I've invested in a few local notes in the last 2 years and it has worked out wonderfully. I'd like to buy more notes in the West Texas area. Any note brokers in Midland, Odessa, Andrews, Big Spring or smaller towns here? There doesn't seem to be much of a local market (or maybe I just haven't been able to find it) so I am trying to figure out how to get more local note opportunities. I paid for a website to try to generate some leads (only local one as far as I can tell) but it hasn't produced the desired opportunities yet. Any tips for finding local note buying opportunities?
Hey there Cory,
Im out in Midland as well. Have not come across any opportunities for note purchases. Are you thinking firsts or seconds? Performing vs non performing? My understanding is that most people develop relationships with a certain individual from a bank in charge of selling off non performing notes. Usually requires networking, and a history of deals with that person to get access to these deals. Then this person cherry picks the ones they want and sells off the others to other note investors. Now how to go about doing that? Just ask anyone and everyone you meet in town that you're looking to buy notes. Advertise in newspapers, online.. etc. Put out bandit signs.
How did you find your first few notes over the last two years?
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I've bought performing and non-performing with another investor who is a real estate broker and occasionally comes across deals from previously owner-financed properties. I've only done firsts. Not sure i'd be interested in seconds but I am always interested in running the numbers on any potential deal.
I like your website. Have you had any luck generating referrals on your website? I get lots of legal referrals online but I haven't had a lot of luck with new website so far. I like notes a lot but my other interest is buying undivided interests in Texas properties (residential, land or commercial). Just haven't had much luck getting website ranked in search engines yet. Hopefully with time and some tweaking.
Thanks, the website has been ok, i haven't done a ton of SEO or google ad words. i work full time in the medical field so my time has been pretty limited. It has been beneficial for Facebook ads. Also, i do a lot of direct mail which works great. I don't know how that would be accomplished for notes though.
I would just keep spreading the word and eventually you will connect with the right people. Notes are interesting passive income though. Maybe try picking some of the people's brains on here who are the note pros. there has been a few podcasts on the subject.
Forum for notes
Run a search on Leadflow or a similar sight. You probably need at least 1000 names on the list and a few mail cycles to start getting traction but totaly doable, you can search by almost any relevant criteria.
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