Every note broker owes a debt to Michael Ira Meeker, who is virtually the founder of the business. He was the first person to teach note brokerage, and he is responsible for more successful note brokers than anyone else.
In this interview, given in 1998, Michael explains what he believes drives success in the note business and where he saw the industry heading.
The three keys to success in the note business
Q: What do you think are the keys to the note business these days?
For the last 20-plus years I have focused on the note business, so to say that it is near and dear to my heart is an understatement.
Whatever financial success I’ve been able to realize is directly attributable to three things:
- Education. I’ve had excellent teachers. These include Peter Fortunato, Jack Miller, John Schaub and Jimmy Napier. Beyond that, I really do not see the value in the high-dollar seminars offered around the country. Far too much Barnum and Bailey for my taste.
- Attitude. I never was one to work for a large company, and I think I was fired from every normal job I ever had. I craved independence and freedom. If I was ever going to live off investments, I needed a field that would let someone who was eager but broke do well. The mortgage investment business turned out to be just the ticket, and I believe there is more opportunity today than there has ever been.
- Perseverance. I was taught early about the dangers of over-analyzing, also known as “analysis paralysis.” There is no substitute for getting on the street and working constantly to put deals together.
Ready, fire, aim: why action beats analysis
The code is ready, fire, aim.
Too many people spend far too much time trying to fine-tune and aim precisely, thinking that “ready, aim, fire” will get them where they want to go.
Don’t get me wrong. Preparation is vital. But the mantra “just do it” is certainly the key to success in this business.
I think you need some inner, burning need to achieve your goals to make it in this business. My inner need was based on my fear of ever having to get a real job and having my freedom taken away from me. I have always been a driven man.
If you want success badly enough, this is a great business, a very rewarding business. This is, after all, the business of buying and selling money.
Where the note business is heading
Q: What do you see for the future of the note business?
I seem to have been lucky enough to always be on the leading edge of our industry, just ahead of the trends. From the courses I taught for ten years beginning in the early ’80s to the formation of one of the first competitors to the major note buyers, I have usually been able to see around the corner a little ahead of time.
There is no question that our industry is being looked at by some big-money players. So far, that has not really translated into any major changes in the way we all do business, despite what you might hear around the country.
It appears that some marginally talented note buyers have had money thrown at them, and it seems to me only a matter of time before they crash and burn. (Editor’s note: what Michael predicted in 1998 certainly came to pass.)
Otherwise, there is no substitute for working harder and working smarter. The person who brings energy and integrity to our business will prosper. The road map to success is clear, though not well traveled.
One of the quickest ways to achieve your goals is to associate with successful people. Spend time where the very best people in the industry gather, and learn from them.
