Note buying/ flipping homes

[Brian Byrd]

I have spent the majority of my 20's making my employers millions of dollars in purchasing performing owner financed notes with high yields. Every once in a while, I come across the perfect note that I wish I was purchasing for myself. I have worked for two of the largest Note Buying institutions in the country (both are banks) and although I learn something new every day, I feel I am an expert in finding, pricing, due diligence, and servicing of the notes I buy. The purpose of this post is wanting to ask the community if anyone has any advice on how to start purchasing these notes for myself, or for a private investor. I don't have a lot of money- but I have been saving as much as I can over the past couple of years. If anyone has any suggestions for a 29 year old, newbie personal investor, but a VERY experienced real estate investor. I know this community has answers, and I am open to any suggestions, like a sponge, waiting for the guidance that is biggerpockets!

Thank you all!

[Paul Birkett]

Brian

Make a list of all the things you need to have before you can start buying these target notes. 

Let me help you:

1. Capital

2. Courage

3. Dealflow

You already have the one thing that's the most difficult to acquire: Skill. Now you need to find deal-flow. That's a challenge as you move from an empoyee to an investor...but not insurmountable.

• Capital: You can build Capital without having any courage.....save as you have been doing. Maybe even partner with a private investor to increase your capital (friends family or whatever). 
• Dealflow: You can find your first deal without any courage. Keep your eyes peeled to find the next good deal that comes along

But you cant pull the trigger without Courage. That's what separates the men from the boys (if you can still use that expression!)

The only way to get courage.....is to get it!

Do all your due diligence:

Title - -check

Legal - - check

Taxes - - check

Building Code - - check

Water and sewer - - check

School or township liens - - check

Pull 2 owner title and review it all again

Re-underwrite the loan and make sure the borrower can afford to keep paying

Triple check your numbers and make sure the deal is rock-solid. 

THEN BUY THE NOTE!

It's that simple.

Good luck and best wishes

Paul

Email me to review the numbers live if you wish