10 Years to a Note Business

[Scott Kimberly]

What would you do if you had 10 years and under $20,000 to build a Note Business that would net $5k to $10k a month?

I am asking for myself, just so we are upfront with that. I also imagine that @Scott Carson will be mentioned relatively quickly. I plan on spending the next year paying down debt and saving for various baby-related expenses. Yes, as an additional wrench, my wife and I are expecting our first child this year.

Thank you all for your advice and insight in advanced! 

[Bill McCafferty]

@Scott Kimberly Put your 10,000 hours in. Build it from the ground up with processes and systems. Treat it like business and not a hobby. If you want it bad enough, don't listen to the non sayers. Laser Focused Daily Activity. Save, save and save your money. Use that capital to build the foundation of the business. The back office is so important in this business. Network and go to note conferences. Education is key, but so is taking action. It's a learn by doing business. Find a Mentor. Find others that are truly making money in this business. Buy a small performing note. Leverage that note with a collateral assignment, than buy a non performing note. Get that non performing note performing, leverage that with another collateral assignment. Rinse and repeat to build a track record. Eventually turn those collateral assignments into partial note purchases. Once the track record is there, people will want to do deals with you. Slow and steady wins the race every time. I've seen people come and go in this business, thinking they where going to get rich over night. The money is there, believe me. Another key component is to add value to others, with a service. I offer an Asset Management Service and Consultant Work, to other investors. This allows another source of income, while I build my own portfolio. Plus it gives me tons of experience and allows me to build my network. Multiple streams of income. This is just some quick advice, I could spend all day on it. Know your Why. I refuse to fail, my family depends on me. Best of luck.