Need Help Finding Notes
Hi My Name is Tmullings And I am just joining this business of finding note sellers and getting then together with note buyers. I am interested in knowing exacting where to start get note sellers from. If anyone has any info concerning my issues please share.
There are people out there that broker pools of notes. this are rather large, typically > 5M.
You can buy onzie twozie here and there.
there are also networks of broker, finders, intermediaries that will have paper to sell.
Lets say you sell a 200K house, and elect to hold a second position for 40K, and the bank will finance the other 160K provided you subordinate the 40K, or put it in 2nd position.
That 40K mortgage is not worth 40K to me as a private investor, primarily because it is a 2nd position. In addition, if I had to foreclose on the home, I would have to buy out the first position to take control of the property. If you elect to hold a second, consider doing it for long-term potential cash flow instead of trying to sell it on the open market. You will be much happier with the results.