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Cash Flow Brokers, Note Brokers, Discounted Mortgage
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Money Trading Mortgages by Del Ashby.
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If you want to be a broker or investor, you must read this book.
Includes contracts and forms.
Click here for information.
Deals
On Wheels by Lonnie Scruggs.
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Taking
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The Ultimate Way To Find Notes In Today's Market
"Marketing methods that worked in times
past do not necessarily work in today's market. My experience
has shown me that there are many marketing techniques that can
only be described as myths, because I have never found them to
work. Note brokers and investors need high-quality, focused marketing
plans, including the tools and training to execute these plans."
$3.00
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Using The Power Of The Internet To Find Notes "
Many people sell their notes within about six weeks after turning
down a quote. If that quote was from you and they sold it to someone
else, why? Was it your price? Perhaps, but I think it is more likely
that when they finally got around to making the decision to sell
the note, they sold it to the person whose name was in front of
them. One of the best ways to put your name in front of those potential
sellers, and to keep it there, is through using the power of the
Internet and e-mail; specifically, combining an Internet home page
with a highly-targeted e-mail marketing system..."
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How Hank Harenberg, All-Time Top Note Broker, Finds Notes
"Hank Harenberg knows more
about finding notes and marketing a note brokerage business than
anyone else we know. When he sold notes exclusively to Metropolitan
Mortgage, Hank Harenberg was its biggest producer nationally. (Top
producers won all-expense-paid trips to Hawaii. Hank won 18 trips!).
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The Power Of Simultaneous Closings The
great advantage to the note broker or investor in a simultaneous
closing is that there is no one else bidding on the paper. Simultaneous
closings also make it easier to find paper. Instead
of trying to find and buy the existing notes, you buy them before
they hit the market.
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Buying Notes From Lenders In Distress (John Schaub)
"In the 30-plus years I have been buying
real estate and notes, the past few years have presented the most
opportunities for buying notes at huge discounts. Owners of
real estate are not the only ones in distress these days. Lenders,
both private parties and institutional, own notes secured by mortgages
and trust deeds which are non-performing..."
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Dale Ketcham: Buying Mortgages Since 1970 "
I got a magazine today in which I am running an ad, and there are
four other mortgage buyers who also have ads there. Every one of
them says, "Sold your property? We buy mortgages, annuities"
etc. They all look the same except mine. I know I get calls because
mine is different..."
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Marketing For Business Notes "
There are several strong avenues to market for business notes. Some
will be costly, some will cost nothing but your time (which is a
valuable commodity that is not to be wasted or taken for granted).
The key to be successful is to strike a balance between the two,
based on your budget (or lack of one) and the time you have available
for one-on-one marketing, networking, follow-up, etc. It’s
not necessary to take out expensive ads in numerous publications
to establish an effective marketing campaign."
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Your Marketing Toolbox (3 Articles -- Buy 2, Get One Free!) "Even
though you have competitors, your goal should be to have no competition!"
3 Articles For $2.00
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12 Questions To Ask Before You Rent A Mailing List Of Note
Holders
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Talk About A Creative Offer Letter! By
W. J. Mencarow. "I own some mineral rights in Texas. Every
so often I receive an offer to buy them. Here’s one of the
most creative, eye-catching concepts I’ve ever seen, and
one that could work wonders for you in getting your offers accepted."
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Creating Dealflow "Many
brokers make the mistake of only telling people who can obviously
bring them deals. What they fail to recognize is that the grapevine
is complex and invisible. If you're going to be spending time with
people, you might as well tell them what you do. For example..."
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Finding Notes "There
are some very cheap ways to get your name before larger groups of
people to let them know that you buy notes...25 percent of my business
comes from the following simple sentence..".
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Features Tell, Benefits Sell! (By Dale Ketcham) "We've
all heard the saying "Features Tell..Benefits Sell!" But
do you apply this principle when promoting yourself to buy that
mortgage? ...This list is an excellent model for you as you develop
your benefits."
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Set Up Your Own Network Of Note Finders Here's
everything you need to set up your own "bird dog" network:
a flyer to give potential note finders explaining how the program
works; a customized Note Information Form which they fill out and
fax to you when they have found a note; and a Referral Commission
Agreement. All the documents can be customized for your business
preferences.
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Sometimes The Best Deals Just Fall Into Your Lap
"After all of the closing
costs our out-of-pocket expense to buy the $10,000 second mortgage
was $680. The payback period on our investment would be 13 months.
The yield on our money would be 96.47%..."
