Elias didn't have $30,000. He called a local "hard money" investor, Marcus.
Finding a discounted asset and bringing it to a hungry investor for a fee. how to buy notes with no money
Elias called her. "Mrs. Gable, that note is a headache. You aren’t getting payments, and you don’t want to foreclose. What if I take it off your hands?" "I just want my $50,000 back," she sighed. Elias didn't have $30,000
Elias walked away with $5,000. He had "bought" the note and sold his interest in it without ever touching his own bank account. He took his $5,000, went back to his spreadsheet, and looked for the next zombie. Key Takeaways for Your Draft Elias called her
He found a private investor, Mrs. Gable, who had lent $50,000 to a fix-and-flip artist three years ago. The flipper had vanished, the house was rotting, and Mrs. Gable was tired of the taxes. She held a "performing note" that had gone "non-performing."
Elias drafted a simple agreement. He didn't buy the note with cash. Instead, he used a or Wholesale strategy: