Posted by John Behle on April 13, 2000 at 12:52:28:
The biggest risks in the note business is not knowing enough, being mislead in your education and approach or just in spending a lot of time and not succeeding.
As far as educating yourself properly, realistically and in-expensively - this is the right place to start. Continue to follow this forum and read all of the paper articles by myself, Terry Vaughan, J.P. Vaughan, Lonnie Scruggs, Jon Richards, etc. that are posted here. There are new articles posted at my website also. Once you read all that, you will have a pretty good understanding of the basics of paper. Then you would benefit from some courses. Anything by the above authors would be good as well. You may even find some paper courses or books at the library or even thrift shops.
Be careful about the promises of making tens of thousands per month in brokering notes. It is possible, but right now that side of the industry is very competitive. You can start by brokering notes and the best approach is to learn how to find them and then work with an experienced broker to help you close them. Then as you learn more, you may want to make a little more brokering them direct to the funding sources yourself. At the same time, the money is in finding the notes. You could be better off just beefing up the “production” so to speak and finding more and more notes as opposed to getting caught up in all the details of the brokering and “due-diligence”.
Then, as you really learn the business well, you can develop your own funding sources and actually buy notes for your own portfolio and treat the business as an investment, instead of a job.
Keep in touch here and we’ll take things step by step.