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We want you to be absolutely comfortable ordering from us.  If you are not happy with anything you order, tell us and we’ll send your money back. If it’s a subscription to THE PAPER SOURCE JOURNAL, you’ll get a pro-rated refund for the balance of your subscription if we have sent you more than your first issue.

About Us

The Paper Source, Inc. was founded in 1987 by W. J. Mencarow and his wife and business partner Alison. He and Alison have been note investors since 1981. He is the editor of THE PAPER SOURCE JOURNAL and she is the publisher.

In addition to numerous articles in THE PAPER SOURCE JOURNAL and other publications, he is a regular writer for Think Realty Magazine, the author of the guidebooks “How To Get Started In Notes Without Using Your Own Funds,” “Almost Everything That Could Go Wrong With A Note and How to Prevent It” and several seminars. They received the coveted Founders Award for starting the first nationwide cash flow publication and first note industry national convention and were inducted into both the Mortgage Report Hall of Fame and Metropolitan Mortgage´s Note Industry Hall of Fame.  He received the Noteworthy Note Industry Achievement Award, and in 2014 he was recognized as the “Note Educator Of the Year” by the Note Investors Summit.

His opinions on financial and other matters have been quoted in virtually all the nation´s major media outlets including The Wall Street Journal, Newsweek, Time, The Washington Post, New York Times, Los Angeles Times, NBC, CBS, ABC, CNN and many others both print and broadcast. The nation´s best-selling personal finance author Jane Bryant Quinn wrote in her Newsweek column, “William Mencarow is an expert on real estate notes.” 

Ronald Reagan and W. J. MencarowBefore the note business, his career was in public service. He and Alison met on Capitol Hill during their years with the U.S. House of Representatives as professional staff. Alison (right, in a recent photo) has an extensive background in public service as a Congressional press secretary, speechwriting assistant for the Vice President of the U.S., Washington representative for a medical association organized to preserve the practice of private medicine, public policy for a Washington conservative think-tank and for the American Conservative Union, list manager for the largest political and financial newsletter company in the world, and more…including a key role involved in organizing several Conservative Political Action Conferences (CPAC) in Washington, D.C., where everyone who´s anyone in conservatism participates (including the fellow at left shaking hands with a bearded Mencarow — in a photo that, unlike Alison’s, is decidedly NOT recent).

He was Republican Counsel and Staff Director of the Subcommittee on Government Operations of the U.S House of Representatives during his career with the Congress in Washington, D.C. He also was the press secretary and legislative director for members of Congress, having staff responsibility for many bills that became law. Among other achievements, he helped Congressman Ron Paul create the American Eagle Gold Coin. (Also see How We Made Gold Ownership Legal After 50 Years Of Federal Prohibition )

He also worked exposing graft and corruption while an investigator in the Executive Branch of the federal government.

“People often ask me what I learned during my long career working in Congress,” he says. “I answer, if the opposite of “pro” is “con,” then the opposite of “progress” is…”

Before his congressional service he managed over a dozen political campaigns and worked in every presidential campaign starting when he was 11 years old (when he passed out brochures on Moline, Illinois street corners). Later he was on Ronald Reagan´s presidential campaign staff (he was a bit older than 11), was in charge of all Reagan volunteers at the Republican National Convention and served as Senior Advisor to the Reagan Presidential Transition Committee.

Prior to that he was a television and radio talk show host for eight years in the Chicago area and produced the morning drive-time program, The Howard Miller Show, for the NBC-owned radio affiliate WMAQ. It became the #2 and sometimes #1 most-listened to program in Chicagoland (the legendary Howard fought for ratings tooth-and-nail with the equally legendary Wally Phillips at WGN).

He majored in philosophy at Elmhurst College (IL), earned a certificate at National Chengchi University in Taipei, Taiwan, Republic of China, and studied law at DePaul University. While in high school he was the youngest staff photographer in the history of the Moline (IL) Daily Dispatch. That was the first time he realized that people would actually pay him to do what he would gladly do for free.

He has been interviewed on numerous radio and TV programs including “Good Morning America,” most networks and in major U.S. newspapers and magazines. He has engaged in numerous debates before large and televised audiences. He has debated Jane Fonda, Gore Vidal, Paul Ehrlich and many others.

He says his most memorable honor came when a speech he wrote for a member of Congress was attacked by Pravda, the official newspaper of the Communist Party of the former Soviet Union.

