anderson podcast v
Toby Mathis
How To Be a Note Investor (A Step-by-Step GUIDE)

Host Toby Mathis, Esq. speaks with Bill Mencarow, founder of The Paper Source and 30-year veteran of real estate note investing. Bill writes for Think Realty magazine and has authored several guides and seminars on notes. He has been interviewed on numerous radio and TV programs including “Good Morning America,” national networks and in major U.S. newspapers and magazines.

You’ll hear Bill and Toby discuss the pros and cons of note investing, including how and when you can buy and sell, getting cash out of your note, and what to look for when buying a note –  including the three P’s – Property, Paper, and Payer.


  • What is note investing?
  • Selling notes for cash
  • Pros and cons, options for using this ‘negotiable instrument’
  • Selling your property using a note
  • Where can you find notes to buy?
  • What you should avoid- rules of thumb
  • Slicing and dicing your note for sale
  • Why go to a megabank corporation when you can get a note with someone in your community?
  • Sign up for Bill’s free eCourse or email him for advice
  • 3P’s – Look at Paper, Property, and Payer


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Full Episode Transcript:

Toby: Hey, guys. This is Toby Mathis, and I’m joined today by Bill Mencarow, who is the only guy I talk to about notes. He runs an investment group, which is an educational group and a great platform that deals with this area.

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