Cash Flow Brokers, Note Brokers, Discounted Mortgage Investors

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E-BOOKS! Immediate Download!

Lorelei's Legal Lessons: The Essential Guide For Successful Note Brokers And Investors
by note industry veteran Lorelei Stevens. "If I had read her book about 6 years earlier,
I would be $200,000 happier." -- Rick Cogswell, Katrick & Associates.

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.

How To Use Your IRA, 403b (TSA) or Pension Plan To Buy Real Estate, Notes, Judgments...And Other Things
By John Merchant, J.D.
Did you know your IRA or other retirement plan can buy notes and real estate and other things like leases, tax lien certificates and much more? Perhaps you say, “My banker tells me it cannot be done and my stock broker says it cannot be done and my accountant says it cannot be done, and, and, and...”
WELL, YES IT CAN (despite what those "experts" say), AND IT’S EASY!

Deals On Wheels by Lonnie Scruggs. Do you think yields of 15%...25% and more are impossible without great risk?  Think again! This book changes lives -- you can sell the notes for big profits or keep them for big yields. Includes contracts and forms.

Making Money With Mobile Homes by Lonnie Scruggs.
Thousands are profiting by what they've learned from this book, the follow-up to Deals On Wheels.
It teaches proven facts, not theory. Loaded with case studies.

Taking The Mystery Out Of Money -- Lonnie Scruggs' latest! Are you so busy trying to make a living that you aren't making any real money? Most people spend their entire life working for money, only to wind up old and broke. If you depend on a "job" for your income, then you need to learn what financially successful people do...make your money work for you. This book shows
you how to work smart by doing a little work one time, and getting paid for a long time. If You Get Rich While You're Young, You Can Have A Blast Growing Old!

Tax-Free Real Estate Investing: Maximizing Your Financial Potential Using IRAs by Steve Case. These are the secrets that very few professionals know, and that are shared by only a handful of financial advisors to the rich but that commonly go unnoticed by the rest of the world. 


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Veterans can apply online for a Mortgage and Loans or a VA military loan at the VA Mortgage Center's website


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How To Find Notes

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."

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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  

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
"This 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!

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 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. Just $19.95 Click here for information.

Negotiation for Note Brokers & Note Investors

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..."

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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..."

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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..."

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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.

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Cash Flow Niches

How To Broker Structured Settlements   Learn the ins and outs of this most unique niche business.

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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.."

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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..."

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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?"

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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..."

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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?!..."

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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!..."

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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..."

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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!

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Buying And Brokering Future Lawsuit Settlements Have you ever heard of investing in and brokering future lawsuit settlements? No? You’re not alone. This could be the least-known investment in the world.

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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..."

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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.)

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Loaning Against Notes "Loaning against real estate notes can be lucrative. If you are a note buyer in today's market, you’re probably having trouble finding notes. There are plenty of real estate notes out there, but they are not for sale. You can loan money to the people who hold those real estate notes and you can make that loan with excellent security: The borrower’s real estate note. Even though loaning against real estate notes is a common practice, there are pitfalls that even the experienced have fallen into. Here are some basics of successful loaning against real estate notes."

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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.

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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 ."

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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."

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Prosperity Partners -- Investors In Non-Traditional Paper "You can make a living on what is proven to work, but you can have enormous success by focusing on what “can’t be done." We are in the business of investing in unusual cash flows. We buy almost any type of cash flow other than discounted mortgages."

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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...

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 Lorelei's Legal Lessons: The Essential Guide For Successful Note Brokers And Investors by note industry veteran Lorelei Stevens. Click here for information

Hot Issues!

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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The Art Of The Deal For Note Brokers & Investors

CLICK HERE TO ORDER ALL THE "ART OF THE DEAL" ARTICLES AT A BIG DISCOUNT!

  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   

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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The Myth Of The “Discount Rule”
By W. J. Mencarow, Editor of THE PAPER SOURCE JOURNAL. Why note investors who know what they're doing pay no attention to how much of a discount they are getting on the face amount of the note.


