NPN's to unload

Tax Liens & Mortgage Notes
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NPN's to unload

Dale T.
Real Estate Investor · Novi, MI · Member since 2010 · 44 posts · 5 votes

Hi all, I was calling the bank for a note that I wanted in my area. It was very easy to get to the right Dept. because it is a smaller bank. My contact at the bank asked me if I wanted 16 NPN's that she wanted to sell also. But not in my area. I told her I would look into it and she sent me the addreses. I am use to doing short sales and really do not know what to do with these if anything. Any ideas? or should I just walk away from them. I do not know the prices, she just said make an offer/bid on them. Thanks

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  • Sam M.
    Real Estate Investor · Craigmont, ID · Member since 2009 · 564 posts · 239 votes
    16y

    It would be hard to do a crash course in NPN strategy and due diligence in the time it should take you to get back to the bank with a bid. My understanding is that it is hard enough to get enough time to conduct the due diligence when buying a portfolio of Notes.

    First or second position, SFR, multifamily or commercial, BK filings, estimated value of the collateral, all necessary paperwork, no fatal flaws in note or deed of trust etc.

    Maybe you could talk to someone about buying the portfolio in exchange for an incredible discount on the one you want. Lots of people seem to be looking for NPN's and can't seem to find enough of them. Just check out the site by Dean Engle notebuyingforprofits

    BTW, if you can perform on this one (even if you don't buy them all yourself) it is a major opportunity and they will likely have more where those came from.

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  • Jared RineBusiness Member
    Lender · Sacramento, CA · Member since 2009 · 1k+ posts · 277 votes
    16y

    Dale,

    I may have an interesting solution. Call me or email me. Contact info is my sig. Thanks

    Jared Rine United Lending Partners53 Reviews
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  • Dale Osborn
    Mobile Home Investor · Spanaway, WA · Member since 2008 · 1k+ posts · 578 votes
    16y

    Sounds like you are sitting on top of a pot of gold. Do the best you can with what you have available to work with.

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  • Jared RineBusiness Member
    Lender · Sacramento, CA · Member since 2009 · 1k+ posts · 277 votes
    16y
    Originally posted by Sam M.:
    It would be hard to do a crash course in NPN strategy and due diligence in the time it should take you to get back to the bank with a bid. My understanding is that it is hard enough to get enough time to conduct the due diligence when buying a portfolio of Notes.

    First or second position, SFR, multifamily or commercial, BK filings, estimated value of the collateral, all necessary paperwork, no fatal flaws in note or deed of trust etc.

    Maybe you could talk to someone about buying the portfolio in exchange for an incredible discount on the one you want. Lots of people seem to be looking for NPN's and can't seem to find enough of them. Just check out the site by Dean Engle notebuyingforprofits

    BTW, if you can perform on this one (even if you don't buy them all yourself) it is a major opportunity and they will likely have more where those came from.



    Dale,

    This is actually what I was going to propose (talk to someone about buying the portfolio in exchange to giving you the one you want at STEEP discount - I think Sam M. hit it right on the nose.

    [SOLICITATION REMOVED]

    Thanks and good luck.

    Jared Rine United Lending Partners53 Reviews
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  • Dale T.
    OP
    Real Estate Investor · Novi, MI · Member since 2010 · 44 posts · 5 votes
    16y

    jared, I sent you a message via BP with my contact info. Thanks

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