Posted by Nick on December 09, 1999 at 22:34:15:
Thanks, Mark. I certainly appreciate the response and the advise. I know that I’ve seen much the same message in some of the articles that I’ve read on this site; but I guess I takes time for a newbie like me to have things sink in after working with a totally different mindset for many years. I appreciate it a lot.
Locating notes - Posted by Nick
Posted by Nick on December 09, 1999 at 07:49:29:
John Behle, I probably should have posted here before I bothered you with an email. I apologize.
I would like to ask the people here who know what they’re talking about where I can locate seller carryback notes so that I can flip them to an investor or get a finders fee for the effort. So far my efforts at getting assistance from an agent or a broker have been met with a cold indifference.
I’m not sure if the Recorder"s Office is the place or if somewhere else is.
TIA.
Re: Locating notes - Posted by Mark-NC
Posted by Mark-NC on December 09, 1999 at 21:52:18:
Nick,
Yes, you can find existing notes at the court house but
Finding existing notes is a tough way to make it in the note business. They are out there but it is a very competitive field. There are companies that hire people to go to almost every court house to find existing notes and they will do mass mailings. The failure rate for people trying start this type of business is over 90%. You have to be very aggressive and creative in finding them. I am not saying it can’t be done but it is hard to keep a constant supply of them comming accross your desk to make a decent living doing it.
In my opinion you will have better luck with newly created notes using a simultaneous close.It is easier to structure the deal for the best buy rate on the note as appossed to looking at existing notes that are in most cases set up for poor yeilds.
There is a great deal of money to be made in existing commercial notes as a broker but the paper work and knowledge to put one together is intense and the amount of time it takes to put one together is lengthy but the rewards are high.
Also as an FYI there are many companies out there that teach this type of business ( finding existing notes) so it has flooded the market with Note buyers trying to find them. I am not trying to discourage you but it takes some time to become familliar with the business to be proficient at it.
Good luck
Mark