I am working on two deals right now that could net me a profit anywhere between 70-90k … so for those of you that are curious as to if the Note buying/selling market is any good, well, yes it is. It is very good.
-jeet.
How do you normally find leads for notes ? I would like to get into the notes business.I understand that notes are not easy to find.
Can you explain in detail about note buying? I am new to the whole REI but am trying to learn. How do you buy a note from a bank or the homeowner? I heard it is easier to buy from the owner.
If owner defaults I am responsible for the payment to the bank right? Then I would be the one to foreclose and evict? I cannot sell the home unless I do these things first? What prevents the homeowner from selling, refinancing? If they refinance and I cannot afford it myself and they stop paying how would I recoop my money invested? If someone else puts a lien on the house what happens? I heard you can purchase these notes no money down, how? I am sorry if these questions sound stupid but I am new. Any help would be great.
Thanks,
ED1
I have people coming to me to sell their notes … I never chase anybody. Chasing people is a waste of my time. If you guys want to talk, let me know what time will be good for everyone and we’ll chat on this online chat thing they have here …
I am interested in the note bussiness, and was wondering if you could share some information with me. I am trying to provide for three children, and looking for a way to make extra money. I keep getting these books and e-mails from Russ Dalbey that are making me very curious.
Jeet, did the online chat ever materialize? I too would like to know about your success and how you get people to call you!
Jeet,
Tell me more about how you get these notes. I am also interested in doing this. I understand there is money to be made in this.
Regards,
Jagjot :o
Jeet,
How bout you come back and tell us when the deals have actually CLOSED. Then I will ask you the 5 W’s.
Nate-WI
Anyone heard back from Jeet?
How i get started in the biz of notes cuz theres not to many people teaching it and not to many books on the subject i think… could u share some insight on the topic?
Like Jeet, people come to me with notes they’ve taken on seller financed deals. So far, it’s only been residential, but I’m sure commercial notes will come across my desk as I get more involved in that domain.
You make money on notes when you (simplified):
- Buy them for less than you can sell them for (cash profit on the difference)
- Receive the cash flow that meet’s you yield requirements for the amount of capital you invest
- Broker the note. This may (probaby does) require a license.
You can also use notes as collateral for other financing to purchase other investment properties.
Notes are wonderful things if you can learn how to deal in them. However, you’ll need to have a source of capital (cash) to invest in them.
Jimbo
If i’m not mistaken, I think you only need a license when youre originating notes, not when youre buying existing notes
That makes sense.
However, I did use the term broker, meaning earning a commission by brokering the transaction between buyer and seller (e.g. real estate broker).
You should check out your state’s laws just to CYA, as they may classify buying and selling your own notes as brokering. I’m constantly surprised at how my state limits private ownership of property and considers you a dealer or broker when you buy and sell even one.
Stupid people ask for stupid laws–and we all suffer for it.
Jimbo
Would you mind directing me to some rsources so that I may learn note brokering?
Thanks In Advance
Hi everyone:
We are also in the note business. Currently we are looking for independent contractors to help us out. We have a program that we sell for only 27 dollars. This is basically where we pay 10-15 percent of our commission to everyone who refer us a note. By ordering the package you will have tremendous incentive opportunities that we offer our clients. Example, Airline tickets, hotel stay, spa’s, dinner fo two etc.
If interested please send check or money order to :
Safe and Secure Monetary Links,L.L.C
P.O Box 770455
Miami ,fl ,33177
We are looking forward having you aboard!
I’m back … that online chat never materialized … i was there but i didn’t see many people talking about notes … let’s set a time when you guys would like to have one …
Jeet,
How are those “big” deals going for you? What is the name of your company and what products are you offering? It sounds like you are trying to get people to chat so you can offer some type of product. Please explain,
Nate-WI
How about Sunday 9:00 EST?
Nate,
I am not offering any sort of product, I am just offering information and trying to get some sort of relatively active chat session started in order for interested people to learn more about notes. This way, I can learn from everybody, and everybody can learn from each other. And those deals aren’t really big, they are just decently-sized.
I just wanted to give a testimonial that the note business is good. It is very good and I’m having a lot of fun doing it.
jeet.
Fair enough Jeet. Continued success,
Nate-WI