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How to Buy Notes for Investment Income by Eddie Speed

Just suppose: What if you wanted to find the real truth, no bull, about how to buy notes for investment income. If you called a guru and asked for an hour of time, the explanation could cost anywhere from $200 and up. What follows is an hour of time that Eddie Speed spent with me for the benefit of our readers. As you read his ideas, imagine you are face to face with him. You don’t even have to take notes.   

 How do you buy notes for investment? Sounds simple. Of course, it’s not. The problem breaks down to being able to find notes and then to buy them. Eddie Speed says, “You first need to be able to sustain yourself while marketing for notes. That means having some kind of income. My philosophy is the same as Blue Bell Ice Cream’s slogan: ‘We eat all we can and we sell the rest.’” Oh, sure, you can find an investor/partner who will put up the money for you. Clearly. But, not many investors will put out dollars until you’ve established a track record.   

 So, how do you sustain yourself? Maybe with a job. Or, if you never again want to punch a clock, then you could find notes and broker them. Despite all you hear about free time, when you start out to be a note broker, throw away the clock. You’ll be working a minimum eight-hour day. The good news is that you have a lot going for you today that note brokers in past years never had. Today large note buyers are in the market to buy notes you find. Again, a simple statement with all kinds of implications: That you are comfortable with your calculator; that you have a marketing program to locate notes; that you know how to properly submit a note package to a buyer; that you can sustain yourself while you are marketing; and, that you have a business plan, not for six months, but for perhaps three to six years to go from note broker to note investor. 

Now for the investing part: You won’t find notes to buy with a decent yield in classified ads. You will find notes for yourself when you are in the active marketplace, buying and selling, and being a broker. That’s how you find notes. Now, where you market is another story. Books have been written on the countless ways (101?) to find notes. The truth is that you have to find the one of maybe half a dozen places where notes hide and then dig. 

 Digging could mean mail, post cards, phone calls, and in general, just down and dirty work. The more time and money you spend at it, the more likely you are to be successful. Then, what you find has to fit the parameters of the large note buyers. Hey, be glad they’re around. In the early days they were not. You had to find the notes, and then find an investor/buyer for them.  

 When you talk to note sellers, buying for your own account, will you know how to offer a full buy or only a partial buy? Or, will you buy a whole note and sell off a partial? How well do you understand the note seller’s motives? That’s a key element in your buying negotiations. You’re not buying a TV at Circuit City. You are taking interest income from someone and replacing it with cash. Why would a note holder want to do that? You need to find out. 

 EDDIE SPEED is President of Colonial Funding Group, LLC

Call: 817-410-4103 or, 800-969-1200 website: www.ColonialFundingGroup.com




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How to Buy Notes for Investment Income by Eddie Speed