Buying notes from paperstac

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Buying notes from paperstac

Stanley Nguyen
Rental Property Investor · San Jose, CA · Member since 2019 · 78 posts · 23 votes

Hi everyone,

Just checking if you have bought any notes from Paperstac and any feedback?

Thanks

Stanley

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Eran Lifshitz
Investor · Tel Aviv, Israel · Member since 2018 · 55 posts · 24 votes
7y

@Brett Burky thank you for the personal response.

I respect and understand what you are saying, and I will use paperstac again since eventually I did like the platform and it is user friendly.

If I may suggest something - If you compare it to ebay, why not giving the buyers the ability to rate the sellers?

It will help buyers to sort and choose sellers which are more reliable and with higher service level.

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  • Eran Lifshitz
    Investor · Tel Aviv, Israel · Member since 2018 · 55 posts · 24 votes
    7y

    @Stanley Nguyen I can tell I was in negotiation with them to acquire few notes, but their attitude wasn't professional/service oriented enough so I end up not buying from them.

    I am working with other web sites.

    0Reply
  • Ken Hobbick
    Investor · Parker, CO · Member since 2014 · 42 posts · 44 votes
    7y

    I really like what paperstac is doing in terms of a note buying and selling platform to facilitate the transaction.   They are listening to feedback on ways to improve this for both parties involved and include the steps to purchase or sell a note.  Keeping in perspective that it could be the seller or buyer which propagates an unprofessional attitude or unreasonable responses,  paperstac just allows the conduit.    For example, they even put in an a option which you could directly call the buyer/seller and leave a message if they don't answer while keeping the sellers/buyers contact information confidential (if so chosen) during the process.  

    I'm hopeful that paperstac doesn't go the way of the old FCI exchange and wouldn't be included as good source for notes due to pricing, similar to find a good property on MLS listing, its possible but would be the exception. But this is market forces in play between buyer and sellers and note investing is a buyer beware mentality to do your due diligence

    3Reply
  • Mike Hartzog
    Lender · Redmond, WA · Member since 2014 · 553 posts · 490 votes
    7y

    I have sold on paperstac and thought it was a decent platform and user experience.  No complaints.

    3Reply
  • Jamie Bateman
    Investor · Baltimore County, MD · Member since 2014 · 466 posts · 438 votes
    7y

    I am in the process of buying through Paperstac and am finding the platform and process to be professional and user-friendly. There has clearly been a glaring need for an organized, online marketplace like this and it does seem like they are committed to improving the experience, as @Ken Hobbick alluded to. I especially like that you (the buyer) can send the funds to a 3rd-party escrow company (and not directly to a seller you've never met) until you approve the disbursement.

    3Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    7y

    @Jamie Bateman

    I have also heard good things about paperstac

    If only they did land contracts. Hoping that feature comes soon

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  • Jamie Bateman
    Investor · Baltimore County, MD · Member since 2014 · 466 posts · 438 votes
    7y

    @Chris Seveney There are land contracts on there. I was looking closely at one over the last couple days. Not sure if Paperstac changed their policy or if that one slipped through the cracks, but the seller confirmed to me it was a CFD.

    1Reply
  • Bill McCafferty
    Real Estate Investor · Coatesville, PA 19320 · Member since 2011 · 108 posts · 178 votes
    7y

    I purchased 3 RePerforming 2nds in January. It went great. I like it.

    2Reply
  • Stanley Nguyen
    OP
    Rental Property Investor · San Jose, CA · Member since 2019 · 78 posts · 23 votes
    7y

    Thanks everyone!

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

    @Brett Burky

    Can we sell CFD's on paperstac?

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  • Brett Burky
    Investor · Orlando, FL · Member since 2014 · 110 posts · 90 votes
    7y
    Originally posted by @Eran Lifshitz:

    @Stanley Nguyen I can tell I was in negotiation with them to acquire few notes, but their attitude wasn't professional/service oriented enough so I end up not buying from them.

    I am working with other web sites.

    Hello Eran, 

    I am sorry to hear about your experience. The system is an open platform so it is not one seller that has all of the assets on the platform. So if you didn't like dealing with that one seller there are many more on the platform. 

