Are You Considering the Note Business?
Author: Don Maddox
Author: Don Maddox
Many people who consider becoming involved in the note business, otherwise known as the cash flow business, have no real understanding of what a note is or that privately held notes even exist. The late night TV commercials have brought the business to the masses. The promise of a great income and a work from home business has attracted many viewers to consider the business. Some basic education on the subject can help the newbie get started and acquire a better understanding note business and how to get into the business. Several companies offer training to help people get into the note business. The cost of the initial training most of these companies offer is usually very small but be aware there will be several offers for more advanced training and at a much greater cost. When professionals in the cash flow business refer to a "note" they are referring to privately held promissory notes. A note is an IOU. It is the right to collect payments based on terms outlined in the promissory note. In most cases a note is secured which means the borrower stands to lose something if they fail to make payments as outlined in the terms of the note. The security can be any form of property including cars, boats, planes, or real estate. A real estate note, commonly called a mortgage, trust deed or land contract, is simply a note that is secured by a home, vacant land, or other type of real property. Real estate notes are very attractive to buyers for many reasons, with one of the most prominent reasons being the sheer volume real estate notes created every year. Real estate notes are more secure because real property tends to appreciate in value and the location is fixed. Note buyers always know where their security can be found. Many other types of property, cars for example, tend to depreciate and can be easily moved. Buyers know that should a borrower fail to make payments it would be more realistic for them to recuperate their invested funds by foreclosing on a single family home than on an automobile or airplane. Many of the people who own notes and collect payments are not aware there is a market for their note. When entering the note business, you will need a good basic understanding of the business in order to answer the questions the note seller will have. Your roll will most likely be the roll of a note finder. You will be the person the note seller talks to first. Being able to answer basic questions is a must. Try doing some research on the note business, read some books about the business and then maybe try taking one of the basic courses. I strongly recommend testing the business before ordering one of the expensive courses.About the Author:
Don Maddox is an expert in the cash flow industry. Owner of Great Oaks Financial, LLC. We buy cash flows secured by real estate as well as other income streams.
www.GreatOaksFinancial.com
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