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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 Most Important Number In The Transaction: Verifying the balance owing on a note has built-in hazards by Lorelei Stevens. "Experienced note buyers are well aware that the balance owing on a note is the most important number in the transaction. Everything else is based on that number. It’s what you’re buying, so it had better be right. If a servicing agent is involved in a note you want to buy, they will provide you with a
definite figure for the balance owing. The question is, should you rely on it? And if you don’t, what do you do then?"

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The Creditor's Dilemma: Collecting On Judgments

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Imperative Insurance Why fire and hazard protection is vital for the note buyer... you must be certain of four key things...

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MORE COMING SOON!

The Transition Payment
By Lorelei Stevens. Which payment is the last to go to the note seller and which is the
first to go to you, the note buyer?

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Especially For Beginners

 

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 bu
siness axioms up on your wall...

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?”

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.

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7 Questions To Ask Before You
Incorporate
 
To some people, the formation of their own corporation is a sign that they really are in business. But many businesses operate just fine and never take that step. What should you do? There are
many factors in the decision. Take this survey to see how you stack up.

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Wholesale Or Retail? Making the decision whether to go wholesale or retail on a file is always a tricky one. The investor who gives you a pre-approval “subject to underwriting” can find any reason to cut the file, change the pricing, object to the appraisal, ask for more documents or information that you cannot obtain, etc. It is totally in the investor’s discretion.

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How To Judge A Note We asked no less than 27 of the most experienced national note investors: "How do you judge a note?" and got a wide variety of answers! This is a long article with a great deal of invaluable information you will find nowhere else.

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Are There Really People Successfully Brokering Paper Today? Interview With Joel Cassway   "The answer is "absolutely."

95% of the people who start in paper fail. That means 5% succeed to one degree or another. Most of the 5% are people who are just making a living at it. Then there are the few who make the quantum leap and really do well. My observation over 25 years is that the difference is, these are the people who market their business.

People will spend thousands of dollars to learn the business but almost no money to market their business.

This is a long-term business, and most people think short-term..."

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Start-Up Financing For Your Business -- Finding An Angel   "Just a few years ago, seed financing for start-ups was an arcane pursuit, left to specialty investors. Now angel investing is one of the hottest games in town for wealthy investors and others who are seeking rich returns and want to diversify their portfolios. Many angels were people who built their own companies, cashed out and now want the vicarious experience, as well as the returns, that come from helping start-ups..."

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Click here for questions or support

THE PAPER SOURCE JOURNAL: The Voice Of The Cash Flow Business Click here.

Wealth Building Strategies

How To Become Wealthy In The Note Business  "Ask anyone who has been in the note business for several years, "How do you become wealthy in this business?" and they will answer, that one, you don't do it overnight, and that two, you do it by becoming an investor yourself...Let's look at a deal and analyze the option of buying a full mortgage and selling a partial mortgage compared to taking a one time fee by selling the full mortgage. Should we "take the money and run... or let it ride?" Follow this transaction as it unwinds and see how early rejection led to a nice profit opportunity..."

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Interview With Michael Meeker:  The Man Who Has Trained More Successful Note Brokers Than Anyone  "Every note broker should be profoundly grateful to Michael Ira Meeker, for he is virtually the founder of the business. He is responsible for more successful note brokers than anyone else in history... "

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Interview With Guy Ercolani, Top Producing Note Broker   "Q:  If you had one lesson to teach new brokers, what would it be?  A:  Don’t try to retire from one deal. You need to make enough to cover your overhead and some profit, then move on to the next one. Don’t gouge the customers."

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How To Calculate Your Net Worth  " Knowing your net worth tells you how your assets are allocated. Are you in the risky position of having all your eggs in one basket? Your net worth also tells you what assets you have to help meet your day-to-day cash needs, it plays a role in the likelihood of your getting loans, it is vital in retirement planning and provides other valuable information for decision-making..."

