Note Broker Question: How Do I Find Notes On A Budget?
December 13, 2011 by Tracy Z · 2 Comments
Wondering how to find real estate notes on a budget?
You are not alone. Here are some helpful tips from a recent note broker inquiry.
I previously owned a mortgage broker business and in 2007 did dabble in the note business. I also closed about 4-5 deals as a note broker. I have since closed my mortgage broker business and would like to get into note brokering, but I have a limited budget to start with (about $2000 – $3000). I purchased your program for support and to acquire additional knowledge. How do you suggest I spend my limited funds to get started?
George P. – Virginia Beach VA
Hello George!
You ask a great question and actually have a decent marketing budget to get started. You also have the benefit of being ahead of the learning curve by having already closed several deals.
You will need to set aside enough to cover your basic business setup costs (phone number, business cards, brochures, licenses, and a website).
While there are people in this business buying notes that don’t have a website, I truly believe you need at least a basic 5 to 7 page Note Buyer website to be in business these days. Think of the site as your storefront, providing credibility for your services.
All of these setup items can usually be accomplished with under a $500 budget.
The least expensive way to market is by building a referral base. This can be done through networking with other professionals, offering local trainings, and Reverse Ad Marketing for the note business. Great networking candidates are real estate professionals, agents, CPAs, real estate attorneys, mortgage brokers, and real estate investment clubs. Referral marketing takes your time rather than your dollars and will utilize your business cards, brochures, and website from the setup process.
Run the free ads available online with sites like Craigslist, Ebay classifieds, and other online directories. Avoid buying classified ads or expensive display ads. Print ads rarely payoff unless you use a local want ad type paper (Nickel Nick, Penny Saver, etc) that offers low rates and you live in one of the high volume states for seller financing.
Look at a small but consistent direct mail campaign to note holders in your area. To save funds build the list yourself or purchase from a list provider like Advanced Seller Data Services. In order to maximize efforts, prequalify the notes for basic things like approximate equity (20% or more for best results) and property type (SFR). This will save you from paying postage to mail letters or postcards on deals that are harder to place with a note buyer.
The best way to stretch a small note broker marketing budget is to think local.
Work on branding yourself as the local seller financed note specialist. As funds become available then expand your efforts into other areas. You’ll find the “How To” details including sample scripts, brochures, and marketing pieces for each method in your member’s area of the Finding Cash Flow Notes training.
Hope that helps and feel free to contact me with additional questions.
To Your Success,
Tracy Z. Rewey
Personal Profit Series: Notes – Your Complete Money Making System to Buying, Referring, Creating, and Holding Real Estate Notes
September 2, 2009 by Tracy Z · Comments Off
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Every Single Profitable Note Marketing Idea In the World (Almost)!
June 29, 2009 by Note Investor · 2 Comments
Yes, there are powerful techniques for finding a steady flow of profitable mortgage notes!
In this influential book, written by Jeff Armstrong and Jon Richards, you will learn the inside secrets that successful note brokers have been using for years to build a profitable note business.
Discover dozens of practical tools that you can start using right away to turbo charge your note buying business.
Included is the complete “Note Holder’s Handbook”, brochures, direct mail letters, flyers, and much more. Feel free to copy and adapt the many ideas in this book to get notes flowing to you like steel to a magnet!
There are thousands of mortgage notes waiting to be purchased, but most of them are junk. They just aren’t investment quality. Finding the good ones is like panning for gold. You have to wash a ton of gravel to find a nugget.
What does this mean for you as a note buyer or broker? Read more
Investor Spotlight: Seller Financing Mentor Program
June 21, 2009 by Tracy Z · Leave a Comment
Western Capital Investments, Inc. is offering a unique mentor program for cash flow brokers specializing in owner financed notes. Note Investor (NI) recently interviewed Lynda E. Vaillancourt (LEV), President, to learn more about her company’s services and investment parameters. Read more
Understanding Note Endorsements
December 5, 2008 by Tracy Z · Comments Off
Does the seller have to worry whether an investor can demand payment once they sell their owner-financed note? The answer depends on how the note was endorsed along with the terms of the Purchase Agreement. Read more
