many of your audiences are trying to find the next best thing or the, the safest thing to do in this market, or whatever that may be. And the answer is, I just stumbled into it. I met a guy who later became my father-in-law who kind of took me under his wing. And the one thing that I would say is I was willing to take action and do what he told me, and I was willing to be trainable. And so they, this was this, this found event, this found opportunity for me turned out to be my life, my life story. And but that’s kind of how it started. It was a little bit by accident.

Charles:
So when people are getting into real estate investing or traditional real estate investing, I guess is one way we’ll put it. You know, note investing isn’t what I think if you said you’re a real estate investor, they’re not gonna think you’re a note investor. How and why take the approach other than having a mentor that was into it? But obviously as you get into the business, you have the decision of where you want to go with your real estate investing, let’s say real estate backed investing. Why go with note investing and why do you feel it’s superior to traditional real estate investing where people are buying rental houses, apartment buildings or anything else?

Eddie:
Market timing. I entered the market in 1980. Interest rates were 18%. Inflation was raging, and landlords weren’t making money because expenses on rent houses and, and other you know, rental properties far exceeded what the increase in rents they could get was, which sounds exactly like what’s happened is of recent. So market timing is everything. Now you gotta remember in 45 years, I bought non-performing notes. I bought performing notes. I’ve helped real estate investment groups, like home investors create a note system where they could create notes and then have liquidity and sell those notes. So I’ve done a lot of different things in the market, but when the market is always the best is when the, when the market timing is kind to us. And right now, like literally way back 45 years ago in 1980, market timing is good to us and it’s really because of one simple thing, and that is inflation.

Charles:
Yeah, it makes perfect sense because a typical probably single family rental investor now has to put down a sizable down payment. I would imagine at least 30%, maybe 40%, to get it cash flowing to a part where it actually makes sense, which is a huge chunk of cash. And obviously that drags down your returns to a minimal amount.

Eddie:
People, people ask me all the time, they say, well, you know, gimme a frame of reference to it. You say we’re in a note cycle that’s different from a rental cycle, right? A rental cycle would’ve been 2012 to 2022. You couldn’t, you kind of couldn’t mess up the prop property was on sale, it was super cheap. Houses were ridiculously cheap. They would, they would all cash flow. And then the market was giving a lift in value. So you had the double whammy, it would cash flow really well. ’cause You bought it so cheap and it was going back up in value after it had that big drop after 2008 and the years to follow, right? So but now you start after 2022 and you have the, you have the factor of inflation. And of course if you get on Facebook and you type in there, what’s the greatest thing you can do in real estate?

Eddie:
People say rental, rental property, right? But the answer is the people that know their math know that expenses on rentals went up two and a half times greater than the rents, rents went up. Which the result is in 2018, most rent houses made a profit per year that we, you, and I would call it a cap rate, a capitalization rate, but just to simply that, a percentage of what the house is worth, profit per year before you make a payment to the bank, was about, was about 8% in 2018 in most markets, right? Today, that identical house makes 4%. So a rent house went from making 8% before inflation to netting 4% after inflation, 2018 versus 2025. So that’s the, that’s just, that’s the math. So the question is, is when the math doesn’t work the same, what do you do? How do you re reinvent yourself? And the answer is, the bottom line is, is it’s more profitable to be the bank today than to be the landlord. And so I’m showing people how to be the bank. Yeah,

Charles:
No, it makes perfect sense because if you are, you know, people, you always hear like, oh, it’s an inflation hedge real estate, which it is. But the problem is that with the cash flow, like you’re saying, it all works if the rent is keeping up with expenses, and then once that goes the different direction, then like you said, you’re being, you’re being crunched, you know what I mean, for your, and there’s certain things you can do and certain things you can’t do. We can’t get rid of insurance. We can’t stop paying taxes. So these are expenses we can’t cut. And these are where a lot of expenses are coming from, especially all your maintenance and everything like that. I mean, these are all things that need to keep going. So you don’t have a choice but to pay those.

