Course Description


This is the same downloadable PDF that's available on Amazon's Best Seller List!

Part Art. Part Science. Part Intuition. Sherman Arnowitz has managed to take this fairly complex subject and turn it into a step by step guide for investors interested in learning about this largely unknown investment opportunity.

The book provides specific details about what it takes to start investing in non-performing mortgages; what kinds of loans to buy; and how to best manage those loans.

Since 1998, Sherman's taken his vast experience and mapped out from start to finish what it takes to be a successful junior lien note investor. No tenants, no toilets, lower capital required, in short, Note investing is the unique real estate investment niche.

Hear What Our Students Think

"I've been interested in the note space for 15 years, but only after reading Sherman's book and going through his course did I have the confidence to begin buying non-performing notes for my own portfolio." - Chris Larsen Ashville, NC

"…overall I thought it was very good. The bankruptcy info was the best I've seen. The course was detailed and well organized. I liked the resources listed for each chapter. The information given was complete……I could go out and do this now." - Diane

"I signed up for the course, The Business of Investing in Second Mortgages. It’s a great course with an enormous amount of content and zeros in on the practical side of the business as well. I never knew there was so much detail that went into the due diligence process. I’m very glad I made the decision to invest in this course and am now ready to invest in mortgages." - Steve Holland Austin, TX

"As a student of Keyhole Academy, I find that I’m more careful and have more confidence in my selection of notes. After my experience with Keyhole Academy, I’m able to analyze notes quicker and with more confidence." - Kathleen Nguyen Poway, CA

"Keyhole Academy provided me with a detailed and practical guide to starting in the non-performing second notes business. They provided interactive quizzes that helped ensure that we understood the course material." - Sandor Lau Eugene, OR

"I especially like my one-on-one phone conversations with my professor. It gave me a chance to ask questions specific to my area of focus. I’ve also met a lot of great people through this program." - Michelle Ryder Chicago, IL

"The Keyhole Academy course is a great resource. I found it easy to follow, thought it had very detailed, step-by-step information on how to buy, work and modify mortgage notes. I picked up some great tips. Also, the Excel exercises were very well done – for anyone starting out in the business, your learning curve will be greatly reduced." - Lisa Lemire Philadelphia PA

"I always realized the huge potential for investing in notes. But, what I didn’t completely understand was how to find or evaluate notes. The Keyhole Academy education program taught me everything I needed to know to start investing in notes. I would have never gotten started if it wasn’t for them." - Arthur Botting Los Angeles, CA

Since 1998, under the leadership of Sherman Arnowitz, Keyhole Financial Services has managed thousands of distressed second mortgage notes and has continually paid out returns in excess of 20% to their private investors.In 2013, Sherman and his team created Keyhole Academy; an on-line education program designed to educate students interested in learning how to invest in the distressed second mortgage market.Keyhole Academy is unique in that they are the only company offering their students private, joint-venture mentorships. Every phone call made, letter written, and strategy implemented is done with a member of the Keyhole Academy team. The idea is to create and nourish a cooperative learning experience so our students can have the confidence to eventually start buying notes with confidence on their own.

Keyhole Academy

Sherman Arnowiz

Course curriculum

  • 01

    The Art of Investing in Distressed Second Mortgages

    • A Note from the President

  • 02

    The Art of Investing in Distressed Second Mortgages

    • Amazon #1 Best Seller - The Art of Investing in Distressed Mortgages

Learn how to be a master investor of notes by selecting any of these additional courses!



    Enroll Free


    Buy Now