Due Diligence For Dummies

On this episode, Scott breaks down and discussed the due diligence that you do after your bid is accepted.

"This episode is a continuation of one we did where we discussed due diligence. In the previous episode, as a quick little recap, we talked about due diligence on the front end, pulling the initial values, calling to check taxes, those kinds of things. We went through the note evaluation short checklist. What we will discuss today is, what do you do after your bid is accepted or countered? 

The first step, which happens a lot of times, is when somebody gets their bid accepted, they have the OS method. The OS method is, “Oh shit. What do I do now?” The thing to keep in mind is not to stress out. One of the things I always see a lot of note investors do is they want to submit one, two, or three bids on a big tape and then all three of them don’t get accepted and they’re like, “I didn’t get anything.” This is why I tell people, submit bids on ten or fifteen if you can. Even if you don’t have the full amount of funds, you never know what’s going to happen during your due diligence process, especially after the bids are accepted and you’re looking through things that you may end up having to kill a few. I always say submit bids on more than what you expect and you’d be surprised what falls through the cracks."

Listen to the full podcast episode here: https://weclosenotes.com/ep-169-due-diligence-for-dummies-part-2/