All Forum Posts by: Al Kirk

@Daniel Smithson @Frank Rolfe thank you. Your replies are super helpful. Now when you say "establish a release price", how do I go about doing that? 

If for some reason the tenants does not want to buy the homes, should I just have a separate entity buy the homes and do a master lease to the land?

Frank, I am using asset based loan. The collateral is the property itself. It covers both land and homes. 

I am purchasing a 12 lot MHP and the park owns the mobile homes attached. I want to get advice on how to go about separating the mobile homes from the lots at close. Ideally, I would have the mobile homes owned by an LLC and the land owned by another LLC. I plan to sell the mobile homes to the tenants or empty ones to another buyer in order to decrease the park's expenses AND have just income producing land (which would be better when it is time to refinance).

If you have done this before or have knowledge, what are the steps needed to separate buildings and land at closing?

@Chris Seveney Thank you. Maybe going with a special servicer would be beneficial if this is the route I plan to pursue. 

@Jamie Bateman I didnt realize that I could add the arrears to the UPB and wrap and modify the loan with the total (UPB + arrears). I figured I would have to collect the arrears separately from the modified loan. So, adding the $4500 to the 10k and making a new mortgage out of the $14500 shouldn't be an issue if the seller agrees?

@Christopher Winkler He's crossed off of my list lol

For the experienced mortgage note buyer....

My question has two parts:

1.

If I am purchasing a non-performing note do I add the arrears as fees to collect from owner when modifying the original note?

Just a scenario:

last time the owner made a payment was 30 months ago 

UPB of 10,000

150/month payment

Total in arrears: $4,500

Modified Loan from the $10k

2.

Are there any special servicers that you recommend with decent pricing for loan mods? Or, is a local attorney the best option?

Hi Guys,

I'm a newbie in private mortgage note investing. I am interested in cash flow, so performing 1st lien notes are my interests. How do I find other private investors/mentors to help me in this area and possibly invest with me?

Ultimately I want to do bulk wholesale note investing. 

 Excellent advice, Chris. I have been reading a lot of materials, watching videos, and Google researching the note business. I first heard about note investing from Robert Kiyosaki. From what I can see, it is one of the easiest ways to get involved in the RE business and generate cashflow. I'm a data scientist by trade, and the numbers and risk makes sense for someone with my goals. It is a new area for me to step into but arming myself with all of the education I can get will help dispute the fear of the unknown. Again you guys are giving me great mentoring advice. 

I will also tune into you podcast. 

Thanks!

Thanks, Bob. I never considered securities regulations that could be involved when bringing in investors. Working with individual investors is where I see myself going as far as the near future is concerned. is like to start small then work my way up to your level.

Are there securities regulations that I need to be mindful of if I only bring 1 investor on with me for a joint investment? 

Thanks.