Ready to Invest in Mortgage Notes

[Michael Terry]

Hey guys,

I have finished reading Dave’s book “Real Estate Note Investing,” along with Kiyosakis “Lazy Way to Invest in Real Estate” and Rachel Richards “Passive Income, Aggressive Retirement.” 

I am interested in purchasing performing notes and gave the financing lined up through a self directed IRA (which I will replenish with the payments to buy more notes. BRRRR, right?)

I have a broker lined up with the inventory. I have a due diligence company.
I have a servicing company to handle the money. 
I have an (optional) mentor company if I need them. 

I have an exit strategy. 
I can get a real estate lawyer in the city where I purchase. 

Question now stands, what else do I need? I want to be smart about this but I don’t want to cripple myself with analysis paralysis. I’m excited to get started, and I wanted to see if anyone had any last ideas for this mariner before setting out on the sea towards financial freedom. 

Thanks in advance. Looking forward to seeing what the group has to say. 

[Chad U.]

Originally posted by @Michael Terry:

@Chad U. Thanks for the good advice! I live in Massachusetts, so it may be a bit difficult to get a drive by out of state. But for all of the other recommendations, does my Due Diligence company handle all of those details, or will I have to get an additional third party to do that research? Cheers and thanks again.

 You should check with the due diligence company whether they would do all that. I am assuming that they are only reviewing the collateral file to ensure a complete chain. As far as drive-bys go, there are plenty of services that will do out of state inspections for you. Or you could hire a local realtor to do the valuation and Drive by for you