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Archive of Alan Noblitt

Alan Noblitt is a nationwide note buyer and a licensed real estate broker in California. His business, Seascape Capital Inc., started in 2002.

Alan has written 30 articles for The BiggerPockets Blog.


Commercial Real Estate and Notes*

Dealing with Unethical Clients: A Story of Deceit in Real Estate Note Buying

by Alan Noblitt May 21, 2013

A few weeks ago, I painfully lost a deal on a real estate note in Texas.  The client note holder (Mr. B) and I had agreed upon a price, my company had reviewed the documents, and an appraisal and title commitment had been ordered.  Then, the buyer of the property missed a payment, which dramatically […]

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Commercial Real Estate and Notes*

Why Do You Invest? The Heart of the Real Estate Deal

by Alan Noblitt April 19, 2013

Making money in business is the primary goal whether you are a real estate investor, a note buyer, a realtor, or in any other related field.  After all, we all need funds to put food on the table, keep a roof over our heads, and buy all of the goodies that our lifestyles desire.  An […]

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Commercial Real Estate and Notes*

The Longest Note Purchase Imaginable

by Alan Noblitt March 28, 2013

Oh, about a month.  That is the answer that I give to clients wanting to sell their real estate note and who ask me about the length of the process.  From the time that they send to me copies of the complete set of documents to the time that they receive their money is typically […]

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Real Estate Investing Basics*

Tips for Buying Mortgage Notes: My Favorite Note Deal

by Alan Noblitt March 12, 2013
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Buying mortgage notes can be a funny business.  Like most sales jobs (I consider note buying to require even more sales skills than real estate or finance knowledge), there are lots of ups and downs in the business.  Some deals go fairly smoothly while others require tons of time and effort, only to blow up […]

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Market Trends, Data, News & Commentary*

Is the Real Estate Boom All Sizzle?

by Alan Noblitt February 15, 2013
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According to news headlines, the housing recovery is real and could drive the economy up in a similar way to how housing drove down the economy a few short years ago.  Indeed, the data bear out that the housing recovery is real …  for now.  Home values were up 20% in some markets in 2012, […]

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Real Estate Investing Basics*

Mortgage Notes and How to Structure Them

by Alan Noblitt January 18, 2013
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As noted in my article last month, collecting payments on a mortgage note is not the same as collecting monthly interest on a savings account.  Whether you’re a mortgage buyer or a property owner, the processes and paperwork before, during, and after the sale need to be done by certain standards to maintain the legality […]

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Financing Real Estate

What is a Mortgage Note?

by Alan Noblitt December 19, 2012
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Defining a basic word like “mortgage note” to a group of real estate folks may seem a little silly. Many of us know the Wikipedia definition that “a mortgage note is a promissory note associated with a specified mortgage loan; it is a written promise to repay a specified sum of money plus interest at […]

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Real Estate Investing Basics*

Gas Station Mortgage Notes

by Alan Noblitt March 8, 2012

Commercial mortgage notes – those notes secured by commercial property – are generally considered more risky to note buyers than comparable residential notes.  Owners of commercial buildings can feel less tied to those properties than they would to their own homes, plus they are susceptible to business trends, tenants, and all of the other financial […]

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Real Estate Investing Basics*

Mortgage Notes – A Hard “Land-ing”

by Alan Noblitt January 25, 2012

Yesterday, a guy called me wanting to sell his mortgage on a small piece of land located in a desolate area, far from any population centers.  The parcel had access to water (from a well) but no other improvements.  He purchased the property last summer for $60K and had just sold it for $110K.  Of […]

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Real Estate Investing Basics*

Property Values and Mortgage Notes

by Alan Noblitt January 13, 2012

“Why the heck do you need to do an appraisal if you’re just buying my mortgage note?  You’re not buying the house.”  That was a question from a recent client, and it is not the first time  that I’ve been asked the question.  From the note holder’s perspective, the question is quite reasonable. When considering […]

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Real Estate Investing Basics*

The Role of Credit Scores in Mortgage Note Investing

by Alan Noblitt January 6, 2012

Any time that a mortgage note holder calls me about selling their note, one of my initial questions to them is regarding the credit score and current employment of the payer (the new owner of the property who is making payments on the note).  More often than not, the caller will have little or no […]

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Real Estate Investing Basics*

The Sweet Spot in Mortgage Notes

by Alan Noblitt December 16, 2011
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Yesterday, I was contacted by a person wanting to sell a real estate note with a face value of $9700.  That’s right, nine-thousand seven-hundred dollars.  The sales price was also $9700, as there was no down payment and no seasoning (payment history).  This was supposedly for a house in the Midwest, though at that price, […]

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Real Estate Investing Basics*

Mortgage Notes – Getting to Know the Customer’s Needs

by Alan Noblitt December 9, 2011

When I first started in the mortgage note buying business almost ten years ago, I made the usual rookie mistakes.  One error was a biggie, and I should have known better after spending years in sales and business development at a Fortune 500 company.  That error was one of the easiest to overcome, as it […]

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Market Trends, Data, News & Commentary*

Mortgage Notes – Dealing with other loans

by Alan Noblitt December 2, 2011

If you still owe money on a property and want to sell it using owner financing (creating a mortgage note), would you later be able to sell that note?  The short answer is – yes, usually. Let’s say that you own a house worth $100,000 that you’re currently renting out, and you owe $40,000 to […]

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Real Estate Investing Basics*

Selling Part of a Note: How Partial Notes Work

by Alan Noblitt November 18, 2011

There are all sorts of ways to buy and sell a mortgage note.  A common question that note sellers ask me is how a “partial” works.  A partial is simply when a mortgage note buyer like myself offers to buy part of a note.  Instead of buying the entire note, the mortgage buyer purchases just […]

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