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Use Seminars To Market For Notes "
"T his approach to selling is such a soft sell, that it's often
used by people who usually aren't considered salespeople, yet may
have to market (sell) to build their business. Sell your note business
by seminar. Your competition will if you won't. Here are 7 steps
to an effective seminar..."
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Finding Notes With Mortgage Brokers "
Mortgage brokers are one of the many sources you can use to find
transactions. Someone asked me "What is the best way to approach
them? ...letters, phone calls or what?" The second question
was, "How does the broker handle the transaction paperwork
and we still get to do the deal?"..."
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Sample Brochure For Realtors Explaining How You Can Buy Notes
And Help Them Sell Properties
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Two Sample Letters To Realtors To Find Notes
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MORE COMING
SOON! |
Click
here for questions or support
E-BOOK! Make Money Trading Mortgages by Del Ashby.
We think this is the best book explaining how notes/cash flows are bought
and sold. If you want to be a broker or investor, you must read this
book. Includes contracts and forms.
Save
55%! Just $19.95
Click here for information.
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How To Answer Noteholders' Favorite Questions
Eight questions you are sure to
hear from noteholders and how to answer them.
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Negotiation In One Lesson "
Here are some very valuable tools. How to use them, nobody can teach
you. But if you commit them to memory, and if you have what it takes
to be a good negotiator, you'll find this brief article to be one
of the most important you've read. If you have the raw talent, it's
red meat..."
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7
Secrets Of Successful Negotiators, by John Schaub "Negotiating,
like many things in life, is a skill you can continue to improve.
Like management, negotiating is more complex than it first appears.
It is not simply a matter of haggling over the price, as you would
when buying a melon at a roadside stand. Likewise, the best negotiator
is not the flashy, smooth talker. The best negotiator is the one
who is best prepared. Negotiating is a learnable craft, and one
that you should set a goal to learn. It pays better than any other
skill you can acquire..."
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What To Do When Your Quote Isn't Accepted "This
income is in addition to what a note broker would make brokering
other notes. This program is best for those situations when the
note holder does not want to sell the note, or when he just will
not accept the broker’s quote. That note holder may, however,
be very interested in a sizeable check every year and still own
the note..."
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Give Note Sellers What They Want & Still Profit (Reverse
Partial) "How many
times have you lost the opportunity to purchase a note because the
note seller needed or wanted more money than the quality of the
note justified?...This might be just one of the cases where a Reverse
Partial can be structured that will give the note seller a substantial
amount of cash at closing and the balance over the next year or
so..."
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The 60-Second Screen (How To Quickly Decide If A Note Is Marketable)
"I’ve watched hundreds
of note brokers go out of business primarily because they didn’t
solve this problem. The tragedy is, it’s easy to solve!"
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Ask Questions & Make Money! by Lonnie
Scruggs. "If you're running short of money, maybe it's because
you're not asking enough questions: Especially when it comes to
asking for discounts when you buy something. It's amazing what
results you can get sometimes by simply asking a question. Let
me explain what I mean by sharing several actual case histories
with you."
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Preparing Note Packages That Get Funded -- A 6-Part Series
For Just $4.00! "The
first thing a prospective note seller wants to do is talk numbers.
That’s the last thing I want to do. How can I talk numbers
until I have seen the "car" I am buying (the note, etc.).
I might not want it at any price once I have seen it!! Yet, most
people let themselves get trapped. They put their foot in their
mouth and lose deals by talking numbers first. It appears that
we get lulled into thinking that all notes are alike. There must
be a reason that they call the things we usually buy "NON-CONFORMING
PAPER..."
6 Articles For $4.00
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What To Do When The Seller Backs Out "What
happens when a note seller backs out of your deal? Anyone who has
been a note buyer for long has experienced the following scenario:
You get a frantic call asking for a bid on a note. You give the
bid and the note seller signs up with you. The note seller calls
you frequently wanting to know when they will get their money. Then
they stop calling. Then they won't return your phone calls. Finally,
you find out from some third party that the note is being sold to
someone else. Or, even worse, the deal mysteriously evaporates and
you never know what happened..."
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Don't Contact The Payor Or The Deal Is Off!"Most
note buyers have heard them; those dreaded words from the note seller,
"Don't contact the payor or the deal is off!"
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The Nature Of The Note Seller "When
I was young and just starting in the note buying business, I went
to a lawyer to get some advice. The first thing he told me was this:
"Always remember, Lorelei, every note seller is a liar and
a crook." I was shocked to hear him say such a
thing. I couldn't believe it. I read the same advice in George Coats'
excellent book Smart Trust Deed Investment in California:
"Experienced TD [Trust Deed] investors often claim that the
best approach to the investigation of any TD is to assume the other
fellow is a crook, and then work backward from there. Depressing
as it may sound, there is considerable justification for this attitude."
