All Forum Posts by: Linda Hastings

@Whit Ewen Take a look at the following threads related to servicers:

https://www.biggerpockets.com/forums/70/topics/502...

https://www.biggerpockets.com/forums/70/topics/497...

https://www.biggerpockets.com/forums/70/topics/491...

https://www.biggerpockets.com/forums/70/topics/597...

One of the best intro books I have read is Paper Profits by @Joshua Andrews.

Check out these threads for more resources:

https://www.biggerpockets.com/forums/70/topics/411...

https://www.biggerpockets.com/forums/70/topics/432...

BP podcast #211 with @Bob Malecki was also about notes:

https://www.biggerpockets.com/renewsblog/bp-podcas...

@Jerome Adams I don't think that any one course will give you everything you need to know. Even the most experienced note investors will tell you that some of it is just learn by doing because every deal is a little different. 

I think NoteMogul was a good introductory course, but personally I think it's good to get more than one perspective. If you haven't already, check out the following thread for some books and other educational resources. 

https://www.biggerpockets.com/forums/70/topics/411...

Take a look at this thread for some things to watch out for:

https://www.biggerpockets.com/forums/70/topics/489...

 Check out Note Expo coming up in November. That one and Paper Source Note Symposium in April are the two that seem to be the most highly recommended. I haven't been able to attend either yet, but am hoping to next year.

Using an RMLO may also make it easier to sell the note later if you decide to.

Thanks for the responses, everyone! Sounds like lots of love for Madison. Then again, it seems like for every servicer, you can find just as many people with good experiences as with bad. Guess the moral of the story is to try out a couple and see which works best for you.

@Sandy Uhlmann Firsts is what I had in mind. I don't know if their pricing differs between the two, but interesting to hear about the recent price increase. Are you using Madison for borrower outreach, or do you have it in some kind of non-collection servicing and use a 3rd party for outreach (or maybe since it's a second, you just kinda have it parked there)? 

@Gail Greenberg Looking at their website, it says their price for non-performing notes is $95/mo in full collection mode. They don't seem to make any distinction on the pricing (at least online) for firsts vs seconds. Not sure about if you have a 3rd party doing the outreach, but from what Sandy said, sounds like maybe $45/mo.

@Matthew Hell You don't have to be a pro member to have a profile picture. 

Admittedly, I don't know anything about the way tax assessments work in MD, but I would think that if you have a recent appraisal that shows the property to be worth less than the tax assessed value, I would definitely contest it. We did that on a property we bought here in Texas and were successful. 

The worst that can happen is they say no. 

Is anyone using Madison Management for servicing their notes? If so, how has your experience been? FCI seems to have mixed reviews on here, and I've seen SN mentioned, but a search on BP didn't turn up anything for Madison.