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How to Buy Real Estate Notes - My Personal Experience
How to Buy Real Estate Notes - My Personal Experience Look at this - A note broker friend and I had a conversation about a 23-note pool made up of 1st and 2nd mortgages, all nonperforming loans. It was a $3 million dollar pool. I decided to make an offer on the real estate notes. I carefully reviewed the loan documents and submitted a bid for $1.1 million. I found out the very next day that the notes were mine. I know what you are thinking "that's great for you but I can't spend any more than $20,000 right now, I'm out of my league..." My original bid was for 6 non-performing notes in this pool. And the seller told me I was on the short list based on my bid on those 6. If you only wanted to bid on 2 of the real estate loans and offer $50,000 per note, you could do it. My Point On Real Estate Note Buying Just make an offer. In most cases, you will not be informed ahead of time if they will allow you to pick a few loans out of the pool. And, back tot he story... And one day later I received another opportunity to bid on a real estate note pool. The non peforming note pool was priced at $8 million and the bank told me that they had another one they would be sending out in the future. I bet I will probably be able to cherry pick the notes I want out of these pools as well. Now do you see why I love note buying? Isn't that cool - you meet someone one week and a couple weeks later they're sending you more and more real estate note opportunities! Compare that to having to CHASE DOWN your next 'real estate investing deal' (buying/finding a property). A Point on How to Find Real Estate Notes Your track record counts for a lot in the note buying business - so if you close a deal on time and at the price you say you will, you might end up the favored investor on the very next note buying deal coming from that same seller. This is what makes the non performing note business so attractive to the few Real Estate Investors that understand the real estate note business. The process of building your pipeline of note buying deals can be so simple. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Interested in learning more about the The Delinquent Note Buying Business? Watch Hours of FREE Training Videos here: How to Buy Distressed Mortgages Real-life, Up-to-Date Information for You. Visit NoteBuyingProfits.com or Call 718-783-7605 Or Click Here: Buying Defaulted Mortgages From Dean Engle & NoteBuyingProfits.com - This time on How to Buy Distressed Mortgages |