I wanted to ask you all if you started doing NPN with a partner or individually. If so are we allowed to ask on the forums for people interested in a partnership on the forums?
I believe that is posted in the Marketplace.
I started individually, using my self directed IRA funds to buy NPLs and get them reperforming. Now I have a partner and we are raising private capital to acquire larger pools and get them reworked. I'm also partnering with a few individuals via JV on some single notes.
Notes, Partners, Legal, IMPORTANT
issues surround buying notes, modifications, buying and selling them, besides the SEC issues you can bump into, you need to really need to understand what "Note Brokering" is and what mortgage brokers do. Investing means using YOUR money, not a partner's or investor's money, get qualified legal advice before you get involved, fines can be $100,000 and/or 10 years in a federal prison!
That's not saying that two guys with money can't partner up and invest, but when one guy has no money and the other is funding the deals, that gets away from "investing" and getting in the business of dealing in notes.
You can go further too, you can have investors, but there are legal hoops to jump through and compliance is required, it's not a newbie arena.
Just saw the marketplace ad, saw the site, didn't listen, but using the words crowd funding and note investing together is nothing short of scary and I can assure you, you aren't listening to note and finance experts! :)
Bill Gulley, General Real Estate Academy | https://generalrealestateacademy.com
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