All Forum Posts by: Kevin Cordell

Jim,

I have to agree with Bob on this being a pitchfest.  There are some good sessions and networking opportunities with other like-minded investors.  If you have never been to one, I think it would be beneficial to attend and just network with others, sit through some of the sessions offered by other investors.  

I own a servicing company and usually advertise my services there and sometimes speak. I am not selling any programs or pushing anything.  I like to meet with investors, explain my servicing and help people make decisions for themselves.   I plan to be there on Saturday with some friends and just hang out.  If you attend, look me up.

thanks

Kevin

Floyd, Andrea, Aurobindo, good to see new people in the real estate business.

Floyd, what part of South Carolina are you located? Anywhere near Greenville, Spartanburg areas? There are a couple of good REIA groups there and they have Yahoo Groups - Upstate CREI is one I am a member. You can see deals, meet people attend local meetings and get to know more people.

Andrea - what real estate activites are you engaged in and what areas?

Anyone hear of InvestiGroup Inc. out of Hillside, NJ and Flushing, NY?
Legit, scammers, knowledgable, incompetent?

Thanks

Cheyenne,

You should attend the Noteworthy convention in Las Vegas this October where you'll have a chance to meet with quite a few people in the note and real estate business. There will be other investors like yourself as well as Donna Bauers, Eddie Speed and trainers and speakers.
http://www.noteworthyusa.com/convention/

I went last year and met a lot of folks and had the opportunity to listen to several of the speakers in person instead of on a webinar.

Good luck!

Chris and all

there are different types of note buyers out there. Are you looking at NPNs, performing note, re-performing, commercial (apartments, mobile home parks, strip malls, shopping centers, office buildings), residential (single family, multi-family, mobile homes, condos). Fresh originations, seriously delinquent, good credt, bad credit, borrowers in BK, first position, second position, what locations, national, regional, what states or even counties and cities within those states?

There are a lot of parameters.

I'm not ashamed to admit that I am a bit of a bottom feeder and some of those have turned out quite well and others not so well, but then I like to spread my risk around with several lower valued properties than sink all my cash into one big property.

I've been in the business over 4 years and buy notes nationwide. I know you are in Memphis and I have bought notes there as well. Some good, some not so good.

Need to get my profile signature

Chris

Are you looking for information on owner-financed notes or bank originated notes? I am a note buyer, but I only buy loans from the bank, at discounts of course, and then work them to get the borrower to pay off or re-perform. I also service loans for private investors.

The best advice I can give you is to get to know your seller, if you are buying and get to know your buyers, if you are selling. Everyone has a different level of comfort when it comes to buying or selling notes.

I think that is unethical to ask your tenants to get a payday loan to pay the rent. I was renting a unit to a young woman and she kept getting payday loans and those companies were debiting the money from her bank account, which meant I wasn't getting paid. I am in the note business and I never tell a borrower to get a payday loan or title pawn to make their payments. I am working on helping them get control of their finances so they can become a good performer. As a note buyer, I work with borrowers so they can afford to make payments on their mortgages.

Rachelle,

I agree with the other posts, when starting out you should do everything yourself so you get to learn the business and what works and what doesn't. Then when you do delegate some of your work to someone else, you can explain and document your system and how YOU want things done.

I started in the note business and I did it all myself until I got to a point where I could hire and delegate work to others and then coach them on how to do the jobs, how I wanted it performed and monitored the results.

Good luck and whether you choose probate or absentee owners I'm sure you'll do well if you stick with it and learn all the parts by doing it yourself, along with some good mentors.

Sure Jon,

I had previously learned from another investor on how to work with borrowers on distressed notes and work out payment plans, pay offs or help them get refinanced. What I learned from Dean was how to find notes and perform the due diligence, what I didn't learn from the other investor. I learned about the free tools - Zillow, Trulia, Bing Maps, Netronline - how to check title, get BPOs, where to look for bank contacts and sources, how to evaluate the property and develop a bid based upon my initial selected exit and to view REAL deals in progress and watch the results, good or bad. I received more out of the relationships formed, people whom I met at the note summits, on the calls and sharing information on deals with Dean and receiving some valuable tips and advice.

Finding Dean's program helped to add to my growing knowledge and education in the note business. I've used the information on several deals that I have done since that time. Previously I had learned about junior mortgages, but Dean's course focused on first mortgages, which I did not have any experience and are a different animal than seconds or junior liens.

what kind of details are you looking for? How much I paid for notes? I learned how to calculate my yield on loans that I cashed out as an annualized return vs how much I made in dollars or percentage over what I paid. that is valuable information if you plan to raise capital for a note business. How fast and the return. I've lost money on deals that I took a gamble - Detroit homes with more taxes owed than the value of the property, and I've made money.

What else can I tell you? I'm happy to share information.