Updated almost 9 years ago on . Most recent reply
Buying Notes with OPM
Looking for some advice from anyone willing to help. I have a relative that is willing to loan me up to 100k on a fixed 30 yr mortgage rate of 5%. This comes out to $537 per month. I want to invest it in notes and collect the remainder after the $537 each month. I would in turn keep purchasing more and more notes with the "left over" cash year after year. My question is, should I invest in a fund or try and get more on returns from individual notes? I have zero experience and have yet to purchase my first note. I would also like the security of investing somewhere like PPR that offers warranties. FCI looks OK, but learning how the whole process goes with a company that offers a warrant seems the more responsible route.
Second question, should I purchase my first note on my own with my own cash to get experience before accepting the loan from my relative?