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Ok guys I know some of you are the best at what you do. How would you structure a short sale/note sale business opportunity? I’ve been in the business for about 14 yrs now. I started in the business in bankcard collections and went into mortgage collections. Which I was succeesful at until I found out the company I worked for never had it in their contract to sell mortgage notes as told when I accepted position. Only came out when they took an investor for $80,000 in c/o notes face value $300,000-$500,000. Unfortunately for me I don’t believe in working for theives.
I have various people I know that purchase notes res,comm,deficiency balance notes. Large pools and small. But this business is very disheartening even with the contacts I have. I’ve also found that most higher paying jobs for my skills are either on the east coast, or west coast. Depending on where you wish to take the lenders venom so to speak.
I know I’m capable of doing my old job collections outside of the home again. But I’d perfer to work from home and still be making some great cash. While I know alot about the industry I’m not aware of the best way to help myself as I’ve ran out of cash. And know credit wise I dont qualify to buy anything at this point. Or the best way to structure such deals with HML lenders and such.
Hence my questions about starting a shortsale/note sale business. I know I’m good at advising on credit repair but don’t know what companies are good to buy leads from. I’m also good at analyzing real estate deals. Probably could be considered a private investigator as I’m good at digging to find the money. One skill in collections that pays. Me and an associate of mine I know from being in the industry have contacts inside to submit deals to. But he tends to charge 30% of potential profit of deal. I know one investor that pays 25% but wants all work done then will let you know if she’ll respond or not. I’ve found in the last several years there are some knowledgeable people in business but alot of flakes as well.
So what would an investor pay to have some of their work done for them? Like locating potential investments? Locating a lost debtor? Neogiating for a low price with bank for either a note or short sale? Running bankruptcy/pacer searches? Pulling realquest reports? I have capablility for most part with 1st Amer Title for one of their things to. Or ordering title reports? Are there investor’s doing enough investing that could use assistant or consultant?