In my opinion… - Posted by Mark-NC
Posted by Mark-NC on February 04, 2001 at 08:32:49:
Michael is absolutley right. To be honest, this is a very competitive business. I have been involved in the note business for a few years and in my opionion it will take a lot of time and effort to be able to make a fair living at it. In fact In the last 6 months I have pretty much droped the buisness because I found much easier ways to make more money with much less effort using real estate.
One of the reasons is, there is a lot of competition in the business for existing notes. You will spend a lot of time and money chasing down these notes. You will be compeating against big compainies that send out mass mailings to existing note holders. You will find that the amount of time you put into trying to locate and buy these notes will not be that big of a payoff.
If you are thinking of brokering new notes with simultaneous closes, you can probably find more of these but the restrictions are getting tighter on this type of note and there are only a couple of National Note buyers even buying them.
I have seeen many people come and go in this business in fact I would say the failure rate is over 90%. I am not trying to discourage you. By all means if you think you can, go for it, but be ready for some major disapointments.