Performing Notes - Training advice for Seattle newbie

[Suzie Remilien]

Hello all,

After reading the BP Beginners Guide, browsing the forums and reading a few titles on the best real estate book list, I've decided that investing in residential performing mortgage notes (1st position) might be the way for me to go. Flipping, wholesaling and being a landlord do not appeal to me right now. Researching properties and prospective mortgages seem much more exciting to me!

Please note: I am a newbie with no experience in real estate investing. I owned a co-op two years ago, but I am currently renting. I have a buy and hold mentality and plan to buy notes with my own money. Work schedule has not allowed me to attend an REI meeting yet, but I hope to do so soon.

I would like to learn more about buying performing notes with the help of a mentor. The mentorship aspect is very important to me. PPR and Donna Bauer are two of the companies/courses that I've seen mentioned on the blog. Are there any others I should consider? I would really like to hear from people who have taken one of these courses.

Let me know if I forgot any details. Thank you.

[Andrew S.]

@Suzie Remilien

PPR (@Dave Van Horn ) focuses on non-performing seconds, so if you have already settled on performing firsts, it might not be the right place to go. That said, Dave has some good training material on performing notes too.

@Phillip Cailey Whilst I think I understand where you are coming from with your comment, I WILL say that doing notes without any knowledge of real estate in general (yes, that includes buying, renting, flipping, valuing, etc, etc) seems like a dangerous proposition to me. Yes, it takes time and effort to accumulate that knowledge, but how are you going to truly evaluate your note deals, if you don't understand the underlying principles, markets, drivers, strategies? I suppose its a matter of individual taste, but personally, I have a need to understand the bigger picture before I put my hard-earned cash at risk (goes for the stock or bond markets too).