    Think of it like eBay, just because you had a  bad experience with one seller, you shouldn't write off the entire system. Those sellers that give bad service, usually don't sell assets and since we have expiration dates on listings, their listings expire and they leave. 

    We are always looking for feedback and there is a way to contact support if you feel one of the sellers isn't giving you the courtesy you deserve.   

    We hope to have you back on and have the ability to have a great experience with another seller. 

    3Reply
  • Brett Burky
    Investor · Orlando, FL · Member since 2014 · 110 posts · 90 votes
    7y
    Originally posted by @Chris Seveney:

    @Brett Burky

    Can we sell CFD's on paperstac?

     Hello Chris, 

    We're working on it. We're getting set up with someone that Daniel Singer has suggested we talk to and hope to have that as an option soon. We're conquering the Partials play first and that should be done in the near future. 

    Basically, you'll be able to purchase a note and then have the option to list the partial right after to recapitalize and do it again. 

    0Reply
  • Brett Burky
    Investor · Orlando, FL · Member since 2014 · 110 posts · 90 votes
    7y
    Originally posted by @Jamie Bateman:

    @Chris Seveney There are land contracts on there. I was looking closely at one over the last couple days. Not sure if Paperstac changed their policy or if that one slipped through the cracks, but the seller confirmed to me it was a CFD.

     Hello Jamie, 

    I think I know the one you're talking about. You're right they do slip through. We're doing our best to mitigate that. I personally want to have it as an option because investors want it. 

    2Reply
  • Gil Ganz
    Real Estate Investor · Austin, TX · Member since 2018 · 136 posts · 50 votes
    7y

    Never bought anything from Paperstac but i really like the ui over there, and when i had a few suggestions the support's response time was super quick, looks like something good is being built there.

    Keep up the good work @Brett Burky!

    1Reply
  • Brett Burky
    Investor · Orlando, FL · Member since 2014 · 110 posts · 90 votes
    7y
    Originally posted by @Gil Ganz:

    Never bought anything from Paperstac but i really like the ui over there, and when i had a few suggestions the support's response time was super quick, looks like something good is being built there.

    Keep up the good work @Brett Burky!

     Thanks so much Gil. We're always making updates based on user feedback. Just had one that went through this morning on maturity dates being extended. If you see something that you think would improve it and make your experience better, we're always open. :)

    1Reply
  • Brett Burky
    Investor · Orlando, FL · Member since 2014 · 110 posts · 90 votes
    7y
    Originally posted by @Mike Hartzog:

    I have sold on paperstac and thought it was a decent platform and user experience.  No complaints.

     Hello Mike, 

    Great to see you here. You've got to come back and check out the update. You got to see our beta site, we've made a whole new experience. 

    1Reply
  • Eran Lifshitz
    Investor · Tel Aviv, Israel · Member since 2018 · 55 posts · 24 votes
    7y

    @Brett Burky thank you for the personal response.

    I respect and understand what you are saying, and I will use paperstac again since eventually I did like the platform and it is user friendly.

    If I may suggest something - If you compare it to ebay, why not giving the buyers the ability to rate the sellers?

    It will help buyers to sort and choose sellers which are more reliable and with higher service level.

    5Reply
  • Stanley Nguyen
    OP
    Rental Property Investor · San Jose, CA · Member since 2019 · 78 posts · 23 votes
    7y

    @Eran Lifshitz that’s a great suggestion. I would help weed out the not so good ones and help build the platform with reputed sellers/buyers

    2Reply
  • Brett Burky
    Investor · Orlando, FL · Member since 2014 · 110 posts · 90 votes
    7y
    Originally posted by @Eran Lifshitz:

    @Brett Burky thank you for the personal response.

    I respect and understand what you are saying, and I will use paperstac again since eventually I did like the platform and it is user friendly.

    If I may suggest something - If you compare it to ebay, why not giving the buyers the ability to rate the sellers?

    It will help buyers to sort and choose sellers which are more reliable and with higher service level.

     That is a great suggestion and something I will bring up today. We've got some features now for people to blacklist other users, we can see from that which users aren't playing nice. Currently, that only helps us keep an eye out for bad actors or someone trying to do malicious acts. 

    I think a rating system similar to eBay is an excellent idea. Once that is live I will reach back out on this thread and let you know about it. 

