All Forum Posts by: Dan Deppen

I'm not aware of any either.

 I like Pipedrive overall. My issue is I am using it for both a CRM and a project management tool. Of course its not designed for project management so that part is a challenge. I would prefer not to have 2 separate software tools but its hard to find one that does both. 

What do you prefer about Insightly over Pipedrive? I use Pipedrive now but have been looking at a variety of other tools.

I haven't bought a note on their yet, but I did recently complete a sale. I really like the way they have it set up in a checklist style format to complete the transaction. I plan to use it more in 2020.

I mostly use Pipedrive. I started with the Adam Adams videos but then heavily customized it over time as I figured out how to run my notes business. The automation features in Pipedrive are pretty cool. I also use DropBox, G Suite, Mailchimp, Trello, Calendly, Zoom, Quickbooks and probably a few other tools.

But I'm actually working on completely revamping a lot of my processes. One of the downsides of keeping reminders in Pipedrive is that I have things due and on random days for the different notes, which gets chaotic once you have 50+ notes. I'm moving to doing more batch processing, so I'll do things like checking tax status and verifying payments came in for the entire portfolio all at once. I'm also writing a ton of standard operating procedures and keeping them in Confluence, which is basically a wiki tool. The calendar gets kept in Trello and I have card templates with things to do and reports to run, which have links back to the instructions for completing them in Confluence, and then links to any of the needed Google Drive files. This should make it easier to bring on additional help, and will also save me a lot of time. Some of the SOPs are just for myself. For things I do on a quarterly basis like creating JV investor reports, I often end up wasting time trying to remember exactly how I did things the previous quarter.... My new system should cut down on that.

Systematic Due Diligence is a course that teaches you exactly what you need to do for due diligence on a first position residential note, quickly and accurately. It includes over 6 hours of video and gives you checklists and automation tools you can download. The simple checklists are easy to follow, backed up with detailed instructions so you can understand the “why” behind the entire process. Plus it comes at a price point that won’t break the bank and will pay for itself on your first deal. If you are already closing note deals, it can help speed up your process and save you time.

What am I going to get from this course?

• -Understand how to tailor your process for filtering assets to your specific note investing strategy
• -Learn to quickly and effectively screen assets to figure out which ones meet your criteria and that you should bid on
• -Thorough post-bid due diligence so you can understand the asset value and make sure the title is clear prior to closing
• -Speed up your existing processes with checklists and automation tools
• -Get in the game and be able to confidently close on note deals

Normal price is $695 for lifetime access, and it comes with a money back guarantee.

Now thru 1/1/2020 you can get $100 off using the coupon code 'fusion100'.

Learn more and sign up here: https://www.systematicduediligence.com/

 I've never passed the servicing cost on to the borrower, but I believe its possible if its written into the note. 

How fast you receive payments depends on the servicer. Usually there is a lag of a couple of weeks, at least there is with Allied and Madison. They both make payments on a weekly basis and are pretty fast in my opinion. There is another servicer out there that I won't name that makes payments at then end of the following month after the payment comes in, so they often end up holding your money for up to 2 months. Ask your particular servicer what their policies are when you create an account with them.

That's a pretty broad range of subjects. You might want to start with some books that give you an overview until you figure out where you want to specialize and then drill in more. For mortgage notes Paper Profits by Josh Andrews or Note Investing Made Easier by Martin Saenz are good places to start. I've heard that Dave Van Horn's book is good as well but I haven't read it myself. I'm not sure about tax liens since that's not my area, but as John mentioned there are a ton of resources on this site. 

My biggest accomplishment was starting a fund as well. But I had a lot of others including a bunch of successful deal exits, starting a podcast, and releasing an online training course that had a lot of signups.

My biggest ah-ha was how when I take back a property the value is always lower than what I expect going in. I thought I was being very conservative already, but I will be adjusting my model for 2020. Borrowers who either sign off on a DIL or ride the ship down in a FC just seem to live very rough, even if the outside of the home looks good.

In 2018 I learned how not-passive note investing really is and how much attention needs to be paid to vendors. To address that in 2019 I brought on an assistant to help with that and it was a huge help. But as I head into 2020 I'm working on completely overhauling my systems and processes to make the business run better and be less of a 'hamster wheel'. 

I agree not to be too quick to fire vendors, or if you do need to fire one do it in such a way that you have the option to return to them later if needed. One thing I have observed is that vendor performance can change over time. Sometimes a vendor goes to crap because there was an internal change or someone left, but then it gets straightened out over time. So vendor performance is not a constant. I think the key is to keep an eye on things and follow up when something isn't right. Just balance making sure things get addressed without being too much of a PITA.