All Forum Posts by: Cody Cox

It means on an individual loan basis, vs. a bulk level bid.

Cody

How is your quest progressing?

Take note that it's called a Quit Claim Deed. 

With a refinance, the title/attorney will pull a preliminary title report. That will list all the liens against the property. What shows on that report can be/ must be paid off in the closing.

Cody Cox

As mentioned by @Chris Seveney, a Reg D 506(b) note fund does allow for non-accredited investors, but one restriction is they are not allowed to market the fund. Such a Fund Manager would not be able to respond to your request.

As mentioned by my esteemed colleague @chadu, there is no significant difference. However, there may be differences in the paper. Most institutional paper is consistent from asset to asset. The paper land or a lot is written is different. My other thought would be your intent. I can see where a land loan perhaps is a longer hold time.

Welcome to the group. All the heavy hitter note traders are here. LOL. You'll fit right in.

@Oke Tammik Both of those scenarios you mention are viable strategies. I think the market is positioned for landlords to sell to their tenants. I say that in light of the legislation in Oregon that favors the tenant over the landlord. Many mom & pop landlords that own one or a few doors are probably overwhelmed with the new laws and are just tired of the headache. Depending upon the wording in your Land Contract, that might be more viable should the borrower fail to perform and you need to take back the property. 

I am a big advocate of this strategy. I look at this as providing affordable homeownership. Providing a tenant the opportunity to buy the property with the seller carrying the paper provides that tenant the opportunity to build wealth as a homeowner. Rarely does one build wealth as a tenant but homeownership provides that opportunity. There are some statutory regulations as stated in ORS 86A, so you need to know what you are doing. I'm also in Portland, OR, and have some additional thoughts on that strategy.

Being in the mortgage industry for a long time on the 1st mortgage side, I only work with first mortgages. I had a longtime note investor tell me the best way to get started was to buy some on your own. I used an SDIRA to purchase some NPNs. This provided me with some case studies to show to potential JV investors. Since that time, we had stood up a fund to purchase notes in pools. Looking back, I would have been a bit more selective in some of the NPNs I purchased and my approach to JV partnering. The partners were great, but the structure should have been better.