Advice On Locating Owner Financed Notes
I'm a newbie in the note busines and i have no clue where to start looking for deals. I've read marketing to professionals such as realtors, attorney's, accountants, etc... is the best route. If i were going to spend my money on marketing i just want to know where others have struck gold.
Just some general advice on where to start would be great. Am i right in my thinking to market to professionals in the real estate field?
Thanks,
E
:-?
one good place to start is to visit any of the county court house on the first Tuesday of the month, where foreclosure, tax liens are sold for cash. Just watch networking with other investors, and keep your eyes open and ears listenning. Hopefully by the end of the day, you'll find a place to start.
When funds are limited and you are just starting out, there is one sure fire method.
You take the examination for Real Estate Salesperson and you hang around the office that you have selected. It is of course a most active office and best to start with one of the biggys.
You learn which Escrow Companies or Settlement Organizations that they deal with and you also visit the title companies and get to a know a few title officers and those that are on their crew. These all become your bird dogs and you reward them with candy, lunches,sometimes trips to Hawaii and so it goes. the bigger you become the more deals and the more rewards. It is a form of "King of the Mountain" only you play it with paper. You become the source for all bridge financing. A salesperson gets a listing it needs to be fixed up prior to marketing you advance the money for an interest return and secure it with a second or third mortgage.
From there one day a Broker or Salesperson will ask you to finance a rehab, or to carry a property for a period of time while it is marketed. Then they will ask you to cure a foreclosure. Each time you particpate more and more and then one day. You are there.
Now comes the hard part, you have to put up with an awful lot of stupidity and greed and lack of knowledge. Just stay at it. In the end you will be rewarded. No not in heaven. Here, with MONEY.
Cheeers Lucius 8-) 8-)