All Forum Posts by: William "W.J" Mencarow

PaperSource2020 is rescheduled to Sept. 3-5, Las Vegas, same hotel.

Jordan, some good suggestions there.  Steph, be aware that some of those concentrate exclusively on non-performing notes, which is a different investment than performing.  For the latter I suggest you check out Jeff Armstrong:

For really advanced training, you can't beat Tom Henderson:  

http://weblink2.com/hpnotes/

Vadim, I learned a lot from a book called "Landlording" by Leigh Robinson.  I've also learned a lot from John Schaub.  In 35 years of owning rental real estate my tenants have taught me a great deal, mostly what not to do.   Maybe I'll write it all down one of these days.  Eva, you can learn a lot about notes here at BiggerPockets.  Beyond that, modesty forbids me from answering your question.  So do the rules of this board :)  I'll let others answer.

What got me started in notes?  My tenants!  When I realized that when there's a problem in a rental the tenants never call the mortgage holder, that did it for me.  Since then I've learned how to manage tenants so landlording is easy, and real estate has been a great investment, but you can't beat notes for cash flow.

Thanks, Melanie!  Good recommendation for Scott.  We both agree that you can't teach people how to buy notes and get the best price -- and then offer to sell them notes.  

“There is an inherent conflict of interest with any education program that offers investment assets as well.

"Note investors beware: someone can't be an impartial and expert educator and also offer assets for sale. The
educator's fiduciary obligation is to teach discerning and quality due diligence (and to help one master the art
of the negotiation) to maximize the student's profit from the acquisition of an asset. The note seller's function is
to maximize the asset's sale price. The two are, by definition, in conflict. If you expect a two-for-one deal you're
merely asking to get screwed.”

"There is an inherent conflict of interest with any education program that offers investment assets as well.  Note investors beware: someone can't be an impartial and expert educator and also offer assets for sale. The educator's fiduciary obligation is to teach discerning and quality due diligence (and to help one master the art of the negotiation) to maximize the student's profit from the acquisition of an asset. The note seller's function is to maximize the asset's sale price. The two are, by definition, in conflict. If you expect a two-for-one deal you're merely asking to get screwed." -- Dean Engle, Park Tree Investments, in the Sept. 2017 Paper Source Journal

Chris, it's Bill Tan:  https://www.linkedin.com/in/bill-tan-67a0117?

Hi Mike, 

This may help:   http://papersourceonline.com/locating-lost-notes/

Hi Nehemias,

"if I buy a group of payments; do I have to wait for those payment numbers to arrive before I get paid back for them?"

If you bought a partial and the first payment you bought starts in the future, of course you will have to wait for them.   That is done, but most people buy the next X number of payments.  For example, you might buy the next 60 payments of a note with 120 total payments.  Then you get the next month's payment and continuing for the remainder of the 60 months of payments, every month.  Then the payments go back to the person who sold you the partial.

To use your example, it is certainly possible to buy the last 5 years of payments on a 30 year note.  Those payments would be deeply discounted because of the time value of money.

That is why I recommend that when you sell or broker a note, sell or broker a partial and keep the last few years of payments for yourself.   You will make almost the same amount of money, but you will have income years from now with nothing invested.  Do that over and over again and you will never have to worry about retirement.

Feel free to PM me if you would like more about how to do this. -- Bill Mencarow

Jeff, contact Bill Syrios or Sandor Lau at http://stewardshipcapital.com  They are based in Portland.  Feel free to let them know I referred you.  -- Bill Mencarow