After thirty years in the note buying business, I understand exactly
what my lawyer and George Coats were saying..."
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Taming The Toughest Note Holders "“What’s
your discount?”
“What yield are you getting?”
“Why is the total of all the payments you are receiving so
much less than what you are offering me?”
YIKES!
Here’s a way to deal with those pesky questions..
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Calculating
Present Value Without A Calculator "
It is sometimes handy to have a way to "estimate" what
you will pay for certain notes (income streams actually) without
taking out your calculator..."
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Beginners SHOULD "Get In Over Their Heads"
"There is infinitely more
opportunity in doing the deals that do not fit into the "vanilla"
framework..."
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One Of The First Questions To Ask A Note Seller
One of the first questions a note
buyer must ask a note seller is, "How is the interest to be
calculated, simple or compounded annually?" The usual answer
is "I don't know. What does it mean, compounded annually?"...the
alert note buyer will never assume that the programming of a financial
calculator will give you the same answer as the face of the note...
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Negotiating "Impossible"Deals "It
is often true that the best deals can come from those situations
that look impossible or that no one else wants. The real
key to success in these cases is having the knowledge and creativity
to restructure the transaction to your standards while getting the
note seller an acceptable solution to his problem. Often, you are
the only one that can solve his problem because everyone else has
declined to buy. When the seller faces this, he is often very flexible
on either price or terms or both. In this article I will review
a couple of transactions we have done that may demonstrate some
creative solutions that can make these kinds of deals work.."
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Awaken The Untapped Power Of Paper, A 4-Part Series "In
most of the following techniques, knowledgeable investors are willing
to be either buyer or seller. They make the transaction favorable
to themselves no matter what role they take..."
4 Articles For $3.00
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Persuasive Telephone Negotiation "My
best advice for negotiating on the telephone is: Be quiet
and listen. Really listen. In the initial dialogue,
what should our objective be? I suggest that it should be to find
out why the person has called. If the call has to do with selling
a note, you will want to find out what they have for sale, what
they want for it and get to know them and their problems. You
will want to do these things BEFORE you give them any information...
Here are some examples of what I mean..."
$1.00
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How Do You Convince Note Owners To Take A Discount And Sell Now?
" I will confess
that in my approximately 25 years in this business I was never very
good at convincing unmotivated note sellers. If the only motivated
note sellers you are dealing with are those who receive your marketing
piece simultaneously with an IRS lien, pink slip, wage garnishment,
etc., your note business is in big trouble. To be successful in
any selling endeavor you must create urgency. Once you learn how
to create urgency your profitability will take a dramatic turn for
the better..."
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7 Rules For Quoting The Deal "How
do I hold on to the mortgage seller after I give them the quote?
They never seem to call back after our initial conversation. I
give hundreds of quotes, yet only get a few deals, and then most
of these back out before funding. Is this normal for the industry?”
A big misconception is that whoever offers the best
price, and can close the fastest, will get the deal. This couldn’t
be further from the truth.
You need to read this article by a former top executive
of the largest note investing company in the world.
$1.00
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Check the boxes for
all the items you want, then click the "Place Order" button
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THE PAPER SOURCE JOURNAL:
The Voice Of The Cash Flow Business -- Immediate Download of Recent
Issues -- Click
here.
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How To Broker Structured Settlements Learn
the ins and outs of this most unique niche business.
$1.00
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How To Broker Lotteries Interview
with Martin Granoff, one of the most expreieinced lottery investors
in the nation. "We have numerous times paid referral fees
exceeding $50,000 for a lottery acquision...One
of the most interesting and lucrative "alternative cash flow"
areas to work in is dealing with state lottery winners seeking
cash now for some or all of their future payments. As an investor
in this field for almost five years, we have learned quite a bit
about this business and want to share it with you."
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Can Structured Settlements Be Assigned?
"This case could
well be the seminal event in the litigious battle that has been
waged between the settlement purchasing industry and the insurance
industry over the legality of the assignment of structured settlements.."
$1.00
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Brokering Partially-Paid Life Insurance Policies (Senior Settlements)
"Healthy
people now are cashing in their life insurance policies, favoring
a smaller, immediate payout to themselves rather than a far greater
death benefit later for their beneficiaries. This business has
enormous potential yet is virtually unknown..."
$1.00
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Exclusive
Interview With The President of the Original and Largest Structured
Settlement Investment Company He discusses
what structured settlements are, how to find them, why the discounts
are so high and how to explain that to a settlement holder, why
the insurance industry is fighting the secondary market in structures,
and answers the question "should you specialize in brokering
structured settlements?"