Eddie:
Think about, think about in your 20 years in, in multifamily, how many different cycles you’ve seen and that most of the people are operating with yesterday’s story and trying to apply it to today’s situation. Right? And, and and it, and it’s the same thing in everything in life. It is a truth that people did really good with the rent houses that is a hundred percent a truth. And it was really good to ’em. They put up a lot of aggravation, tenants and toilets, but financially it was good for ’em. Now all of a sudden, when it’s financially not so good for ’em, then all of a sudden they’re like, okay, should I jump the fence or wait a minute. But I’ve been told, well, hey, I used to have a blackberry, right? That’s the truth. I did have a blackberry. I couldn’t believe that they wanted me to use this iPhone thing, right?

Eddie:
And, and so the point is, it’s kind of hard for us to do it, but we, the, the math is very compelling that says it’s more profitable to be the bank than a landlord. Let me ask you a truth, a truth, right? You, you know your math really well. I’m certain if you have a rent house today and, and the, and, and the, and the rent house is making 4% before you pay the bank, right? This, this net income per year, this net operating income that we all look at and run this number, right? Kind of the gold standard in investment property. And that’s making 4%. And you go out and get a loan today and the the bank wants to charge you 7% on a house that’s making you four

Charles:
Negative leverage work, <laugh> negative leverage. It’s coming outta your pocket to keep it. Yeah.

Eddie:
Yeah. And I mean, that’s a, I don’t care it, you don’t have to be a, you don’t have to be Einstein to know that math is not really where it needs to be. But wait a minute, what if you could own a first mortgage on a house and make, call it 10 or 11% interest on the, on the same house. You’re just got, you’re just the bank now instead of the landlord. That’s where seller financing comes into play. Seller financing has grown terrifically, and the value of seller financing has grown because mortgage underwriting for traditional mortgage lenders has gotten so tight.

Eddie:
And it’s about just easy math. If the January of 2000 20, right, right before the virus, the mortgage bankers index for credit availability was about at 180 5. That same index today for availability of credit is now at a hundred. It was at 180 5. That shows you how much tighter mortgage underwriting is than it was. So that’s opened up the door for alternative financing. Seller financing done right, can definitely fill a gap. ’cause See, if you looked at financing mortgage banking in 2016, 17, 18, 19, it wasn’t that it was loose, it wasn’t, those were poor standards. They just have abandoned those standards and gone to a whole new standard that’s much, much tighter. And so we’re we’re saying, wow, seller financing fills a gap that conventional lending isn’t filling. So there’s your loans. That’s where you find these loans, that’s where the production is, right? That’s how you find the loans you would buy. And and we’re just saying, we are constantly looking out in the marketplace saying, where is there a void? And here, where might we fill that void? And I believe that’s where it’s at. So what type of

Speaker 3:
Properties do you really purchase notes on? Is it all residential, single family houses? Is it do you get into small commercial properties at

Eddie:
All today? I buy notes on residential houses, and I would say middle of the market. I don’t buy notes on junk houses, and I don’t buy notes on mansions, right? So I fill figure the, I fill the middle of the road market. Median priced house typically is what that looks like. And I buy notes on country land. So people that are gonna buy 10 acres of land and that’s gonna be, they’re gonna move out there and or they, they’ve already moved out there. So I like, I found notes that on, on land or first mortgages on those types, residential houses are a really good product. Listen, I bought 50,000 notes. I bought a note on anything you could dream of in the past 45 years from a junkyard to a mansion to a high rise office building. But because of commercial real estate situation, I’ve sort of let the barn burn down a little bit, so to speak, right? And it doesn’t mean that I wouldn’t buy notes on commercial, it just means that because that market has been pretty heavily declining and the residential market was rich with opportunity, I’ve kind of switched over a little bit and switched mainly in the resi space at the moment.

Charles:
How do you normally source your notes? I know we were talking a little bit about this beforehand for you and your students, but can you kind of give us a little background how you do that? So

Eddie:
In the business, I find finding portfolios of seller finance notes, I bought over 2000. So I’m very, well, I’m a brand in that space, right? And I work at being a brand in that space. So I’m in several real estate masterminds. Cumulatively they would have probably close to the top 1500 real estate investors in one of those masterminds. And if you walked in that mastermind and you said somebody that has been really done really well at helping with seller financing, Eddie speed’s name would probably pop to the top of the list. And so I help these guys with how to make seller financing the right way. And then that, then once they do that, then those loans become saleable in the secondary market. I can help make a market for them to sell those loans or part of those loans. And so, but if you create junkie paper, then all of a sudden you come to somebody like me, then I’m not willing to work on that paper because I can’t, I can’t really underwrite it. It’s the, the variables are too loose. And so I help people with a structure and a process of how to create good notes that creates inventory for me. And it helps the guys that are creating the notes because they get more money for their notes because they created good notes. They, they, I I basically teach ’em how to make notes that look like a mortgage bank.

