All Forum Posts by: Eric B.

@Scott Arpan Thanks so much for reminding me about Advanced Seller Data. I knew of them some time ago, and then forgot all about them. I hear they are the best in the business of note leads. I've never actually tried them before, but I will now!

I am in the business of brokering real estate notes for a bank. And I'd like to expand my prospects list. While attempting to do so, I ran into Experian, and apparently they sell lists of note holders. Does anyone have any thoughts on acquiring a list from Experian?

Just as well, I've been looking at List Source, and it seems they too have promising list to provide Any thoughts?

@Jamane Y. Ah, now see, that's the way to pay a bird dog. Paying them when you get paid virtually ensures you get some quality houses from them! I wish I had taken this approach when I was in wholesaling, but when I return to wholesaling, I will!

I'm pleased to mention that my website has been completed earlier than expected!

http://www.hardcashtoday.com/

I have my office and business phone set up. And my mailing list is ready,

How important is it to have a website set up if you're getting started in the seller financed notes business? Would you say absolutely necessary or just nice to have for starting out?

BP has definitely been helpful to me. With all the mistakes I've made before discovering BP -- thanks largely to the under-education and inflated promises I've received from gurus -- BP has enabled me to get REAL advice from REAL successful people in the business of real estate. No longer need I feel lost, or forced to purchase the next course or mentoring program, to learn what I need to learn.

Also thanks to BP, I have gained valuable resources, connections, advice, and even a prospect (for my notes business).

BP is the best! And I'll tell you what: if we all work together to get the word out about BP, maybe we can lure potential great future real estate investors away from those gurus, who are getting rich feeding people half-information at best, and poor information at worst!

@Kathleen Leary Thanks for the advice! I honestly did not know that about LLCs. Maybe I'd better get some advice in that area!

I've got just about everything I need to get my real estate note brokering business started. I've got my office set up, my business phone number, my mailing list. And my business's new website should be ready in a couple of days.

The only thing I don't have is a business entity set up. Right now I'm simply Doing Business As (DBA) ForwardMotion Marketing. Now I do plan to open my own LLC eventually. But what if I decided I'd like the business to start making money before I set up my LLC? How would that affect my tax situation?

Hypothetical: What if I closed two deals as a sole proprietor, then set up an LLC and closed, say, ten more deals. At the end of the year, for tax purposes, would the LLC absorb all the profits (since the LLC will have been opened in the same year), or would only the ones I closed since the exact date of opening the LLC be taxed as LLC profits?

I want to thank you all for your input, especially those of you who told me about Lending Club. I am now an investor there! I still plan on being a private lender for real estate someday, but it looks like I may need to temporarily put that plan on pause. But that's a noble aspiration to have, wouldn't you say?

By the way, if any of you know anyone who is collecting monthly payments on real estate they own, but would like to cash out now, please let me know. I have a buyer who ready to buy cash flow notes now! And I am offering a 10% finders fee at closing to whomever refers me to such a note holder!

Wow, thanks you guys...all of you! You all really helped me to understand what's going on with this lending game!

@Jean Bolger , @Carlos Tobin , @Dawn Anastasi & @AdaPia D'Errico

I really appreciate these sites you guys have told me about. I have heard of a couple of them, but did not know people like myself were lenders in those clubs. I'm going to look over those sites you guys told me about, and let you know what happened.

Now here's another question I have: can you lend on a 401k that's still active, still in progress? What I mean is I still work for my employer; I still contribute to my 401k.