AUSTIN, Texas, Oct. 19, 2018 /PRNewswire/ — Dan Deppen is a Colorado-based note investor who has a full-time career in product management, and his involvement in real estate has been a side project for the past two years. But that's about to change, as Deppen has officially jumped into note investing full-time after being a WeCloseNotes.com student for six months.
“I started investing in stocks when I was 19, and then later got into options,” Deppen said. “About two years ago I became concerned about how much of my net worth I had in stocks, given how high the market was. I wanted to diversify into real estate and started looking at buy and hold rentals, but that didn't make any sense for me given where the real estate market in Colorado is right now. When I was looking for alternative real estate investments I came across notes. My Dad and grandfather were in the loan business years ago. I also had taken a course in bond analysis as part of my MBA, which I had really enjoyed.”
“The scariest part is not knowing exactly when money will flow in,” Deppen said. “Being used to W-2 jobs, it's just a mindset change that I will need to get used to. But even that isn't too scary because my wife has a great career as an aerospace engineer. So we already have a solid income and health insurance. That makes the transition a lot easier for me than it would be for someone who was the sole breadwinner.”
When people talk about quitting their jobs and becoming full-time investors, often times they are dreaming about the bigger paychecks and cash flow opportunities that they can pursue outside of their nine to five job. But for Dan, pursuing a life as a note investor was about following a newfound passion more than anything else.
“As I got deeper into note investing it was obvious to me that I had much more passion for that than what I had for my day job. That's the main thing. My day job was fine, there was nothing wrong with it and it wasn't like I was digging ditches or anything. But I also believe there are some huge opportunities right now in notes, and it just made sense for me to focus on notes and take advantage of that opportunity. Also, while I made good money in my day job, there is far more upside for me personally by focusing on notes.”
Note investing, like any other profession, comes with many unexpected obstacles and surprises.
“The biggest hurdle has been finding time to make all of the phone calls needed,” Deppen said. “Whether its calling about taxes and utilities during due diligence, or calling realtors after getting bids accepted, calling asset managers, talking to potential funding partners, note investing requires a lot of time on the phone. That was challenging to keep up with while working a full time job. Being full time on notes will make this much easier.”
“The biggest surprise to me was how easy it has been to find funding. Going into note investing I assumed this would be the hardest aspect of the business for me. I've been able to pick up a couple partners who have funded note deals for me already, and have had several others express serious interest. That has happened without a really significant effort.”
So how does an investor get to the point where they can finally turn their side business into a full-time career? According to Dan Deppen, it's all about working hard, staying organized, and paying attention to the details.
“Note investing can be a lot of work, but there is no rocket science required. I think there is a big opportunity available for those are willing to put the work in. Most people aren't willing to do what is needed to run a notes business, but if you are you can do very well for yourself and your family.”
For more information on how Dan and other investors are learning how to invest in performing and nonperforming notes, check out http://www.WeCloseNotes.com.
Media Contact:
Shannon Steidel
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SOURCE WeCloseNotes.com