Charles:
So it makes it extremely liquid for them to be able to sell that, that second market or second. Yes, the second market secondary market allows them, really opens up for them when they want to sell a note out. Which is where my next question kind of comes in. How do we, how do you price that? So you have this note, how do we price and discount that when we’re selling it, whether say it’s performing or say it’s non-performing. I mean, how do you price that on that secondary market? Well,

Eddie:
The whole premise in buying performing notes is what do we believe the likelihood is? They’re gonna continue to pay as agreed. Like that’s the whole litmus test. Like do I think there’s a, a, a 98% chance they’re gonna pay as agreed do I think there’s a 88% chance they’re gonna pay as agreed, right? So when we look at performing notes, we try to underwrite to the fact that we think that there’s a three to 5% chance of default, not a 25% chance of default. That’s a whole nother category, right? So Fannie Mae, Freddie Mac, all of these guys, I don’t care who it is in the mortgage banking world, nobody thinks a hundred percent of the loans are gonna pay perfectly as agreed. There’s a, there’s a, there’s an underwriting factor written into it that says there’s a chance you’re gonna, this loan is gonna default, but it’s a low percent chance because we’ve looked at all the variables that said they’re this customer on this property with this equity and this payment is likely to pay. And that’s exactly what we do. So we just follow mortgage banking principles. We’re underwriting loans that are not Fanny Freddie standards, but quite honestly, they’re in mo in a lot of cases. They’re better than FHA loans. FHA hasn’t done so good with their underwriting FHA loans. Here’s a stat that will blow your mind. FHA loans were 16% of the residential loans that were created, yet currently today, they’re 53% of the the delinquency. Geez.

Charles:
Wow.

Eddie:
How about that?

Charles:
Yep. That’s why we need, that’s your government

Eddie:
There, buddy.

Charles:
That’s why you have to pay insurance when on your mortgage, when you get an FHA, because you have to make up for that 53% of people that didn’t pay. Yeah, that’s

Eddie:
So, so it’s, it’s, it, in other words, there’s, we look at it and say, when you get down to it now, once again, I, my team has excessive experience, billions and billions of dollars worth of loans. The people that people that on my bench and my note buying shop would constitute creating or, or buying, well, well, well over a hundred thousand loans. So a lot of experience, like excessive amount of experience. And so with experience and common sense comes some logic that you can get in the middle of that says we’re doing common sense techniques. We’re underwriting loans under a common sense technique, but a lot of experience led into what led to what we now call common sense. So it’s really just a risk management blueprint. But we start out with, here’s, here’s the basis. You start out with a good house, right? Or a good property.

Eddie:
I don’t buy notes on junk properties. People that can’t fulfill their dreams don’t wake up and pay for the property in the same way in the future. So they have to be, that property has to meet, they’re what they’re looking for, meaning that you can’t sell a house that needs all kind of repairs to a poor person that can’t fix it up. Mm-Hmm <affirmative>. Right? That’s, that’s the idea, right? No different than an apartment deal where a guy buys the apartment complex and doesn’t have the wherewithal to go do the things. The apartment complex needs to fix it, which you and I’ve seen too, right?

Eddie:
So, so I start out with a good property, I start out with a likelihood they’re gonna pay. And so I lead back to what your original question was. How do you, how do you figure out what to pay for a note? Well, first of all, how good is the note? Are there any deficiencies in the note that need discounting? A real estate investor is not likely to write a loan at 6% interest a mom and pop that seller finances one house their whole life. They may, they may write a note and do it at 6% interest. Most of the notes we buy are more at non QM rates, non-qualified mortgage rates, which by the way, that’s 40% of the residential loan origination industry today. 40% of all the loans are, are non, non qm, non-qualified mortgages, which really means non Fannie Freddy, right? So first of all those rates are, are good.

