OfflineHello fellow bloggers..Grady Corbin here.
Say, could someone respond if you have info or experience with buying or selling mortgage notes? I participated in a webinar last night. .. researched this morning. There are companies asking for a fee to sign up and broker notes . . .
thanks
__________________
crosstown looker
If they want a fee to be able to sign up to get involved with their selling service they are probably not that legit. Note brokers work off a commission by linking a seller with a buyer and vice versa...
Technically, you are usually the broker. You simply find a note, then get with a broker - determine your splits and go from there. You don't need to join a service to go out and find notes, and finding them is hard - selling is the easy part.
However, the note game like is described to the individual is kind of a old school thing that has a very low success rate and very limited personal notes. How many people can you think of that are financing someone elses mortgage (owner carryback financing)? That gives you an idea of that market.
Spending the same time in true REI can yeild you may more profit IMHO. If anyone has actually turned the note game into a sustainable income I would be love to hear there story, assuming it is real. But our team has gone down that road to see if it was something worth really focusing on as another opportunity for people, and we decided not to.
Hey thanks for the input.. I love having you guys as a resource.
Even so, with todays RE/lending climate, could this thing of olden days, "note carrying" become in vogue once again, just like obtaining financing with local banks is making a huge comeback, over secondary market lenders who seem to be looking for everyway possible to avoid making a loan(so says one local appraiser here last week. . accordig to her 2ndary lenders are turning up the requirements and turning down about 6 out of 10 loan apps,
or worse, sending the apprasial back for the umpteenth time, then still not approval.
thanks again
crosstown looker