Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Questions to ask Note buyers/sellers
I'm just starting out as a note broker and I want to make my first deal. There is so much info out there that's it's overwhelming and difficult to grasp everything. I dont have money to start a course but I've never been more passionate about a career path before and I want to make a deal, and use that first deal money to sign into a course to get a proper education on the whole subject.
What questions should I be asking a note seller/buyer during the interactions until the closing. Or even tips I should be looking out for. Any advice would be greatly appreciated.
#2 All Forums Contributor
- Investor
- Virginia
@Amaris Benjamin
As a note investor I would tell you being a broker is extremely challenging
Why?
1. The space is very very small and everyone knows everyone. Unlike real estate wholesaling of finding homes off market - notes are not off market
2. If you had a competitive advantage you need to understand note investing and how to do due diligence on it to see if it’s a legit note and feel for pricing expectations
Not saying it cannot be done but there are every few brokers in the space.
If you are trying to do this as a way to generate revenue, unfortunately I think you will be disappointed
Thank you for letting me know. I guess it's more of an introductory for me to at least start somewhere. Even if I could just get a few deals enough to start up my other interests and business ideas, that would be great. I have to try something that would allow me to make money online because my currency is $7 to $1 US and the key a lot of the time is speed. So my focus is to try to build a larger sum of money compared to if I just concentrated my efforts on making money in my country. Even if i fail, I'd still like to try because i dont want to regret it and whatever i need to do to fight my way to financial freedom, or least start, id be willing to do. But this was definitely a reality check, thank you for responding to my comment.
This was also the easiest way I found to get into real estate without having any money to begin with. I think that's what also has me going, because I definitely don't have the funds to start buying multi-family properties or anything else and I don't have a mentor to guide me through anything dealing with real estate. So with all the overwhelming info, I'm trying to figure it out. But if you know of any other way, or any other area that does not require a lot of funds to start, I'd be very grateful for the advice and information as well.
Also, if you know anywhere, book or video where I can learn to do due diligence and the other things you mentioned, please let me know.
#2 All Forums Contributor
- Investor
- Virginia
Quote from @Amaris Benjamin:
Also, if you know anywhere, book or video where I can learn to do due diligence and the other things you mentioned, please let me know.
Plenty of videos - go to youtube and note investing. I know a guy who looks like me who has a podcast and youtube channel and membership group, you have paperstac videos, @Jamie Bateman does one on one mentoring, @Dan Deppen has a due diligence course.
PS: One note investor with initials SC who has lots of youtube - be careful and you can easily check his reviews out on BP
@Amaris Benjamin any of the options @Chris Seveney mentioned would be solid starting points. Also, Fred and Tracy Rewey have training specifically geared toward note brokering. Noteinvestor dot com. @Tracy Z. Rewey
Quote from @Jamie Bateman:
@Amaris Benjamin any of the options @Chris Seveney mentioned would be solid starting points. Also, Fred and Tracy Rewey have training specifically geared toward note brokering. Noteinvestor dot com. @Tracy Z. Rewey
Thanks Jamie for the mention. If you want to refer notes to investors, the key is to get good at sourcing deals. Most off-market type deals will come from mom and pop seller financed notes. Trying to broker any type of bank paper or portfolios will be very competitive and difficult as Chris mentioned.
