Discounted Notes - Buying Bad Debts

In my mail today was an 8 page letter about how this guy legally takes money from banks, last month he got over $87,978.

He goes on to say you can easily do the same thing and make $30,000 every month for the rest of your life, and you don’t have to work very hard, you can do it part-time in less than 10 hours each week.

That is a lot of hype, but what he is talking about is buying discounted mortgages from lenders, and this is a legitimate business.

Banks and other lenders have bad loans they sometimes don’t want and are willing to take a discount on them.  You need to have cash, or work with someone who has cash because when you find a lender willing to write off some bad debt they want cash and they want it fast.

I have made dozens of deals for notes minutes before the property was to go to sale, almost always for a substantial discount.

Other times I was able to work out a deal weeks or months before the foreclosure sale.

I would not say it was easy to work part time doing this and make 30k a month, but it possible to make some very good money, depending on the situation.