In addition to his work on THE PAPER SOURCE, he studied at Whitefield Seminary, is an ordained minister and is the recently retired pastor of Reformation Church, a conservative, Bible-believing congregation in Bourne, Texas. His sermons are posted at and receive several thousand downloads a month.  Some of his recent videos may be viewed at

“Trust in the Lord with all thine heart; and lean not unto thine own understanding. In all thy ways acknowledge Him, and He shall direct thy paths.” (Proverbs 3:5,6)

Here´s what people are saying about THE PAPER SOURCE

(each one of these is real and, most importantly, unsolicited — thank you everyone!)

The #1 Broker For The Nation´s Largest Note Investment Firm

“THE PAPER SOURCE has been a very valuable source of information for me. I’ve been a subscriber for most of your years of publication.”
— Nick Buschur, Grants Pass, Oregon, #1 Broker for the largest note investment firm in the world for unprecedented 3 years in a row, est. annual volume $15.8 million.

Calls From A Ship in the Middle East To Renew!

“You may remember me: I called you from a ship in the Middle East, in the Gulf of Oman, to renew my subscription…” — David B. Guest, Old Orchard Beach, Maine

Jane Bryant Quinn, The Nation´s #1 Personal Finance Author, Writing In NEWSWEEK, says:

“(Paper Source President) William Mencarow is an expert on real estate notes.” — Jane Bryant Quinn, NEWSWEEK

“I get many publications each month, the only ones I instantly read and never stack are the Paper Source and Commercial Investment (CCIM). I love the Paper Source.” — Dale Morrison

“We subscribe to the Paper Source and we love it. Thank you for your time and effort. And you are so right that so many people make you buy their course to buy your notes and the courses are usually very expensive. Thanks for having a source that is affordable.” — Debby Verbeten – Acquisition Manager, All States Investments, LLC

“I thank God that I came across this website and the many tips that people have been sharing to help others from not being scammed by informercials.” —

I feel extremely fortunate to have discovered the Paper Source…before I dumped too much money into a guru´s overpriced course.”
— Gerald Browning

“A ´Must´ For Everyone In The Note Industry”

“I have been taking THE PAPER SOURCE since 1988. Every issue has been worth its weight in Gold, for sure. I´ve seen it evolve into a “must” for everyone in the Note Industry. Newsletters don´t come any better! I´ve saved every copy from the beginning, and read the old issues from time to time. They´re great. I got started buying notes back in 1969 and sure wish you had been around at that time. I´d be richer for the experience if you had.” —Ray L. McGowan, Jr., Gleneden Beach, Oregon

“P.S. You have been an inspiration to me for a long time and I especially enjoy the Bible verses that you insert in THE PAPER SOURCE — everyone needs to be reminded of the Grace of God and how it can help all of our lives while we are on this earth. Keep that part of your newsletter on track and everything else will take care of itself.”

“Your publication has been very helpful to me in bringing in a nice extra income by brokering notes.”— Damen Mitchell

“Nothing But The Truth”

“Bill Mencarow is a mortgage investment specialist…he mainly deals in note brokering and ranks among the honest persons in real estate information industry. He spells out nothing but the truth in his books, articles, and website. Although Bill also sells products, books and services of other Internet marketers, these authors follow business ethics to the T. Bill also has a free seven-part e-course on note brokering.” —

“Direct, Informative, and Substantive”

“I find that you truly maintain an incredible level of excellence in your newsletter each month. It is direct, informative, and substantive. I know personally how hard that is to do month after month. Thank you for that service. Much appreciated.” — Judy Miller, President,, Inc.

“I Find Myself Eagerly Ripping The Envelope Open”

“I want to let you know that I am still..”after all these years” enjoying and learning from THE PAPER SOURCE , monthly. I find myself eagerly ripping the envelope open to get to the latest goodies not only pertaining to “note” issues but, for some time now, your coverage of so much more in the “structured” cash flow business. I especially appreciate your “extra” due diligence sorting out the significant legal issues and ramifications and sharing them with us. Thanks for all of the excellent products and services you offer thru your website as well. Can´t see myself without your continued education and guidance as well and hope you will continue this forever…well, as long as you would want.” — Ivan R. Weir

“I found your information to be balanced, informative, and non-sensational/not irresponsible, unlike a few others out there who seem to have no scruples at all.” — Rick Andersen

