All Forum Posts by: Mike Wood

There are a lot of great opportunities to make money in the note business both as a finder and a buyer of notes. It is a business however and not a get rich quick. If you are thinking of starting the business be serious about it and willing to find out what it really takes and then treat it like a business. It will give back great returns if you treat it right.

Most of the courses you will find out there these days will be a buch of fluff and very little of what will really get the business going. But they are marketed well and so many people will buy them. I have been working the business and coaching people in it for many years and I do have an e-book available that actually talks about just the meat of doing the business.

There is also some good info and courses available through www.noteworthyusa.com that I would recommend looking at. those guys are real investors who have been working the business for many many years.

There are actually many factors the would be looked at to determine the payoff on such a note but you should be able to get much more than the 1.5 previously discussed if you do things right.
The big thing to look at is going to be down payment. Some of the factors that will effect the note are:
equity
credit of payor
pay history or seasoning
interest rate
note position.

I have been working the notes business for a few years now and seldom do I hear anyone looking for non performing notes. They can often be purchased at a lower dollar amount because of the fact that they are non performing but you will often have to go through the foreclosure process to recover your investment. I suppose that is what you are talking about is looking to buy the notes and then likely take the property.
It is a strategy that can work for RE investing. If you want to work the note business the the greatest advantage however, I would suggest looking at the notes themselves as the return. There is a great return from a good performing note even if it starts with a non performing note you had to work with to get it where you need it.

There are a lot of ways to work the note business out there and some work better than others. The best way to make money in the industry is to be buying notes or creating them as hard money loans. Brokering them will make you money but ultimately you should look at buying them to hold yourself. There are a handfull of buyers who will buy nationwide and quite a few all over the country who will buy just locally like myself. Finding good referral sources is probably the best way to go but takes time to develop. I have sent post cards and got responses from that. In the beginning of my business I closed many deals that way but it is not the best way to work the business long term. There are good 1st position notes out there and descent seconds to buy for yourself.

I have worked with finding and buying notes for a few years now and I am enjoying it. I have an e-book written on the subject and I would be happy to talk to you about the business. Send me a message.
-Mike

If you ever want to sale any of your notes let me know.
Send me a private message.
-Mike

I first learned about this business a few years ago from a friend of mine. I then found another who I did not know was in the industry and he mentored me quite a bit to be where I am today. Now I coach and train many to be successful in both Real esate and notes. My forte is notes however. It is a fun and exciting business. The first thing you have to think about if you want to start with it however is that it does take time and work to make things happen. It is not get rich quick. it is not as easy as "just a few minutes a day". So if you want something "easy" keep looking and looking and looking...
However if you are ready to learn what it takes and put some work into it I am happy to give advice to those who need it.
-Mike