looking for mentor/coach recs for non-performing notes - Scott Carson or other??
Hello - I am looking for a mentor for purchasing non-performing 1st mortgages.
Eddie Speed's NoteSchool 3 day course was very helpful for baseline knowledge and strategies, but their mentoring program is very pricey. So I was hoping for another option(s) where the price of entry is more affordable.
Has anyone done or heard good/bad things about Scott Carson's mentoring/coaching program?
Dave Van Horn is probably a great option for Nonperforming 2nds but we are looking for 1sts... Thanks very much.
@Sherry Riesner - @Dave Van Horn has branched into getting NPN in first position, so you should consider PPR as a possibility. I spoke with him last month saying I saw one of his notes go to sheriff sale and the property was taken back by PPR, and it was the first time I had seen one that was in first position; he then explained that this was now part of their business.
I have heard @Dave Van Horn @Scott Carson and Eddie Speed speak many times. They are all incredibly knowledgeable in the topic of note investing. As @Steve Babiak mentions, Dave is now also doing first mortgages as well as seconds.
PPR is discontinuing their mentoring program at the end of this year with a 6 month run off.
I signed up for Note School and have been happy with the results we have gotten so far.
Have seen Scott Carson speak and he is a good speaker but cannot comment on the details of his program because I am not enrolled.
Feel free to PM me, if I can answer any questions off line I am happy to take a phone call.
Take a look at keyhole academy, they teach both 1st and 2nd liens, and Sherman has been doing non performing notes longer than anyone else I know.
I just enrolled for NoteSchool. I'm working my way through the online videos and will be attending a 3 day live seminar at the end of the month.
This post looks a little old. Does anybody here have anything new to add to what has already been said here?
Most of the people with experience in the industry have moved away from non performing notes.
@Bob E so where are experienced investors going.
@George Frye a few years ago they were buying performing notes. Now it seems more like they are directly sourcing performing notes via direct mail. Personally we are either buying performing notes or buying, rehabbing and selling with owner financing to create our own notes.
@Bob Note buying is not something that I am very familiar with. Is this something that you need to have lots of cash to get into?
@Bob E.undefined
@Michael Nicholson cash helps but educate yourself first, there is so much work to be done after you purchase the note.. A big part of it is managing the servicer and staying on top of them to make sure the correct documents are where they need to be, etc etc. Each note has its own story to tell and right now I have 4 different stories going on!!!! I will also add that Scott Carson is a great resource for note education, one of the reasons I am where I am has to do with him!!!
Thanks for the response @Jay Raught
@Adam Homan I'm buying tons of NPN's and non performing CFD's that we are picking up from banks and hedge funds! There is still lots of deals out there besides the traditional exchanges.
@Adam Homan I will echo what Scott said. I recently picked up 4 CFD, one is going to be a rental and the other one; we are working on a cash for keys so we can flip.
@Bob E. are you finding good yields on your performing notes. Seems like the note game is turned upside down. I am finding some low priced non performing notes however the price doesnt seem to equate in returns.
Low priced doesn't mean it is good, you have to do the research before you make the buy.
@George Frye People doing direct mail to source notes are buying with enough discount to bring the yield up to 18%. That does not include the cost of their marketing or due diligence.
For brokers will buy those same notes at 14% and then sell retail for 10-12%.
we are getting 15-25% buying the property and reselling with financing but we have a very efficient rehab team and a that does not include all the costs of our overhead.
@Bob E. I've been around since 2010 buying non performing and I have yet to see it slow down. If anything prices have crept up but I'm still getting fantastic returns on everything I buy.
@Nathan Turner Glad you are still able to find deals. Where are you buying your NP notes from?
@Bob E. I'm sure @Nathan Turner would tell you that there are a ton of residential hedge funds and servicing companies who are moving assets. We are finding a ton building new relationships and continuing to mine our banking relationships throughout the year.
As far as mentorship goes, I can highly recommend @Scott Carson. I have looked at the Eddie Speed program and others, but Scott's program is hands down the best! I suggest anyone wanting to enter the notes business should learn from people who are or who have been active note investors with experience. I've read a lot of posts out there from members who discourage others from investing in notes. I've found this to be further from the truth. The number one thing you have to know in this niche market is not to let your fears get in the way of succeeding. Dive-in!
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