Info On How To Get Started In The Mortgage Note Business
Hello Everybody;
I am interested in learning about the Notes business. I don't know much of it or how the starting process is conducted. Who to contact and everything that goes with it. I've read some articles on the forums but really haven't been able to get the knowledge of getting started with this great opportunity. Any advise will be greatly appreciated; an thank you in advance. Best regards to all; Josh
Josh, you first need to determine the dollars you want to allocate to this endeavor. And it should not be money you expect to get back for several years. Anything less than a couple hundred thousand will leave you positioned to bottom feed - you don't want to go there. Too risky. Then sign up with the credit reporting services so you can get TransUnion, Equifax, and Experian reports when your clients apply for loans. Learn how to critically evaluate credit scores. Become knowledgeable about Beacon, FICO, and Empirica scores - these scores are your best friends! Then take your business card and your list of parameters (say whether you prefer vacant commercial, vacant residential, commercial w/n a certain area, single family but not condos or townhouses.... whatever you feel comfortable with; and your preferred loan-to-appraisal limits) to a few reputable mortgage brokers. Your phone will start ringing the next day. Carrying paper can be a very successful substitute for a 9-5 job. Good luck!
You can buy a starter course at ....witcfb.com/geecash
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[ Edited by CCN2 on Date 08/26/2003 ][ Edited by CCN2 on Date 08/26/2003 ]