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How To Set Up A Retirement Account With Notes & Other "Non-Traditional" Investments   "We specialize in non-traditional investments. Some of the special assets that our clients invest in include real estate, private mortgages, notes, judgments, partnerships (both limited/general), accounts receivable, factoring receivables, mobile homes, viaticals, structured settlements, equipment leases, auto paper, tax liens and other IRS-approved investments..."

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Maximizing Your Opportunities To Build Wealth With Notes  "A major consideration when deciding to which investor to sell the front end of the mortgage is how the investor would treat your remainder interest in the event of an early payoff of the mortgage. The difference in how your remainder interests are treated by investors could literally mean a difference in thousands of dollars to you. The issue here is investor prepayment policy.

"Caution: You must read and understand institutional investor partial purchase agreements. I've had institutional investors tell me they have no prepayment penalty, when in fact they expected to receive the number of payments they had purchased at the face rate of the note, not their yield. If you are unsure as to what that means, you should clearly understand this issue and its importance to you by the time you finish this article.

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Also see:  How I Got Burned By An Institutional Note Investor under "Hot Issues!" above.

Making Public Records Private "It takes money and, more importantly, time to begin to successfully implement a paper program.  If it takes your blood, sweat and tears (not to mention money) to learn all of this, do not give it to your competitors for free! Every time you do a transaction and record it, it is now available for every Tom, Dick and Harry for the price of copying it. DO NOT RECORD YOUR NOTE ASSIGNMENTS WITH ANY SUBSTANTIAL INFORMATION; INSTEAD, RECORD A MEMO OF ASSIGNMENT! Here’s a sample of a Memo of Assignment that you may use..."

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10 Principles Of Financial Independence  Post them on your wall, give them to your kids.  Ten maxims that have helped thousands.  For example, #5:  "Think twice before investing in anything that eats."   

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Why Invest In Tax Liens? "Knowledgeable real estate paper investors can obtain far higher yields than most other people. While not federally insured, these high yields will be extraordinarily well secured in a highly lucrative but little-known investment.  How can this be done? By investing in local government tax lien certificates.  One state in particular provides one of the most impressive yields available: 24% per annum simple interest!"

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How To Use Notes Wisely In Your Retirement Plan  by William Exeter, Vice President of Security Trust Co., a member of the Chicago Title and Trust Co. family.

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Advanced Transaction Techniques Using Leases & Options

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Charge Your Note Payors Zero Interest & Make 25%!

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An Interview With Peter Fortunato Peter Fortunato needs no introduction to veterans in this business. He is a life-long practitioner of the art of the deal. He has been buying, selling and using paper in transactions for over 30 years.

Peter describes himself as someone who "solves peoples' problems." He buys real estate on good terms but never pays interest because he helps people get what they really want.

His students, no matter how experienced they may be, are always amazed at what they learn from him...

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How We Got A Free House

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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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Paper vs. Real Estate: No Contest! "I’ve never had a mortgage call me at 3 in the morning. I’ve never had a trust deed get in a fight with the trust deed upstairs. Land contracts don’t lie to me. Mortgages don’t drive away in pickup trucks owing me money..."

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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

 

Contracts & Forms

Dictionary Of Note Terminology  Definitions of over 200 words and phrases used in the note and cash flow business.

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Mortgage Worksheet  (Also Known As The Note Intake Sheet) You'll use this form more than any other.  Just one page to fax to investors. Each time you locate a mortgage holder, you'll fill out one of these.  Indispensable!

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Two Offer Letters One letter is a direct mail piece to note holders.  The second is sent to an individual note holder after you have talked with him reviewing the terms of the note and your offer.

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Mortgage Transaction Checklist Keeping track of all the documents you need to close a mortgage purchase, whether buying for your own account or brokering, can be confusing. This checklist makes it easy.

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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. It will have to be rewritten for a note purchase, but the ideas are all here.."

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Mortgage Purchase Contract    You can't buy a mortgage without a purchase contract! This is one of the best.

