For All Those Thinking that They’re Going to Broker Notes

Tax Liens & Mortgage Notes
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For All Those Thinking that They’re Going to Broker Notes

Don KonipolBusiness Member
Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes

Got the 10th or 11th email yesterday from someone who believes she’s a note “broker”.  For the 10th time she sends ,e scant information on a supposed note for sale, and when I ask for more details and docs, she’s at a loss for knowing what it is I want “tell me what you need and I’ll get it”.  Of course, since she’s probably 43rd on a daisy chain, the next time I hear back from her it’s about a “new” note for sale.  So, to (hopefully) eliminate the wanna be note brokers from my life, I have taken to simply telling them that to consider purchasing an existing note I need a complete or near complete loan package, consisting of the following 

DOCUMENTS FOR A COMPLETE NOTE PACKAGE

1. Promissory Note

2. Mortgage Instrument or Deed of Trust

3. Warranty Deed

4. Borrower’s Application at loan closing

5. Borrower’s Credit Report at loan closing

6. Settlement Statement at loan closing

7. All loan documents signed by borrower and or lender

8. Complete Loan Servicing Record

9. Appraisal of property

10. Tax statements for property

11. Environmental reports

12. Any loan modifications, forbearance agreements, acknowledgements, or any other documents executed by borrower and or note holder

13. Any bankruptcy of borrower or borrower related entities or parties

14. Any subsequent sales of the subject note

15. Any subsequent sales of the subject property

16. Any and all financial statements borrower is required to deliver to note holder

17. Title policies and reports

About 80% of the “joker brokers” have ceased communication

Private Mortgage Financing Partners, LLC
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Taylor Doucet
Investor · Member since 2021 · 18 posts · 6 votes
6mo

When I first entered this space, I had no idea what I was doing for myself, and not what investors actually wanted or needed to see. Like most people, I learned through trial and error.

Eventually I secured my first note, and that’s when everything really clicked. I finally understood the process, the numbers, and what matters to buyers. Even with all of that, I completely understand why investors sometimes push brokers away. A lot of the time, they don’t have everything organized or don’t know exactly what’s needed to close smoothly. I didn’t realize how much of a headache I probably was until I went through the purchasing phase myself.

Once you’re on the buying side, you see it differently. You understand what needs to be clean, clear, and ready, and why precision matters

Here’s a screenshot of my first note.

And that list? It’s a good one.

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  • Ken M.
    Investor · Get yourself trained before doing something inadvisable. · Member since 2024 · 3k+ posts · 1k+ votes
    6mo
    Quote from @Don Konipol:

    Got the 10th or 11th email yesterday from someone who believes she’s a note “broker”.  For the 10th time she sends ,e scant information on a supposed note for sale, and when I ask for more details and docs, she’s at a loss for knowing what it is I want “tell me what you need and I’ll get it”.  Of course, since she’s probably 43rd on a daisy chain, the next time I hear back from her it’s about a “new” note for sale.  So, to (hopefully) eliminate the wanna be note brokers from my life, I have taken to simply telling them that to consider purchasing an existing note I need a complete or near complete loan package, consisting of the following 

    DOCUMENTS FOR A COMPLETE NOTE PACKAGE

    1. Promissory Note

    2. Mortgage Instrument or Deed of Trust

    3. Warranty Deed

    4. Borrower’s Application at loan closing

    5. Borrower’s Credit Report at loan closing

    6. Settlement Statement at loan closing

    7. All loan documents signed by borrower and or lender

    8. Complete Loan Servicing Record

    9. Appraisal of property

    10. Tax statements for property

    11. Environmental reports

    12. Any loan modifications, forbearance agreements, acknowledgements, or any other documents executed by borrower and or note holder

    13. Any bankruptcy of borrower or borrower related entities or parties

    14. Any subsequent sales of the subject note

    15. Any subsequent sales of the subject property

    16. Any and all financial statements borrower is required to deliver to note holder

    17. Title policies and reports

    About 80% of the “joker brokers” have ceased communication

    Solid list.
    1Reply
  • Jay ReddingPro Member
    Investor · Fort Wayne, IN · Member since 2010 · 90 posts · 81 votes
    6mo

    I am sure they have!  95% of brokers have no clue what goes in to evaluating a note.  Thorough list!

    1Reply
  • Taylor Doucet
    Investor · Member since 2021 · 18 posts · 6 votes
    6mo

    When I first entered this space, I had no idea what I was doing for myself, and not what investors actually wanted or needed to see. Like most people, I learned through trial and error.

    Eventually I secured my first note, and that’s when everything really clicked. I finally understood the process, the numbers, and what matters to buyers. Even with all of that, I completely understand why investors sometimes push brokers away. A lot of the time, they don’t have everything organized or don’t know exactly what’s needed to close smoothly. I didn’t realize how much of a headache I probably was until I went through the purchasing phase myself.

    Once you’re on the buying side, you see it differently. You understand what needs to be clean, clear, and ready, and why precision matters

    Here’s a screenshot of my first note.

    And that list? It’s a good one.

    2Reply
    • Mel CheeksPro Member
      Member since 2025 · 7 posts · 1 vote
      5mo
      Quote from @Taylor Doucet:

      When I first entered this space, I had no idea what I was doing for myself, and not what investors actually wanted or needed to see. Like most people, I learned through trial and error.

      Eventually I secured my first note, and that’s when everything really clicked. I finally understood the process, the numbers, and what matters to buyers. Even with all of that, I completely understand why investors sometimes push brokers away. A lot of the time, they don’t have everything organized or don’t know exactly what’s needed to close smoothly. I didn’t realize how much of a headache I probably was until I went through the purchasing phase myself.

      Once you’re on the buying side, you see it differently. You understand what needs to be clean, clear, and ready, and why precision matters

      Here’s a screenshot of my first note.

      And that list? It’s a good one.


      0Reply
  • Mel CheeksPro Member
    Member since 2025 · 7 posts · 1 vote
    5mo

    Good job experience is the best teacher. Good to hear you kept pushing not matter the obstacles or what negatives that may come your way.  Like you I am learning the ropes. Finally closed a deal sometime ago as a broker. Nice to hear your experience.

    0Reply
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