I’m New to the Note Business – How Can I Find Notes to Broker?
There’s been a lot more interest in seller financing and the discounted note business these days, but people generally tend to feel kind of lost, even after taking a course or two . . . and I was one of them 5 years ago. Here’s a couple of emails I’ve received recently:
I am very new to the notes business. I’m in the process of closing my first note deal. The one thing I’m finding difficult is finding notes. From my research there are literally millions of notes out there. Can you give me some pointers on how to find these notes. I have a few strategies I’m currently trying that seem to get me so far but haven’t landed me any real results. But I’m not giving up on those leads. I’d like to be able to find a couple of leads that will allow me supplement myself while I seek out the bigger deals. Do you have any advice for the new “note finder”?
You’ve got the same basic problem most people have, and I don’t have any magic pills. Part of the reason I created my seller financing focus was to help people learn about seller financing (how to create a good note) so that I can make money now helping people close real estate transactions, and have opportunities lining up down the road when and if the note holder ever wants to sell. I use several different activities to support myself:
- traditional real estate brokerage
- note brokerage
- side business reflecting my other passion (health and fitness)
Eddie Speed does a good job training people in becoming seller financing consultants as well as note brokers. I personally couldn’t live only off the notes I’m able to broker . . . I need other things as well. Read a little about Eddie’s mentoring.
I’m transitioning from 20 year Flight Instructing career to a career in the cash flow industry. I have been to your website, read some of your informative articles and currently received your email newsletter. I believe I understand rightly that you are both a successful realtor and note finder/investor. So assuming that’s right, may I ask you three questions about the note biz from your perspective?
1. What daily action steps would a note finder have to take to begin closing 10 note deals a month starting within 30 days from now?
2. How many note deals do you close a month?
3. Assuming that you are still marketing for notes and not relying on referrals only like one woman I know, what exactly are the daily action steps you take to bring in that number of note closings a month?
Thank you for your time. I appreciate it.Sincerely,
I’d love to be able to say that I’m closing 10 or more note deals a month, but I’m not yet, and a lot of people who have been in the business a lot longer than I aren’t closing that many (although some are undoubtedly doing a lot more).
Frankly, it’s been a long, organic process that continues to evolve for me. Instead of buying a lot of note holder lists, I lean towards the internet and educating and networking. The web 2.0 revolution is very powerful and has helped me with the limited success I now have.
I still have a long way to go, and don’t have any original material created yet to help others, but I would suggest you get a strong education in the note business and seller financing so that you can stand out amongst the hundreds of wannabees out there that dilute the market.
Being good at what you do, following up, doing what you say you’re going to do when you say you’re going to do it is very important. Dependability and integrity is imperative to your long term success.
Best wishes in your pursuit of financial freedom,
If you liked this, why not sign up for the feed?