All Forum Posts by: Gabe K.

Thanks, guys.  @Garry C. Hi Garry, expenses were: $1,701 foreclosure fees (later reimbursed by borrower), $578 were for loan servicing, recording fees, and document scrubbing and storage.

@Jeremy Tillotson Hi Jeremy, thanks for your message. The policy pays cash value.  We have only spoken with the insurance company and our contractor.  Whom should we contact? Thanks.

Hi BP Experts,

We had a roof leak that basically destroyed most of the inside of a house we own.  Our contractor said repairs will cost $24k but the insurance company is only paying out $6k towards repairs.  How do we get the insurance company to pay enough to fix the damages? Do we need to sue them?

Any info would be appreciated.  Thank you.

Hi Fellow BPers,

This is a success story about a non-performing note backed by a 2nd trust deed we exited this week. Here are the facts:

• We purchased a non-performing 2nd from a fund in June, 2015 for $4,000
• The house backing the mortgage is located in Portland, OR and is worth at least $125,000
• The 1st mortgage balance is $40,000 or less and has been paid down for 19 years
• The borrower stopped making payments on this 2nd about 5 years ago
• We started the foreclosure process immediately and the borrower paid us off in full 3 weeks before the trustee sale

Final numbers:

• Note purchase price: $4,000
• Expenses: $2,279
• Payoff amount: $20,227
• Profit of $13,948 or 349% in 6 months

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

@Dawn AnastasiHi Dawn! We have the tenant on a regular lease right now.  I told the tenant if he wants to buy from us he is going to have to prove he is creditworthy, which looks unlikely in the near future.

@Michael Mims@Chris Welch Hi Guys, I'm not sure about condition yet.  We buy distressed mortgages and work with borrowers or finish foreclosures.  That's why we're curious about how much someone would bid at auction.  Thanks.

Hi Ocala locals.  How much do you think this house will sell for at auction?: 

2611 NE 22nd Av, Ocala, FL 34470

Any insights will be greatly appreciated.  Thanks.

Hi Everyone,

Thank you. I emailed those of you who were interested.

@Brent Coombs Hi Brent, our primary exit strategies are loan mods and short sales so we don't usually acquire the properties.  Thus, the extensive real estate experience is not necessary because there are so many experienced individuals that we can hire to assist us when we do.  If your goal is to acquire properties then having experience managing properties would definitely help.  

It sounds like your friend should have received a refund if the collateral was not delivered. Each investment has to be fully vetted separately as there are no two the same.

BP Experts,

We are a note investing company and we ended up with 2 houses as REOs that are in bad shape.  One is in Indianapolis and one in Muncie, Indiana.  Both houses look okay from the outside but they have extensive water damage on the inside and need new walls, mold removal, roof repair, floors, basically everything.  We don't want to dump any more money into them, just want to sell them.  Our property manager/realtor wants $3k each as commission, which is just a large percentage of what the sales prices would be.

How should we sell these properties without incurring such a large commission expense, use craigslist or postlets? Thank you.

@Ian BarnesHi Ian, Yes, these notes trade for up to 80 cents. I am pretty sure I know which note this is and 50 cents is a starting bid, which I have also bid!