“Please renew my favorite and most informative, brilliantly written, funny, note broker/investor friendly, gotta have it, can´t sleep or think without it, subscription to THE PAPER SOURCE!” Bob Tessier, Spokane, Washington (One of the former Metropolitan Mortgage´s Top 3 Brokers)

Congress on Real Estate Says PAPER SOURCE “A Must”

“THE PAPER SOURCE is a great newsletter dealing strictly with paper investments. It just gets better and better. The articles are super! If you want to get started buying paper, if you have paper to sell, if you are an expert, or if you just want to learn about paper, THE PAPER SOURCE is a must.” — Albuquerque Congress on Real Estate

“Recouped Our Subscription Costs Incalculably…Business Grows Phenomenally”

“THE PAPER SOURCE has recouped our subscription costs incalculably over the years. What we´ve learned and the contacts we´ve made through it and the annual Conventions has made our business grow phenomenally. Obviously we wouldn´t be without it! — Tom Hennigan, President, EscroServ, Inc.

Cuts 10 Years Off His Learning Curve

“There is no doubt in my mind that the info you provide will cut 10 years off my learning curve and probably save me a lot of heartache and money in mistakes that a new guy might make.” — Mark Pouncey

“THE PAPER SOURCE pays big dividends! I had a lady come in with 3 small notes she had for sale. I looked them over and we made a deal. One yield was 65%, one 36%, one 58%. I like weeks like this! At every seminar I attend, it seems THE PAPER SOURCE is the center or hub of note investors. Everyone speaks of you in glowing terms.” — Dale Ketcham, Shawnee Mission, Kansas

“THANKS MR. Mencarow! (The Cash Flow Dollar Store) may be the best seven dollars I ever spent! Feel free to quote me.” — Jim Flynn

“Your contribution to my acclimation to the note industry (and countless others, I´m sure) through the free and value-priced resources you provide is truly a blessing!” –Joe Geist

“Your website has inspired me very much and has given me a great deal of knowledge. The more I read, the more determined I am to be a part of this field! I look forward to continually reading your e-zines, and all of the great articles that you have here. By reading your articles, I almost feel like you are my “silent mentor” – since I don´t know much about this industry, don´t know anyone in this industry, and am starting from scratch; I look to what I am reading on your website to teach and guide me.”– Fernando Munoz

“Given me the confidence to seriously pursue the note business”

“I´d like you to know that The Dollar Store, the Paper Source Journal, and the instructional products on your website have given me the confidence to seriously pursue the note business. Thank you for developing such a wonderful resource.” — Deborah Bailey, Harrington, Maine

“The Paper Source has been a good “source” to meet new contacts in this business.” — Nick Hice,President, ABCO Properties

“Thanks, Bill, for yet another terrific issue. Your insightful, comprehensive and humorous ability to collect anecdotes and news from our industry is amazing. THE PAPER SOURCE in my mailbox each month is truly the highlight of my reading. — Tobias Preston, McKinley Mortgage Co., Girdwood, Alaska Tobias.PrestonATMcKinleyMortgage.Com

“I am very impressed with the honest and ethical approach taken by The Paper Source.” — Randy Bishop

“Bill Mencarow dispenses genuine and authentic information on note brokering on his site He gives honest reviews for products and follows ethical business practices unlike most people in the real estate industry. He offers a free course on note brokering for his subscribers. The newsletter is a useful source of information for novices as well as experienced people on note brokering. It gives relevant and pertinent information at a reasonable cost.” —

“I would like to thank you for your Internet page. If not for my wife looking for more information on the cash flow business I would have spent $5695.00 on a school that I now see as the wrong way to learn the note buying and selling business. I have enclosed a check for $79.00 to order your monthly newsletter. Thank you for saving us our money and pride!” — Curtis G. Hall, San Antonio, Texas

San Francisco Examiner Recommends THE PAPER SOURCE

“The discounted mortgage field is one of the most esoteric areas of real estate investing. But THE PAPER SOURCE is written in easily understandable language.” — San Francisco Examiner

“You´re not trying to preach a get-rich-quick deal. Just the facts. I appreciate that.”

