Developing A Note Investing Team

[Ken Biggs]

So, first off, I'm a newbie.  I've done some research and networking and now I'm ready to put together a team to get started investing in notes.  I'm most interested in non-performing 1st and 2nd lien notes.  I'm reasonably proficient reading legal contracts, but have no particular experience deciphering notes.  I'm comfortable calculating present/future value of notes.

I'm thinking I need:

1) A mentor to partner with on a few deals to get started.

2) A loan servicing company

3) A real estate attorney

4) Ongoing sources of notes as close as possible to the loan originator.

What other resources and team members should I bring to the party at this stage?  How would you go about researching and locating team members?

[Mark Gallagher]

Ken Biggs

I personally learn more by doing than by reading, so I purchased a "cheap" non-performing loan that I'm currently foreclosing on. Should be a profitable lesson when it's finished. I have a long diary going on the topic here, search diary of NPN from start to finish and it should show up.

Other than that, you can read and read and read, but at some point you'll have to jump in the water and get wet.