Finding Note Holders

imariquinn profile photo

I have been finding notes for a note broker. I get paid a measley amount of money per week for each address and phone number of a note holder.



How can I use the information that I am finding to make this research more profitable FOR ME?



I would like to share in the spread the note broker and the note investor negotiate, like 25% of that spread on the broker side or similar.



I also have some questions.



The area I have been targeting has been hit by lower property values and foreclosures. Am I wasting my time in this area because the LTV is just not there with the 40% hits the homes are taking?



Why would note holder sell at a discount here when they could probably get the property back (deed in lieu) from the payor (since many are walking away anyway) in the face of late or no payments being received?



I have my real estate license. Are there any code of ethics violations in my contacting these note holders myself with the intention of buying or brokering to note investors?



Guess that is it for now... thanks!





[ Edited by imariquinn on Date 09/10/2008 ]

Comments(6)

  • cjmazur10th September, 2008

    Quote:
    On 2008-09-10 00:34, imariquinn wrote:
    I have been finding notes for a note broker. I get paid a measley amount of money per week for each address and phone number of a note holder.

    How measly? Can you negotiate a better rate?

    How can I use the information that I am finding to make this research more profitable FOR ME?

    Network work with other brokers or direct buyers

    I would like to share in the spread the note broker and the note investor negotiate, like 25% of that spread on the broker side or similar.

    Watch this, you might be deem a broker and need a license

    I also have some questions.

    The area I have been targeting has been hit by lower property values and foreclosures. Am I wasting my time in this area because the LTV is just not there with the 40% hits the homes are taking?

    This depends. Are the note buyer try work-out the loan and turn it around or are the just controlling the asset at foreclosure.


    Why would note holder sell at a discount here when they could probably get the property back (deed in lieu) from the payor (since many are walking away anyway) in the face of late or no payments being received?

    Cost of foreclosure
    bankruptcy (time)
    what does he do w/ the REO?

    I have my real estate license. Are there any code of ethics violations in my contacting these note holders myself with the intention of buying or brokering to note investors?

    varies State to state.

    Guess that is it for now... thanks!



    <font size=-1>[ Edited by imariquinn on Date 09/10/2008 ]</font>

  • ITBInvestor10th September, 2008

    imariquinn. I am outside the box looking in. Rotonda West, FL. Never been there. But...

    I was in Estero last year for the NARCH amateur hockey finals. The best amateur hockey tournament in the world. I drove from NC. People drove from Canada. Everyone loved Estero. We met families and teams from all over the world. The kids played teams from Mexico, France, Canada, Japan, and the US. So.

    Cheap houses in FL. Weak US dollar relative to Canadian dollar. Think international. Nice winter weather. Market property to over 50 year old Canadians. Or Greeks. Or Brits. See what response you get. Sit in the middle, get properties under contract, and consummate the deal.

    Just a thought.

  • faulky30th December, 2008

    25% of the brokers fee is not at all unreasonable.....

  • DavidCastle26th June, 2009

    Firstly I did not understand the discussion, it is all due to my lack of awareness. Any how I will try to participate for the next time.

  • boardwalk120118th January, 2010

    My suggestion is
    Forget about private note holders, they are the cheapest tightest people you will ever do business with!
    You should call the 8,000 plus banks out there that are still above ground and ask them to sell you non performing notes, when you get a few that want to do business at a pool level, you will then get a percentage of the take down when you pass them off to real note buyers.
    Mike

  • NewKidInTown331st January, 2010

    Depends upon why you bought the land in the first place.

    What was your original intent for the property you sold?

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