Eddie Speed Note School

[Brandon Brock]

I attended a 3 day seminar this weekend promoting noteschool. Noteschool is a mentorship and training program for notes performing and non performing. It seems very expensive starting at 16k depending on the level your at. I understand the value in education and mentorship but this is allot of money and I am wanting to start investing in notes. Has anyone heard anything good or bad about eddie speed and note school.

[Kim Tucker]

So I am the person who brought Eddie Speed and Noteschool to Kansas City for Brian and Michelle to meet and buy into the Mentoring.  As the eventsponsor I was able to attend all the initial training or free and am not one to buy a bootcamp let alone a mentor program.

How ever I purchased Eddies Mentoring and was able to connect with Dave Van Horn and several others in the 2nd Space where I focus a lot of my attention.

I was able to gain access to a $2000 training product that I didn't really need, but that gave me the back end website access to cash buyers and private lenders databases that usually have an ongoing fee (was included)

Was also able to gain access to an asset protection set up program, included.

It also came with a credit repair program that I use to help my lease option buyers clear up their credit issues.

Over the years new things have been added in at cost or discounted pricing such as a a 4 day week end of Self Directed IRA training with some of the nations leading experts in a small 15 person setting, this was provided to us as mentor students and the networking from this gave us access to attend a 5 day cruise with 2 days training and unlimited access to some of the nations top experts in self directed IRA and real estate investing.

So did the mentoring program cost $20,000 . . . yes it did. Did I get more than $20,000 out of it . . . yes I did and I still have not really tapped into a lot of the mentoring and networking or completed the number of Deals that Russ who I met at the Self Directed IRA events or the Winberry's who are a part of our REIA group in Kansas City have completed.

Do I plan on attending more NoteSchool Events, yes. . because it's more than mentoring. . . I consider our weekly training calls (all 4 of them) to be more of a business meeting where we bring what we are working on and discuss it with people that can help us work through the problems.

And to leave you with one last thought . . . you can read articles for free for years, but you have nothing invested in yourself but time . . . if that will kick you into gear and get you to do something . . . great . .  I don't do much with free articles except read them and think  "Wow, that was interesting, I should try to do that."  You can buy a course for 3k to 5k and bring it home and put it on the shelf.  I too have done that.  Then I skim through it, find one thing and implement it and make my existing business a bit better.

OR you can spend $20,000 on credit that is eating a hole in your monthly budget and you just might be a bit more motivated like I was to eat up that training and turn your current business upside down with the effort to do more deals with what you have learned so you can pay off that $20k quickly.  Took me 6 months to get it paid off with my first two deals.  Made money with my next 4 note deals.  Completely changed our wholesale and rehab business.  And now we are doing a lot of 2nd notes . . .which Eddie does not even teach, but because of the network of 2nd investors that are also students and attend events, I am learning the 2nd business and have the resources I need to get it done . . . resources I probably could have found with research and time, but it is much easier to Call up other students and people I have meet at NoteSchool and ask them for a reference.

I have my stand by analogy . . . Baking a Cake

You can read up on what a cake is, what goes in a cake and go stock up on a bunch of ingredients.  Take notes from a few people who tell you how to bake a cake, go eat some cake and get your own ideas.  Then go home and bake your own and hope you do it right.

You can go buy a cook book (like a course) and follow the instructions, which is great, but you might still need some pointers . . . I know I do, can't bake a cake from a recipe to save my life.

I could go buy a cake mix . . . one of those investing done for you things. . . and well I make a better cake there.  It has all the components needed I just need to buy it and stir it up and hope I get great results.

But if I want a really good cake, that's pretty and I would be proud to take to my mother in laws house at Christmas . . . well I am going to go to my Sister's house and get her list of ingredients and notes on how to buy them.  I am going to go shopping and buy everything and then go back to her house and I am going to have her supervise me all the way through till I have a  beautiful cake on a plate  . . . 

Will $16,000, $20,000, or $30,000 make you a successful note investor . . . NO WAY that's all on you and you can learn it if you are going to and be successful with free articles or a few books or a course or a full mentorship.  It's all in the person, but I can say that Eddies Mentoring is not quite what you expect with you think mentoring as it seems to grow and morph as there are changes in the industry.  It can help your learning curve be very very much shorter . . . .

[J Scott]

Originally posted by @Kim Tucker:I have my stand by analogy . . . Baking a Cake

You can read up on what a cake is, what goes in a cake and go stock up on a bunch of ingredients.  Take notes from a few people who tell you how to bake a cake, go eat some cake and get your own ideas.  Then go home and bake your own and hope you do it right.

