All Forum Posts by: Murali Venkatraman

I am in the process of purchasing a 15+ apartments in Chicago northwest suburbs. I am looking for experienced property management to manage my properties. Much appreciate if you can refer one.

I am interested. Please provide payment history and the tenant is prompt in his payment.

Thanks

Murali

Good point. It is one part investing in mortgage notes. The most important part i feel is to watch the payment flow and whenever there is an issue, need to follow up asap. Failing to address it timely on one of the note has cost me dearly.

I bought a note in michigan from a reputed note company. I was told it was a good performing note. I did ask for payment history and did see payments were coming through. I purchased the note for $18K (Property value is $70K). This was invested through my Roth IRA and i did set up a collection agency (Allied). The property was owned by a veteran and initially for a few months i did get payment coming through. After few months, payment started slowing down with the Veteran having issues getting payment from Govt. Allied called thru and after further discussion, some more payments come thru. The person failed to pay the property taxes and let it go into tax sale. To redemption, i am ending paying up $4K to be current and planning to foreclose it, sell it and recover my money.

Never done foreclosure before and working through it.

Not all notes fall like this.

Being more wiser and being diligent now, if i don't receive the monthly payment in the first two weeks, i treat this like landlord collecting rent and i start calling. Lo and Behold, payment comes quickly.

thanks Bob.

Are there anyone in Illinois investing in mortgage notes?

agreed. I have some notes paying promptly. In one note, I got a land contract - everything is registered in my name. This note is In PA, pays promptly on first week. Challenge is I get letter from county on real estate tax payment. I am thinking of selling this note.

I am interested in connecting with like minded people who have invested in mortgage notes (both performing and non-performing) and their thoughts around it. I have invested around 10 notes now. I invest in smaller notes, preferably from my Roth IRA and have some decent success around it. Would love to hear others success stories and challenges.

I am interested in buying performing mortgage notes.

I am a realtor and investor. Interested in purchasing the property. What is your monthly net income on this property?