Scott Carson 'Note Buying for Dummies'

31 Replies

Has anybody taken this course and can give a review? Thanks in advance

Marion,

Are you talking about 1st or 2nd non-performing notes or 1st or 2nd performing notes?

Joe Gore

I took his 4-day course in June and I would recommend it. His course covers the full gamut of 1st, 2nd, Performing and Non-Performing Notes. I haven't bought any notes yet, but I definitely will when I'm not tied up with other projects. I think it's an advanced level of investing and you should only get involved in it if you are very good with determining market value of properties any where (either on your own or with the help of realtors).

The notes come available nationwide and you will see "deals" that have sketchy valuations. That same thing (questionable valued deals) happens in all kinds of real estate deals you'll come across, but it's just easier for you to get burned if you are trying to invest nationwide.

As you can imagine, there are buyers that are way ahead of us who cherry pick the most desirable notes. Scott is a trustworthy guy who will give you a very good grasp of the processes and the business of note buying. His class was full of people who are active note buyers that will give you a network of note investors as a bonus!

Robert,

Note buying is a very good business if you have a little cash to lay out. I like the 1st performing notes they are my bread and butter.

Joe Gore

Thank you Robert! @ Joe: I'm looking into notes in general as am new to the process

Joe,

I was in agreement with that idea until I listened to, BP Podcast 028: Note Investing and Raising Private Money with Dave Van Horn (if I were a little smarter, I would have hyperlinked this?) and I looked at a lot of the material on Dave Van Horn's website. I like the idea of using some of his strategies primarily because of his focus on diversification. His strategies offer a lower entry price point too.

Marion D, I definitely recommend you check out that podcast here on BP if you haven't already!

This old seasoned investor who has been buying and selling loans secured by real estate since the 1960s suggests avoiding this segment of real estate investing unless you have decades of experience. This form of investing is only for those who are very skillful in the real estate business and have great knowledge of the laws - federal and state.

  • You must strictly follow many laws. Just the way you communicate with a borrower is governed by laws.
  • Foreclosure is complicated and a long and costly process.
  • Real estate finance is very complex.
  • Reliable valuations cannot be derived from the Internet.
  • Finance laws are very complex. They must be known and understood.
  • The documentation that should be used can be complex.
  • Guessing is a great way to get into trouble.
  • There are many ways to invest in real estate finance. Do you know them?
  • Knowing how to collect money is critical. It goes far beyond demanding for a payment.

It is a great idea to learn the finance business. It will help you with most aspects of the real estate business and give you a better edge and advantage. The more you learn, the more you experience, the more you hear, the better your communication skills ... this will lead you to a better chance of making the finance business profitable and safe.

I would suggest you consider this investment segment at a later time. It will always be around and so will the opportunities.

I took Scott Carson's 4 day Note Buying for Dummies course in Feb of this year and was blown away. I wondered if he needed 4 days to deliver his materials. He absolutely did. This course was packed with valuable content. From how to find deals, how to brand and market yourself, useful websites and inexpensive tools to increase productivity, how to perform due diligence, and multiple for profit exit strategies.

His course is very interactive and Scott gives many opportunities to ask questions and fully understand each concept presented. It was well worth the time and money for the practical overview of the note business. He had several mentoring students present RECENT deals they are involved in; this was impressive as other coaches show "grand slam" case studies from 5 years ago. This led me to believe they are active in training but not very active in the business buying and selling notes or they only show cherry picked deals that have ridiculous results.

He also has personal mentoring program as the next step but this was a no pressure offering for those that expressed an interest. I was extremely interested in the mentoring but chose not to enter at this time cause I am still paying for coaching from a different mentor that did not provide a fraction of the value Scott Carson does. He is the real deal, I would highly recommend.

Kevin

@Kevin Toliver

 What is the other coaching mentor that you are not very happy with, if you don't mind my asking?  Thanks.

Brent

Originally posted by @Tom Goans :

"...This form of investing is only for those who are very skillful in the real estate business and have great knowledge of the laws - federal and state."

Great post, I appreciate you sharing your experience and wisdom.  Recently I earned my MBA from the University of Pennsylvania and want to gain the experience you mentioned.  What are some good starting points for a guy like me to learn this process, gain the required experience, and eventual manage my own portfolio of notes?

The sharing of your insights is always appreciated!

I would suggest Scott Carson's course .  He provides excellent information & no-nonsense training on how to get started, takes you through the nuts & bolts of how to find, fund & flip note deals, all while remaining compliant for whatever state you're working in.  He brings many great speakers & vendors to his events, including servicing companies, loss mitigation & other special servicers, hedge funds, attorneys (including SEC attorneys), property preservation, due diligence companies, marketing courses, & a myriad of information on how to esstablish relationships with banks, hedge funds, other note investors, etc.  His strategy map shows clear paths to MANY different exit strategies, the main one being to HELP borrower, which has become affectionately known as "rehabbing the borrower" instead of rehabbing a house! It is a relationship-based business, and is not for those who are expecting a quick turn-around.  It requires a lot of work, but the same consistency & marketing as any other real estate investing venture.   I have looked at a lot of note education out there & Scott's is by far the best I've found!  With Chase Thompson (with NoteMBA.com) working on the marketing with Scott Carson & WeCloseNotes.com, they have built a strong marketing engine, full of positive & motivational content that has spurred me personally into more consistent action to grow my real estate investment business.   I'm presenting attending Scott's virtual conference, NoteCamp 2.0.  Check out the info at weclosenotes.com  You'll be glad you did.

@Christina F.  I have been really impressed with the quality of speakers and the range of topics so far and it's only day 2!! I am looking forward to Scott's course "Notebuying for Dummies" that I am going to go through in a couple of weeks.  When did you go through the course and do you have any tips for someone who is about to go through it to get the most out of it? 