“My name is Rod Flowers and I must say that your Internet site is TOPS!!!! I´m a techie here in Atlanta, Georgia looking to learn the note business part-time. Thank you for having the best site online!!!!!! You´re not trying to preach a get-rich-quick deal. Just the facts. I appreciate that.” – Rod Flowers or

Says We Provide His Company “Invaluable Exposure To The Industry”

Appearing in THE PAPER SOURCE provides our new company with invaluable exposure to the industry. Thanks for the publicity. — Chris Sexton, Principal, Freedom Financial LLC

“As a new broker, I would like to take this opportunity to thank you for the resources you provide, such as the e-course and the references to recommend readings, tape courses and seminars. I appreciate your attitude of stewardship and discipleship you are showing a fledgling, such as me, trying to learn to fly in the discounted note arena. These qualities show through in your writing style, web sites and in your newsletter.” — Paul Stephenson, Director of Client Service, RJL Financing Group,

Finds The Answers He´s “Urgently Been Seeking From Anyone”

“THE PAPER SOURCE does have the answers. The back issues have information I have urgently been seeking from anyone I have contacted. I look forward to all issues. Most of the repeated, ad infinitum, questions on your site could be taken care of if more people would be a bit far sighted and subscribe, as well.” — Mike Carter

“I´m glad I found your website — Low cost, high return and something everyone can use!” — Mark Wayne

“I only wish I had the info from your site before I wasted my $$ on the XXXX´s Seminar. What a bunch of Hype! It´s nice to know there are honest and upfront people in this business. I will continue to refer people to your company.” — Chris Bonomi, FrontLine Capital Funding

You´ve got a student for life!!

“I´m taking your e-course and it is completely awesome. After each lesson, I am craving for the next lesson. It´s actually to the point where I read all the lessons three times. I really believe I´m going to do well in this business. You´ve got a student for life!!” — Kevin R. Daniels

“High Standard of Excellence”

“Thank you for providing a high standard of excellence in our industry.” — Gary and Jan Duke, Duke Properties, Los Angeles

Saved Him From An Expensive Mistake

“Whew! You saved me (from spending thousands of dollars to learn the note business). I always did find it peculiar that he (the seminar promoter) said there was no competition. Every business has competition.” — Name withheld by request.

“Without A Doubt The BEST Available”

“Our little company buys paper, and your dynamic, attractive site is a FANTASTIC resource. Next time an employee needs information, we´ll train them by surfing the Notes Lounge Archives–it´s rich!

“Keep it up–the professionalism and wealth of knowledge and connections for our industry is without a doubt the BEST available.” — Tobias Preston, McKinley Mortgage Co.

“I like that you are a straight shooter and don´t really sugar coat anything.” — Theo Briones

“All Of My Future Purchases Will Come Through THE PAPER SOURCE”

“Thank you, I do NOT want to receive the course “How to Start a Profitable Discounted Note Business.” I was unaware that both courses cover the same material. I am very impressed that you would take the time to confirm this with me, most places would be more than happy to take my money.

“All of my future purchases will come through THE PAPER SOURCE.” — Anthony D´Elia

“I began with reading a book on the cash flow business, then some other websites — WOW!! Not only does THE PAPER SOURCE provide wonderful tools, but also the truth!! I´ve appreciated the articles and integrity you provide on your site.” — Joyce Leach

Beginner Finds “High Degree of Professionalism”

“I have not bought or brokered my first paper yet, but THE PAPER SOURCE Convention took me from what would have been very amateurish to a high degree of professionalism.” Unsigned.

“Just a note to thank you for sending your seven lesson Note course. It is excellent! I will be purchasing more of your materials in the very near future.”– Howard Judd

“You caught my attention because of your love for the LORD and willingness to help others. I was brought to your site by “luck”…no, I don´t think so, either! Thanks again!” – Steve Fitzgerald

“Now I can envision a new set of possibilities!”

Thanks for your excellent Lessons. Very clear, well written and inspiring. Now I can envision a new set of possibilities! – Cielito Pascual

Saves Every Issue

“Enclosed is my renewal. I enjoy reading THE PAPER SOURCE and have saved every issue.” – Kirk Foecing

“Thank You For Your Integrity And Informational Honesty”

Thank you for your informative web site. I received a mailing today from a company promising thousands of dollars in extra income in just one month and I decided to see what it was all about. I found the name of that company on the internet in a message board about “notes”. After a bit more searching, I came across your site FAQ which state plainly that “the note business is like any other business” and is NOT a get rich quick scheme.

Again, thank you for your integrity and informational honesty. If only more people who receive these mailings could find your site… — Jeff Doolittle

Eagerly Awaited

“Keep up the superior quality. There are a lot of us who eagerly await your material.” – Ruth Balch, DeKalb, Illinois

“Incalculable Value”

“Leonard Stitt´s statement – about THE PAPER SOURCE´s incalculable value for anyone interested in learning the note business – is the absolute truth.” – Eve Lynne Eliasson, Ft. Lauderdale, FL

One Idea From THE PAPER SOURCE Makes $Thousands!

