All Forum Posts by: Mike Ruscica

You should see in the voluntary petition (PACER account) who the lender is on the house and try to buy the existing mortgage/DOT and work it that way as Chad said if this is not a big bank. Or you could take the house subject to, it's a much easier process and the borrowers attorney will understand the process. Also in PACER you will see if the borrower was willing to forfeit the property, that makes the subject to process very easy

Have fun!

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The ticket price covers all 3 days of content, 3 days breakfast, snacks and lunches. 2 Cocktail parties, 4 nights hotel room. Contact me for more details if interested 4 spots remain. May 7th to 11th 2018

Mike

NoteVision2018 May 7th-11th visit NoteConference.com for details

Hi all

LLC's will not accomplish what you have set out to do because in forming the LLC you must give a real president name (you) and a real address when registering. I can look up the LLC info and find you in a heartbeat.

This is not legal advice but by using Trusts you can mask ownership and transfer property very easily and no LLC fees

Let me know if this helps and if you need more info.

FYI I invest my self directed IRA into a trust using a trustee and my name appears nowhere. Unfortunately (or fortunately!) most attorneys are not well versed in this process that has been available to us since the 80's

that's 1880   

Your network is your currency, count your network instead of counting your cash.

I have created an awesome group of note investors, technical advisors, etc. and I try to get to know each one individually so that I can find out what they are looking for, so I may provide them with product etc. somewhere down the line.

When I am sitting around looking for the next deals, I just pull out my contacts and scroll down through until I see a name I have not spoken to in awhile maybe months maybe years and give them a ring ask them what they are doing for money these days- and away we go!

Your network does not cost you a dime and you can start today, that's why I teach my students from day one to build their group with old email addresses they have collected from prior meetups etc. create an email group of contacts, Bcc them about some hot topic, heck about how they should be building their network and have fun with it!

Do what no one else is doing, we are all creative beings

If you want to reach out schedule a call from noteconference.com

Mike

I am glad to see this post get such activity! I have never done anything on BP before and didn't know what the action would be like.

@Account Closed we are all here to get business either directly or indirectly and you bring up a great point on what motivates people or what are their intentions.

I have always been a 100% supporter of win win and the note business is one of the few true win win win "investments" I have ever seen.

1. The bank wins by getting these assets off their books so that frees up capital for new notes out to new borrowers, which also helps the economy,  they take 2+ years to write down the loss I come along and purchase the loan and they report my purchase money as profit for that quarter to their shareholders YaY! We purchase that debt at a steep discount in some cases 30-40 cents on the dollar plus the arrears of the loan is usually never figured in so there's that gravy as well.

2. We now own the debt at a discount and we can now be more flexible with the borrower in reducing their monthly payment, lowering their int. rate and or reducing the principal amount if we are so inclined to do so...sounds like another win also helps the economy

3. We collect cash flow from our investment and we win helps my economy

Not many other RE investments we can make that everybody wins, sometimes someone must lose equity for another to pick up equity.

But make no mistake about it is absolutely an investment, with any investment you must do your homework, you must know what the heck you are doing and you must know what your return on investment will be before you buy or at least have a good projection and have multiple exit strategies  

You can run it as a business if you choose with staff and investors and a fund or you can stay small and keep it all and live the life of an investor.

Thanks for all the posts!

Well This post started over 2 years ago, and I am still going strong in the note business. I started this business pre meltdown 3/2007 and we had plenty of product if you knew where to look and I see that to still be the case today. You need to adapt to the changing world, make new connections, broaden your network and you will have product.

I want to see if BiggerPockets is the place for that broadening of my network.

I have been investing in non performing notes now for 11 years primarily junior liens. 

I just love this business and would like to hear from you first off how you are using BiggerPockets, and second if you are enjoying this note space as well. 

All great points, I am active in this space and had made a decent living finding this product for my investor friends/ partners. I think there is good money to still be made sourcing these deals direct from banks, servicers, funds etc. I dont buy from the usual suspects that are available, I dig a little deeper. Hope this helps

It is all about pricing, there are no bad notes just bad prices. When I purchase, I will put internal prices on all selected notes. Some at a high price and some at zero or 1% then I see the average overall price for the combined pool and submit my offer. I always throw a few free ones in like the note you are talking about and take a shot. You would be surprised how few notes actually get wiped. People all need to live indoors and have an amazing bounce back ratio.

Good luck