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Updated over 10 years ago on . Most recent reply
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Getting Started with Notes
Ok. I know there might be another post similar, I just cant find it. I have read everything that was told to me. I dont want to get stuck just studying. I would like to actually invest. I am looking at starting with residential, and moving up to multi family and possibly commercial. I would like to know where should I start with finding notes. How should I find motivated note sellers?
I also possibly have the opportunity to invest with other peoples money through a financial planner. How would you suggest that I invest using other peoples money and also make a profit myself through these notes?
All advice or constructive criticism is welcomed.
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- Lender
- Greater LA/Orange County area, CA
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The best education I ever got was from the first note that I bought (a non-performing 2nd). It seems everything that could go wrong with that note, and then the market, hence the securing equity, went wrong. BK, foreclosure, eviction, etc. I was ignorant when I bought the note and emerged a stronger investor.
That was back in the 1980's and I still love paper!
I'm so happy that I got those lessens using only my money. I had to fix the problems, keep the first current, deals with a crappy foreclosure firm and overall be at the mercy of a BK judge who was pro-debtor. This would not have been the same experience had it been other people's money. I would had to get their agreement along many decisions and really slowed me down.
I suggest learning the craft and the business first and risk your own money before messing with others' dough.
Here's a good book to check out on Amazon: Performance Anxiety by Gordon Moss. Not a technical book but one to help understand certain aspects of the note investing game.