Eddie:
If they get the right down payment and they have the right credit and the right structure to the loans, those loans aren’t discounted very much. In some cases they’re not discounted, but, but there’s not anything wrong with ’em. There’s no reason that you would discount the loan. I, I tend not to go play in a space where there’s a 20% chance the customer’s gonna default. Like, you know, because if I bought that note, I’d have to buy it with the presumption that it’s gonna, you know, there’s a 20% chance he’s gonna be a non-performing note. So instead of trying to figure out how to price it and argue with the customer about why that has such a heavy discount in it, I just tend not to buy that note. I tend to focus on notes that are a better quality. And if I call ’em performing, they’re likely to perform.

Eddie:
And so then I built a marketplace. I help our students buy notes. They’re not at these masterminds. They’ve not bought 2000 portfolios of notes. They’re not like they, they’re, they haven’t built that brand and it’s very difficult for them to go get a seat at that table. And by the way, the guy may be selling 50 notes and, and some doctor in this podcast today wants to buy one note or five notes. So he, so I try to create a marketplace of here’s where you, how, here’s how you create good notes, Mr. Real estate investor who’s seller financing property, and then the guy that wants to buy that note. Here’s, here’s a marketplace where you can buy these notes. And we’ve created a blueprint that goes through the risk analysis that says, this is what we’ve learned after thousands of transactions of how, how we vet a loan to make sure we think we think it’s gonna pay. It’s not magic. It’s, it’s kind of just work,

Charles:
Right? One of the things you know, you, you talked about, we talked about the market, the neighborhood, the type of properties, the quality of those properties. All, you know, this makes sense, whatever kind of investing you’re doing, whether notes, you know, debt or equity into these properties. But the thing I have a question is when we’re talking just about the borrower, now obviously their payment history extremely important. That would be if you’re, you know, if you’re refinancing mortgage to a traditional lender, or if we were obviously buying a note, what other type of background due diligence are you gonna do on that borrower other than, Hey, they, they’ve paid this mortgage for 12 months already,

Eddie:
We’re gonna, we’re gonna look at ’em just like a, just like a bank or a mortgage company looks at ’em, we’re gonna rev credit, we’re gonna have, look at their income. If I have a loan where the, you know, they paid for four years, the income that they have on their application from four years ago may not be accurate. So we rely a little more on the pay history in that case. But otherwise, if I’m buying a loan that’s pretty fresh, I’m not doing anything short of what the bank or mortgage company’s doing, you know, I’m, yeah, I mean, there’s an old saying, right? This is an old banker saying, the time to worry about a loan is before you make it.

Eddie:
And so that’s my thesis. I show people how to act like a mortgage lender so that they can turn around and sell loans to us and we can put ’em in the marketplace. And now we’ve created a full cycle of liquidity when people are kind of cowboying it. And you’ve, you and I have had an offline conversation about this when people are kind of cowboying it and they’re creating notes with no underwriting and not really asking the right questions, that’s just a crap shoot, right? And I, I’ve not bought 50,000 notes on a crap shoot. I bought 50,000 notes. ’cause I could measure the risk in these loans that I’m buying. And the ones that I can’t measure, the risk I usually don’t fool with.

Charles:
Makes sense. So we’ve purchased some notes. How are we servicing ’em? Are you servicing your own loans? Do you utilize a loan servicing company? ’cause You’re in multiple states, tens of thousands of loans. How does that work?

Eddie:
Yeah, we, we have all our loan outs, all of our servicing outsourced. If somebody lives in one market and they’re fairly sophisticated and the, that particular state doesn’t have two oppressive of laws of what a servicer’s required to do. Some pretty sophisticated real estate investors can service their own loans successfully. I, I don’t disagree with that. But if you’re just a small time investor, you don’t, you don’t know what is required for compliance of servicing a loan. You probably don’t have the license that is needed. You probably don’t, don’t know the right things. And so we guide our people that we teach how to go do this to a group of servicers that we’ve vetted and we have a high degree of confidence they’re gonna do the right thing. Interesting.

