Episode 110: Become Your Own Bank and Stop Wasting Money, with Eddie Speed

Since 1980, Eddie Speed has dedicated his professional life to the Note buying industry, seller financing, and non-performing notes. He’s introduced innovative ideas and strategies that have positively impacted the way the industry operates today. Fifteen years ago, Eddie founded NoteSchool, which is a highly recognized training company, specialized in the teaching of buying performing and non-performing discounted mortgage notes. He is also a principal of Colonial Capital Management LLC, which is a private equity fund that acquires discounted real estate secured notes.

Eddie received the special recognition of being honored as the first inductee into the SBRE Hall of Fame along with the Think Realty Award of Distinction for Alternative Asset Investor of the Year and recently received a Mentor of the Year Award from the Note Investor Summit.

What you’ll learn about in this episode:

• Why Eddie developed NoteSchool, and why he has always had a strong connection with real estate investors
• How Eddie operates in creative financing, along with an example of the kinds of innovative solutions he finds
• How Eddie would invest in a property worth less than what is owed on it, using existing financing to still turn a healthy profit
• Why investors can afford to pay retail prices for properties, as long as they are able to get wholesale pricing on their financing
• Why marketing is vital for investing through owner financing, and why Eddie wishes he had always been laser-focused on finding the right buyers
• Why Eddie has learned more in the last 12 months than he has in 40 years of working in the note space and buying on terms
• Why Eddie’s goal is to have one in fifty of the most active real estate investors come through his NoteSchool
• Why the wholesaling business is rapidly evolving, and why investors need to continue to learn to be able to stay current with the changes
• Why becoming his own bank, utilizing someone else’s money to make his own, was the key for Eddie to scale his business
• Why Eddie recommends every investor read the book “Never Split the Difference” by Chris Voss

Additional resources from Eddie Speed:

• Website: www.noteschool.com
• Never Split the Difference by Chris Voss: https://amzn.to/2XQjWfG

Additional resources from Chris Prefontaine:

• Website: www.smartrealestatecoach.com
• QLS Live website: https://qlslive.com/