$1.00
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Note Niche: Self-Storage Paper & List Of Investors Who Buy
It "
There's no better time to invest in or broker self-storage. Not
only has the industry become more legitimate in the eyes of Wall
Street, but also the public is becoming aware of its benefits..."
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Some
Issues In Advanced Structured Settlement Brokerage
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How To Buy and Sell Sports Contracts "
Sports contracts are employment contracts between professional
athletes and the team for whom they play. Generally, when these
contracts are negotiated they are for multiple years and have
a variety of deferred payment obligations payable to the player
and his or her agent."
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Can You Make Money From Judgments? Collecting
judgments is very difficult. I should know, I do it for a living.
It is much more complicated than these judgment courses would
have you believe. First...
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Why You Should NEVER Buy A Contractor Note
"In some 15
years in business as a national note investment firm, we have bought
thousands of notes. This is the story of the worst investment
we have ever made.".
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Brokering Real Estate Leases
" A real estate lease
is one where a property owner leases land and/or a building to
another. In a lease, the lessor's interest is generally assignable.
By providing us with a few simple documents, we will be able to
determine if a lease fits into our purchase guidelines..."
$1.00
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How A Niche Note Buyer Prospers
" The note
business has become so competitive and so broadly-based that one
has to become specialized in order to survive, and one has to develop
certain niches in certain marketplaces in order to survive. If you
are dealing with these national buyers and your note doesn’t
fit into their criteria, you’re out of luck, you can’t
sell it. In the meantime you have all these new brokers in the marketplace
that have come out of the schools that have proliferated in the
last few years. So the only way to survive is to develop different
geographical areas and niche markets... If you are a buyer of "plain
vanilla" deals, you cannot make money in the U.S. That’s
why we are buying offshore. We’re currently buying in Puerto
Rico, the Virgin Islands, Guam, the Philippines and certain South
American countries..."
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Deals On Wheels: Investing &
Brokering Mobile Home Notes, by Lonnie Scruggs
"This
couple
owned and lived in a 1980, 14’ x 64’ single-wide mobile
home in a park. They were moving out of the area and needed to sell
their home. After the park manager assured me that the home could
stay on the lot, I negotiated a purchase price of $3,350 for the
home. I spent $132 for advertising, so I now had a total of $3,482
invested. The home was sold 17 days later for $7,900. The buyer
paid $790 down and signed a note for $7,110 payable $228.39 for
38 months, 12.75% interest. So I now have a note for $7,110 and
I have $2,692 left in that note.
"Is my calculator lying, or is that a
96% yield?!..."
$1.00
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How To Evaluate A Land Note "The
joker in the paper deck of cards is the land note. A house
is a house. The houses in any one area are more or less alike, and
they have sold in a narrow range. A commercial property is a commercial
property, with values based on income: If the income from the property
won’t make the payment on the loan, don’t buy the loan!
But there are no such guidelines on a land loan. An appraiser
can make mistakes, but its very rare for an appraiser to estimate
the value of a property as DOUBLE or TRIPLE or even FIVE TIMES the
real value. But it can happen on a land loan!..."
$1.00
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How To Broker Church Financing "Although
most brokers don't know how to package church-related deals, these
are easy transactions to broker. "They're very simple transactions,
once they get the financial information correct," says John
Kucey, president of Concord Acceptance Corp., a mortgage bank
and securities agent that specializes in religion-related financing.
In a recent $550,000 loan to the Double Rock Missionary Baptist
Church in Double Rock, California, the broker earned two points,
or $11,000. The demand for religion-related financing is growing,
which gives brokers a sizable opportunity to capitalize on an
untapped niche market..."
$1.00
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Why
The Big Discount On Business Notes? How To Explain It To A Seller
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Is
Military Retirement Paper A Legitimate Cash Flow? Can
you invest in or broker military retirements/pensions? Better
read this before you try!
$1.00
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Buying Divorce Liens "You
won't find the detailed advice laid out in this article
anyplace else. We’re very pleased to present this information,
for the first time anywhere, in THE PAPER SOURCE..."
$1.00
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My Experiences Buying Bankruptcy Claims This
article explains what bankruptcy claims are, the secondary market
for them, the major investor for them, and do's and don'ts from
a bankruptcy claim broker who has added them to his cash flow
product line.
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Cash Flows You Don't Know About Here
are over 40 cash flows to buy and broker that most people have
never thought of. Specializing in an area that few if any are
working can be very profitable indeed. (This is a list of cash
flows only, to give you ideas.)
