BiggerPockets

Alex,

Give me a call regarding your non performing notes in California.

Daniel [PHONE NUMBER REMOVED]

I'll contact you both shortly.

Kondaur Capital Corporation

Well I've just started working with them, but I'll definitely check for you. I have your e-mail address so if I have anything, I'll send it your way.

Probably exactly what you were thinking it is.

It is a note (in this case a mortgage note), usually fairly early in its term, that a borrower has stopped paying on. These are attractive as investment vehicles because they can generally be purchased at large discounts to UPB (unpaid principle balance).

Downside is these are non-leveraged (all-cash) investments that sometimes get messy if you have to take the borrower through the foreclosure process.

Probably not recommended for a newbie, but thats your call to make.

I left a message with the AM I'm working with and we'll see what happens.

Mark,

As with any business, Kondaur employees run the gambit between lazy and underperforming to incredibly diligent, thorough and overachieving. If you haven't yet experienced the latter, you haven't talked to my guy there.

I'm obviously not looking for a broker fee, hell you can still pay Alex his if you want, I just am indebted to the guy cuz he taught me everything I know about note investment, and I know he will go the extra mile for you.

I've also never had to wait more than a couple hours for a response, and even then it was because he was on a plane to handle a note disposition face to face with a borrower in Louisiana.

Anyway, let me know if you want the contact info.

Sent you a PM Marc, let me know how it goes.

It has been almost 3 months since the first posting, I wanted to check in with everyone here to see if they have any updated info on Kondaur they wanted to share.

I have also been in contact with an AM at Kondaur Capital (prior to reading this post).

I have found out some of the notes they hold via the foreclosure info that I gather, However, when I go to contact them about it, they said they cannot talk to me until I "register" with them as a direct buyer, by showing Proof of funds. They said they rarely deal directly with brokers (maybe this is new), since they do not want to "tie up" the notes, on a "potential" deal.

He did say that the CA inventory usually goes pretty quick.

Alex - Are you able to share the numbers of deals you have done? Don't need addresses or anything. I am just trying to get an idea of what % they are looking for when selling a note.