All Forum Posts by: Brittany P.

We don’t mind the recording process—at the very least it’s a tax write off—but let me throw a few more angles out there that I hadn’t mentioned before and see what you and @Chris Seveney think: the CFD's we're purchasing are for unimproved land parcels, so I don't think there's an obligation to insure. Additionally, the contract requires that the deed be recorded in the borrower's name once the contract is paid in full, but it's silent as to whether we have to record when we purchase the seller's interest in the contract. Finally, in the event of default, as we work through the grace period we could get the deed recorded in our name before we sought a new buyer (if we couldn't get the current buyer back on track).

Obviously I’m getting the sense no one here’s a fan of skipping recording, I’m just wondering if these additional aspects change the calculus for you at all. 

Gotcha—thanks!

Chris, could you expand on what you mean by "diversify"? Did you mean within different types of RE investments (e.g., long-term and short-term rentals, notes, BRRRs, etc.), or did you mean diversify types of notes (e.g., performing, non-performing, CFD's, short-term, long-term, etc.)? Or both?

Hi All,

I have a question that I'm sure will make me sound reckless to some of you experienced note investors. Here goes: I've just purchased my fifth contract-for-deed (CFD) and I'm now on a timeline where I save up and buy a new CFD every three months. Eventually I hope to cash flow where I'm making larger outright note purchases, but for now at my price point, smaller CFD's (around $15k UPB) are what I can afford.

Given that these are CFD's, I'm noticing that recording costs are a little heftier than just recording an assignment of mortgage. The transfer fees/taxes for the deed can get into the $400 - $500 range for each of these. So my question is: if I wanted to save on the recording costs, keep the deed for my records, proactively pay taxes as they're billed (would coordinate with the company I buy the CFD from), then work with the borrower to get the deed recorded under their name once they've paid off the contract--am I putting myself at risk? These contracts run from 3 - 5 years; is there a downside to skipping recording until deed is ready to go to the borrower, as long as I'm staying on top of taxes?

I look forward to hearing from the pros on this--thanks!

Thanks, you all--really helpful!

Thanks you all!  Are both of those (FCI and Note Servicing CA) nationwide, or only operate in certain states?

Thanks--we'll check them out.  Any suggestions for larger loan servicers who do operate nationwide, or at the very least, do you have any recs for servicers licensed for NY?

Can anyone recommend a reliable nationwide loan servicer and/or recordation provider for someone looking to up their note purchasing game?  I was working with one recording service that had great rates but was wildly unreliable (you get what you pay for?), and another even less reliable loan servicer.

I'm looking for services that won't break the bank but also don't take a month to set up, actually communicate with you, and operate in all 50 states.  Suggestions?

 Haha, nice.

 Hi Andrew,

We're actually closing a deal with Jonathan right now.  How was your experience?