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  Letter To Note Seller Requesting Documents

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How To Fill Out The Mortgage Purchase Contract

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Release Of Lien Record this document in the county courthouse when a mortgage or trust deed is piad in full.

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Contract For Buying A Note In Installments  One of the most profitable ways to buy a note is to pay some of the purchase price now, some later in installments.

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Contract For Buying A Partial Sometimes it makes more sense to buy part of a note (e.g., the next X number of payments), and here's the contract that accomplishes that.

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Contract For Buying A Partial On A Schedule B   The type of partial purchase known as a "Schedule B" is more lucrative upon early payoff than a regular or "straight" partial purchase.  This is an advanced transaction, and this contract is offered to those who already understand the Schedule B concept.

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Note Seller's Representations & Warranties An attachment to the Note Purchase Contract in which the note seller legally affirms that the note is what he claims it is.  A very important document.

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Assignment Contract  Use this document to protect yourself when brokering or selling a note.  Also includes BONUS ARTICLE:  "What Being A Broker Really Means."

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Authorization For Release Of Financial Information Have the note payor sign this to protect you when buying a note.

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Non-Disclosure, Non-Circumvention Agreement Reluctant to give an investor, real estate agent or other party confidential or sensitive information? Concerned that they might use information you give them to, for example, contact the note seller directly and prevent you from making your commission? Here’s a contract that is designed to prevent that from happening.

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Note Modification Agreement Never tear up an old note, always modify it!  If you try to replace it with a new note, you may lose your lien position. 

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Co-Broker Agreement  If you are involved in brokering a note with or through another broker, you need this agreement.

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Sample Estoppel (Includes W. J. Mencarow's Article "Why An Estoppel?") "An Estoppel is a primary step a mortage or trust deed investor MUST take to protect himself."

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Special Power of Attorney For Note Investors  Occasionally you may want someone you trust to have your power of attorney to act in your place as the noteholder for the purposes of collection of payments and/or foreclosure on a particular note.  This can keep your name out of situations in which you'd prefer to be anonymous.

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Real Estate Ownership Synopsis   When buying a note, do you know how the title to the real estate is held legally?  Do you know the difference between "Tenants By The Entirety With The Right Of Survivorship" vs. "Joint Tenants With The Right Of Survivorship" vs. "Tenants In Common?" What is the difference between "Equitable Separate Estate" and "Individual Ownership?"  The answers could be important to you as the note holder, and here they are.

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Affidavit Short and Sweet!   This may become one of the most valuable documents in your business.   Is the note holder -- or anyone else -- telling you something you can't verify?    See how willing they are to sign this affidavit swearing to the truth of what they're claiming.  Their reaction to this little piece of paper is a wonderful lie detector. 

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Amendment of Lease Use this to make changes in a lease.

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An Agreement To Help Protect Note Investors From Becoming Lenders To guard against a note seller coming back after the transaction claiming he “didn’t sell the note, he borrowed money,” Dick Ballard, CCIM, has developed this agreement which he is generously willing to share.

Dick says, “Our company, Dick Ballard, Inc., uses this Agreement when purchasing notes right out of escrow,
more commonly referred to as a Simultaneous Close. The purpose of the agreement is to inform the buyer that the seller is selling us the note at a discount, and that the interest rate which we will receive will not violate the usury laws of the state in which we’re doing business.

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Useful Clauses For Commercial Trust Deeds   If you deal in commercial paper, either table funding or purchasing existing notes: When you have the opportunity to modify a trust deed note, the paragraphs below may be useful. Also the language is good for escrowing taxes, insurance, etc.

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FORM AUTHORIZING YOU TO PULL CREDIT ON A NOTE PAYOR

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Sample Letters To Attorneys To Find Notes

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Need More Legal Forms?
Visit U.S. Legal Forms

DICTIONARY OF NOTE TERMINOLOGY Definitions of over 200 words and phrases used in the note and cash flow business.

$3.00

Contract For Use In Working With A Group Of Note Investors

ADVANCED CONTRACT

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MORE COMING SOON!!

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