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All Forum Posts by: Brent Wickersham

Brent Wickersham has started 1 posts and replied 5 times.

Post: Contract for Deed vs Deed of Trust

Brent WickershamPosted
  • Dallas, TX
  • Posts 5
  • Votes 0

@Terrence Evans

They basically indicated that if the property were to go to foreclosure and the borrower decided to fight it, then a cfd (doesn't matter how common the terms in the contract and interest rate) could be viewed by a court as a bad contract / predatory as you mentioned, etc and it may end badly.  He said that deeds of trust are something courts are used to seeing and it wouldn't be a problem.  

As someone who is studying note investing, this really piqued my interest as far as investing in CFD's. They seem to be very common on places like Paperstac. It sounds like most of you who are investing in these are looking to convert them as soon as possible. I would think that avoiding CFD's as a note buyer would limit one's available inventory.

Post: Contract for Deed vs Deed of Trust

Brent WickershamPosted
  • Dallas, TX
  • Posts 5
  • Votes 0

Looking to possibly sell a rental house to its current tenant using seller financing in MS. My initial thought was to do a contract for deed. My understanding is that foreclosure would be easier and less expensive if the borrower stopped paying even though we'll have to retain title for now. When I started calling real estate attorneys in MS about this, I was strongly advised against doing a CFD because of litigation risks in the event of foreclosure. Talked to 2 different RE attorneys, both said the same thing... go with a deed of trust or do a lease option. For the note buyers that have had to do foreclosures (I'm assuming everyone has), have you ran into more or less problems with CFD's? Have you had any problems in court with these? Do some note buyers avoid CFD's altogether?

Post: Tax Lien vs Note Investing

Brent WickershamPosted
  • Dallas, TX
  • Posts 5
  • Votes 0

Thanks for the detailed response Chris.  And yes, mostly hearing about the lower risk from those with a course to sell.  

Post: Tax Lien vs Note Investing

Brent WickershamPosted
  • Dallas, TX
  • Posts 5
  • Votes 0

I'm glad this thread got started.  I'm looking into the note space as well.  I'm getting all excited about it and absorbing as much information as I can, but sourcing good deals at a deep enough discount as a new note investor is my biggest concern.  I'm not afraid to put in the time and work, but my concern is that all there will be available is the lowest of the low hanging fruit that's selling for 75 cents or more on the dollar (can't verify this, just my concerns and going by some of the responses on this thread).  

I'm also concerned about the licensing aspect.  It sounds like licensing is required for GA, KY, IL, and CA (in the near future).  Are more states trending toward requiring licenses by the note holder?  If so, how will that effect the business and present note holders.  It sounds like these are lending licenses, which I'm assuming is not simply taking a weekend course and passing a test.  

I would love to hear more from the experienced guys like Chris.  I'm assuming most of you are buying pools and have established relationships with sellers.  If you were just starting out today, would you still do it?  By the way Chris, I was surprised to see you list "higher risk" as one of the cons to note investing.  While I understand there is definitely risk, it seems that the multiple exit strategies coupled with being collateralized by real estate is being touted by most podcasters and industry experts as making notes a lower risk investment than even stocks?  (Also thanks for doing the good deeds podcast.. tons of valuable information). 

Post: Pilots in DFW area?

Brent WickershamPosted
  • Dallas, TX
  • Posts 5
  • Votes 0

Hey John, not sure I can help you out on splitting time but thought I would shoot a quick reply. I'm a pilot for a fractional ownership company and fly Citation XL / XLS's. Was doing some aerobatics out of Aero Country airport last year in a Decathlon. If you're looking for instruction or currency I can point you to some great guys that also instruct for simuflite. I'm also a part time Real Estate Agent for Dallas City Center and looking to get into investment property. If you're ever around Love field or Addison, lunch is on me. I would love to pick your brain on investment strategies. Btw, what do you fly?

Brent Wickersham