Anybody familiar with Paperstac?

Tax Liens & Mortgage Notes
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Anybody familiar with Paperstac?

Patrick Britton
Ann Arbor, MI · Member since 2014 · 1k+ posts · 997 votes

Anybody able to share their experience with Paperstac?  And does anyone have an opinion on how to find performing 1st liens?  thanks!  

2Reply
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Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
6y

i have bought and sold on paperstac. Pretty simple system and they streamline the process. Be happy to answer any questions you have regarding it

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7Reply
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  • Fred Moskowitz
    Fund Manager · Philadelphia, PA · Member since 2019 · 41 posts · 52 votes
    6y

    Hello @Patrick Britton

    Yes, Paperstac is a top notch platform for buying and selling of notes.  Keep in mind that you need to perform your own due diligence on the loans that you are purchasing.

    4Reply
  • Dan DeppenBusiness Member
    Erie, CO · Member since 2017 · 274 posts · 267 votes
    6y

    I haven't bought a note on their yet, but I did recently complete a sale. I really like the way they have it set up in a checklist style format to complete the transaction. I plan to use it more in 2020.

    4Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    6y

    i have bought and sold on paperstac. Pretty simple system and they streamline the process. Be happy to answer any questions you have regarding it

    7e investments53 Reviews
    WebsiteView Page
    7Reply
  • Jerri Bland
    Durham, NC · Member since 2018 · 8 posts · 8 votes
    6y

    I like the platform. However, be careful that you are receiving the right type of deed documents for the state of your transaction (I've learned the hard way). You may also want to confirm that you know how to get the deeds registered. This may be a new service that is now offered as part of the, but wasn't offered at the time I made my purchase. Have your attorney review any documents created.

    6Reply
  • Jamie Bateman
    Investor · Baltimore County, MD · Member since 2014 · 466 posts · 439 votes
    6y

    From their site: 

    4Reply
  • Jamie Bateman
    Investor · Baltimore County, MD · Member since 2014 · 466 posts · 439 votes
    6y

    I have purchased a couple of notes through Paperstac. @Brett Burky and team do a great job. 

    4Reply
  • Brett Burky
    Investor · Orlando, FL · Member since 2014 · 110 posts · 90 votes
    6y

    WOW, we're blushing over here. Thank you, everyone. 

    3Reply
  • Patrick Britton
    OP
    Ann Arbor, MI · Member since 2014 · 1k+ posts · 997 votes
    6y

    yeah jeez...nothing but positive responses? wow!  That's rare in this business, but it's been known to happen :) 

    Thank you all for the responses i might be reaching out to some individuals shortly.

    3Reply
  • Chad U.
    Investor · Boca Raton, FL · Member since 2012 · 1k+ posts · 1k+ votes
    6y
    Originally posted by @Patrick Britton:

    yeah jeez...nothing but positive responses? wow!  That's rare in this business, but it's been known to happen :) 

    Thank you all for the responses i might be reaching out to some individuals shortly.

     I concur with everybody's responses above

    4Reply
  • Andy Mirza
    Lender · Ladera Ranch, CA · Member since 2014 · 1k+ posts · 1k+ votes
    6y

    We listed a couple of loans to sell a few months ago but didn't get any offers. We'll try Paperstac again this year most likely. I like the set up on the site and I'm encouraged by all of the positive comments.

    3Reply
  • Wayne SnellPro Member
    Londonderry NH & Miami, FL · Member since 2014 · 174 posts · 238 votes
    6y

    I definitely give a thumbs up on Paperstac. I just completed a non-performing note sale and the process is automated. Makes my life easier. I definitely will be selling more through Paperstac in 2020.

    2Reply
  • Gabe K.
    Huntington Beach, CA · Member since 2014 · 137 posts · 33 votes
    6y

    Best note trading website out there. There are a lot of people window shopping but there are serious buyers and sellers also. I hope the number of note listings increases substantially this year.

    3Reply
  • Jamie Bateman
    Investor · Baltimore County, MD · Member since 2014 · 466 posts · 439 votes
    6y

    Since @Dan Deppen isn't allowed to promote his own podcast, here is his interview with @Brett Burky: 

    podcast

    1Reply
  • Marco Bario
    Specialist · Frederick, MD · Member since 2017 · 474 posts · 454 votes
    6y

    I've purchased several notes through Paperstac and can also attest that the platform is solid. To re-interate, it's a platform to bring sellers and buyers together. Due diligence is on you. 

    3Reply
  • Richard Allen
    Specialist · Orlando, FL · Member since 2015 · 117 posts · 89 votes
    6y

    Wow is right Brett.  Thank you all for your support.  Please let us know if you have any enhancements that we can add to the development cycle to make the platform better. 

    1Reply
  • David Chance
    Investor · Frederick, MD · Member since 2017 · 33 posts · 20 votes
    6y

    I've sold thru Paperstac and have no problem recommending them.  They've been great to work with and they made the process simple and streamlined.

