Canyon Capital has been added to the Directory of Owner Financed Note Buyers. Discover a new investor listing and read how the owner went from start-up note broker to note buyer in just a few short years.
Note Investor (NI) recently interviewed Greg Gehlen (GG) to learn more about his note buying programs. Canyon Capital specializes in mobile homes on land and pays fees to cash flow brokers for the purchase of notes, trust deeds, and contracts.
NI: What is the current focus of your company?
NI: How did you get your start in the note business?
GG: In 2004 I wanted to buy or start a business and after I looked at a number of existing businesses I decided the best option for me would be to start a business. I attended Noteworthy here in Las Vegas and found a wealth of great information (people and materials) at the conference to get started in the paper business.
NI: What unique benefits does your company provide?
GG: We are able to make decisions quickly on files and we also buy notes that many people are not interested in – mobile homes on land.
NI: What type of notes or transactions will your company consider funding?
GG: We buy notes in the Western U.S. which includes WA, OR, CA, AZ, NV, NM, UT, CO, MT, ID, and WY. The type of note we prefer is mobile homes on land (no park paper). We will look at notes up to $150,000 but prefer partials under $50,000. We like to look at credit if possible but down payment, a solid pay history and property value are more important to us.
NI: What type of deals would just waste your time?
GG: New notes with small down payments and poor credit are not files we will fund.
NI: What do you consider the best methods for finding cash flow notes?
GG: Direct mail for consistency and working with the various servicers of seller financed paper.
NI: How do you handle commissions to brokers or consultants?
GG: Wires transfers go out to the note seller and consultant on the same day once the file records. Our price is a wholesale price and the consultant would build in their fees.
NI: What advice would you give to new professionals just starting out in the industry?
GG: If you are persistent you will be successful. I had visions of how easy this business was going to be and I quit my job sooner than I should have… Make sure you have a consistent deal flow so you don’t add more strain to your situation than you need to early on… and don’t quit your day job too soon.
NI: What is the most common business mistake you see people make?
GG: Not learning the marketing end of business sooner. Knowing the business is essential, but you need to have deals to look at to get any benefit from your knowledge.
NI: Given the current economy, have you made any changes in the way you transact business?
GG: We are buying more partials and are really checking under every rock to make sure value is there and building in further value drops to keep our investments safe.
NI: Where can someone contact you to obtain more information?
GG: The best way is to email me at firstname.lastname@example.org. Our telephone number is 800.995.1856 and the address is 1930 Village Center Circle, Suite #3-838, Las Vegas, NV 89314.
NI: Is there anything else you would like to share with our readers?
GG: Not trying to brown-nose, but your program “Personal Profit Series: Notes” helped me out when I was first starting and I highly recommend it.
NI: Thanks for sharing your time and knowledge with the owner financing sellers and note brokers at Note Investor!
Editor’s Note: The Personal Profit Series: Notes manual can be downloaded in the member’s area of the Finding Cash Flow Notes Training.