Sorry IRS, I prefer IRA - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on September 13, 2003 at 15:57:35:
Yes yes three bags full. It sure is worth the risk. Warren Buffet did more with less (see below). Start right in your own backyard. Here is how, step by step:
A. Put on waders or hip boots.
Run a paid ad on CREonline, and you should be flooded with high yield notes from this board.
Start out by only buying notes close to home for inspection purposes, for ease of dealing with payors, and in case you need to take one back and resell it.
Be selective, try to deal with ethical note sellers who have plenty of assets and good credit, even if they won’t be paying on the note.
The man with the gold makes the rules. Isn’t that the Golden Rule? Well then make some RECOURSE rules for your protection.
You can always buy notes on a recourse basis if you wish. If they go bad the seller guaranatees them and will step in and take them back, usually substituting another note until he fixes the old one. This is why its important to deal with quality note sellers, people with excellent reputations for fair dealing, who will stand behind their notes. This should be the only way you buy them at any appreciable distance from your home, or while you are a beginner in this field.
You should expect to earn 20%-36% per year on your money. I choose that final number because it divides nicely into 72. Remember the rule of 72? Divide your interest rate into 72 and you will get the number of years it will take to double your money.
Warren Buffet claims to have averaged only about 23% per year on his investments. Theoretically you could become a mega-billionaire too, just like him. You could do it just dealing in mobile home notes, while sitting on the beach in Tahiti.
Note, notes could be purchased through a Roth IRA. Tax FREE for 3 generations and even inheritable. Just try telling the Social Security Administration that you want your social security payments to go to your children after you die (for a good laugh). What more could you ask for?
Sorry IRS, I prefer IRA.
Just dont’ base yours in Ireland.