All Forum Posts by: Account Closed

Jenkins, it depends what asset class you're looking to buy.

1st, 2nd, performing, non performing, current on the 1st, etc.

Basically that gives you a range from ~5k to 100k+ to get started.

To the original poster:

This forum is a cesspool of misinformation and negativity when it comes to notes. You would be better served to look elsewhere for information.

The simple truth is that notes aren't that complicated once you understand the basics. You don't need to have years of experience, you don't need to know the most obscure laws in the most obscure states, you don't need hundreds of thousands of dollars to get started.

There are a few "gurus" out there who have mentorship programs that will guide you in the right direction. You basically have 2 options:

1) Join a mentorship program, buy a note, and do everything on your own based on the knowledge you get

2) Some companies joint venture with newbies so you learn while studying what the experienced partner is doing. You share in the risk and the profit, but you also see how they operate and why they do what they do.

If you want some names contact me, as I don't want this to sound like an advertisement.

It's not an entitlement issue.

Let me try to think of an analogy. Imagine you had your for sale sign in the yard, and a company put their logo and phone number over your sign.

Then they CHARGED YOU for the calls to that number. Essentially leaching off of your work without adding any value. Would you find that fair?

It's kind of the same as Zillow / Trulia online. They are a great aggregator (heck, I often go check information on it rather than sign into MLS) but they just get rich at the expense of agents.

PS: Writing this coming back from a cancelled appointment... from yet another low quality Zillow lead. Apparently cancelling 10 minutes before the appointment is adequate. Thanks for the 40 minutes driving and gas wasted.

I agree that him posting the link and then not defending his view was pretty poor. The hostility didn't help. Not a user you'd want on BP.

With that said, the general feeling from agents is that Zillow/Trulia etc force you to buy leads from your own product (listings). They provide nothing in terms of content - all they are is an information aggregation website with strong SEO.

People don't realize how expensive these lame websites are for an agent. In my area zip codes range from $200-500/mo.

What is needed is some sort of Wikipedia for real estate. Mostly free, with reliable information. Zillow/Trulia are in it for the money, not as a public service.

Thanks for your input. I guess I should have given a bit more details:

First is current, so that's not an issue.

There's no way to challenge that the house has equity above the 1st because it is so far underwater.

So if he chooses to do chapter 13, stripped lien is a pretty good possibility and then wait to see if he completes the plan or not?

There are no notable differences between primary residence and rental?

Hey guys,

Quick question. What is the typical scenario if you own a 2nd NPN on a rental property that is very underwater, and the borrower files chapter 13 BK? Best exit strategy?

Thanks.

Honestly Alex, I don't mean to be a jerk but just do a bit of searching. There's about a zillion articles on BP about this exact topic.

Great analysis,

However, in their defense, due to the production constraints they usually mention "projected" profits. They couldn't wait 8 months to sell the house before airing the show. I agree with you but we have to keep the fact that it's on TV in mind.

My question is, if this has been your experience with FCI, and most are overpriced... why not just buy from a reputable company / broker?

Maybe you'll find a diamond in the rough but it sounds like a major hassle.

When you buy from a handful of people / companies repeatedly, you mostly know what you're going to get, what the process is, what due diligence is going to be needed, what the turnaround time is etc.

Just my opinion, of course!

They had an online system where you prepared the assignments with cover letter etc. I prepared two separate ones, one for each company, with the appropriate fees, then they recorded them.

As I mentioned I don't know if this is typical or not, but that's what happened in this case.

This was a year ago so I don't remember specifically but if memory serves, they almost recorded them out of order so I had to fix something.