Buying Notes
This topic has been discussed before, but I was hoping to hear specifically from people that have tried to buy or broker 1st lien notes. Is it as hard as I've heard to find these notes? Has anyone had much success? I appreciate the feedback.
no one has any feedback?? common guys. I know there's people out there buying and selling notes, just like there's people doing real estate deals. let's hear it.
Hey man,
I am currently working on half a dozen deals. They are all mobile home deals, and they are simultaneous close deals.
There are a number of note buyers who will do simultaneous close transactions (creating new notes for purchase and investment on the part of the note buyer)
It is actually looking good so far, in terms of everyone's knowledge of the deal, motivation to complete it, and the credit factors are there.
So while I have done a deal yet, I would suggest that you focus less on finding the notes, but instead focus on networking with the professionals who are likely to run across owner financed real estate OR business notes.
However, owner financing is a technique in residential real estate that is not frequently used in the Northeast, you find it more in the Southeast, Midwest, Southwest.
Remember, geography can't impose limits on you in this business.
Good luck, Dave
Dave,
thanks for the feedback. that's actually very helpful info. So as I understand, you're brokering the notes, right? Finding sellers that are willing to create owner-financed notes which you then immediately sell to the investor? I've been reading a course about the simultaneous close and it seems like a very practical idea.