The note business is an extremely challenging business to get into, and requires an incredible amount of work, due diligence, ambition, drive, and desire to develop skills you don't have, and refine and hone skills you do have.
You have to be good with numbers, be willing to learn and listen, and be willing to market your business with a passion to succeed.
do not believe you can do this business in your "spare time". Quite frankly, that is a load of crap.
You can build it part time, but it will take you 1-2 years to get to the point where you could do it full time.
From the sound of your question, it might not be a fit for you, because it seems like you are just kicking tires, but hopefully I am wrong, and your response to this post should tell you whether it is for you or not.
Ive just been hearing alot about it latley. Im always looking for a way to make more money. I currently own a painting company and propably wouldnt have the time to really focus on something that challanging. Thanks for the info.
I totally agree with Dave about challenges and required devotion to build such a business. Considering that you already have your own business, the transition might not be the best fit for you: either you want to leave your existing business, which could be due to less success then you would like it to see (in this case through deficiencies in sales / marketing and working constantly with huge flow of numbers, which are all key for success in note business, you could have great risk of possible losses) OR you want to stay in your existing business as it is very successful (in this case your current business would take all of your time and attention, also leading to possible losses).
The final question you should answer to yourself = do you want to do something "popular" just because everyone is talking about it, even if you will be doing it badly, OR you really would love to devote yourself fully to something that you love, know how to do and successful in doing it.
Saying all of that, yet I should mention that the note business is a very interesting one: although there is a huge difference between "doing" the business and just "benefiting" from it (by virtue of others doing it) even a person in your situation might have some fit – if not "in-the-business", but at least "around" it: Throughout my 15 years in financial advisory and note deal structuring, I worked with many people who chose their own level of comfort. Some wanted to do the business seriously, but some wanted just simply refer potential deals to seasoned professional, relying on their expertise and resources and doing it for some referral compensation.
I am in agreement with the other two posts in that note aquisitions do take a great deal of time and effort. I am not sure that it takes a full time effort. I did it some years ago and it was part time for me. At that time I was not trying to entirely survive using note income and had a full time job. You might be able to start part time and do a very thorough job of learning and due diligence on your acquisitions.
I believe that there is more to do checking out a note than for buying a piece of property since you need to check out the terms of and conditions of the note and all other notes that are secured by the same property. You also need to check out the property that is securing the note. Finally, you need to check out the payor.[ Edited by edmeyer on Date 01/19/2005 ]
The note business is an extremely challenging business to get into, and requires an incredible amount of work, due diligence, ambition, drive, and desire to develop skills you don't have, and refine and hone skills you do have.
You have to be good with numbers, be willing to learn and listen, and be willing to market your business with a passion to succeed.
do not believe you can do this business in your "spare time". Quite frankly, that is a load of crap.
You can build it part time, but it will take you 1-2 years to get to the point where you could do it full time.
From the sound of your question, it might not be a fit for you, because it seems like you are just kicking tires, but hopefully I am wrong, and your response to this post should tell you whether it is for you or not.
Good luck, Dave
Ive just been hearing alot about it latley. Im always looking for a way to make more money. I currently own a painting company and propably wouldnt have the time to really focus on something that challanging. Thanks for the info.
I totally agree with Dave about challenges and required devotion to build such a business. Considering that you already have your own business, the transition might not be the best fit for you: either you want to leave your existing business, which could be due to less success then you would like it to see (in this case through deficiencies in sales / marketing and working constantly with huge flow of numbers, which are all key for success in note business, you could have great risk of possible losses) OR you want to stay in your existing business as it is very successful (in this case your current business would take all of your time and attention, also leading to possible losses).
The final question you should answer to yourself = do you want to do something "popular" just because everyone is talking about it, even if you will be doing it badly, OR you really would love to devote yourself fully to something that you love, know how to do and successful in doing it.
Saying all of that, yet I should mention that the note business is a very interesting one: although there is a huge difference between "doing" the business and just "benefiting" from it (by virtue of others doing it) even a person in your situation might have some fit – if not "in-the-business", but at least "around" it: Throughout my 15 years in financial advisory and note deal structuring, I worked with many people who chose their own level of comfort. Some wanted to do the business seriously, but some wanted just simply refer potential deals to seasoned professional, relying on their expertise and resources and doing it for some referral compensation.
I hope this insider info helps.
[addsig]
I am in agreement with the other two posts in that note aquisitions do take a great deal of time and effort. I am not sure that it takes a full time effort. I did it some years ago and it was part time for me. At that time I was not trying to entirely survive using note income and had a full time job. You might be able to start part time and do a very thorough job of learning and due diligence on your acquisitions.
I believe that there is more to do checking out a note than for buying a piece of property since you need to check out the terms of and conditions of the note and all other notes that are secured by the same property. You also need to check out the property that is securing the note. Finally, you need to check out the payor.[ Edited by edmeyer on Date 01/19/2005 ]
I would also try- www.cashflows.org and www.noteworthyusa.com
cheers!