New to Note business... any recommendations ?

Question

Been a flipper for over 10 years.. trying to switch to note business... any recommendations how to jump start

Chris Seveney · Answer

@Sam Naoum

This is a very opened ended question and how to start is broad

Most investors take 4-6 months of studying up on the process and understanding the business and who the players are. Once you get to a point of being comfortable and have setup a team of attorneys and servicer(s) in the states you want to buy in then start buying

One common mistake I see so many people make us they spend countless hours trying to find dozens of sellers when they want to buy one or two notes. To start with you don’t need a vast network and can buy a note through a servicer who sells or paperstac. Once you buy a note it’s far easier to expand your network

Jamie Bateman · Answer

Agreed. The "Notes and Bolts from the  Good Deeds Note Investing Podcast" is my go-to Facebook group.

Jay Hinrichs · Answer

one thing you might want to consider is what particular niche do you want to concentrate on.

you have owner occ notes..  the most highly regulated note and you need to be really up to speed on all the laws that pertain to those.

you have commercial paper  NON owner occ.. not much in govmit rules so it comes down to the collateral and the borrower

you have first position and second postion.. rates of return on these can vary greatly you want to know the difference.

Christopher Winkler · Answer

Avoid ANY Guru charging over $2-3k for basic education. Donna Bauer has a good low priced course, and https://papersourceonline.com has great & some free content. And avoid Scott Carson like the plague. Good luck, its pretty frothy right now, but focus on either buying performing notes, or non perfomrers and rehab them to performing. Its a lot of expensive work.

Alecia Bolton · Answer

@Sam Naoum

If you're looking for a mentor/mentee relationship, you might try to joint venture with someone already in the note business.  You bring the cash, they bring the education component.

If you're looking for training, there are other programs out there besides Note School, although they've been around the longest.

NoteInvestor.com (I belong to their mastermind community and have taken some of their training)

NoteAssistanceProgram (I went through this training, it's excellent especially if you've already done some of your own education)

Donna Bauer - the Original Note buyer

Paige Panzarello - Cash Flow Chick

DistressedPro.com

You'll also want to think about how you want to source your notes, as each of the above has a different focus on doing that.

Terrence Evans · Answer

Can you be more specific?

Dwayne L. · Answer

@Sam Naoum Highly recommend joining some FB groups that deal with that entirely!

Christopher Winkler · Answer

Could be good if you get a good source and a good buyers list. There is a female who has training for that, though its near $5k i think. Best is to start with a performing note to get your feet wet, then try a NPL, though be prepared to spend $4-10k  to get it paying or foreclose. Its best to be a narrow focus, instead of going after them all. Good luck!

Sam Naoum · Answer

@Christopher Winkler

Thank you so much... any thoughts on commercial notes?

Sam Naoum · Answer

@Sam Naoum

Thank you all for prompt response .... I think I got a good idea about the note business concept... but not the implementation process yet.

I did watch most of Edie Speed videos from note school ... but I got stuck when I found out that I must pay $$$$$ to be part of the note school.

I did flip over 100 properties a year for the last 7-8 years... I usually buy from court auctions

Since March all courts auctions been canceled and I start to look at the note business and it did make a lot sense to me...

I agree the best way to learn is start to buy... but to jump start the process ... I was wondering if I should look for a mentor-mentee relationship that should be mutually beneficial.

Any advice will be appropriate it ...

New to Note business... any recommendations ?

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