One of the things I like about the note buying business is the Pajama Factor - the fact that you can do this business from home (I’m sitting here at home now - my two-and-a-half year old daughter is snoring away in her room right next to me here).
Call me unprofessional, call me lazy, [...]
On how to buy Real Estate Notes:
Consider this - I get an email from a note broker friend of mine two Fridays ago about a $3 million 23-note pool of nonperforming loans (1st and 2nd mortgages), I review all the loan documents and submit a bid by the following Wednesday, and I find out the [...]
On How to Find Notes:
I get asked all the time ‘But, Dean, how do I find non-performing notes?? Do banks really sell notes to individuals?”
One person just told me “hey, I walked into my local bank branch and asked if they had non-performing notes for sale and they told me “no, we don’t sell notes.”
Well, if [...]
Note buying isn’t always an exact science - it can also involve a little bit of an ART. Here’s an example:
I bid a pool of non-performing notes held by a trustee for a bankrupt mortgage company. Two loans were missing collateral files. One is a loan on a Florida property. Ouch - Florida judges are increasingly [...]
