Buying bank notes for non-performing loans is one of the easiest ways to make money in real estate today. Sure, it's not absolutely fool-proof (nothing is) but it comes pretty close. So, why does it seem there are so many people making a mess of buying bank notes?
Like most things in life there are always a few people that give something a bad name but that doesn't mean it should stop you from adding bank notes to your personal investment portfolio.
Find out for yourself what the most common bank note blunders are (and how to avoid them) with this quick checklist:
- Failure to verify the outstanding balance due and the actual repayment terms of the note. Yes, it sounds obvious enough but you might be surprised at the number of people that don't really understand what they are buying. Take time to inform yourself about the original conditions of the note and terms before finalizing the transaction. A little information and education can go a long way.