Hi all, Just wondering if any of the experienced mortgage brokers here would be able to shed some light on the viability of purchasing someone else's trail book to earn a passive income (of sorts) as well as using it as a base to start a new mortgage broker business. Few specific questions I'm hoping to get clarified to assist me here: How much is the runoff p/a of a trail. Lets say if one bought a trail of $100k p/a, if the trail was not touched at all, how long will it take on average for this base to reduce down to zero taking into account pay backs, sales and refi's out. How do you actually value a trail book? From the research I have done I believe around 1.5 to over 2 times the trail amount p/a is what you could expect to pay but not sure if there is an actual formula to follow. Maybe a present value model of sorts I'm guessing? When an existing trail is bought, I'm assuming one would be able to get in touch with everyone who holds a loan under that trail to try and retain/win new business? If this is the case, what do the loan holders think when they have some random broker call them saying "heyy, im managing you now" Have no idea how this aspect of it works so any clarification would be much appreciated. Would buying an existing trail, lets say $50k p/a, be the right way to go about it if one wanted to start to build a mortgage broking business or just try and get out there as much as possible (I am not taking into account skill/experience here but lets assume we are a competent residential lending specialist) I'm sure there are a million other things to consider here, but have been very interested in the concept of buying a trail book but finding it hard to source reliable info. The idea of an income stream (although diminishing) as well as an existing base to work from seems attractive. Would be interested to hear some thoughts!