You can go buy a cook book (like a course) and follow the instructions, which is great, but you might still need some pointers . . . I know I do, can't bake a cake from a recipe to save my life.

I could go buy a cake mix . . . one of those investing done for you things. . . and well I make a better cake there.  It has all the components needed I just need to buy it and stir it up and hope I get great results.

But if I want a really good cake, that's pretty and I would be proud to take to my mother in laws house at Christmas . . . well I am going to go to my Sister's house and get her list of ingredients and notes on how to buy them.  I am going to go shopping and buy everything and then go back to her house and I am going to have her supervise me all the way through till I have a  beautiful cake on a plate  . . . 

That's a good analogy.  Interesting how the best option for learning how to make a cake didn't involve spending lots of money on a cake making training course...  :-)

[Jay Hinrichs]

@Kim Tucker   having been on both sides of the guru equation.. I can see how you were motivated to take massive action.. although knowing the note business like I do and NOT knowing anything about eddie speed.. I find it difficult for those that would spend that kind of money to actually make any money in the note bizz. as competitive as it is. and most note investors are ones of means that are looking for consistant cash flow as opposed to owning the 3 t's of rental properties.

Could you describe how your making any money in the note business without significant cash to buy notes ... Is it your just trying to find notes tie them up as a bird dog then flip them for a fee is this what its all about ?

thank you will look forward to your reply..

[Account Closed]

A lot of new comers fall for the guru hype like Eddie Speed and waste their money, and I have forgotten more than Fast Eddie Speed will ever know about notes, and I could teach investors about notes for $5000, but I don't have time...

Joe Gore

[Nathan Brooks]

Hey @Joe Gore no time to make $5k is cool ... but might want to check the spelling on properties on your page. I would want someone to help me ... :)

[Account Closed]

Thanks I corrected it. A lot of investors need help in the note business.

Joe Gore

[Denise Ross]

Just wanted to provide info on my  experience in trying to evaluate whether the Notes space is a business opportunity.

Today I signed up/emailed the online Eddie Speed Note School Big Money event. 

I then received an email which asked that I fill out a "Pre- Class Questionnaire".

The questionnaire included questions as to what amount is available for investing in notes, investment in real estate, iras, stocks. etc.

So, in order to sign up/attend the class, you need to first fill out a questionnaire to determine whether you the appropriate "investor" profile.

My guess is that the NPN Note Educators (I've attended others) work with Hedge Funds, etc. who have purchased pools of notes. The Hedge Funds use the NPN Note Educators to find students/investors to buy the individual notes that the Hedge Funds want to unload quickly.

The properties are generally in "unprofitable"  zip codes.
 

[Michelle Winberry]

@ don 

@Don Hines 

Regarding your question on knowing enough after a 3 day course to jump into the note business with a local mentor....maybe....depends on you, your local mentor and your ability to do due diligence and access the answers to the myriad of questions and problems that come up in this business. So, like Kim says, its all on you. If you have a great knowledge base, a great mentor locally with a lot of experience and connections, you could be very successful going that route.

@J Scott 

Kim's analogy was about accessing an Experienced Mentor, if you get that free, awesome, if you don't have that luxury then an investor does what is appropriate, get one and pay for it....but most people do not have anyone in their corner that has the experience and knowledge to pull off doing this business on a DIY basis without taking some really good knocks along the way, and I can almost assuredly promise those hard knocks will cost more than a mentoring program ever could.

I continue to see folks espousing that they have the skills and abilities to do it (Teach people the business) but they attach a price tag for their time and resources too...so why is it good for one (who has no time to do it, but assigns it a value) and not good for another who is actually doing it and underwriting what that is costing their business to provide?

[Andy Collins]

Is a certain investment in any course good, it really depends on your situation (assuming the course is a good one)

If you have $2M sittinig around your wanting to start buying notes with (or real estate), spending $16k or whatever probable isn't a bad thing,,if you have $25k to invest, then you may want to wait until you have more to invest.

I am always shocked to hear people say (or write), they just spend thousands for a real estate course, but actually they don't have any money to start investing.  Read books, read message boards etc while you are building your cash position (assuming cash is needed for notes/buy and hold etc),,,,if your wholesaleing, then it might be a different story, but if you want to "invest' then dont spend all your cash on one course and leave yourself nothing to invest,,,

I'm not saying that education isn't important, it is, but dont' spend all your cash,,save and start your education in a less expensive way

[Bob E.]