@Christina F. thanks for the kind words!

@Teresa Ludlow  I would recommend watching the replays from the last class before going through the class.  Sometimes hearing the info a first time, helps you digest it better the next time through!

@Teresa Ludlow  I agree with Scott.  I did watch the replays, but it is still a LOT of content to assimilate in one weekend -- I've ctually taken the course multiple times, as there was just so much for me to get my head around.  Note investing does have a deep learning curve some new people, maybe even more so from someone who has come from fixing & flipping, so don't be swayed by the fact that it will be a continual learning experience -- definitely not something you'll get overnight.   But who knows, maybe you're one of those exceptional students who gets it & runs with it right out of the gate.  Regardless, I believe you will find it extremely valuable education. Look forward to seeing you there! 

I took Scotts VNBFD in August 2016 and bought my first pool of notes in October 2016. I you are serious about investing in notes, and learning what need to be learned, you definitely need to jump in NBFD or VNBFD. I will join FastTrack this week Jan 2017.

I found the content as a introduction to notes and got me so far ahead as to be confident to start buying notes. This business does involve work, grasping knowledge, dealing with service providers, lawyers and the sorts. I haven't found one business that doesn't require work.

There are many people teaching the note business, I picked Scott and I am happy with my choice. I cant judge any other knowledge provider.

Marion, I would say to jump in with confidence.

Originally posted by @Kevin Toliver :

I took Scott Carson's 4 day Note Buying for Dummies course in Feb of this year and was blown away. I wondered if he needed 4 days to deliver his materials. He absolutely did. This course was packed with valuable content. From how to find deals, how to brand and market yourself, useful websites and inexpensive tools to increase productivity, how to perform due diligence, and multiple for profit exit strategies.

His course is very interactive and Scott gives many opportunities to ask questions and fully understand each concept presented. It was well worth the time and money for the practical overview of the note business. He had several mentoring students present RECENT deals they are involved in; this was impressive as other coaches show "grand slam" case studies from 5 years ago. This led me to believe they are active in training but not very active in the business buying and selling notes or they only show cherry picked deals that have ridiculous results.

He also has personal mentoring program as the next step but this was a no pressure offering for those that expressed an interest. I was extremely interested in the mentoring but chose not to enter at this time cause I am still paying for coaching from a different mentor that did not provide a fraction of the value Scott Carson does. He is the real deal, I would highly recommend.

Kevin

 Hi Kevin where can I find his course? Please advise I am very interested. Thank you

@Varinder Kumar , here is the link to Scott's VNBFD class, http://weclosenotes.com/virtual-note-buying-for-du...

I'm currently in the class and it's been jam packed with good information. I feel like I'm getting the information I can take immediate action on. 

Not to step on any toes, but most of the legal stuff that has been discussed is done by the servicer or special servicer. In the end, it isn't rocket science. Difficult yes, 100% Success rate, No, but still not rocket science. :)

If you are on the fence about jumping into Notes I'd suggest you watch some of Scott's video before jumping into the class. They alone will give you a good into to him, his style and information. 

Thanks!!! Thomas I will look into this. Really motivated on notes right now.

Wow, it's great to see Notes getting so much love on the forums. I made the jump 5 years ago into notes and did so with no education, NOT RECOMMENDED. I would advise anyone thinking of buying a note to get some education or mentor ship. I have heard great things about Scott's program. Myself, I am a disciple of Eddie Speed and the Noteschool group.

Once we (business partner) educated ourselves, we went from owning a handful of notes and having the mindset of taking every house back, to now owning close to the 100 assets and running several different exit strategies.

The point is, if you are new to NPN/PN space, use others knowledge/experience to fast-track yourself past as many landmines as possible. You're going to pay for experience one way or another.

@ Marion D, you asked about Scott Carson's course but I thought I'd also tell you about Bill Mencarow's "PaperSource Seminar" that he does every year, usually in April and I think mostly in Las Vegas. He brings in amazing speakers as I'm sure Scott does as well. The PaperSource Seminar is an amazing program and very inexpensive compared to what I've seen or read about here on BP. (Note: I have no idea what Scott Carson charges so I'm not comparing the two). You might want to check it out https://papersourceseminars.com/. I have been impressed with the level of honesty and integrity in Bill and his speakers. They teach those of us interested in buying notes, a way to actually help the borrower, as well as making notes a profitable business for us, the note buying investors. 

My particular problem with buying notes is that I live in Alaska; we have very strict money/lending/real estate laws, a relatively small market and I prefer to invest here, in my own backyard. The "big note buyers" who do this all the time think that's silly, that we should buy anywhere in the country and then have a HUGE network of people everywhere to take care of the problems! I'm sure if I had someone standing over my shoulder the first time or two (or ten) advising and telling me what to do next I'd be successful. I even have years of experience talking and counseling investors on the phone, but somehow can't get kick-started here! Oh my, I did go on and on didn't I? ha ha

Dolly,

I live in Tampa and have bought notes in Detroit and Saint Louis. My next batch (in process) involves Florida and Ohio.

With the proper guidance you can invest countrywide and build your network.

If you don't want to take that step alone you can JV with someone doing it, or get some education and be on your way.

Howard Marcalle

@Dolly Caswell  You can use Meetup.com, Facebook Groups, REIClub.com, ActiveRain.com and other online resources to due your due diligence.  We have our realtors/professionals use videos, etc to walk assets and be our eyes and ears.  

@Scott Carson

Can someone without any real estate experience get into Real Estate Notes and generate a decent amount of passive income you think?

Hi @Christian Reyes ,

The answer is yes.  There is plenty of private money out there and still plenty of deals. 

Thank you so much @scott carson!

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