All Forum Posts by: Mark Gibbs

Sounds interesting Brian. I might be in to help on this. Message me directly and we can trade some thoughts.

I’m registered and attending. Looking forward to it.

Thanks Brian, Brian Eastman actually set up the self directed IRA and gave me the CPA referral. Looking for another option now.

Hi-Anyone in this forum have a suggestion for a Portland Area CPA that is familiar with self directed IRA's? I have run into an issue with needing to have my self directed IRA investments certified by the current administrator IRA Services Trust Company. I have never needed this in the past. I made contact with one CPA who does this work and was a bit shocked by the fees, looking for someone local who might have a handle on this topic.

Manuel, my first question is why? Is your note upside down unless you negotiate a short settlement with the first? Is the borrower currently paying on the first? If I was the lender why would it make any sense to negotiate with you if the borrower is paying on time with the first. Just something to consider. Most lenders have no interest in making sure a second position loan get a pay off.

I'm in for the meet up. Recent relocate from Seattle and trying to get my bearings on the greater local market. Starting to look at opportunities in the valley to Salem and the Bend/Sisters area. Commercial and industrial are my preferred but any good ROI is always considered. It would be great to meet some locals. Thanks for getting this forum running.

Marco-

@Chris Seveney does a lot more of this than I do but one reason I never pay more than unpaid balances is because you are never guaranteed to collect on the note. If the note is in second position and has a $10k balance, first position lien has a $90k balance and the BPO is $100k you aren’t likely to even get a return on your money after foreclosure and selling costs. I look at the arrearages as leverage on a borrower and a point of negotiation, ‘if you can make 12 on time payments of X $ per month I’ll wipe out X $ of arrears.’ The more arrears I can wipe, the better the borrower feels.

@Levi T. 's advice is sound. If you are confused about any of it though definitely follow up with your local landlords association, if you have one in the area, they can help with forms and specifics. Previous advice to get an eviction attorney is also sound. Think of it this way, one mistake could give the deadbeat an additional 30 days, attorneys aren't cheap but what is the value of your time? Lastly, sure the threat was vague but it was still a threat, just file for a restraining order and if the tenant makes any contact with you notify him and call the police. Frankly your 8 months pregnant you dont need the stress and the court is probably going to side with you on this.

As to some of the other comments above. Take this as part of the learning curve. We have all made mistakes. Sure maybe your place isn't ideal but now you know what you can work on next time.

Thank you everyone for the feedback. 

@Andrew Johnson my take on REITS is that since they are pools, you might reduce your risk but it also puts you into investments that you would otherwise not participate in. If I can look at a crowdfunded deal in an area I know I feel more comfortable. I think comparatively the return on REITS is even lower than crowdsourced investments. 

@Percy N. Thanks for the link on CF platforms, Interesting to check out. 

I was following another forum where the topic of syndication came up as a way to move into bigger deals. I have also been looking at some crowd sourcing platforms recently with the intent of moving money into larger apartment deals, storage and commercial opportunities. It appears with the crowd sourcing, say through groups like CrowdStreet that you have a way to better diversify through smaller units to buy in ($10-50K). 

I am looking for feedback on why a syndication might be a better route than a crowdsourcing platform. Terms, waterfall provisions, ability to recover money should the sponsor fail to execute? Thanks for your input.