Turning Debt Into Profit with Mortgage Note Investing

Ep 38 - Investing in notes is a great way to let money work for you without needing to be involved with the technical aspect and day-to-day operations of it.    In this episode, we have with us real estate entrepreneur, mortgage note investor, tax accountant, and mindset and performance breakthrough coach Lorraine Millington. She goes deep into the nitty gritty of mortgage note investing, the difference between performing and non-performing loans, and even shared a few steps on how you can get started.   As the Founder and CEO of Melanin Homes, Lorraine and her team specialize in passive income strategies through mortgage note investing nationwide. They work directly with investors who are looking for truly positive cash flow assets, highly competitive returns on their investment, and the opportunity to Become the BANK!  As President and Owner of Melanin Tax Solutions, Lorraine is an enrolled agent providing tax, bookkeeping, and tax resolution services to individuals and small business owners to help clients resolve any audit inquiries, reduce their tax liability, effectively claim all applicable tax deductions and credits and stay financially organized.  As a mindset and performance breakthrough coach, Lorraine helps people get out of their own way by removing the mental blocks and limiting beliefs that are keeping them stuck in what they are doing and preventing them from moving forward to who they should be BEING, to get what they really want for themselves and for their life.   ________________________________ FREE Discovery call for The Microfamily Investing Accelerator  https://calendly.com/noirvest/microfamilymavericks  ________________________________ [1:00 - 13:59] Who is Lorraine Millington? She has always been around real estate and her family is within traditional real estate as well for a long time She found an effective way to get engaged with real estate without having to deal with its day-to-day operations Her turning point into turning to mortgage note investing is  finding leverage in taking advantage of  the opportunity and the fact that debt is not always bad She worked with legal for a long time dealing with contracts and papers associated with mortgage note investing as well as tax professional     [14:00 - 20:28] What You Need To Know bout Mortgage Note Investing  Lorraine explained that mortgage note investing is buying the debt associated with the property instead of buying the actual property It is a  great way of letting money work for you and having passive Income with minimal involvement She shared two ways of mortgage note investing Performing Loan - loaned through the bank to purchase a property creating a mortgage to that property & signing a promissory note for the terms of payment Non-Performing Loan - purchasing debt  notes  from performing loan and you have the ability to modify the terms or foreclose if the person stopped communicating giving you control and flexibility to make passive money   With mortgage note investing, you have freedom and control over the transaction that is kept in progress while also giving you the chance to profit.   [19:47 - 22:43] How to Get Started with Mortgage Note Investing    Lorraine suggested five checklists on how to get started; Have an entity in place to protect you from a liability  You can start with smaller amounts of capital. There’s a wide range so you can get in depending on the price point Have knowledge of education meaning doing research or taking courses to get more understanding before getting involved Partner  with a mentor/coach or be with people who are already in this industry to learn while...