What going on with FCI Exchange ?

Tax Liens & Mortgage Notes
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What going on with FCI Exchange ?

Account Closed
Real Estate Agent · Las Vegas, NV · Member since 2015 · 2k+ posts · 1k+ votes

just received this email, Are they out of business?

FCI Exchange "Site Closing Notice"
FCI Exchange has had a wonderful 8 year run and we wish to thank all of our platform users.
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Don KonipolBusiness Member
Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
7y

@Jaime Mitchell

Non performing seconds are the highest risk space in the note buying industry. Investing zin NPN seconds requires much greater knowledge than investing in performing notes, NPN firsts, or originating loans. I am not familiar with your personal situation but I would think twice about starting there as a newbie.

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  • Gary Headrick
    St. Marys, GA · Member since 2016 · 154 posts · 74 votes
    7y

    Looks like they sold to another business.

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y

    just tried their website and it says its down from the 7th of nov to the 12th..   there seems to be some changes in the air.. 

    with Realty share winding down.. I never used FCI other than to just snoop around at notes.

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  • Account Closed
    OP
    Real Estate Agent · Las Vegas, NV · Member since 2015 · 2k+ posts · 1k+ votes
    7y

    I always liked looking at the overpriced Nevada notes but I know a lot of note buyers recommend them for servicing.

    0Reply
  • Dan DeppenBusiness Member
    Erie, CO · Member since 2017 · 274 posts · 267 votes
    7y

    I talked to them at Note Expo. They said they were launching a new site and would shift everything over from the current FCI Exchange. So they are technically closing FCI Exchange but its not really going away. It sounds like they didn't communicate what they are doing very well.

    3Reply
  • Eric B.
    Contractor · Cleveland, OH · Member since 2013 · 90 posts · 14 votes
    7y

    I too was caught by surprised by this. Even still, I never actually bought a note from there.

    0Reply
  • Brett Burky
    Investor · Orlando, FL · Member since 2014 · 110 posts · 90 votes
    7y

    There are still other options in town. They've opened their new version as of now. 

    1Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    7y
    FCI exchange was like homes for sale listed on eBay - overpriced hoping some sucker will buy it and typically had a lot of issues
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    2Reply
  • Jaime Mitchell
    Member since 2018 · 9 posts · 0 votes
    7y

    What is the new website? Thank you!

    0Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    7y

    @Jaime Mitchell

    It's exchange loans. I do not even bother with them as I just got an email saying I can buy a 1st position loan that the rate is 3% and pay 95% of UPB. I see it as a waste of time

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    2Reply
  • Dat Tran
    Member since 2019 · 2 posts · 1 vote
    7y

    I am also looking for another resource for notes. I am looking to sell a performing 2nd mortgage.

    1Reply
  • Andria Kobylinski
    Rental Property Investor · Richmond, VA · Member since 2018 · 76 posts · 28 votes
    7y

    @Dat Tran would love info on your performing 2nd. Thanks

    1Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    7y

    @Dat Tran post it on paperstac

    There site can handle the entire transaction

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    0Reply
  • Dat Tran
    Member since 2019 · 2 posts · 1 vote
    7y

    @Chris Seveney - Thank you. I reached out to them.

    @Andria Kobylinski  - I message you

    0Reply
  • Jaime Mitchell
    Member since 2018 · 9 posts · 0 votes
    7y

    @Dat Tran Thank you. I am a newbie.

    Where do you all suggest I look for nonperforming 2nds  (other than the exchanges)?

    0Reply
  • Don KonipolBusiness Member
    Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
    7y

    @Jaime Mitchell

    Non performing seconds are the highest risk space in the note buying industry. Investing zin NPN seconds requires much greater knowledge than investing in performing notes, NPN firsts, or originating loans. I am not familiar with your personal situation but I would think twice about starting there as a newbie.

    Private Mortgage Financing Partners, LLC
    WebsiteView Page
    5Reply
    • Bernard Braithwaite
      Investor · CT · Member since 2023 · 10 posts · 0 votes
      1y
      Quote from @Don Konipol:

      @Jaime Mitchell

      Non performing seconds are the highest risk space in the note buying industry. Investing zin NPN seconds requires much greater knowledge than investing in performing notes, NPN firsts, or originating loans. I am not familiar with your personal situation but I would think twice about starting there as a newbie.


       ...hit it right 4x with zero note experience, just a bit of fuel diligence, so don't know if I was lucky or maybe it's not as tough as ppl.make.it out to be?

      0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @Don Konipol:

    @Jaime Mitchell

    Non performing seconds are the highest risk space in the note buying industry. Investing zin NPN seconds requires much greater knowledge than investing in performing notes, NPN firsts, or originating loans. I am not familiar with your personal situation but I would think twice about starting there as a newbie.

     Its one thing for grizzled veterans to enter the space but boy talk about highest possible risk in the RE realm NP seconds/ thirds / 4ths whatever.. I understand there are class's these folks take.. but the reality and the glossed over highlights are quite different. 

    it really needs to be throw away money.. not money you cant afford to lose.. if you have zero experience at it.  Same with those that think re performing notes are good paying notes.. LOL  recidivism of those payers again is quite high and those selling them try to make them sound like they are premium notes..  Be cautious folks..

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    7y

    @Jay Hinrichs

    I get atleast one call per month from someone who bought a note and are in trouble. In most instances they did not do proper due diligence and/or know the laws. By the time they seek assistance it’s far too late. Recently had someone who bought a note which had over $20k in taxes and fines on it that they were not aware of as they never ran a title report.

    Having no experience and Starting out with 2nds because they are cheap is like randomly buying penny stocks - it’s a guess and you hope to hit it right

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    • Bernard Braithwaite
      Investor · CT · Member since 2023 · 10 posts · 0 votes
      1y
      Quote from @Chris Seveney:

      @Jay Hinrichs

      I get atleast one call per month from someone who bought a note and are in trouble. In most instances they did not do proper due diligence and/or know the laws. By the time they seek assistance it’s far too late. Recently had someone who bought a note which had over $20k in taxes and fines on it that they were not aware of as they never ran a title report.

      Having no experience and Starting out with 2nds because they are cheap is like randomly buying penny stocks - it’s a guess and you hope to hit it right


      0Reply
  • Jaime Mitchell
    Member since 2018 · 9 posts · 0 votes
    7y

    Thanks for the replies.

    0Reply
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