Any One Use FCI Exchange?

Tax Liens & Mortgage Notes
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Any One Use FCI Exchange?

Samone Johnson
Real Estate Agent · Sacramento, CA · Member since 2016 · 28 posts · 13 votes

Has anyone used the FCI Exchange site to buy performing or non-performing notes? I want to get feedback before purchasing. Also, are there any other sites that are similar? 

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Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
8y
Dan Deppen I wouldn’t even bother listing a note on FCI because there are a lot of people who scour FCI and will never pull the trigger. I want someone who I know will be serious to buy. Case and point I replied to a post where an investor wanted to buy for his fund. He wanted performing notes. I sent him a tape with the collateral and every week I got another excuse. How long does it take to review 5 assets when you have the pay history, servicing notes, BPO and OE? I should of known better but the Guy was most likely just trying to build a mailing list. If I send notes to someone now I ask them how many notes they have bought and what their timing is. 90% of people out there are not real buyers - window shoppers or will throw low ball offers out there. Of course this is after they sign the NDA
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  • Linda HastingsPro Member
    Rental Property Investor · Stockdale, TX · Member since 2017 · 284 posts · 202 votes
    8y

    There are many threads that talk about FCI. Try this in a google search:

    site:https://www.biggerpockets.com/forums/70 FCI 

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    8y
    Samone Johnson I have never found a note on FCI that was a decent deal. Not to say there are not any but when I researched many were not meeting my qualifications. What type of note are you looking to buy - performing or non-performing ? I would post an add on BP on what your looking for as there are a lot of note investors who sell one-off notes to investors that typically have higher returns than FCI notes especially on the performing side.
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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    @Chris Seveney  I find that site to be so big and so many things on there .. it gets to be very difficult to hone in on what you want.. 

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  • Samone Johnson
    OP
    Real Estate Agent · Sacramento, CA · Member since 2016 · 28 posts · 13 votes
    8y

    @Linda Hastings @Chris Seveney @Jay Hinrichs . Thank you so much for all of your feedback, I appreciate it. Chris - I agree I haven't found anything worth purchasing, after analyzing it. I will definitely make a post here on BP. 

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  • Bob Malecki
    Investor · Kingston, WA · Member since 2008 · 1k+ posts · 1k+ votes
    8y

    Samone, what kind of note are you looking to purchase? Performing, not performing, first or second position?

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  • Bob E.
    Queen Creek, AZ · Member since 2014 · 2k+ posts · 1k+ votes
    8y

    The deals I see on FCI have not been goods ones.  Unless you were the seller.  The ones I looked at were missing collateral, or had other issues.

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  • Bob Malecki
    Investor · Kingston, WA · Member since 2008 · 1k+ posts · 1k+ votes
    8y

    I've bought a few notes on FCIX over the years but generally they are the "bottom of the barrel" assets that are not the best ones

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  • Odie Ayaga
    Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
    8y

    There are a number of other exchanges including PPR, Watermark, LoanMLS and tons more

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  • Dan DeppenBusiness Member
    Erie, CO · Member since 2017 · 274 posts · 267 votes
    8y

    Has anyone on here sold a note on FCI, and what was your experience?

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    8y
    Dan Deppen I wouldn’t even bother listing a note on FCI because there are a lot of people who scour FCI and will never pull the trigger. I want someone who I know will be serious to buy. Case and point I replied to a post where an investor wanted to buy for his fund. He wanted performing notes. I sent him a tape with the collateral and every week I got another excuse. How long does it take to review 5 assets when you have the pay history, servicing notes, BPO and OE? I should of known better but the Guy was most likely just trying to build a mailing list. If I send notes to someone now I ask them how many notes they have bought and what their timing is. 90% of people out there are not real buyers - window shoppers or will throw low ball offers out there. Of course this is after they sign the NDA
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  • Christopher Winkler
    Specialist · Dallas, TX · Member since 2014 · 900 posts · 392 votes
    8y

    Silverwood has bought & sold on FCI, though sellers typically want top dollar, and be careful of excess baggage & associated problems like liens, taxes, and such. Like anything, you have to scour it and make offers. What I don't like is we can't sell any of our non-performers anymore that do not have pay histories, which really stinks. A lot of time we only get basic collateral and no supporting docs from when they did pay, so FCI Exchange really has made it difficult to sell NPN notes w/o any pay history.

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  • Bob Malecki
    Investor · Kingston, WA · Member since 2008 · 1k+ posts · 1k+ votes
    8y

    Hi @Dan Deppen I've bought a few over the years and sold a few on FCIX. Their portal is pretty well designed and they facilitate the purchase/sale process well. Most of the loans that the sellers list are not the best but once in a while you'll find a nugget or two

    Bob

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  • Gene Chandler
    Investor · Elkhart, IN · Member since 2014 · 36 posts · 32 votes
    8y

    I have bought four, three in Indiana, from FCIX that I did very well at over the years. The sellers did not know what they had. One had a BPO of 29k in an area that ranged from 80-150k in value that I bought for 14,500. I worked everything out with the borrower he paid it down from a 77k UPB and sold the property 30 months for 85k my payoff was 64k at the time. Another one vacant 4/2.5 for 42k I sold at the S.Sale for 60k in 7months and a third I bought for 4,200 that is a commercial corner I'm in the process of selling to a convenience store for 100k. And one in Grand Rapids, MI for 23k I sold at S. Sale for 41k in three months.

    So, yes you can find them on FCI now and then. Do your Due Diligence and be careful most of the ones you may see on there the sellers are dumping overvalued. 

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  • Samone Johnson
    OP
    Real Estate Agent · Sacramento, CA · Member since 2016 · 28 posts · 13 votes
    8y

    @Gene Chandler Thanks for sharing!

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  • Sonal Dhuper
    Granger, IN · Member since 2018 · 8 posts · 0 votes
    8y

    @ Samone,

    Did you have any luck on finding notes. I am also interested in note investing and was looking for resources to buy notes.

    Thanks

    Sonal

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  • Steven Hu
    Colorado Springs, CO · Member since 2016 · 39 posts · 6 votes
    8y

    @Samone Johnson Did you end up buying anything from FCI? Just curious and PM you one

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  • Donald G McCartney
    Member since 2018 · 14 posts · 43 votes
    7y

    Yes, we have bought and sold a  about 15 notes on FCI Exchange.  You have to be careful like any other real estate investing because there are a lot of bad deals out there, but there are some good ones too.  Sometimes when you are chatting with an investor about the notes they have for sale, you'll find out about other notes that are not listed.  Often the unlisted notes are at least as good as the listed ones.  You have to fool the software to get much information, like typing out a phone number in letters instead of numbers to get the seller to call you.  Another way to work around them is to close a few deals through the website, but when you get down to closing you will find out who the seller or buyer is.  Then you can look them up and do some other deals on other unlisted notes afterwards.   It's really all about networking with other investors, and maximizing your exposure to deals.   FCI exchange is just one more avenue to do that. 

    FCI is very protective of their listings and don't want you to go around them,  which is why their website is so restrictive.  

    You might also try Loan MLS. Also a number of notes available, but they are less restrictive on sharing info about the seller than FCI.

    Hope this helps. 

    Don

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