I want to flip notes

4 Replies

Hi bigger pockets I’m a young investor from Atlanta, Georgia that is  looking forward to get into the note business. I want to learn how to flip notes and make a profit. My question are: 

How do I start flipping notes?

Where do I find the notes? 

How much capital is needed? 

If there’s anybody out there that can help me I would really appreciate it. 

Hi @Cameron Johnson ,  you'll need to define what you mean by "flipping notes".  To me, it means you buy non-performing notes, and get the borrower to start paying again, or foreclose and take the house.  It could also mean wholesaling notes, which is buying them, or getting under contract, then re-sell at  a higher price, without really improving the note in any way. 

Step 1 - education. there is a lot to know.  See Scott Carson's videos at, weclosenotes.tv, or take one of his classes.

Step 2 - partner with a more experienced investor.

How much capital?  I'd say $25k minimum.

Where to buy is not so easy.  There are a couple of well known sites like FCI Exchange and Watermark.  Better deals are harder to come by and you have to develop relationships, and prove you are for real. 

@Cameron Johnson
Flipping notes from the perspective of wholesaling them I do not recommend unless you are very experienced and have a lot of connections. If not then you are considered a joker broker and passing down tapes that others have already seen and reputation is huge in this business because it is such a small industry.

@Tim Simmons   Thank you Mr. Simmons for replying.  I want to know how to wholesale notes ( put them under contract or buy them) ,foreclose on them, and learn how to deed in lieu them as well. I know someone who works at a credit union in Atlanta and he offered to help me. I also heard that you can get them from the FDIC as well.

Originally posted by @Cameron Johnson :

@Tim Simmons  Thank you Mr. Simmons for replying.  I want to know how to wholesale notes ( put them under contract or buy them) ,foreclose on them, and learn how to deed in lieu them as well. I know someone who works at a credit union in Atlanta and he offered to help me. I also heard that you can get them from the FDIC as well.

I think you need to start with education, you have to understand the basics.  I can tell from the above that you do not have a basic understanding.  "foreclose on them, and learn how to deed in lieu them"  is not wholesaling.   

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