$1.00
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Improving
Your Success Rate In Commercial Notes
"Every day I see numerous quote requests come
across my desk for pricing. Approximately 25% to 30% of these
are commercial quote requests. When reviewing these commercial
quote requests
the most common question I have to ask one of my sales reps to
verify is: "Was the sales price
for the real estate only?"
Why do we ask this question? Why is it important? Why should the
broker ask this
question of his note seller up-front?"
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Divorce Lien Differences by
Lorelei Stevens. There’s more than one way to buy a divorce
lien. One is ideal, the other, very risky.
$1.00
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The Investment That Won't Stop Paying by
Lonnie Scruggs. "I've collected a total of $23,747 on
this one old mobile home. My original cost was just over $4,000
."
$1.00
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Commercial Paper Niches With A Potential For Riches
"Almost everyone knows
about the active secondary market for residential mortgage paper.
By contrast, I operate in the limited and little-known, but potentially
"rich-niche" field of commercial property paper."
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Monthly Income From An Old, Ugly, Cheap Mobile Home by
Lonnie Scruggs.
"I don’t even have to leave the house to get paid, but
that nice couple living in that mobile home have to go to work
every day so they can send me a check. And they get to do it every
day times 40 months; all made possible by an old, ugly mobile
home that most investors wouldn’t consider of any value or
collateral."
$1.00
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Mobile Home Notes: Profitable, But...One
of the ways to find “good notes” is to generate them
through business transactions of your own. The mobile home business
has been touted as one good way to do that. As with most things,
they also have a downside...
$1.00
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Click
here for questions or support
E-BOOK! Lorelei's Legal Lessons: The Essential Guide
For Successful Note Brokers And Investors by note industry veteran
Lorelei Stevens. Click
here for information.
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The Case FOR Creating Notes By Simultaneous Closings
"Simultaneous closings are those in which
a seller of a property agrees to seller financing, and the note
created is simultaneously sold at closing. The debate over simultaneous
closings is raging – are they legal, are they ethical, are
they for real? (yes, yes, yes!). We fund simultaneous closings.
In fact, we love them, as they allow us (and our brokers) to provide
a necessary service to the real estate marketplace. And, the other
benefits are also nice: 1) no one competing against you for that
note; 2) working on a note you know you can buy, and 3) time not
wasted chasing notes others have "beaten to death..."
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The Case AGAINST Creating Notes By Simultaneous Closings
"There are two major reasons why some note
buyers avoid this type of transaction. First, it falls into a gray
area of the law. It could be considered a loan disguised as a sale.
That could have serious legal consequences. The second reason is
that simultaneous closings are used almost exclusively with "credit-challenged"
payors or with properties that could best be described as "dumps"
or homes sold at inflated prices, inviting costly defaults. The
note buying industry is divided on this issue.."
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The Inside
Scoop On Note Frauds Letters of credit...prime bank
notes...bank guarantees...advance fees...Ponzi schemes..."419"
fraud...MLM pyramid schemes...Are you prepared to recognize these
note frauds, or will you be a victim?
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Brokers At
The Crossroad: The Return of the Private Investor "The
entrepreneur who will succeed during the next 15 years will be the
one who can find and fund his or her own deals..."
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FLIP FLIM-FLAM!
The documents are doctored, the appraisal is false, the buyer is
phony, the down payment is a lie. An old enemy
is out there waiting to pick your pockets and separate you from
your hard-earned money. Rest assured, if you are in the note business
long enough you will succumb...or at least be tempted...by the profitable
charms of the flip flim-flam.
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When Is A Note Not A Note? When It's A Loan!
"You want to make money buying
notes. They can go by several names -- notes, trust deeds, paper
-- but whatever you call it, making money is the point. You
see many opportunities to buy notes. But you might not see the pitfalls.
And if you don't see them, you can find that buying notes is a good
way to go broke instead of a good way to get rich..."
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Tax Filing
Requirements For Note Holders "
Do you know whether or not you must file a Form 1098 with the
IRS and provide one to your borrowers? There are general rules
to follow..."
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Advice On
Note Attorneys "As a buyer
of seller financed notes, you should have each transaction examined
by a qualified attorney. But who is qualified? Like most note
buyers, I had assumed that a good real estate attorney knows all
about notes. I was wrong..."
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What Does "A," "B," "C" Credit
Mean? Credit scores
are a relatively new tool for assessing risk in the note purchasing
business. While scoring is used to help evaluate our risk assessment,
some investors continue to rate credit "the old fashioned way."