@Denise Ross I am a Note School student, you can follow some of my experiences through my Thread and matching Blog "Journey of a New Note Investor"

A few notes @Andy Collins is right, when we started (I have a business partner) I bought the training, and we each put in 25k and quickly doubled that for a total pool of 100k.  This is not our entire life savings but we figured it was enough to buy a decent pool and see if it would work.  

In 6 months we have made enough to cover the cost to the first training module, 15k. This is the profit from a quick flip we did on a REO and A DIL that we have in Lansing MI that is currently listed for Rent / sale other properties/notes may or may not be so profitable but we are happy with the process so far.

[J Scott]

Originally posted by @Michelle Winberry:
@J Scott 

Kim's analogy was about accessing an Experienced Mentor, if you get that free, awesome, if you don't have that luxury then an investor does what is appropriate, get one and pay for it....

Just to clarify, in the business world, mentors are typically unpaid -- they are people you have a personal relationship with and who help you because they have a vested interest in your success, not in a monetary reward.  Mentors are also very selective about who they mentor.

Someone who teaches for money is a coach -- especially someone who will take money from anyone, regardless of their likelihood of success.

[George Ramsay]

Interesting thread....

For whatever its worth Eddie was at one of the Atlanta REIA's tonight and pitched his note school with 2 different 3 day classes, scheduled at different locations throughout the country. One class was for NPN and another one for PN. I was interested in both classes but as i have a full time job and young kids i wanted to see if there was any flexibility in when i could take the 2nd class, which was NOT offered in the Atlanta area. Specifically i wanted to know if the NPN class would be offered in the Atlanta area within the next 9-12 months. The conversation went as follows

ME: Hi I was wondering if there is any flexibility in taking the class that is not being offered in the Atlanta area.

EDDIE: Oh Sure you can go to anyone of the other locations.

ME: Im sorry, i ment will there be an opportunity to take the other class at a later date in the Atlanta area, say within the next year.

EDDIE: Son if your not prepared to take advantage of this amazing opportunity in note buying then you just dont have the entrepreneur spirit to be successful. Im just telling you that as a tough coach, and i don't think you should waste your money.

ME: uh huh....Well thanks i appreciate your honesty.... So your not scheduling anything else after March?

EDDIE: No No (laughs) absolutely not. Son let me tell you what i'm doing tomorrow. Im seizing the moment to be an entrepreneur. Im going to take advantage of this opportunity to fly to Dallas tomorrow to teach a five day seminar....

ME: Yea got it, thank you, Appreciate your time and good luck.

So to sum up, i wont be learning about note buying with Mr Speed. Because although he doesn't know my name or investing background he does think im a sucky entrepreneur. 

[Frankie Woods]

@George Ramsay , I wouldn't even want to get training from someone that tries to "sell" you into his program by telling you that you if you don't jump on an opportunity immediately before you have time to really think about it means you are a failure.  Boo!

[Jeff Rabinowitz]

@George Ramsay, Eddie Speed is coming to one of my local REIAs and I was considering attending.  (I have been an active private lender and have purchased a few performing notes but have little exposure to notes for sale, do not want to start advertising for them and was interested in the network.) Your comment was the one that convinced me to pass.  Screw the money, I don't have time for that kind of approach.  Thank you.

[Bob E.]

We have been very happy with the results of the Eddie Speed program.  We started out with just the Non Performing side and then expanded to the performing side.  We signed up in late February and bought our first note in March, since then we have completely paid for the cost of the training.  The training we have received and the connections we have made have significantly improved our results.

Notes, especially NP Notes, are more complex then straight RE and without someone to guide you it is likely you will never get started or implode. Not to say that some people, especially with a HML background, can't succeed but I think a lot will fail.

To reduce the cost and risk I brought in a college friend, the deal was I would pay for the training and we would both put in enough money that we could buy 3-4 notes, when / if we made any money I would get paid back for the education piece.  Looks like that is happening in less then a year but in reality I will most likely cycle the money back into the business, it is doing to well to want to pull money out that could be used to grow the business.

[Zeak Hill]

I started looking at this because 2 classes are offered in my area for a price tag of $1297 for both Performing and NPN or you could choose 1 class for $797. However, after reading this it sounds like I will be upsold mentoring for $16k to go along with the price of the 3 day workshop. That really is dis-honest to me and I will pass on this once in a lifetime opportunity that I would be offered if I attended. Actually that would make me ask for a refund.

