Acquiring Mortgages

[Dus10]

I have been thinking about getting into real estate investing (What an original concept, eh?). It got me thinking about mortgages, and how big financial institutions like to work with a mortgage early on, and then sell it after a few years, getting the most interest they can get.

What about buying the mortgages from the banks? I mean, there has to be a market for low value mortgages ($10K).

What do you all think?

[Karen]

This is a huge area, and one that needs tremendous resources, networks and connections.

Banks don't just sell off mortgages to single people, they sell them off to huge investment houses.

I think you would be better looking into tax certificates, to begin with and work your way into the mortgage brokering business.

Karen

[MattHurley]

Karen is correct. Most banks do not retain standard mortgages. They resell them to maintain liquidity.

[Dus10]

Okay. I searched on Monster.com for some jobs related to the mortgage business, and looks like the entry point is as a loan officer. I contacted one of the brokers, that is looking to hire, and asked him what someone needs to do in order to start as a loan officer. He was pretty responsive. It turns out that he was in my shoes about 4 years ago, and that was refreshing. It looks like I need to get a 24 Hour certificate, which is just a course of 24 hours of curriculum... so if anyone knows about this process I would graciously receive advise. I am in Indiana, USA.