Charles:
Now, as I understand with servicing, obviously if it’s performing, it’s a much inex it’s inexpensive monthly fee for them to handle it. Now if it’s not performing, you know, you buy a note that’s not performing, obviously the value there is created to turn it to performing. As I would imagine. And are you now handling servicing? Do you give that servicing over to the loan servicing the professional loan servicing company while you try to bring it back on track? Are they bringing it back on track? What is your role in there? Because obviously that’s gonna be like a huge bump in value if you can get those people back on track paying. Alright,

Eddie:
So, so what you’re describing are two ends of the spectrum of the note business. And it would be the same thing that you’re dealing with multifamily. You take a multifamily passive investor that wants to invest in a syndication that you put together, that you’re a professional operator and you’ve got management in place and skills in place and contractors in place. You got all the stuff done. He doesn’t have to go figure all that out. All the way to the other end of the spectrum where, where you’re dealing with somebody like you that like is, is the deal maker and the architect is taking this property that needs rehab and fixing up, redoing, re repositioning, who’s the tenants going from a, a, a, a level C level tenant to a level tenants and all of that, right? So I have been doing this for 45 years.

Eddie:
So I can go from all the way from very passive to the crazy active and pretty sophisticated operator, right? I’ve seen a lot of very unsophisticated people that don’t have the time or the skillset to go learn this or really don’t wanna go learn it. And they go all the way from, I’m gonna buy performing notes all the way to, I’m gonna buy non-performing. I’m not teaching that guy. I’m teaching a guy. I could teach somebody like you, Charles, what I’ve learned over the years that would give you a fast track to go learn this. So I take, I teach some fairly sophisticated people how to buy non-performing notes, but it’s not something that is good for a passive investor that just doesn’t want to get that deep in the business. ’cause You just have to know too much. And, and so when we have a school and we teach these things, we make sure that we’re routing our students to the right type of investment that fits their story and their situation.

Eddie:
So yeah, I could go take somebody that’s very savvy and say, here’s, here’s the, here’s the non-performing loan space. Here’s this, here’s the loan. I can even hook ’em up with inventory. I’ve got all that in place, but it’s gotta be somebody that I think that that in investing in non-performing notes is an appropriate investment for their situation. So yeah, it’s non-performing notes is a whole different subject. There’s not a lot of residential non-performing notes available right now. There’s a lot of pinup inventory. There’s 1,000,100 thousand loans that aren’t paying. But quite honestly, most of ’em have not been accelerated to the foreclosure status, although there are more than 800 days delinquent. What? Yeah, there’s, there’s, there’s there’s 800,000, no, 700,000 residential mortgages, more than 90 days delinquent that are the average days delinquent of 750 days that haven’t been posted for foreclosure yet. So we have quite a little story in the residential space of some inventory that, of loans that aren’t paying that, that they’re gonna have to move down the conveyor belt. Yeah.

Charles:
Is do you think because there’s a lot of equity most likely in those properties is why banks are putting this on the side or the banks don’t have a team. There

Eddie:
Was equity before they let ’em get so far delinquent. I think it’s politics.

Charles:
So when, you know, for every real estate investor, they’re having a team, you know, obviously if you’re investing in rental properties, you have a team. What a note, what does a note investor’s team look like other than being part of like a marketplace, like you were saying, where you can work with other individuals and buy and sell notes. What other kind of members of the team do as a note investor need to have? Well,

Eddie:
I’ve tried to eliminate what you need as a team because you can essentially rent our back office. You know, our back office is expensive, right? But we trade a lot of loans and we have a very sophisticated team that has, you know, decades of experience. They’ve done, they understand all the functions of loan servicing. They under understand a confunction of compliance. They understand the, like they’re, they’re mortgage banker level players in this specialty space of, you know, private loans, seller financing, right? And so our team has a resume that’s probably second to none in this space, but once again, our, you know, some doctor or some dentist or I, yesterday I spoke to 150 chiropractors, they just would don’t wanna rent house anymore. They wanna earn more income and less aggravation, right? And they’re like, so, so we, we as a company have looked at it and says, note school teaches people how to go do this.

Eddie:
And then they consistently show up and say, but can you help me do it? So we’ve had to figure out a way to take ’em on a long term program and, and really have a, a done for you service that’s kind of fractional, right? You don’t need a mortgage bank all every day because you don’t buy enough loans to justify that guy with that level of experience. And so you just, when you, when you need that is when you only want to go buy your loan a month or you only going to go gonna buy five loans a year, whatever that may be, right? And so we’ve woke up and figured out if we can find the loans, bring it to a level of underwriting, allow you to make the decision on whether you buy it or not, but us put together the facts and the circumstances.

