All Forum Posts by: Jay Raught

Can you find anyone willing to Subject To?  Any military nearby?

PPR they have a guarantee them.  Network enough to get direct and get good deals on notes. 

@Tom Seccafico I use  http://camaplan.com/

@Bill B. Now to get them to accept!!! Good luck. Do you hold notes anywhere else? I have a FC about to begin. After that we will decide how to handle to two other NPN's. Hoping to hear back on a bid on 3 first position notes.

@Bill B.  

How do I "say" that I'll take payments or a "short payoff" in a way that won't violate the law? What are the "magic words" that won't run afoul of the Federal Courts of the United States of America and still "collect" on the debt I may own soon? 

If you owned the note then you certainly can have the servicer reach out and offer a settlement. Until you have that note in hand legally you cannot do much. Since the borrower is gone maybe they will take a deed in lieu. Cash for keys etc.  Again, you need that ownership before you can pursue that. 

What is your planned exit form this note?

Welcome @Clyde Ates. We are here for you. Looking forward to hearing from you.

They are a pretty solid source. Unless you are the person who is bank direct. 

What they both said... use a service who is licensed to collect debt. They will most likely have the legal arm also. If you contact a borrower without owning a note....... bad idea... if you are not licensed to collect debt.... bad idea x2....you get the idea!

This is who I use for my SDIRA.  http://camaplan.com/

I cannot answer the tax questions on IRA's. On my JV deals one set I used my own funds and the other I used my IRA. One JV deal is with 4, the other is with 3. We didn't require a minimum, we just needed to know how much each investor had to put up and we went after the assets we could buy that made the most dollar sense. One of the JV's the investor is putting up the $$ for us to show him how to buy evaluate and buy notes. I like the JV route as it gives more buying power and lowers the price point. The more notes you buy the better chance you have of maximizing your return!!

@Armand P. I am using a portion of my SD IRA on a JV deal. This will help keep the investment low and the risk spread. It will also help with legal costs( we factored estimated legal costs in) I would in general say buy a performing note in your IRA though. Unless you can go a JV route. Good luck and reach out if you have more questions.