All Forum Posts by: Jay Raught

Only 5??? You are not thinking large enough. 

@Rob Witt If all debt is called, the first gets paid first, the second is second... I own 3 of them currently and one of them I paid 2k for a UPB of 20k... They begun to pay once again...... In this situation if the first forecloses, there is enough equity to cover the second. in other cases in a foreclosure situation the first wipes the second out ( no equity to cover).

I have heard good things about Peak, we are using Main Street Asset Solutions for 2 NPN's we have, one is now performing again. A 3rd npn is with FCI and a breach letter was just sent out. We are using our own lawyer for this one.

@Athol Dickson FCI wont board a note for an individual. You need an LLC. Most of what you are asking for after foreclosure are things you need to do before you buy any note. During a recent review of a note tape one of the assets listed is nothing but a foundation......If you want to be as hands off as possible JV with someone and let them handle the work. Notes can be lucrative but there is plenty of work involved. If you own more than 5 in GA you need a presence in that state. You also have to decide if you want to buy performing or non performing. Each has its own sets of challenges..

Unless this is buying a partial or into a fund that pays you.  Based off the info you provided I'd do more research.  I assume that he gets you the line of credit? 

ProTitleUSA will do all you ask... we looked at a note and when Pro Title did the research..... we found a 35k sewer lien...... passed on that note!!! They know the space. 

Not a good plan, the first has all the power and they have no reason to work a deal with you. If I was in the first position and the FMV is 180k, I can sell this property for 85-90% of that FMV to an investor or realtor, why would I want to make a deal with you?

@Account Closed FCI exchange and similar places will have performing, PPR also sells performing notes, the price point is a little higher but they are performing, I also have a tape with performing notes.  I am not a broker and my sources are direct. Please reach out to me if you have any questions about any of the above, I will be happy to assist in anyway I can or out you in touch with the right people.

Next year I will be there! I had just traveled 2x in a month to meet with my mastermind group and could not make this trip!  Hope to make some great contacts between now and then, and of course the knowledge gained!!!

@Michael Noto Thanks,  Generally we do not. this happened to be a good deal.  It is a 2nd and has equity coverage on the first. Even better the first is foreclosing. Saves me the legal... Only fear is the owner may file bankruptcy since he owes the town all kinds of $$ too.. If that happens we just wait longer....