All Forum Posts by: Kevin Trumbull

Welcome aboard!

Any plans to allow Non-Accredited on the next fund?

Following this thread because I am also looking to change Property Management companies in Kansas City, MO.  Feel free to PM me.

What are people's thoughts on Wyoming?

Looks like a good starter list, however being a programmer I think I see what you did, and there is something you should be aware of. :)  Notice how you don't have any articles after 2013... that's likely because of the way BP is doing SEO on their blog URLs.

For example I just did a quick search and I see the following article, looks like it was published in 2016, and I don't see this on your list:

https://www.biggerpockets.com/renewsblog/how-to-re...

I'm assuming you crawled /renewsblog/ looking for ####/##/##/*note*.  Might need to refine that if you want to get all articles.  (Would be really nice if BP would do this type of stuff for us, 'find all articles pertaining to X', anybody who says 'use the search' hasn't used the site search hehe).

This is a great discussion, thank you all for jumping in.  Pretty clear this is not the type of note I'm looking for (right now), but I'd like to learn a little more about what this purchase and exit strategy might look like.

So if I purchase the note and have a signed DIL, does that essentially mean I'm purchasing the deed?  Of course there could be other liens on the property that might cloud title that would need to be resolved, but what does that exit strategy look like?  Why would somebody purchase a note where the borrow has signed a DIL?

I first thought, well maybe they want to simply purchase the property at a discount and fix it up, rent it out, or sell it... however somebody is still [presumably] living there... wouldn't they technically be squaters at this point, assuming the note seller hasn't arranged a lease agreement?  Or does a DIL usually have verbiage that requires the person vacate with sufficient notice?

What happens to the note, would I simply purchase the note, take title on the deed, then erase/forgive the note?  Maybe the exit would be to work with the borrower on a brand new seller-financed deal if they wanted to stay in the property?

Forgive my n00b question, still learning the note business.  I'm seeing some 1st notes for sale where the seller says 'Borrow signed A Deed In Lieu'.  What exactly does that mean for the note?  Doesn't that mean the note seller now owns the property?  Would this now be an unsecured note?  The note is listed as performing... why would a borrow continue to pay on a note on a property he no longer owns?

Ahh OK, I think I'm going to start a trial of Xero today. I'm in the same boat, handful of properties fully managed by 3rd party, so just need to enter transactions from monthly owner statement.

If you need a recommendation on a great CPA please send me a PM.

@Mike Dymski did you end up pulling the trigger on Xero?  Was it able to provide you everything you mentioned above?

Great thread, I'm a straight buy and hold investor that fully utilizes Property Management so my accounting load is low, basically just tracking income/expenses. I'm using Excel but considering Xero.

How does Xero handle multiple properties? Does it handle depreciation tracking? Anything it does not do? 

I will likely start a trial soon but wanted to get direct feedback from people who actually use it.