The discounted mortgage, note and cash flow business is one of the easiest, fastest and safest ways for you to generate additional income. Many people who fail at this wonderful business do so because they miss the “forest for the trees”. If you will follow the simple guidelines below, your chances of success will improve immeasurably.
Start part time
This is a business that has a way of growing slowly but steadily if you will just stick with it. Starting part time has a way of reducing the pressure and need for immediate results. In this business, instant success is the exception and not the rule- regardless of what some media pitchmen would lead you to believe.
Think long term
This is not a “get rich quick” scheme. It is a get-rich-slow process. We have found that 75% of the transactions we close are with note sellers who initially turn down our first proposal. Some note sellers will reconsider quickly; others take months or, in some cases, years before they will do business with you. We find that many people who leave the business prematurely have left behind thousands of dollars in profits that are just waiting to be made. You simply need to stay in touch with note holders, and when the time is right, you will be able to structure a win-win situation and collect your cash reward.
Flip, do not buy mortgages
When you first start out, it is better to find a note and, instead of buying it, you should sell it to a note investor for a profit. Today, there are institutional note buyers who, to our best guesstimate, are buying in the neighborhood of 40 million dollars of notes per month. There are many advantages of working in this marketplace. The commercial note buyer not only puts up the money, they do almost all of the work associated with the transaction, i.e., credit checks, appraisals, etc. As a beginner, this allows you to make a quick cash profit with no investment of your own funds, with virtually no risk and, best of all, you learn by watching the pros do the deal.
Concentrate on generating leads
This is a very simple business where you get paid a lot of money for finding something (a mortgage, note, or other type of cash flow) that someone else (a note buyer) wants. Most people concentrate on the technicalities of the business such as using the financial calculator, creative restructuring techniques, etc. What you must do is focus your attention in the right direction, which is marketing. In this case, you are marketing to find note sellers. Discounted notes and mortgages are a business, and all successful businesses know the importance of marketing. Because of the importance of this subject, we will devote more time to this elsewhere.
In conclusion, this is a great business where you do not have to quit your job, have or risk much money, stock inventory, hire employees, etc. You have to do a lot of little things right and then there is no reason you cannot find success. We suggest that you add discounted mortgages, notes and cash flows to your wealth-building arsenal.
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