All Forum Posts by: Gabe K.

Great opportunity to fix up a house. It does need extensive work and the low price reflects this. There is a converted garage in the back of the property that you might be able to rent that out also. Cash price listed..make an offer today! Seller financing available with $2000 down and $350/month. For access to the house, for questions, or to make on offer please call 800-849-3918 M-F. Please click on this link for more photos and info: Link to website.

@Mike HartzogMike, I have ran into the same exact situation!

Hi Fellow BPers,

This is a success story about helping homeowners and profiting from a non-performing note backed by a 1st mortgage in Washington, DC. Here is the story:

The homeowners had a difficult 2011 when they both lost their jobs and their property's value plummeted by 65%. They defaulted on their mortgage and their lender wouldn't work with them. When we purchased their loan just over a year ago, they were fully employed and we gladly worked with them to modify their loan so they could keep their home. We started with a 12-month forbearance period and then reduced their principal balance by over $100,000 and lowered their monthly payment to only $679 for 15 years. Here are the numbers:

• Original loan balance: over $200,000
• Property value: $55,000
• Note purchase price: $34,000
• Total payments received during 12-month forbearance period: $20,000
• 12-month forbearance yield: 59%

Modified loan:

• 15-year fixed rate mortgage
• 9.50% interest rate
• $65,000 principal balance
• $679 monthly payment
• Yield-to-maturity: 23%

How does everyone like this investment we worked on? Thanks for viewing our post.

We send out a newsletter with our success stories, so please let me know if you'd like to sign up.

You guys were correct in that we were the highest bidder so we own the house now.  Now we will help the resident to move out then assess the condition of the property.

I have self serviced some notes on non owner occupied properties and it was a terrible use of my time.  For $15-$30 per month you can pay someone to print statements, lick envelopes, and send reminders to borrowers. Your time is much better spent making money.

@Lawrence Robinson@Andy Luick Hi Guys, thanks for your input.  We manage discounted notes, so we paid much, much less than the $112k we are owed.  If we end up with the house or if we get paid out, it's going to be a win.

@Chet MazurThe lender sets the opening bid, up to the amount they are owed.

I will post the results when available. Thanks.

Hi Everyone, thanks for your replies.  When you bid at sheriff's sales you don't get any info provided to you, you have to make an assessment on your own, as you know.  I can only tell you that the house is owner occupied and looks well taken care of from the outside.

We are the foreclosing party and are seeking input from locals who bid at auction how much they think someone will bid. The estimated value is $140k but we are owed less than that, maybe $112k, which will be our bid.  Thank you.

I went to NIS and thought it was great.  Travis and Aaron are genuine people and most of the speakers were highly valuable.  It was not a pitchfest and the networking was highly valuable.  Price was reasonable also.

Note Investors Summit

Hi BPers,

We are foreclosing on a house in a fantastic location in Lexington (Fayette county), KY.  The sale in on 2/1/2016 and we are curious how much someone will bid for this house: 

Are there any locals familiar with the market and sheriff's sales there? Thanks.