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Usury -- Old, But Dangerous "
Just as an old mine floats and bobs out of sight, usury hovers just
out of sight of most every consumer loan and promissory note transaction,
but always at the ready to blow a deal out of the water — and do
great harm to the participants. Did you know that recourse can turn
a low interest note into a usurious loan? Nearly all states have
usury laws regulating CONSUMER loans."
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Credit Problems? No Problem! "
A great deal of "spam"
is circulating around the Web sent by people promising that they
can erase your bad credit, 100% guaranteed, or legally create a
new credit identity. Some claim they can remove bankruptcies, judgments,
liens, and bad loans from your credit file forever! Let's
start off by stating that there is one way, and only one way, to
have a good credit record..."
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Risky Recourse "If
a noteseller sells us a note with recourse, does the law consider
that a loan from us to the noteseller? It might be considered
a loan because the noteseller has the final liability for paying
us back. The legal question is this: If it was a loan, and
our yield on the note was higher than our State's usury laws allowed,
would we in effect be charging illegal interest?..."
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Endorsement Vs. Assignment: Not Knowing The Difference
Could Cost You " By
taking less than an endorsement, you are likely giving up valuable
legal rights..."
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Some Problems With Partials "Partials"
are subject to many pitfalls and must be carefully examined prior
to you making a commitment to use your hard-earned money on what
may be more grief than success..."
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Can You Order A Credit Check Without The Note Payor's Permission?
"I want to buy a note. Can
I order a credit report on the payor without the payor’s consent?"
This question has haunted note buyers for years. The answer appears
to be..."
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Mythical Money: Prime Bank Notes "Your
company needs money. Your bank won't lend it to you. You seek your
business loan on the Internet. Within days, some broker offers your
company a Prime Bank Guaranteed (PBG) Loan. If you accept this loan
offer, you will be a victim of one of the oldest scams in the world..."
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How I Got Burned By An Institutional Note Investor
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How I Got Scammed By A Mailing List Vendor
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Should You Take A Deed In Lieu of Foreclosure? Sometimes
it's a good idea, sometimes it's not. Here's advice to help
you decide what to do.
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Balloon Battering "Note
buyers must be aware of the "Balloon Battering" law
in Chapter 13 bankruptcy. A final balloon payment can be
delayed by the buyer of the home for up to five extra years! ..."
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Who Gets The Money When The Seller Of A Partial Disappears?
"
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Selling Your Home? Does The Buyer Want You To Take Back
A Second Mortgage? Better Read This!
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Note Brokers, Lending & Securities Do
note brokers need a securities or lender's license?
What term should you NEVER use for the note seller? What term
should you NEVER use for a note transaction?
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The Soldiers' And Sailors' Civil Relief Act "Debtors
in the armed
forces can claim their service has affected their ability to pay,
and you must reduce their interest rate to no more than 6 percent."
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Never Call The Note Seller Your "Client"! Here's
the language you need to look for and change in every contract you
use. Otherwise you face possible legal liability. Let's hope someone
in the note industry doesn't get sued by some unhappy note seller
because of agency.
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The Law On Paying Real Estate Agents Referral Fees For Notes
"If you don't follow the rules you
might find yourself a conspirator in an unlawful scheme and you
might face criminal or civil penalties for your part in the deal."
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What Makes A "Safe" Mortgage Investment? 24 Experts
Tell Us We asked two dozen of the veteran
investors in the note business to tell us what makes a “safe”
mortgage. Whether you are primarily an investor or a broker, you’ll
learn a great deal from these answers. Even those who broker everything
and never invest themselves should know what their investors need
to have in a note.
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Preparing Note Packages That Get Funded -- A 6-Part Series
For Just $4.00!
6 Articles For $4.00
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Closing The Deal: Food For Thought "Prepare
your seller that your offer is "subject to appraisal and
title." Do not carve your offer in stone because you may
have to backtrack later if the appraisal comes in low or a tri-merged
credit report appears worse than originally observed. Perhaps
additional liens will appear or there is some offset with the
payor... Leave room both in your agreement and conversations and
representations. If the deal is still do-able, you may have to
come back and offer a partial, split, or some payout by the seller
of payor’s past due real estate taxes, insurance, etc..."
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Save
Money & Close More Deals!"
How much money have you spent on deals that never closed? If you’re
like me, you don’t want to know. When you’re first starting
out you make a lot of mistakes. I remember ordering title searches,
appraisals and credit checks on deals without even having a signed
purchase contract!
When we buy a note, we now do it a little differently. After
reviewing the intake sheet and determining that we want to buy
the note, our next step is to negotiate a deal and get the seller's
signature on a purchase contract. Then we get the standard stuff...Sounds
pretty normal so far? Just wait..."
