Servicing Your Own Notes

[Chris Seveney]

I was curious what percentage of note investors perform their own workouts or self-service. 

1. Do you only manage the workouts or do you also service? If answer is no to both, who is your servicer and workout specialist?

2. If you service your own notes, what software do you use?

3. If you service your own notes, what states, and did you have to get licensed in those states?

4. For notes you do service, did you originate them or did you acquire the debt?

5. For those you originate, was it an owner occupied or non-owner occupied property?

For private / HML lenders, curious to see your response as well.

[David Wandel]

I service all my own notes(all self originated). I just can't bring myself to pay a servicer on a $500 or less payment.

I currently have 11 notes and 3 CFD's. The CFD's are owner occupant. The others are my rentals that I have sold off to other investors.

I use a excel spreadsheet and amortization schedule to track everything. I have looked at some of the software available but don't want to take the time to set it up and to figure out the software.