All Forum Posts by: Miranda Holland

It's not as important with hard money. However, you would have to make payments on the loan while the work is being done and they would ask for a down payment. Lenders would want to know where you would find the money for all that if not your job. You could use credit cards but you would have to get some cash in your bank account to show you have enough to pay for down payment and probably holding costs as well 

As a private money broker I'm seeing a lot of this. The further you get away from 100k the harder it is to find a loan especially a cash out refi. It can be done though. I'll try to connect with you and talk more about it 

I know what you mean. I'm a broker and the farthest away you get from 100k, the less options you have to refinance.  That's something to think about when you get a cheap deal. It can hurt when it comes to the financing down the line.  

No but I guess people won't buy unless it's a good deal. We'll just have to wait and see 

I've only heard of paperstac and it's not any of those platforms. Like I said, I have an opportunity that is still pretty unique and I need to consider that in my approach.  I'm probably better off at looking for a buyer after my offer has been accepted but I have a limited time to close on the deal and don't want to do business that way 

 We're you in 1st position or 2nd? 

Thanks for pointing this out Chris. I need to consider this in how I word it.  I'm not a joker broker and I understand the process that note brokers typically go through to build relationships with the person who's in charge of defaulted notes at the bank.

My situation is unique. Someone built a platform where banks can quietly sell their non-performing notes and REOs to get them off their books earlier than they normally would. I have been invited to bid on these notes. I can bid on them for myself and wholesale them as long I don't float funds in the closing or I can bid on them as a buyer's agent. 

But I do need to focus more on getting people to take me seriously 

Banks who are 1st position Lien holders to mortgage notes backed by residential property. They're at different stages in the foreclosure process. Alot of these homes are vacant but I can refer a service company who handles the foreclosure process and get courts to appoint a reciever to rent out the property so the note holder can collect rents while waiting for the foreclosure process to complete 

If I'm reading your scenario correctly, the 2nd lien holder gets no money at all. The second lien holder should have never foreclosed because the 1st lien holder gets paid 1st. And the first lien holder doesn't mind taking the 50k hit because he was likely to take a much bigger hit anyway. The 2nd lien holder did the 1st a huge favor. Now if the property sells for 200k at auction, the 2nd lien holder will get their money. 

But if the property sells for more than 200k at auction, the excess funds is SUPPOSED to go to the BORROWER (HOMEOWNER). But, the funds usually ends up going to the county because the borrower doesn't know they had a right to that money. 

What is a good way to find people who are interested in buying non-performing notes? I have access to sellers nationwide so I'm going to be wholesaling and/or brokering these notes but I want to start building a buyer's list first.