I'm Lost!
I've been looking for notes in my area, but I'm not having any luck. When I went down to the county government building, and asked about trust deeds and notes, I was directed to about a thousand different people and when I finanlly got to the guy who I "was supposed to see", he didn't know what i was talking about. What the heck am I doing wrong? I don't know where else I can look.
I know where I can sell the notes once I get them. I just don't know how to get them. Because of this, I KNOW I'm passing up a lot of cash.
I need to know how to get this ball rollin'. I'll take any advice I can get! I'm an open vessel ready for input!
Now, let's go get this money!
8-)
[addsig]
I am not sure of you exact experience so it is a little hard to explain where you might be lost.
Try this as a training exercise. Pick a property you know something about (the owner, etc). Then take the address down to the place where they record the deeds. Look it up and see if what you find more or less matches what you expected. Things like name of the owner, type of property. Get comfortable with how the office there organizes things and that you can find a specific property when you want to if you have the address. Later try finding anything and everything that is owned by a specific person (pick someone who owns more then one property to test yourself).
Now, to find note holders you pretty much are trolling through the deeds if you work from the county records. You need to pick out the notes that appear to be owned by individuals or smaller entities and not ones owned by Wells Fargo, Citi, Chase, etc. The large institutions are not going to sell you notes from a letter.
As to finding sellers this way. It is a bit of hit and miss so expect to be sending a fair number of letters.
I would be a little less sure that you are passing up a lot of cash until you see what the notes look like. You have to be good with rating them and then pricing them.
John
[addsig]