    3Reply
  • David Eureste
    Toledo, OH · Member since 2015 · 3 posts · 2 votes
    6y

    I’m looking into Paperstac and am new to note buying.  I’d like suggestions on what due diligence I should do beyond the info provided by Paperstac.  I would like to test the waters with a smaller note and go from there.

    2Reply
  • Mark Gustafson
    Sioux Falls, SD · Member since 2013 · 68 posts · 15 votes
    6y

    @David Eureste   "Bulletproof Title Due Diligence" is a Great book written by Alex Goldovsky 

    2Reply
  • David Eureste
    Toledo, OH · Member since 2015 · 3 posts · 2 votes
    6y

    Thanks for that suggestion, Mark.

    0Reply
  • Jamie Bateman
    Investor · Baltimore County, MD · Member since 2014 · 466 posts · 439 votes
    6y

    As much as I like PaperStac, you have to do your own due diligence. @Dan Deppen has a due-diligence course that I would recommend (https://www.systematicduedilig...), and this is a decent checklist as well: https://notevestment.com/note-.... 

    1Reply
  • Brett Burky
    Investor · Orlando, FL · Member since 2014 · 110 posts · 90 votes
    6y

    I also agree with Jamie here. At Paperstac we do our best to provide the information that would be needed to make a decision of if the numbers would work for what you are trying to do. However when it comes to due diligence I would suggest getting some information there. 

    As Jamie mentioned @Dan Deppen has a wonderful course that covers everything about due diligence in detail. I also second the book by Alex Goldovsky. Both are in different mediums but give a great bit of detail for one wanting to learn about due diligence. 

    1Reply
  • Mike Na
    Member since 2020 · 1 post · 0 votes
    6y

    I have purchased a few notes from direct sellers, but never online.  I have previously communicated with two offers on Paperstac.  For one of them, the seller never replied through the Paperstac platform. The second I let the offer expire because Paperstac does not (does it now?) have any solid tools for helping and supporting note buyers with the due diligence process--additionally, the seller was not willing to negotiate and had a ridiculous asking price. To be honest, I feel this is not ready for prime time.  There are many parts of the note buying process that feel lacking; sellers that I have seen appear to have unrealistic expectations, and I feel really the user is not able to find any good deals.  YYMV. 

    0Reply
  • Eran Lifshitz
    Investor · Tel Aviv, Israel · Member since 2018 · 55 posts · 24 votes
    6y
    Originally posted by @Mike Na:

    I have purchased a few notes from direct sellers, but never online.  I have previously communicated with two offers on Paperstac.  For one of them, the seller never replied through the Paperstac platform. The second I let the offer expire because Paperstac does not (does it now?) have any solid tools for helping and supporting note buyers with the due diligence process--additionally, the seller was not willing to negotiate and had a ridiculous asking price. To be honest, I feel this is not ready for prime time.  There are many parts of the note buying process that feel lacking; sellers that I have seen appear to have unrealistic expectations, and I feel really the user is not able to find any good deals.  YYMV. 

     I understand your frustration Mike.

    I can tell you that when I first tried using this platform a year ago I was also seeing too many offers which were listed in un-realistic pricing.

    but since then I did saw the huge improvement in this platform and today I enjoy using it.

    the amount of listed offers increased (which enable you to be able to locate good opportunities. I have acquired few already), and the entire purchase process is very smooth and user friendly, and seems they have thought about almost everything (for example - offer you escrow service for the funds transfer).

    You need to take into acount that in such on-line platforms, some sellers might try to take advantage and market their offers in un-realistic pricing in order to try and found someone that will be willing to pay it.

    @richard allen

    @brett burky

    The only suggestion I have (offered it few months ago in one of the posts after Brett mentioned you are trying to offer similiar user experience as E-Bay does) is to add option to rate sellers.

    Such seller rate can be based on a lot of parameters (buyer rating the seller, feedbacks, number of transaction done, maybe even average diff between offering price and close price).

    I think it will take the seller-buyer realtionships in your platform to the next level.

    beside that you have a great platform!

    2Reply
  • Jamie Bateman
    Investor · Baltimore County, MD · Member since 2014 · 466 posts · 439 votes
    6y
    Paperstac is not perfect, but perhaps we should properly set our expectations. For example, I have never bought a note from a broker or seller who walked me through the due diligence process. If you are unfamiliar with what you should be doing for due diligence, you should NOT be buying notes, in my opinion. Also, I am seeing unrealistic pricing expectations from sellers all over the place. Paperstac is not immune to this and cannot control this. I like the idea of being able to rate sellers (and buyers), like E-bay and AirBnB. 
    4Reply
  • Eran Lifshitz
    Investor · Tel Aviv, Israel · Member since 2018 · 55 posts · 24 votes
    6y

    I totally agree that Paperstac is only a platform to connect sellers and buyers and to give the ability to everyone to buy notes.

    still, performing due diligence is under the buyer sole responsibility.

    if you don't know to check what you are buying it is better you won't buy it.

    3Reply
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