There is no magic bullet for finding good sources of mortgage notes. Life would be a lot easier if Amazon.com sold notes that you could you could buy for low prices and with an almost unlimited selection. To find good sources you must apply consistent effort over time. Its not the kind of activity where you do it once, check the box, declare victory, and then don’t have to worry about it again.
I like to think that I take the Truffle Pig approach to finding notes. When I was a Product Manager at Oracle I used to travel to Germany a lot because my product had a large install base there. One our sales people there used to talk about going into Truffle Pig mode to find new customers.
Pigs can be trained to use their keen sense of smell to dig for truffles, and in some cases they can find them up to 3 feet under the ground. Their use dates all the way back to the Roman Empire.
Finding notes also requires a lot of keeping your nose to the ground and digging. Lately I’ve had the most success by reaching out to asset managers on LinkedIn. I also send a lot of emails and make a lot of phone calls. Its a continuous process. I use my CRM, Pipedrive, to set reminders to follow up with specific asset managers on a regular basis. This activity is essential to find hidden sources of notes and build a business that will be sustainable over the long term.
If you are just getting started in notes and looking for some easier to find sources (that may have higher pricing) I made the video below that covers some of the larger note sellers that are out there. These sources can be helpful to get you started, but just remember these sources will only get you so far. You will eventually need to start working like a truffle pig. To get more of these videos on a regular basis, please subscribe to my YouTube channel. I need a few more subscribers to get a custom URL, and I would really appreciate the help.
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