OfflineI purchased 1500 names of note holders, I mailed out contact letters and got about 10 responses. I gathered the info on each note and found some note investors online. The ivestors told me what they will pay for each note. One note was a commercial property a transmission repair shop. The note was for 312K and I talked the owner into selling it for 209K The investor was going to pay 229K which means I was going to make $20,000 It took several months and finally the appraisal came in too low cuz of this screwed up economy. Anyway the investor ended up making a partial purchase and I made just $6,000 I had spent about $900 for the names and stamps and envelopes and paper and ink and about 2 1/2 weeks to mail them all out. So it was a success. I shud have taken the profits and did it again, but I went on a 4 month vacation on a tropical island where I have a home and a cute wife and kids.
Rando
Where did you purchase the note holders names from.
Cynthia
Cynthia
fantastic story. I'm sure other notes will still fall from that tree if you do a second and third mailing. People's situation change all the time and if they weren't willing to sell in 2010, they might in 2012 as the economy sinks lower.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
A good book about notes is Bill Bartmann's Bailout Riches. He was giving them away for free in USA Today last year, I don't know what he's been doing lately but it definitely had a lot of pointers for people in the note business.
Good Luck!
Mark K.
Life Disclaimer: Past Failures are NOT indicative of Future Results.
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great story-thanks for sharing!
I especially like the last part, 'went on 4 month vacation...'; you know what they say... if the wife is happy, everyone else is happy!
I'm sure we will hear more success stories from you,
Valerie
Valerie
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Did anybody get the free DVD included with Deans books? About this older gentleman that purchased only defaulted notes? It was facinating. Before he wud buy them he wud go to the payor and tell him he may have to foreclose, if the payor agreed to begin making payments he wud then purchase the note. It was also interesting how he wud trade the notes for sailboats etc and all his various techniques. It was incredible how cheaply he wud buy them. If I make tons of money in Real Estate I will be buying some notes, not to flip but for cash flow.
Rando
Why wait? You could do essentially the same thing that he did with a seller financed note.
with the rest of us. BTW, how was your "4 month vacation?" Best of luck to you.
Steve
We seldom get what we want, but we will always get what we expect.