Before I get into what I don’t like about the note industry let me start with…
What do I like “most” about the note industry?
It is a frequent question people ask with numerous answers depending on where my head is at the time the question is posed.
In no particular order it would be…
- Helping people
- Making money
- Passive income
- Crunching numbers
- Flexibility
- Feeling valued
- Creativeness
- Never boring
- Well compensated
- Teaching others
- Anyone can do it
In looking back over the list above, who wouldn’t like those things? How many of them are present in your “normal” 9 to 5 job?
Three of the items above may seem very much the same to some people but in my world, they are very different.
- Making money
- Passive income
- Well compensated
Let me explain…
Making Money – Well, heck, this one is just as it sounds. I get to deposit money into my bank account…I made money. Frankly, I really don’t care “how” I make money when I reduce it to this level…it is just an item on the list.
Passive Income – This one relates to making money where, for the most part, I am not doing any day-to-day work to earn it. Buying a note one time, but getting paid every month from it is passive income in my book.
Well Compensated – This one is the kicker. This is the one that can keep you up at night because it can have a ton of emotion attached to it. When you run your own business it can be really tough to be well compensated – you have to keep that business in check. When you work for someone else, you pretty much never feel well compensated.
I once heard…
“Are you running your business or is your business running you.”
Frankly, I have been on both sides of that coin, and the former is much better.
What is my truly favorite thing about the note industry?
I guess, if I were cornered, I would have to say that it is never boring and that I can do the industry from anywhere.
BUT…
What would I change about the note industry?
I would like to see more open lines of disclosure.
Any legitimate business is vulnerable to people coming along and trying to make a quick buck. We have seen several of the “get rich quick gurus” come and go..but not without first creating confusion in the marketplace.
It is really why I created the “Myths and Facts” video years ago – to give people insight on what the note industry is…and is not.
I would want to help people close their first deal sooner.
Doing your first note deal is incredibly empowering. You never forget it.
It also gives you the confidence to do it again.
That is probably why Tracy and I have done so much to teach people over the years.
It is why we have tons of information on NoteInvestor.com (for free).
It is why we created both an online video training course and turn-key websites. Anything we could do to make the path easier
Most of the successful people I know in this industry learned almost everything from someone else.
There are plenty of good resources out there to help you make 2014 your best year ever. Just use them…and then create your own “best of” list.
Hello. I would like to know, as far as buying notes, has the Dodd Frank act affected you? What extra criteria do you look into when buying a note since that bill is now in effect?
Hello Adriel,
Here is some information on the Dodd-Frank Act that might be helpful: https://noteinvestor.com/buy-notes/dodd-frank-mortgage-laws-seller-financing/