How To Locate Mortgage Notes?
I've been looking into note brokers, and i understand everything after you find the note - but how do you go about finding them? Also, is this really a profitable business ( flipping notes)? If some one owns a note, wouldn't they just go to a purchasing company themselves?
note buyers generally do not want to deal with the gathering of info, interfacing direclty with sellers, nitty gritty work that brokers do.
brokers serve a great function in the selling and buying of cash flows
so how do you go about finding notes? I went on a local courthouse site, but wasnt sure what to look for.
There are some books and there are articles around. Do some searches.
If you only need a high level...
You are looking for people who hold a note privately. Hence when you look at the courthouse records the entry will normally have a name that looks like a person and not something like "Washington Mutual", "Wells Fargo", etc.
There are places that will sell lists of names that fit the criteria. Sometimes the lists will be stale in that some of the the notes have been paid off or the holder died (no current record of who holds the note from the data you have at hand).
You then contact any names you do have and find out if they want to sell. The response will be like most direct marketing campaign (10% or less of the people contacted will be interested, etc).
The opposite way is to contact professionals who deal with clients that hold notes. Divorce attorneys, realtors, etc.
Bottom line is it is about the numbers. You need to search a lot for each deal and not every deal is a great one. The reason they do not go direct to you buyers is they do not know they exist and do not know how to deal with such buyers.
Questions?
John
[addsig]
thank you for the advice