Purchasing a Note from one of the Major Banks
I am working on buying a Note from JP Morgan & Chase Bank and have never bought one before; does anyone have any specific contact or suggestions when working with them?
#1 All Forums Contributor
- Investor
- Virginia
Michelle Damiano
I would recommend you learn more about note investing. I would be shocked if you ever would get someone at a bank that size to even give you the time of day for a single loan sale.
Sorry to sound harsh but that's the reality with big banks, if they responded to every investor that contacted them they would fill a call center 24-7
Thank you Chris for your reply; I don't believe that you are out of line at all. I have never purchased a note before as I said and wouldn't be surprised to think that I could not purchase one single note. I will research this further. Thank you!
#3 Tax Liens & Mortgage Notes Contributor
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- Kingston, WA
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#3 Tax Liens & Mortgage Notes Contributor
- Investor
- Kingston, WA
@Michelle Damiano I recommend that you get some education on evaluating and buying notes before you pull that trigger. There are a few good conferences and courses you can enroll to help you out.
Bob
@Michelle Damiano Chase isn't going to sell a one off residential note unless it's in a pool trade of $50M...
Sorry but its not worth their time to do it on a one-off basis...
I'm direct to their VP of special assets and the pricing for these pools are in the 60-70% range and not worth it when you can get better deals elsewhere.
A few years ago a group was selling classes based on buying from the big banks...they were more interested in selling education without delivering real deals...big waste of time.
While smaller regional banks do sell on a case by case basis, or have quarterly sales, Chase, Citi, Wells, BOA aren't in that group.