    Thanks for responding and I hope to see you back on the site. :)

    2Reply
  • Bob Malecki
    Investor · Kingston, WA · Member since 2008 · 1k+ posts · 1k+ votes
    7y

    Hi Brett, I don't mean to hold your feet to the fire but I am curious about how you are driving traffic to your platform. I absolutely love what you've done to improve the usability of Paperstac, so as someone who is listing assets on your platform I'm curious as to how you are driving traffic to get more eyes on the assets for sale?  

    Thanks, 

    Bob

    2Reply
  • Brett Burky
    Investor · Orlando, FL · Member since 2014 · 110 posts · 90 votes
    7y
    Originally posted by @Bob Malecki:

    Hi Brett, I don't mean to hold your feet to the fire but I am curious about how you are driving traffic to your platform. I absolutely love what you've done to improve the usability of Paperstac, so as someone who is listing assets on your platform I'm curious as to how you are driving traffic to get more eyes on the assets for sale?  

    Thanks, 

    Bob

     Hello Bob, 

    We're doing a big mix of things. We're attending conferences to get exposure, running paid traffic in different networks, very active in social networks and using saved searches to send updates. 

    I've got the asset you have listed and am starting to do some promotion so that it can get some traction. Our goals are to do our best to help you move assets. :)

    1Reply
  • Joshua Andrews
    Lender · Austin, TX · Member since 2012 · 211 posts · 166 votes
    7y

    I have completed a transaction on Paperstac and can say the platform works perfectly. There are always items with any transaction people will gripe about, but for today's market Paperstac does an excellent job. You can even escrow your transaction funds with a 3rd party which is a nice touch.

    I have also met the guys who run Paperstac personally, and they are good natured, smart and looking to help the industry over the long haul. I will definitely do more transactions on the platform, and would encourage others to take a look and give it a serious chance.

    4Reply
  • Candace Pinkston
    Rental Property Investor · Nashville, TN · Member since 2020 · 10 posts · 3 votes
    6y

    @Brett Burky

    Hi I have a question cascade funding website said this:

    6. Our on-line note exchange puts buyers and sellers of notes together!

    The Truth: These so-called on-line exchanges or networks are often just marketing devices used by unscrupulous brokers to locate notes. To make matters worse, they often promote these web sites to other unsuspecting brokers! They tell them they can use this exchange to find notes and broker them to investors. It's amazing anyone falls for this. First of all, any note listed on these web sites has probably already been screened by the web site promoter. If the note is worthy of purchase, the broker has already tried to buy or broker it. Therefore, the note seller hasn't gained anything special by listing their note on the exchange since only the site promoter has seen it. They haven't exposed their note to many investors, as the exchange promotes, unless their note is no good. That is, if there's something that makes their note very risky and, therefore, not investment grade their note will be listed on the exchange. Then you get hundreds of seminar graduate note brokers all running around trying to find an investor to purchase these poor notes. Note buyers will look at them but will not make offers to purchase these kinds of notes. The result is that everyone has wasted their time and money. Many times brokers will simply email us a link to these exchanges asking if we'd like to purchase any of these notes and if so to send them a commission check if we do. Or, they'll print off page after page of information on these worthless notes, directly from the exchange's web site, and fax them to us for any offers we can make to purchase them. Serious note buyers do not respond to requests like this and will never work with brokers who waste their time in this manner.

    Is this true for your website/company? Thanks for your time. Any information from anyone is welcome.

    1Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    6y

    @Candace Pinkston

    This is not the case with Paperstac. The sellers on their are the note owners in cases I have seen (as I have sold and bought on the site).

    Are their joker brokers on the site- yes but they are easy to spot if you are an experienced note investor. I know they have also booted some people from the site. You can also blacklist sellers who you know are brokers as well.

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  • Candace Pinkston
    Rental Property Investor · Nashville, TN · Member since 2020 · 10 posts · 3 votes
    6y

    @Chris Seveney Okay, thank you for the answer

    0Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    6y

    @Candace Pinkston your welcome. One comment to add is with most online platforms - pricing will be higher than typically buying direct as there is some truth that some of the products on their have been picked over and:or asking pricing is high.


    I see some where they are selling A non performing note for more than the property is worth - which if you have to foreclose (high probability) you would lose your shirt. 

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