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Talk About A Creative Offer Letter! "I
own some mineral rights in Texas. Every so often I receive an
offer to buy them. Here’s one I saved. It is one of the most
creative, eye-catching concepts I’ve ever seen, and one that
could work wonders for you in getting your offers accepted. Obviously
it will have to be rewritten for a note purchase, but the ideas
are all here..."
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The Tootsie Pop Mortgage "
During the course of your involvement with seller-financed mortgages
and trust deeds, you will eventually run into what is known as a
wrap mortgage. What is this thing? Is it something you give as a
gift, a hip new type of note (no pun intended) or maybe a mortgage
that has come to the end of its term like when you hear, "That’s
a wrap" at the completion of a project? Common sense tells
you it’s not one of the above, but what is it?..."
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Locating LOST Notes "
If you are involved in a note transaction, the original note
is your first concern. If you are selling or buying a note
with a balance due, or releasing the note after it’s paid
off, you must have the original note. A copy or facsimile will
not do. If you are involved with a seller-financed real estate
note or a business note or a divorce lien note, here are some
points about original notes..."
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What's A "Holdback?" "For
newer brokers who aren’t aware of what a "holdback"
is, and for those of you who know and don’t like it, here is
some food for thought. A holdback is one or more payments deducted
or "held back" from the broker’s or seller’s
proceeds at closing. When Metropolitan funds a note purchase, the
buyer has not yet been instructed to send payments to us, so their
next payment due will likely be sent to the seller. We then utilize
the holdback.."
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Mortgagee vs. Mortgagor: Do You Know The Difference? "
Buyers, sellers, real estate
brokers, even bankers get confused, sometimes, by the difference
between "mortgagor" and "mortgagee." The
confusion arises because they’re mixed up about who actually
does the mortgaging. Most home buyers say they’ll go to a lender
"to get a mortgage" and real estate brokers do the same:
"We’ll find a bank to give you a mortgage."
That’s all wrong, though..."
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Title Insurance:
Who Needs It? "Watch out for the uninsured
deed. You may be looking at a legitimate transaction that is technically
legal. But the realities of the situation are that the transfer
is not yet complete for practical purposes. In the worst case (a
deceased grantor or a grantor who has "changed his mind,"
among other possibilities) it may be necessary for the new owner
to take court action to quiet title..."
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Brokering
Notes To Private Investors The Smart, Easy and Profitable Way “Sorry,
we can’t purchase this note. Our underwriting committee does
not like your payor’s credit and the appraisal’s comparables
are poor.”
How many times have you heard this from a large institutional
investor? What do you do with the notes that do not fit into the
institutional underwriting box -- but will fit another investor’s
box? This is where private investors come into play. A private
investor is an individual who purchases notes for their retirement,
trust account or in their own name..FOR
ADVANCED BROKERS & INVESTORS ONLY
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How To Collect
Bad Debts
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How Do You
Verify The Down Payment? "When is a sale not
a sale? If you can’t verify the down payment supposedly made
when the property was purchased, don’t buy the note. Here
are some ways to verify that the down payment was made as represented."
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The Creditor's
Dilemma: Collecting On Judgments
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MORE COMING
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Some of the Best Advice To A Beginner We've Seen ""Could
anyone let me know if on a part-time basis it is possible to generate
$800 to $1600 a month starting out the first year as a note broker?"
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Confessions of a Novice Note Broker " One
year ago, armed with what I thought was at least adequate knowledge
of the note business, I stepped into the arena to conquer the note
world. Surprise! It hasn’t turned out to be at all like I expected!
The results have been beyond my wildest dreams: I received
about $80,000 in commissions, I have agents working for me, a central
office that handles paperwork and we are now moving into other states.
I have a priceless support group and my business now comes from
referrals. The knowledge I have gained has made me much more competent
and resourceful in the business world. If I lost everything today,
I could rebuild in an even shorter time. And this is because of
all my mistakes. Piles and piles of mistakes. Little mistakes and
big mistakes. Business mistakes, personal mistakes and financial
mistakes..."
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What Makes A Marketable Mortgage Note? A
summary of what factors give value to a mortgage note. Useful when
writing your own notes and to give to real estate agents and others
who will be writing notes that you may buy.
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What Being A "Broker" Really Means "What’s
wrong with this picture? "I'm brokering a note. At
closing, it's assigned to me, then I assign it to my investor. The
investor's attorney says this is a problem (usury - he looks at
the discount as points, etc.). Also, I think there's a possibility
the investor could sue me if the note goes bad."..."
