Discounted paper, notes, mortgages, debt instruments, income streams, cash flows, cashflows or cash-flows -- no matter what you call it, it adds up to one of the most profitable enterprises in the world. Those who broker and/or invest in "paper" buy and sell payments from real estate mortgages, trust deeds, contracts for deed, lottery winnings, structured settlements, annuities, tax lien certificates, royalties, leases, insurance benefits, retirement accounts, consumer products, credit cards, contractor's liens, home improvement paper...there are investors ready to buy the paper from numerous types of transactions in which there is a promise to pay over time. The Paper Source offers proven, real-world guidance to note (cash flow) brokers and investors FROM PEOPLE WHO MAKE THEIR LIVING AT IT.
by W. J. Mencarow, Jr., president of The Paper Source, Inc.
A good way to learn the note business, either as a broker or a private investor, is to study one-on-one with somebody already doing it. Few people learn the business this way because there's never been an easy way to find such people. That's why we've created a "Mentor" section in The Notes Lounge (to get there, click here. ) We're hoping that those who are looking for a mentor, and those who are willing and qualified to mentor others, will find each other there. So your first step should be to post a message there. (When you do find someone, ask others in the Lounge for their experiences with them before you commit to spending any money.)
Most people enter the business via a live course. Unfortunately almost all of the beginner courses are taught by charlatans preying on people who want to learn the note business. They charge obscene amounts of money for "courses" taught by hired speakers who have never bought a note in their lives, give the hard sell for products DURING the expensive seminar, teach shopworn and obsolete techniques and have a student failure rate of virtually 100%. There's currently only one live beginner course I recommend. E-mail me for more information.
If want to get started learning right now, here are the steps I think you should take:
1. Sign up for my free 7-part e-course at www.papersourceonline.com/ecourse.htm
2. Get the courses recommended by Jane Bryant Quinn in Newsweek: Profits In Discounted Notes -- The Complete Beginning Course at www.PaperSourceOnline.com/products.html
When you buy the course you get a subscription to THE PAPER SOURCE JOURNAL ($79 if you don't buy the course), which includes a copy of my "How To Get Started Making Money in Notes" and our Registry of Note Investors. The monthly publication is not a complete course in notes, obviously, but it is the best source of continuing education available. www.PaperSourceOnline.com/subscribe.html
3. Go to the Cash Flow Dollar Store at www.cashflows.org and download the largest library of cash flow information, contracts, forms and sample letters on the Internet.
4. Order some of our PAPER SOURCE JOURNAL back issues. I truly believe that is the best bargain in the Industry. www.PaperSourceOnline.com/products.html
5. Get John Behle's home study course The Paper Game. It will take you beyond what you have learned to open vast new possibilities with notes. www.PaperSourceOnline.com/products.html
The total cost for all the above? Less than $750.00 plus whatever you buy
in the Cash Flow Dollar Store (usually $1.00 per article or contract) and back
issues ($3 each). Compare this with the nationally-advertised seminars
at $3,000, $5,000 or more, taught by hired speakers who until a few months ago
thought "discounted paper" meant that Safeway was having a sale on
Charmin.
While you're doing this, be thinking about about what you will specialize
in. You'll need more than just mortgages/trust deeds since the good ones
are hard to find. Today's note brokers have learned how to handle a variety
of products, although real estate notes remain the foundation of most brokers'
business. You'll have to decide what combination is the best fit for your business,
and you have a wide choice: lottery proceeds, structured settlements, annuities,
royalties, contractor paper, inheritances, farm program payments, equipment
leases, tax certificates...the list goes on and on. The best source of current
information on specialty products is the Cash
Flow Dollar Store and our back
issues.
6. Once you've mastered all this, you're ready to go back to our products page and select the other titles that most interest you. Approach this like choosing electives in school -- find the ones you like that fit into your goals.
We reject a lot more products than we accept! To make it into our catalogue, a product must meet our standards. It must:
a) Be produced by someone actually in the business;
b) Teach concepts that are workable in today's marketplace;
c) Feature material that is specific and detail-oriented rather than vague promises and hype;
d) Be priced fairly.
Those standards weed out about 85% of what is on the market today.
7) Finally, in all modesty the best thing you can do for your note business,
whether it is prospering or just a gleam in your eye, is to network at the World
Summit of Paper™, the annual NOTE
BOAT CASH FLOW CRUISE. Imagine meeting note brokers and investors
from all over the country who come together to share information and ideas,
get briefed on the latest techniques, products and cash flow ideas, make valuable
contacts and even buy and sell notes right there!
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