All Forum Posts by: Lynn Payne

I am buying and selling FDIC note packages. Nice to meet you.

Is this the same thing as a "platform bank"? I have heard of that investment reportedly paying back 500% return in 40 days. Love to know if it's the same thing and if anyone knows anybody who has done it.

Much of my net worth is not liquid. I don't mind buying with cash to get the deal done and putting a lien on it later to keep what I do have liquid liquid.

Thanks for the recommendations on using an LLC and a local bank. I have an LLC and a great relationship with a local bank and will arrange a meeting with them to discuss.

So far my bank has had me personally sign/guarantee everything and refinance out with the big banks. This may have been my idea or theirs, I don't remember. But I will tell them that this will no longer work for me and hope to work things out.

Thanks again, other input is always welcome, Lynn

No, just buying them in my name. Will likely convert to my trust but that won't change the fact that the note will be in my name. I just need to figure out how to be in business AND have everything above board.

There are advantages in buying an investment in the same area with your current support structure in place. I've though about vacation property investment as well but don't see the discounts in the Park City Utah area that would make it work financially.....yet.

PS, net worth 2 million, good cash reserves, great credit, and can go full doc. Am I going to have a problem???

Originally posted by Blue Cat:

hi,

One other thing I was wondering about--is there a school of thought in real estate investing on how much one should pay for one's own place of residence?

Thanks!

I try to buy at 70-80 cents on the dollar and finance 80% to pull my cash out. Keep some reserves for fixes and vacancies. But you can buy a lot of properties if you use the same money over and over again. As for your house, when you find one you love, live in it for 2 years and hopefully capture your equity tax free.

We do cash purchases and assign the contracts all the time. If there is any finder's fee to be paid, it can be done on the side. If your a realtor you can get the entire commission. At least that's what's worked for me.

Instead of spending money on a program, find some other investors who are in your area. I took an expensive course and fumbled around for 2 years, then I found a group of realtors who were realtor investors and signed up with their brokerage. Having people around (maybe not just one person because nobody wants to train their competition) is a great way to go. Worked for me!

I have heard that, as of August 15, Fannie Mae and Freddy Mac have limited an individual to 5 mortgaged properties. I already have more than that many and am becoming liquid again and ready to buy in this down market. Has anyone found a way to deal with this? If I don't figure this out, my business model of buy and rent back preforeclosures is shot. Any ideas?