Note Brokering Notes in Multiple States...Strategy?

[Jessica Swingle]

Hey all,

A few questions re: note brokering in multiple states...

1. My ideal situation would be to build a long term note business (buying, selling & brokering) based in my home state of Ohio...however, I'm told that in order to have enough business to sustain a living, I will have to branch out into multiple states (that there aren't enough 1st lien records to mail to in OH...also, that there aren't many buyers for OH notes).

However, I've noticed that a few of the educators in the industry seem to focus on one geographic area or state (especially for their own portfolio)....wouldn't it make more sense to focus on 1 (or 2) states and instead of covering 1st lien notes in multiple states (with different processes, laws, etc.) to focus on OH exclusively and branch out to 1st & 2nd position & business notes?

2. For those of you brokering in multiple states, how do you handle the licensing issue? Are you assigning/doing a simultaneous close to get those deals done?

Thank you in advance for any help!

Jessica