How to Buy Real Estate Notes-One Source For Your Note Buying Deal
Posted on March 13, 2009 in the Mortgages category
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How to Buy Real Estate Notes, A Personal Experience
Consider this – I spoke with a note broker friend of mine about a $3 million 23-note pool of nonperforming loans (1st and 2nd mortgages).
And after reviewing of the loan papers I placed a $1.1 million offer to buy the real estate notes. The very next day my bid was accepted.
I know what you are thinking “that’s great for you but I can’t spend any more than $20,000 right now, I’m out of my league…”
The bid that I submitted was for 6 non-performing notes out of the pool. Based on those 6 notes, the seller advised me that I was put on a short list.
If you only wanted to bid on 2 of the real estate loans and offer $50,000 per note, you could do it.
My Tip On Real Estate Note Buying
You never know ahead of time whether you’ll be able to pick off a few loans or not, so just go ahead and bid anyway!
And, back tot he story…
Then, a day later – I get a call from the bank selling me the real estate note pool asking me if I’d be interested in an $8 million pool of non-performing notes that they’re sending out in another month, out of which I can probably “cherry pick” the notes I want.
Ahhh… you see why I like note buying?
Isn’t that cool – you meet someone one week and a couple weeks later they’re sending you more and more real estate note opportunities! Compare that to having to CHASE DOWN your next ‘real estate investing deal’ (buying/finding a property).
Key Point On How To Find Real Estate Notes
Your track record counts for a lot in the note buying business – so if you close a deal on time and at the price you say you will, you might end up the favored investor on the very next note buying deal coming from that same seller.
That’s an efficient way to build your pipeline of note buying deals – and that’s what makes the non performing note business so attractive – for this fraction of Real Estate Investors out there who understand how to buy real estate notes.
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