JUNE 2010
Greetings & Salutations:
Q:
"I recently ordered and received your Finder's
Fee course. -- I have one question, though: where do I
find possible deals? I read somewhere that the New York
Times had lots of possibilities. However, the editions
down here don't include any want ads. There aren't any
on the Internet, either, except real estate and cars. The same
is true for The Wall Street Journal, etc."
A: If by "want" ads, you mean
"classified ads" in all categories, some of the best
leads can be found in the, classified sections of the various
trade publications. -- For instance, Industrial MarketPlace
has countless listings for all kinds of equipment and machinery
... both "available" and "wanted." -- Closeout
News has ads for every kind of closeout, surplus, overrun,
and liquidated products and merchandise.
Beyond those publications, you will find there is a trade
publication for almost any industry you can name ... even some
of the illegal industries (like the one for "Pot" growers).
All you have to do is go to your public library and peruse the
various directories of periodical publications.
Whether you are interested in agriculture, banking, fashion,
retail or wholesale merchandising, manufacturing, or whatever,
you will find trade publications dedicated to that field of endeavor.
The best approach is to go through the classifications in
a directory of publications and select a trade or industry, by
category, in which you have an interest or some experience. --
Choose the field of endeavor that interests you and start reading
the publications in that category.
NOTE: To get a review copy of the trade publications,
call the "Advertising Department" of the publication.
Tell them you are considering advertising in their publication.
ASK them for a "Media Kit." That kit will include
their advertising prices and, usually, a current issue of the
publication.
On the other hand, if by "want" ads, you mean ads
specifically "wanting" something, you are going in
the wrong direction.
As I told you in my Finder's Fee course, "Anything
that can be bought or sold can earn you a fee" -
and - remember, it is easier to get a seller; rather than a buyer,
to pay a fee because the seller is getting paid when the deal
is done and is more likely to be willing to share some of the
money with you for finding the buyer.
To that end, build yourself a "personal catalog of
contacts" (sellers) who are willing to pay you a fee
when you bring them a buyer. -- Then, and only then, are the
"wanted" ads of real value to you.
By the way, the same holds true with most people who are getting
involved in "Exporting." -- They spend their time searching
the "wanted" ads in Export Leads, hoping they
can find a product to export to a supposed known buyer. -- What
they should be doing is finding a manufacturing company that
isn't exporting its goods and then selling those goods to customers
in other countries ... referring to the "wanted" ads
only to find buyers who are interested in the goods they already
have available.
Think about it this way ... A Real Estate Agent doesn't go
looking for a house for a buyer to buy. The agent goes
looking for a buyer for a house that is already listed with a
commission agreement already signed.
As I have often said, over 90% of the people who become Finders
actually earn Finder's Fees - BUT - they never get paid;
remaining amateurs. -- Those who have read and follow the step-by-step
instructions in my Finder's Fee Course get to be professionals
by getting paid for the valuable service they provide.
My Finder's Fee Course is available at
-- or -- at least read the FREE Report about earning Finder's
Fees at finders.html
Q:
"I am an investor buying loans, mortgages, notes
and just about every kind of income stream that there is out
there. I help facilitate the sale of businesses and properties
by having the seller create a note with the buyer to carry the
balance after the down payment and then buy the note from the
seller after closing. Here's the question. I run
into people who want to buy bars and other unsecured businesses
who can't get a loan from anywhere. Do you know anyplace
who makes unsecured business loans? I have come across
companies advertising compensating balance loans where they buy
a CD at the buyers bank to encourage the bank to make a loan
to the buyer. Is this legitimate? If yes, do you
know any reliable sources for that kind of loan you can refer
me to? - Second Question- how can I let people know that
I buy military pensions, business notes, real estate notes, annuities,
lottery winnings, etc.?"
A: The first thing you must accept
is that there is usually a reason why people who can't get
a loan from anywhere. can't get a loan anywhere. -- Best
advice would be to just drop'em like the hot-potato(e) they are
and look for a more suitable buyer. -- I don't personally know
anyone who makes unsecured business loans, although I have seen
some such loans advertised I have never followed-up to see whether
or not they are real.
