All Forum Posts by: Jay Raught

Take all of the advice here, you are on the hook for the taxes now.  That is one of the things we look at when considering bidding.  You should have learned that before you purchased the note so you would not be surprised, good luck and I hope you get it resolved before the sale.  If you get the note reperforming make sure you collect the taxes as part of the arrangement.

@Daryl Meehan

Welcome to BP.   For notes check out the NoteMBA podcast, Scott Carson has webinars and videos.  PPR note group puts out good information.  I am an active note investor also so feel free to connect with me. 

This community is pretty responsive so you will get questions answered.  Good luck!!!!

@Tom Hertel  In a way, however it is all what you plan as your exit strategy.  Some I will hold, some I will not.  To get more deal flow I will move this one once it has been performing for a few months. 

TX does stand for TX

The UPB is right around 20k if you include the arrears. With out near 13k.

There are many ways to learn about notes,  on this site, through webinars, podcasts and networking with the right people.  Leveraging your network is the big key. What I cannot answer someone in my network will.  

I hope this helps and please drop connect with me and ask all the questions you like.

We are currently in progress on 2 other notes, one in NC, one in CT..  

Here is what you can do with Notes.........  

TX note deal:

Costs

TX Note Purchase Price: $2604.64

Wire & Due Diligence:$165.00

Total Servicing Fees: $273.07

Attorney Costs:$1000.00

Total into the TX Note: $4042.71

Payments

Arrears Payment:$195 ($75 & $30 to servicer for fees)

6 Months of Payments:$901.80 ($187 Payment - We get $150.30) (servicer for fees)

Sell the Note in November after it performs for 6 months: $11699.40 (servicer for fees)

Total Payments:$12796.20

@Trevor Carli you are networking right now!!! Listen to the NoteMBA podcast, they are a great resource for some note education.  Join Nationwide Note Buyers and Sellers on FB.  Connect with me, I will be happy to answer any questions you may have... Remember. If you find a deal the money will come!! Do not let that hold you back!!!  Look for Note meetups or Real Estate meetups in your area.  I look forward to hearing from you!

@Wade Garrott

They do provide an excellent source. I do not have a subscription but I have seen it in use more than once and the information it provides. For the most part you will get the asset manager, bank, phone, address, and sometimes an email.  The price is not much for what you get.  Source them through linked in also.  Good luck and welcome to the note world! Let me know if you have any questions.

check out Pro Tittle USA, they are excellent. 

@Scott Mclaren that guy is correct. If you move that note and the borrower contests the debt and whomever is trying to collect the debt is not licensed, you lose. We use FCI for a majority of Notes, I am also going to try out Peak, FCI is very good.  I would really consider leaving the note in FCI. 

Welcome to BP, you are right to take action and just go for it. I invest in mortgage notes. I read, read, and networked and found a JV to partner with and started doing deals. I deal in notes only, maybe down the road I will expand but I prefer being the bank over tenants and toilets. Reach out if you need anything, the key is networking!

The connections and relationships are important.  Thanks for your time @Bob E.