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Updated almost 8 years ago,
New to notes - Q's: time, baby-step startup & others
Hi - Thanks to all of you off the bat for your generous contributions in helping me begin to understand notes through your posts, podcasts, and videos. I've been doing a fair amount of listening and reading and had a few questions so thanks for bearing with me (no pun intended ;-)
1) I'm a family guy & I don't want to make notes my full-time job, but I have my eyes wide open to the fact that notes are a time-intensive process/business. Is it reasonable to at some point be managing 3-5 owned notes at any given time on 8-10 hours per week? (With a servicing company, naturally!)
2) A couple q's on partial notes: How short of a period is reasonable for assigning a note to a partial investor? I imagine there's some kind of bottom line recording fees etc that would make it a no-go below a certain level - or is there a bottom line number in dollars that is needed to get in and learn through partials?
2b) In the event that there's a dead-end default/forclosure etc during the partial investor's assignment period (short of the investor's break-even point), how is this typically resolved? Does the partial investor get back to the initial investment, or is there typically some other resolution?
3) Is the process of getting tapes purely a matter of establishing relationships with various sources? Are there paid networks etc that are a soft-requirement to really buy notes?
4) What is the parallel to a real estate investor's surprise roof repair (deal buster)? I understand foreclosure is expensive and takes a great deal of time, but if it's budgeted in, there's been solid due diligence, and #'s work out even factoring in a potential foreclosure, what kind of "landmines" are out there?
5) Oh yeah, how'd you all initially talk about notes with your significant other? :)
Thank you for taking the time to read and respond - I hope the tone of my questions comes across as I intend. I know this is WORK and risk, and is not any kind of get rich quick space. Thanks!
-Brady