All Forum Posts by: Linda Hastings

@Jay Elggren I don't follow your logic or see what a due on sale clause has to do with this case. The OP bought the note and ended up taking the property back as an REO (i.e. he was the new lender, but now owns the property since the forfeiture already happened and there is no bank involved anymore). He is now considering selling the property via seller financing (i.e. he is the seller). How is this super risky and costly for the seller (i.e. him)?

Perhaps I misunderstood your post, but it seems like what you are describing is a subject-to or wrap around type deal where the OP would be the buyer. That is not the case here. 

I'm not as well-versed in seconds, so I'll leave the pros and cons discussion for others who are.

As far as educational info,  check out "Performance Anxiety" by Gordon Moss. It's an introductory book to note investing, but leans more towards seconds since that is what the author invests in. @Dave Van Horn of PPR focuses on seconds and has a lot of educational resources on his site, as well as blogs on BP and a couple of eBooks. Fuquan Bilal of NNG is also a big name in seconds and has educational material available on his site and BP. He also has a book called "Turning Distress into Success". I haven't read that one yet, but imagine it goes into more detail on seconds since that is one of his primary focuses. 

@Jonathan Jewell Take a look at the following threads for more info on notes:
https://www.biggerpockets.com/forums/70/topics/411915-where-to-find-education-on-notes

https://www.biggerpockets.com/forums/70/topics/432488-notes-blog-post-in-bp

Thanks @Dave Van Horn!

 Thanks for the link. Quite an eye-opening read. 

@Wayne Snell I was just wondering how this would affect the servicers' business. Seems more people might opt for doing borrower outreach themselves instead of paying the stepped up servicing fees for the servicer to do it. 

I second @Douglas Ladendorf on the webinar or article wrap up. 

Take a look at this thread. 

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

@Miles Stanley I recommend Access Insurance Services in SA. We've worked with Timothy Miller there for landlord insurance. 

For more info on notes, check out the following forum threads:

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

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

In addition to the books listed above, @Dave Van Horn has an e-book that is a good intro to notes, and there is also a book by Fuquan Bilal called Turning Distress into Success (I haven't read it yet, but have heard good things about it). 

In Michigan, I think you must be licensed as a debt collector, per the following:

https://www.insidearm.com/state-laws/

Using a servicer who is licensed in that state would prevent you from having to become licensed yourself.