“I´ll make this short and to the point – I LOVE IT! I started buying notes 5 years ago, I´m up to 47 notes and my return runs anywhere from 22% to 63% not counting windfalls of 301%. Just one idea from THE PAPER SOURCE can make thousands!” — Gerald Singer, Michigan

“I Was Absolutely Overwhelmed…Disappointed I Had Not Subscribed Before”

“Thank you for sending the sample newsletter. I was absolutely overwhelmed at the quality content of the newsletter. I am disappointed I had not subscribed before. Enclosed is our check.” – Victor Wagner, President, Flexible Mortgage Co., Atlanta

“Far and Away The Best Newsletter in the Field”

“You have far and away the best newsletter in the field.” – Dan Lundy, Bellevue, Washington

“We would recommend a subscription to THE PAPER SOURCE to anyone serious about the note business.” – Dick Smith, former Metropolitan Mortgage Co. Contract Buyer, Omaha

“I appreciate business people like you and your company that came to me highly applauded by others” — Douglas Craig,

Beginner Finds THE PAPER SOURCE “Quality On-the-Job Training”

“We all can learn from the home study courses, but THE PAPER SOURCE will fine-tune that knowledge into everyday use. I´m brand-new to note investing and need all the knowledge I can get. I´ve found THE PAPER SOURCE is quality on-the-job training in buying and selling paper.” — L. D., Woodburn, Oregon

“I thoroughly enjoy your paper and have gotten many good ideas from it.” — another subscriber, Kirkland, Washington

“Thank you for your prompt and courteous answers to my questions. You appear to be a cut above the rest!” — JB McKee

Gives Him Confidence To Succeed

“I want to thank you for your very informative newsletter. It has given me the confidence and access to information necessary for success as a mortgage investor.” — Roger Bechtel, Oregon

“I read with interest every newsletter I get from The Paper Source. Your short introductory course was particularly enjoyable.” — David Huggins

“You definitely provide a very valuable service to the industry.” — Bill Cantey, Cantey Mortgage Company, Inc.

“The Information I´ve Learned From Your Site Far Outweighs Anything Else I´ve Seen On The Internet”

I just wanted to drop you a note and let you know how much I have benefitted from your web site. I am new to the note industry. In fact, I am still early in the learning phase and I have not closed any deals. I have read a dozen or so books on the subject and I have perused the internet searching for additional information on this subject.

I discovered your web site about a week ago and I have received a great deal of valuable information from it. Your online introductory guide to getting started in the business is excellent, and I studied the online sample edition of The Paper Source and enjoyed it very much. I´ll be sending my check for a year´s subscription Monday morning.

The information I´ve learned from your site far outweighs anything else I´ve seen on the internet. Thanks! — Matthew J. Harris

You Have The Most Interesting Website, Bar-None

“I have just today stumbled on your web site. It is the most interesting site I have found bar none. I have been a real estate investor for years but not specifically in paper. I look forward to getting more involved in discounted mortgages. — Leonard Schultz

“I cannot begin to express my gratefulness at finding your website. Tonight I attended a “free” seminar on note brokering. I am very interested in it, but didn´t have the $4,000 they wanted to attend the training. I began looking online for information and found your site. What a tremendous blessing and gift from the Lord you are!” – Tamie Person

Unsolicited Endorsements Don´t Get Better Than This!

“I´ve had over 33 years in real estate, over 18 years in the paper business and have taken over 200 seminars and given between 75 and 100. I think that makes me qualified to tell you that THE PAPER SOURCE National Convention was one of the finest events I´ve ever participated in.” — William A. Broadbent, San Luis Obispo, CA –co-author of the best-selling “OWNER WILL CARRY: How To Take Back A Note Or Mortgage Without Being Taken”

Hi Bill:

I have been to seminars, bought books & tapes, however,

I appreciate most the value of the forms and letters recently received from THE PAPER SOURCE.

I can’t thank you enough for taking the time & talking me through the installation on my computer. I have already had a need to use some of the material. I am also grateful to you, your wife and the authors who write articles sharing their ideas & knowledge in THE PAPER SOURCE newsletter.

Jerry Moeller, Bridgeport, Alabama

Thank YOU, Jerry, for being a loyal subscriber since 1989.

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