All Forum Posts by: Lauren Sanford
Lauren Sanford has started 0 posts and replied 114 times.
Post: Mortgage Note investors
- Investor
- Posts 121
- Votes 36
Quote from @Dana Lenoir:
Hey, I’m looking to connect with my note brokers!! I’m buying notes!
Just be careful as often Note brokers are sharing assets that are not approved by the seller to share and the assets could be old. I would suggest finding those who are doing direct mail to note owners and get assets they can't afford. We are discussing this with Jeff Armstrong on our next show.
Post: Software Suggestions for Note Investing Business? Accounting Suggestions for Same?
- Investor
- Posts 121
- Votes 36
Quote from @Doug Smith:
When we started this company, I had been a special assets officer (handling non-performing loans for banks trying to extricate them from the deals with as little damage to them as possible) during the last big crash. At that time, few realized that you can buy and sell loans, so the software didn't exist. Since we used small investor capital to buy and sell loans, we had some investors that were softward engineers. I agreed to handle one of their portfolios for free (he's actually still with us nearly 15 years later) if he would build out a system to help us build out the database system. The problem was that I kept tweaking the model. We ended up going back to the tried and true Excel Spreadsheet. We saved Settlement Statements from every closing and one of our former partners owned a national title company, so we had enough closing cost data to build a models for each state on the buy and sell side of the note buys. We had to enter in holding costs, holding time (time value of the money), ARVs, rehab costs, a contingency reserve (a little extra to cover unforseen stuff), a reasonable profit margin, etc to get to a "Strike Price" as we call it. That's the maximum amount we will pay for the note. We would also calculate two different "worst case scenarios"...what if they don't pay and what if they do...then go with the lowest strike price as our ceiling. I think our modeling has adapted to market changes over the years, so we've stuck with Excel as we can easily change the parameters to keep it "fresh". I hope that helps.
Doug our CEO built something similar 15 years ago and we are still making adjustment. I would suggest having 3 different strategies. We talk about this often on our Real Estate Notes Show.
1) If they pay/reinstate
2) If they don't pay and it sells at auction (lose equity)
3) If they don't pay and we take it back.
Post: Software Suggestions for Note Investing Business? Accounting Suggestions for Same?
- Investor
- Posts 121
- Votes 36
Quote from @Alex Booth:
Quote from @Chris Seveney:
Quote from @Michael D Kaminski:
Greetings! I am a beginner note investor. To jump in, I bought a portfolio of 10 notes. There are two different servicers involved. In a few months, I want to get into buying NPN/NPLs, such as those in bankruptcy. I will not be starting a fun. But I could sell partials in the future.
Is there software that people use to manage their portfolios? I have looked at NoteRules.com. I heard podcasts where people uses customized versions of Podio or SalesForce? I am a bit surprised that there are not more options? Does anyone have any recommendation?
Also, bookkeeping needs to be set up. Are there any recommendations that people have on how too get organized? I will use a lower-cost QBO alternative, like Xero. But is there a Chart of Accounts that anyone could share? Or is there a bookkeeping agency that has a note investing specialty?
Thank you! Mike
There is a bookkepper out of TX many use who I can refer you too. She uses quickbooks.
Regarding software, I know people who use pipedrive, podio or clickup.
The software for this is typically enterprise as there are not a lot of note investors and thus not a huge demand for software especially when using a servicer. Its really just management of the loans.
Would love to get that reference if you don't mind sharing it. Been through a few book keepers who don't seem to understand this space very well.
@Alex Booth we did a show episode with her, if it's the same one Chris is talking about. I'll send in PM.
Post: Looking for reference for good attorney "Creditors’ Rights foreclosure attorney" in
- Investor
- Posts 121
- Votes 36
@Raj G. We actually have a nationwide Credits Rights Attorneys recommended by other Note Investors on our due diligence portal. For NJ, I would suggest
Friedman Vartolo
LLP Adam Friedman
[email protected]
212-471-5100
Post: Software Suggestions for Note Investing Business? Accounting Suggestions for Same?
- Investor
- Posts 121
- Votes 36
We have a few book keepers but nothing nationwide. We have had a few Real Estate notes Show Episodes on this topic so you could get information from there.
@Brett Burky suggestion of Rival Brothers is ok but they have a lot of equations that does not really work with note buyers. They dont use NPV/IRR they use ROI. And it runs 1 asset at time with flat costs/time frame and we know each state is different.
@Michael D Kaminski Are you looking for something to track what the next task is?
Post: Looking to connect with Seasoned/Veteran Mortgage Note Investors in SE USA
- Investor
- Posts 121
- Votes 36
Quote from @David Cooper:
Quote from @Lauren Sanford:
Quote from @Jim Rice:
Lauren, really just trying to put together a group that would what to meet up if possible and share education, information & build relationships. Jim
Let us know if you are still interested in the group and sharing of information. Our virtual meet up is around 30 people.
Hi Lauren! I'd like to join. I'm a note buyer and would love to connect with like-minded people.
David,
Send us a Private Message and we can schedule a call to see if you fit the group.
Post: Looking to connect with Seasoned/Veteran Mortgage Note Investors in SE USA
- Investor
- Posts 121
- Votes 36
Quote from @Jim Rice:
Lauren, really just trying to put together a group that would what to meet up if possible and share education, information & build relationships. Jim
Let us know if you are still interested in the group and sharing of information. Our virtual meet up is around 30 people.
Post: We buy mortgage notes fast and easy
- Investor
- Posts 121
- Votes 36
@Kenneth Malloy Our latest Note Offering has just over 80 assets. If interested feel free to reach out!
JKP
Post: Creating a note in order to sell it.
- Investor
- Posts 121
- Votes 36
We held a few calls on this topic. There are 14 points to making a note valuable to Note buyers. They include higher the interest rate and lower the terms will decrease the discount needed. We also have a chart to show the expected discount. Also who pays servicing fees.
if curious to learn more reach out.
Post: What makes a good seller financed deal?
- Investor
- Posts 121
- Votes 36
@Felicia Vinces it sounds like you missed our Year End Live show and Podcast of "Real Estate Notes Show' where 2 15 year experience note investors break down what makes a note valuable.