[Don Hines]

Originally posted by @Zeak Hill:

I started looking at this because 2 classes are offered in my area for a price tag of $1297 for both Performing and NPN or you could choose 1 class for $797. However, after reading this it sounds like I will be upsold mentoring for $16k to go along with the price of the 3 day workshop. That really is dis-honest to me and I will pass on this once in a lifetime opportunity that I would be offered if I attended. Actually that would make me ask for a refund.

You are correct. I have attended the first class. I was not disappointed. There is an upsell; but, they don't put too much pressure on you.  Don

[Zeak Hill]

Originally posted by @Don Hines:

You are correct. I have attended the first class. I was not disappointed. There is an upsell; but, they don't put too much pressure on you.  Don

 That makes me think they will reserve certain information for those who pay for the $16k mentoring program and that most of the  3 days will be about testimonials or a "Infomercial" to buy into the $16k mentoring program. Been There Done That & got a tee shirt & don't want to waste my time. You say you were not disappointed so I assume that information they gave you was detailed with all the information, forms, etc... to go at it alone ?

[Account Closed]

never be in a rush to spend your hard earned money !!!!

[Don Hines]

Originally posted by @Zeak Hill:

Originally posted by @Don Hines:

You are correct. I have attended the first class. I was not disappointed. There is an upsell; but, they don't put too much pressure on you.  Don

 That makes me think they will reserve certain information for those who pay for the $16k mentoring program and that most of the  3 days will be about testimonials or a "Infomercial" to buy into the $16k mentoring program. Been There Done That & got a tee shirt & don't want to waste my time. You say you were not disappointed so I assume that information they gave you was detailed with all the information, forms, etc... to go at it alone ?

No. You will not be prepared to "go it alone" if you do not already know the business. My interest was in the NPN side of the business. Actually, the class taught me that is not for me. I believe too many people are on the bandwagon and the better notes are taken quickly. Plus, this is a business that you cannot keep in your own backyard. If I end up with a property, I wouldn't be comfortable with someone in Ohio managing it for me. I need to be able to drive by every once in a while.

[Dion DePaoli]

Originally posted by @George Ramsay:

Interesting thread....

For whatever its worth Eddie was at one of the Atlanta REIA's tonight and pitched his note school with 2 different 3 day classes, scheduled at different locations throughout the country. One class was for NPN and another one for PN. I was interested in both classes but as i have a full time job and young kids i wanted to see if there was any flexibility in when i could take the 2nd class, which was NOT offered in the Atlanta area. Specifically i wanted to know if the NPN class would be offered in the Atlanta area within the next 9-12 months. The conversation went as follows

ME: Hi I was wondering if there is any flexibility in taking the class that is not being offered in the Atlanta area.

EDDIE: Oh Sure you can go to anyone of the other locations.

ME: Im sorry, i ment will there be an opportunity to take the other class at a later date in the Atlanta area, say within the next year.

EDDIE: Son if your not prepared to take advantage of this amazing opportunity in note buying then you just dont have the entrepreneur spirit to be successful. Im just telling you that as a tough coach, and i don't think you should waste your money.

ME: uh huh....Well thanks i appreciate your honesty.... So your not scheduling anything else after March?

EDDIE: No No (laughs) absolutely not. Son let me tell you what i'm doing tomorrow. Im seizing the moment to be an entrepreneur. Im going to take advantage of this opportunity to fly to Dallas tomorrow to teach a five day seminar....

ME: Yea got it, thank you, Appreciate your time and good luck.

So to sum up, i wont be learning about note buying with Mr Speed. Because although he doesn't know my name or investing background he does think im a sucky entrepreneur. 

 This is a golden illustration of the Guru sales pitches.  Give it, then take it away in hopes of increasing demand.  

I tell you what George.  I don't do seminars and I am not busy with 5 day seminars.  I have some experience with these mortgage investments and notes.  I am happy to have a conversation with you and point you in the right direction.  Feel free to connect with me if you so desire and let me know what works with your schedule for a chat.  

Thanks for sharing.

[Zeak Hill]

Originally posted by @Don Hines:

Originally posted by @Zeak Hill:

Originally posted by @Don Hines:

You are correct. I have attended the first class. I was not disappointed. There is an upsell; but, they don't put too much pressure on you.  Don

 That makes me think they will reserve certain information for those who pay for the $16k mentoring program and that most of the  3 days will be about testimonials or a "Infomercial" to buy into the $16k mentoring program. Been There Done That & got a tee shirt & don't want to waste my time. You say you were not disappointed so I assume that information they gave you was detailed with all the information, forms, etc... to go at it alone ?

