All Forum Posts by: Pavel Sakurets

I am very eager to learn more about "subject to financing" with a specific emphasis on the state of Minnesota. The short and sweet question: Is subject to financing legal in Minnesota? What are some important things to know or keep in mind that may be specific to Minnesota pertaining to "subject to financing".

Please forgive me if this question is already been asked and link me to the correct forum.

Also if this is an option in Minnesota what if any resources can you point me to for an example contract, and or an attorney that's well-versed in drafting said contract.

Thank you I look forward to your responses.

My company has purchased many properties ''subject to''. It is legal in MN. I would recommend to read a book written by Wendy Patten on ''subject tos''. The best book that I have read about real estate investing and I have read many :)

1 Vote

Originally posted by @Account Closed:

@Pavel Sakurets do you have to be an accredited investor to pursue the strategy you are talking about?

Hi, Ken, just saw your post. To buy notes I don't think you have to be an accredited investor. However most of the sites that I have seen ask this question: "Are you an accredited investor or not?"

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I did, they told me that I had to be a licensed mortgage servicer to buy notes even if I use my own funds and I had to use a licensed servicer to collect payments. (Even though there are no payments in NPNs)

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Originally posted by @Jay Raught:

@Pavel Sakurets If you are holding the notes through a servicing company that is licensed in MN wont that cover you? I would be interested to hear what they tell you. Some servicing companies are licensed to collect in all 50 states.

Jay, MN Dep of Commerce told me that I had to be a licensed mortgage servicer even if I used my own funds to buy NPNs

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Thank you Scott, I have been working with local MN community banks and credit unions for over a year since I started buying notes but there are not that many to satisfy my appetite:)

If you see any NPNs in MN, please keep me in mind.

I might consider buying in WI, Iowa, ND and SD, but will need to learn their foreclosure rules. Plus a MN department of commerce told me last week that since I buy mortgage notes I needed to get mortgage servicer license, thus I think other states will require that too. Do you have a servicer license? I'm sure there is a legal way to do that without having a license. I have two licenses already and don't want to be regulated if I get another license.

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Originally posted by @Dave Van Horn:

Hi Pavel,

You could try FCI exchange in Anaheim Hills, CA as they regularly sell notes nationwide . Best of luck,

Dave

Thank you, Dave. I have registered with them, but they don't have anything in MN :(

Do you know anybody else that is reliable? Many of the sites that I have visited within last several months claimed that they had notes for sale all over the US, but I saw only one note for sale in MN so far where the note price was higher than the property value :)

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Looking to purchase NPNs 1st or 2nd in MN only. Commercial or residential. Will make a buying decision within 1 hour if you provide a title report. If you don't have a title report, we will do a title search and get back to you within 48 hours after title report is done.

If you know of any sources where I can buy NPNs in MN only, please share

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Originally posted by @Bill Gulley:

@Dion DePaoli

Right, aren't we all!

What do we have, another jump in now note guru?

@Dominique Fryar

My chin is on the floor. can't move to say anything and that gives me nothing to translate to my keyboard. From wholesaling to notes? Really? NPN at that!

I'm beginning to worry about the future of mankind!

Dion, you know those videos of the World's Dumbest Thief, like the guy who stands in line at the bank wearing a mask to rob it, or the guy who locks himself in a freezer to hide or the guy who gets stuck in the hole cut in the roof......you know, those types......

How about a thread of the greatest master minds devising note strategies, that can't spell "Promissory Note"?

Last week I couldn't spell motgage booker, now I are one.

Why do we comment? I don't think they can read what has been posted already. It's just taken under "advisement" !

I need a vacation! :)

Hi Bill, who would you recommend to purchase NPNs from in MN only?

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All Forum Posts by: Pavel Sakurets

Pavel Sakurets has started 48 posts and replied 316 times.

Post: Where I can buy NPNs in MN only?

Post: Where I can buy NPNs in MN only?

Post: What are he ins and outs of subject to in Minnesota?

Post: Notes

Post: Where I can buy NPNs in MN only?

Post: Where I can buy NPNs in MN only?

Post: Where I can buy NPNs in MN only?

Post: Where I can buy NPNs in MN only?

Post: Where I can buy NPNs in MN only?

Post: Notes