Eddie:
So it’s kind of easy to see like what we, what we figured out at this point. And then all of a sudden that puts people in the notes space. And, and without that, it’s a great idea, but it’s diff it’s, it’s difficult for people to do it. And that’s why we did it. It was because we wanted people to do it. And they came back and they say, yeah, but could you help me? Oh, I can’t find the notes. I don’t know how to, I don’t, I’m not confident in underwriting yet. And so once you can do that, you’ve made a, a much smoother path for them to go down. So

Charles:
Someone joining your group, your school a new note investor maybe with limited capital, how would you suggest someone like this get started?

Eddie:
I’d just simply show ’em leveraging techniques. Everybody with a driver’s license understands that you can take a commercial real estate deal or a rent house and go get a mortgage against it. But very few people understand any techniques about how to go recapitalize when you put your money out and buy a mortgage. I bought 50,000 loans. So I’ve developed a and perfected a lot of techniques of how to go recapitalize and get your investment money back so you can take that money and then go buy the next deal. And so it’s just simply leveraging techniques against notes. You’re just showing people how to go pay a hundred thousand dollars for a loan and go get most, most or all of your investment back by using some capital strategy of somebody else’s money or some other bank’s money or some other insurance company’s money. Then you can then go buy the next one. And that’s, that’s a big part of what Notes School teaches people how to do.

Charles:
What would you say are some common mistakes you see new or any note investors make? Outside of not joining a, you know, a mastermind group or any type of mentoring group?

Eddie:
Understanding the likelihood alone will pay. Just, just not just having no frame of reference of what a risk management blueprint really looks like. A real one that people have laid over the top of hundreds of thousands of deals. And I see people out there all the time. I see ’em at events and oh yeah, I bought notes and stuff. And you’re thinking like, you may, you may win the lottery and buy a good note, but if I looked and really pressed in on you about what decisions you made to go buy that note, it probably might not be a hundred percent logical to me. And so it’s just one of those things we don’t know what we don’t know until we learn it. Like there’s a thousand things about multifamily that is seasoned as I am, that you could say, yeah, but Eddie this, or we say like, there’s just things because you’ve been in the trenches every day that, you know, are variables to look at that me with a limited amount experience in multifamily understanding more maybe than the average guy, but not much more. Right? You’re saying Eddie’s not, Eddie’s not competent to go out and buy a multifamily unit on his own. He just doesn’t know that much. He knows the note space really well. So it’s that

Charles:
Nice. Okay, Eddie, I wanna thank you so much for coming on the show today. How can our listeners Lauren me about Colonial funding and then also note school?

Eddie:
Well, what I, what I wanna do is give your listeners what I call a, an invitation to a little opportunity class. So today we’ve just talked in theory, but it would be very helpful for me to take a whiteboard and show you some loans and then show you like, how would you get some of your money back if you’d not bought a note? Or what does a note do for you compared to a rent house? What’s the math difference? How much more profitable can a note be than that? Right? So the next step would be spending some time where we’re able to be a little more of a teacher and show you some things and you’re saying that’s an opportunity and you’re saying, oh gosh, I wouldn’t have thought about that. And so that’s what kind of the next best step it up is, we think, and you’re gonna go to note school.com/global and we’ll, we, we gauge kind of audiences. You’re a pretty sophisticated guy and we know that people that probably will be listening to your podcast or we’re, we’re, we’re gonna treat your audience a little differently than somebody that’s you know, maybe, maybe didn’t listen to such a well put together podcast.

Charles:
Thank you. We appreciate that. We’ll put those links into the show notes or that link into the show notes. And I wanna thank you again for coming on and looking forward to connecting with you here in the near future.

Eddie:
Awesome. Thank you.

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About Eddie Speed

Personal training from the nation’s most experienced note buyer!

Since 1980, W. Eddie Speed has dedicated his professional life to the seller-financing and non-performing note industries. Over the years, he has introduced innovative ideas and strategies that have positively impacted the way the industry operates today.

Eddie founded NoteSchool, a highly recognized training company specializing in teaching the purchase of both performing and non-performing discounted mortgage notes. He is the owner and president of Colonial Funding Group LLC, which acquires and brokers discounted real estate secured notes. In addition, he is also a principal in a family of Private Equity funds that acquires bulk portfolios of notes.

He has been a leader and innovator in the Note Business for over 30 years. He will tell you that those 30-plus years have prepared him for the incredible opportunities of this current real estate market.

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