All Forum Posts by: Ian Barnes

Does anyone know a good property management company in Indianapolis that they can recommend? Thanks.

Hi Bob, I just wanted to add to this discussion, that laws and this industry is constantly changing.  Joe Gore mentioned just to foreclose on a note. I would always go through a servicer myself to show a judge if I have to foreclose, that I at least tried to work soemthing out with a borrower.  I also just registered with one of the largest servicers in the country to buy notes from them, and I had to sign a document stating I will try to work something out with the borrower and that I can't just foreclose.  This is going to be a game changer in the future.  Banks have been sued and they don't want people just foreclosing right away so they won't sell notes anymore to people that do that.

If a company lets you cherrypick a second, expect to pay between 50%-100% more for that note than buying it in a pool of 10 2nds.

There are firms and banks that will give you money using your performing notes as collateral, but no one legitimate will give you money unless you have a track record of at least several years from what I've seen.

Hi Leo, we've spoken once or twice on the phone, so hi, hope all is well. I'll let others tell you how to play out this note, but I could buy this note for between 1%-2% of UPB in a smaller pool, so 3K is very expensive for the 2nd.

I'm not clear on all this brokering license talk other than to say in the state of Maryland(where I am) you must either be a licensed broker dealer or a principle in an SEC registered fund to sell a note located in Maryland or to an investor in Maryland based upon what our attorney told us when we registered our PPM in Maryland.

Being a pretty regular note buyer of both 1st and 2nd lien non performing/performing notes as I invest in notes for a living, I could answer some of the following:

I invest in every state except NY, NJ, MA, CA, IL(only Cook County)

I always want to modify a non-performing note before I have to foreclose

If you show me notes that I have seen from another person, and you aren't the owner of the notes on the title, I will never deal with you again unless your a registered Broker/Dealer and your selling on someone's behalf.  If you put me directly in contact with the owner and admit upfront you are trying to broker the notes, I'd be more than happy to pay you a point or two commision, but don't waste my time.

Your not seeing my POF, unless I'm buying a huge pool from a verified SEC registered fund or Broker/Dealer

I typically will sign an NDA and a broker's agreement for a point or two of the sales price.