Next step - Posted by John Behle
Posted by John Behle on October 09, 1998 at 24:52:10:
If you are working with an institution, the next step is to call them, get a quote and follow their lead. If you are talking a local or private investor, then they may want more information from you. They may want you to gather some of the information they will need.
They will want to strike a deal with you and then begin the “due-diligence” process, which includes title reports, appraisals, copies of documents, verification of loans and their terms, etc.
So, get the best quote you can from an investor. If this is your first note, try to gather as much information and learn as much as you can - because the ultimate goal should be buying for your own portfolio.
Flipping notes is a job. Buying notes is an investment - and can pay you up front just as handsomely as flipping. So, why limit yourself to flipping.
It’s like being a real estate salesman versus an investor. One can be an attractive, well paying job and the other can set you up for life so that you don’t have to work.
In both real estate and notes, you can invest and still pull cash out when you buy. I can easily pull out at least as much profit as a flipper would make in commission and that’s just the beginning. There are over 117 different ways to profit from notes once you own them. Selling or flipping a note is like killing the goose that laid the golden egg - or burning the apple tree for firewood.