What was your first note deal?
Hello everyone!
This is my first post on BP and just want to first thank everyone in the community for the helpful information and encouragement they have provided, particularly to those of us just starting our real estate journey. I’m specifically interested in private lending and performing notes in general, and have been surprised by the willingness and patience of others to help us newbies, even with the most basic questions. Huge fan of the podcast as well @Joshua Dorkin and @Brandon Turner
Regarding this post in particular - one of my favorite threads on BP are the first time success stories, since they give some insight into the many different ways successful investors began their journey (as well as lessons learned). However I find that the stories are almost always about traditional REI strategies like flipping or wholesaling. So figured it may be useful if some of the investors on BP could possibly share what their first note/lending deal was, and the lessons learned from it? Specifically, thought it would be useful to hear the following:
What was your first note deal (e.g., first or second? Performing or non performing? Location and collateral type, interest rate and LTV?)?
How did you find your first note deal (e.g., exchange, REI meeting, contact at a bank)?
How long were you searching before you found your first deal?
What is one important lesson you learned from the deal that you still apply today?
p.s. if someone knows of an existing thread that does this, feel free to share as I may have missed it!
p.p.s. I will be visiting San Diego week of May 30 and would love to grab coffee with any BP members active in the area (already connected with some BP members which is exciting)!