As to the hocus-pocus compensating balance loans, they are
legitimate - but - when I was involved in the banking industry
I received a number of requests from borrowers wanting to use
the Certificate of Deposits from those companies for collateral.
-- Problem was the "bank" (or any other lender) always
ends up bearing the full exposure for such loans. -- So you can
better understand why, lemme 'splain ...
What a Compensating Balance Really Is!
If you've read anything about Compensating Balance Loans written
by a wide variety of business-fairy-tale-writers, you might honestly
believe the myth that ...
"If you deposit a sum of money in a bank as a Compensating
Balance for a business loan, you can borrow as much as five times
that amount."
That isn't a Compensating Balance ... no matter how many times
you may have read or heard it.
A Compensating Balance is nothing more than money deposited
in a bank ... usually by another bank ... to give the receiving
bank enough "cash" liquidity (reserves) to make a loan
that would be too large for the bank to make against its current
reserves. -- The Compensating Balance cannot, and does not, serve
as "collateral" for the loan.
If a bank will not approve your loan, the availability of
a Compensating Balance is useless. Because, the only reason
the bank would either seek, or accept, a Compensating Balance
to make your loan would be if the bank needed the reserve liquidity
to do so.
Hey ... don't feel like a Lone Stranger, if you don't understand
it. I would venture to guess that not one person in 100,000
does ... even most bankers; that's why the companies providing
Compensating Balances are able to snag a few deals each year
and stay well-heeled. But, those same bankers never do
a second Compensating Balance Loan ... even though they still
don't know exactly why it didn't work.
In answer to your Second Question ...
Divide & Conquer
Like most business people, you are trying to get all the firepower
you can in one advertisement - but - to make your advertising
most effective, divide and conquer.
If I were you, I would run ads offering to "buy military
pensions" in the various Armed Forces magazines ... ads
to "buy annuities" in the Senior Citizens publications
... Ads to "buy Real Estate Notes" in Home Owner &
Real Estate magazines ... ads to "buy lottery winnings"
in the Lottery & Gambling magazines ... etc., etc., etc.
-- Of course, the absolute best media to pursue are "Newsletters"
directed toward specific niche audiences.
Whether you know it or not, there are "newsletters"
in just about every niche market you can imagine. -- Select the
ones directed to Retired Military, Home Owners, Lottery Players
& Gamblers, Real Estate Agents, Senior Citizens, etc., etc.,
etc. -- Instead of sending them an "ad," send'em a
"News Release" about the specific financing service
you can provide to their readers. (You WILL be surprised
at the results.)
You can usually find Newsletter Directories at your Public
Library.
Can you stump the old master? --
Betcha can't!
Over the past 50 years (man and boy), I have made bundles
of money in direct selling, service contracting, wholesale merchandising,
entertainment (I was a professional Trumpet player, vocalist
& Radio Announcer), freight forwarding, import/export, retail
merchandising, warehousing, real estate, electronics manufacturing,
finder's fees, closeout merchandising, financial brokerage, business
consulting, steel fabrication, gold and coal mining, offshore
banking, mailorder, writing, and publishing. -- That being the
case ...
No matter what business you're in ... whether you're just
starting, well on your way, or at the top of the heap ... I've
probably been where you are, done what you are doing. -- So ...
Anytime you have a question about 'how' to do something in
your business - or - if you have any comments about anything
I've said in issues of this e-Letter; or if you want to add your
2 cents worth ... just "ask" me or "tell"
me.
Send your Questions, Comments or 2 Cents Worth
to ...
with "Question" - "Comment"
- or, "2 Cents Worth" in the SUBJECT.
If I, personally, don't have an answer to any question you
may ask, I will contact some of the professionals in your field
of endeavor (I will probably know one or more personally) to
get the real 'skinny' for you.
Note: If you want to ask a question anonymously
just tell me so when you send in the question. -- Nobody but
you and I will know who asked the question.
Copyright - 20010, J.F. (Jim) Straw. All rights reserved.