60 seconds = one minute or ??????

Today I had a young man (26) contact me wanting to borrow some money.  I asked what he had for collateral?   He said that he had 19 second mortgages that were all performing and the total unpaid balance was around $627,000 and had over $6,000/month in payments coming in monthly.  

Most people would stop there.  He buys non performing 2nd mortgages for pennies on the dollar, gets the borrower to agree to a modification and sets them up with a third party servicing company that collects the payments, keeps everything in compliance and sends out the necessary forms at the end of the year.  The borrower agrees to set up an auto pay for the 1st of each month.  He only has 19 notes at this time and wants to extend that to 60 by the end of 2018.

Now that is goal setting the way it should be.  It is precise and measurable.  He makes offers on 60 per week and usually is able to buy 5.  All of this is in his own portfolio.  He then completes the work out to make them perform.  

He is also part of a family that does the same thing.  As a family, they buy much larger pools but he is buying for his own portfolio, he is a lot more picky.  When I was 26, I didn't even have a watch with a second hand.  Love seeing someone who takes action and is successful.  If he has a problem with a borrower, he handles it with a plan that is already mapped out.