Posted by John Merchant on June 20, 2007 at 09:42:11:
As far as I know, only one or two states have passed law that requires a note broker to be state licensed, and unless the TX legislature has just recently enacted such a law, NO, TX probably does not.
But I’d advise you to go on and try to broker one or two real notes before doing or spending anything more on that business.
Many, many, many would-be note brokers have bought a course or two and then made big announcements that “now I are a note broker”…and then fizzled as they learned that the note holding world wasn’t exactly beating a path to their doors.
Note networks (and I was for 3 or 4 years a member of ANN, Russ Dalby’s note network) do exist, but to my knowledge, very few of their paid members actually make any money from their memberships.
In my few years of membership, although I spent considerable time on it, I barely made enough to pay for my membership…although I opened lots of folders with all the pending “possibles”, few note deals were actually realized.
So while I wish you luck with this venture, I’d caution you not to give up your day job until you’re seeing the bank deposits.