This also includes an "Assignment Of Contract Rights"
that brokers can use to protect themselves.
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10 Rules For Success In The Note Business In
today’s competitive market, everyone is tempted to cut their
profit margins drastically just to
get the deals. Don’t do that. Remember the old joke about
the store that lost money on everything they sold, but they claimed
they made it up in volume? That store is out of business. You
might want to pin these note business axioms up on your
wall...
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THE PAPER SOURCE NOTE DICTIONARY Glossary
of over 200 terms used in the note and cash flow business.
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Beware Of These "Buyers" -- How National Note Investors
Work (And How To Tell The Genuine Ones From The Phonies)
"This is a very small industry. Some of the big seminar or
infomercial gurus would have you believe that is not true. They
lead you to believe that there are hundreds if not thousands of
investors just waiting to buy your note. This is a big fallacy
that could lead you into trouble."
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How To Set Up Shop Practical
advice for setting up your home office.
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12 Experts Give Their Best Advice To Note Brokers We
recently asked twelve of the major investors in the note business
to complete this statement:
“If I Could Give Just One Piece Of Advice To A Note Broker,
It Would Be...”
Here is what they said.
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Have Taxi, Will Buy Notes "The
call came in early on a Monday morning. Seattle Yellow
Cab’s central dispatcher snapped, "I have this all-day
job here, Dennis. They have papers to be picked up from the court
house, go get signatures, that kind of thing. Want it?"
"Sure," I replied. "Work is work." "Okay,
see the lady at Wall Street Brokers. Corner of Fifth and Wall
Street." It was a nice address uptown.
"When I walked
into the office, I instantly recognized the look on their faces.
I’ll admit I’m a burly guy, and some people do think
I look like a cross between Santa Claus and a biker-bar regular.
And it’s true that people stare at my shoulder-length hair
and Indiana Jones hat. But I win them over. "Hi!"
I said brightly. "I’m Dennis Roberts, the singing taxi
driver. I’m here to pick up those papers at the court house
for you." The lady introduced herself as Lorelei Stevens,
President of Wall Street Brokers. She did a pretty good job of
not staring while she explained her business—buying seller-financed
notes. I would be courier for some very important deals today.
Then she said I looked like a character actor in the movies.
"Good guess," I said. "I am a character actor.
Ever see the television series Northern Exposure?"...
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Tricks Of The Trade "I
want to share with you a case having so many twists and turns that
it presented a myriad of opportunities to learn...I made over $7,000
profit on the first 89 payments and will repeat that every 89 months
for the next 30 years — and you can, too..."
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How Many Note Brokers Are There? & Four Key Areas That Will
Define The Future Of The Note Business How
many note brokers do you think there are in America, full-time,
part-time, even virtually no-time (one deal in a year)? 5,000? 10,000?
100,000? One company that pitches note broker classes via massive
direct mail and TV infomercials said as of a few years ago they
had trained 11,000 people (so the number is a lot higher now). Another
claims to have trained 5,000. Another says they’ve taught 7,000.
Put it all together and at least 25,000 people have taken note broker
classes in the past few years. What do you think the success rate
is (or ought to be to justify the high prices)? Do half of them
make it? More? Less?
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5 Things A
Successful Note Buyer Must Have "I
think there are five things that a successful note buyer must have.
I define successful as making over $100,000 net per year. How does
he or she do it? Here are my observations..."
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Maria's Money "My
name is Maria Stevens, and I just had my 10th birthday. I'm lucky
that I've already started to make money with real estate and business
notes, so I can save for college! I may seem young for this, but
I trust the advice I get, and I really like the idea of making money!
"Maybe you'd like to do what I'm doing, so let me explain.
I only buy small notes, and split the cost with my brother. I've
bought seven notes so far, and two have paid off already! I paid
$1,500 for the first note, and (believe it or not) I made a profit
of $4,823 because the note paid off really early! My second note
cost me $500, and my profit was $698! ..."
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The #1 Broker For The #1 Volume Investor Shares His Secrets
"In
1984 I was doing one deal a month or every two months. When I worked
by myself it was about four deals a month. Now we close a deal a
day.
When I won the BMW at the Metropolitan
Convention, as I was leaving the podium a lady grabbed me by the
lapel and said, "I’ve been in the note business only
six months. Tell me one secret of your success!" I said..."
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7 Rules For Quoting The Deal "How
do I hold on to the mortgage seller after I give them the quote?
I give hundreds of quotes, yet only get a few deals, and then
most of these back out before funding. Is this normal for the
industry?”
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