Episode 2: Eddie Speed - Note Buying Wizard from Texas

Today on Real Estate Investing Profits, Profit Masters Podcast, my guest is Eddie Speed.  Eddie is the founder of Note School. Since 1980, Eddie has been buying notes.  His Note School is a highly recognized training company that specializes in the teaching of buying performing and non-performing mortgage notes.  Eddie is also the owner and president of Colonial Funding Group LLC, which acquires broker discounted real estate secured notes.  Eddie is a leader and innovator in the note business.  As Eddie puts it, he’s a note guy. He has owned several thousand properties.  He teaches people to buy notes, he buys notes in bulk and resells them in all increments.

 

Eddie explains that he buys existing discounted seller financed notes and defaulted notes that are being held by banks.  With the defaulted notes, he will then attempt to modify and get the customer to pay again, and if that isn’t possible he will try to get them to deed it to him or he  has the right to foreclose.  With over 40 thousand seller financed notes purchased by Eddie’s company he feels it’s an incredible opportunity.  

 

Here’s a few of the questions I pose to Eddie:

• Biggest influence - his father-in-law and he explains why

• Any big mistake made - he has been defrauded

• Advice in running a successful business - don’t give up and don’t get so hung up on price you don’t understand how to be a deal architect

• If you started all over again what would you have done differently - Eddie explains why he would have been part of a mastermind group early on

• Greatest lesson learned - trust but verify

• Why do you do what you do - Eddie has a passion for it

 

Profit Master Investment Strategy:

Eddie says in two-thirds of the United States real estate is too cheap for what it rents for in the working class price band.  He will find houses below a hundred grand that aren’t getting conventionally financed so the owner has to pay cash.  He then will owner finance the property by selling it to the owner for half and will then use it as a rental property for 5 years.  While there is a time that the owner doesn’t live in the property, Eddie has sold it to them for half the price and the renter has paid the other half.  Eddie says it’s a wealth builder and a win-win situation for him and the owner.

 

To find out about the locations of Eddie’s Note School 3 day training classes, check out http://noteschool.com/live-classes/.

 

Free training and additional information is available on his Note School website.

 

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