No. You will not be prepared to "go it alone" if you do not already know the business. My interest was in the NPN side of the business. Actually, the class taught me that is not for me. I believe too many people are on the bandwagon and the better notes are taken quickly. Plus, this is a business that you cannot keep in your own backyard. If I end up with a property, I wouldn't be comfortable with someone in Ohio managing it for me. I need to be able to drive by every once in a while.

Well thanks for that information and now I know I will save my money and stay away from this high priced introductory sales pitch class to invest $16k. At least some other screw ru's let you in for a $100 or less to upsell you.

[Bob E.]

We did the three day class and decided to buy the mentoring.  It has paid frostily in the first year. We are very happy with what we got for the money.  

The three day class will give you the basic information to get started but this is a complex business and I find it helpful to be part of a network where I can ask questions as well as see what problems others are having and learn from their experience.

This is a cash business so you need money to purchase the note(s), cover back taxes, legal fees, and then a light rehab prior to sale if you FC.  The 16k is just another upfront cost.

[Mark Lenox]

Originally posted by @George Ramsay:

Interesting thread....

For whatever its worth Eddie was at one of the Atlanta REIA's tonight and pitched his note school with 2 different 3 day classes, scheduled at different locations throughout the country. One class was for NPN and another one for PN. I was interested in both classes but as i have a full time job and young kids i wanted to see if there was any flexibility in when i could take the 2nd class, which was NOT offered in the Atlanta area. Specifically i wanted to know if the NPN class would be offered in the Atlanta area within the next 9-12 months. The conversation went as follows

ME: Hi I was wondering if there is any flexibility in taking the class that is not being offered in the Atlanta area.

EDDIE: Oh Sure you can go to anyone of the other locations.

ME: Im sorry, i ment will there be an opportunity to take the other class at a later date in the Atlanta area, say within the next year.

EDDIE: Son if your not prepared to take advantage of this amazing opportunity in note buying then you just dont have the entrepreneur spirit to be successful. Im just telling you that as a tough coach, and i don't think you should waste your money.

ME: uh huh....Well thanks i appreciate your honesty.... So your not scheduling anything else after March?

EDDIE: No No (laughs) absolutely not. Son let me tell you what i'm doing tomorrow. Im seizing the moment to be an entrepreneur. Im going to take advantage of this opportunity to fly to Dallas tomorrow to teach a five day seminar....

ME: Yea got it, thank you, Appreciate your time and good luck.

So to sum up, i wont be learning about note buying with Mr Speed. Because although he doesn't know my name or investing background he does think im a sucky entrepreneur. 

Thank you very much!  Joe Varmadore gave a pitch at GLREIA here in Cleveland last night, with a "private lunch" on Friday and an eight hour seminar on Saturday.  I now know that it's all a sales pitch for a thousand dollar three day course, which is another sales pitch for a $10k "mentoring" program.  I have no doubt that this is all of great value for a few folks out there, but at age 46 with two decades of business experience, I think I know a con game when I smell one.  I won't be attending thanks to this BP thread.

[Bob E.]

@Mark Lenox This may or may not be the right opportunity for you.  But I think we share a lot in common so I will comment.  I am 49, (not far from your age) my business partner is the same age as me.  We both have a long track record in corporate America,

We each put 50k into this business, got a corporate CC and LOC for a combined total of 28k and went to work. We had our 1 year anniversary two months ago in a little over a year that we have been at this we have grown our portfolio to a value of 290k we will wholesale one of the properties and the rest will generate monthly rent / Mortgage payments to $3,670. We have a lot of options on what we do with those properties, we may sell them and look for new value added opportunities or we may hold them but we have created real value.

I bought the mentoring package and that was key to making all of the above happen.  Spending 15k with Eddie Speed's Note School to create almost 150k in value in a little over a year has been an awesome return for us.  Note School is a lot of things but it is NOT a "con game".

That said, people interested in this business need to know a few things:

-  It is a cash game, we had money to invest in both the education and the NP notes, if you don't have money for both don't even consider this business

-  While I did most of the work for our company over the last year this is a portfolio business, some things will work out and some things won't.  You need to have a enough assets that you have a valid sample size.  Having a partner was key to this as we originally only put up 25k each and we could afford to lose some or all of it.  We were like you cautious.  Once we saw things going well we upped the ante to our current 50k each.

- People with extensive experience in lending, doing HML's and such, key be ok on their own, or not but at least have a shot.

-  The NP industry has changed in the last year, there are a lot fewer NP notes hitting the market right now and pricing has gone up.  A lot of the experienced investors are buying performing notes and holding those.  Why buy a NP note for 40-50% of BPO when you can get a performing note at 50-65% of BPO?