Posted by John Behle on November 16, 1998 at 13:11:54:
There are many posts here talking about cultivating buyers and financing sources as well as an article on “Financing Paper”. They also explain the strategy and reasoning of not selling, but buying and financing notes.
That being said, there are numerous sources to sell notes to. In the “links” section on this site, there is a link to “America’s Note Network” at www.notenetwork.com. There are many buyers represented there both small and large. National and local.
There’s two approaches when you start. You can work with or affiliate with a broker or you can go direct to the funding sources. If you use a broker, seek out one that has some substantial training and experience. There are many you’ll run into that have had very little. Ideally, look for someone in the business 20 years, not 20 days.
You can go direct to the funding sources yourself. If you are looking to become a broker and hopefully later an investor yourself, they may be a good resource to start with. If you are looking to sell notes to facilitate your real estate transactions, then a local broker or funding source may be your best bet.
The largest funding source with a wide variety of programs is Metropolitan Mortgage. Their website is at www.metmtg.com. Check them out first and then get to know all of them. Met is for real. Some of the others are just smoke and mirrors or glorified brokers, not real funding sources.