All Forum Posts by: George Frye

Thanks @Dion DePaoli

@Roman M. I agree, Im not saying I have to pay them. It just seems like  they are coming out of the wood works and want a lot of money for nothing.

@Steve Hodgdon I think I have read everythign Dion has put out.

I agree, I am just trying to figure out why it has become so rampant. There cant be that much success.

I was having this discussion the other day with another note buyer. I have noticed that brokering has exploded in the note space which is scary. However I have also noticed brokers charging agent prices (6%) on note sales. My question is, who is really suppose to pay brokers fees. I am all for someone getting paid, but I am not paying someone 3-6% for introducing me and emailing me a list. If this was regular real estate the seller would pay those fees.  So why are buyers being forced to pay broker fees in the note space. 

I have been in the note business for a few years now and have been coming across alot of defaulted commercial notes. I would love to start possibly purchasing some however I am not sure about the due diligence. Could someone point me in the right direction to start my evaluation so I can make sure I am not buying a lemon.

@Account Closed How did you get the blank copy of their documents?

I was going to listen to it tomorrow. 

Thank You @Kevin Wattenbarger

Ok I will do that Monday. I have already called 5 title companies but only 1 got back with me. I will ask them about subject 2 closings

@Account Closed so how do you recommend I start. I dont have the documents you spoke of. If I read right these are the steps you suggested.

1. Create a new Deed

2. draft my own Hud

3. DRAFT MY NOTE 

4. Have an attorney close everything. 

5. Record all documents.