All Forum Posts by: Daria B.

@Kellis Landrum

I found the JV partner that I am with now via my local REIA. There are 2 in my area, one focuses on Mortgage Notes and the other "buy and hold/fix and flip". I opt'd out of the latter and stayed with the former. I was going in that direction anyway and wanted to have more focus on Notes.

How about finding someone in your local or near area that are focusing on Notes?

The 10K amount will be a little tough to start with but that's not to say I've not read about others who actually have done it. 

The "accredited" things really hurts - it may be that the required $ ceiling amount can be verified but if the income is not there then essentially, the person is "not" accredited. This is tough because you could actually have the $ to invest but all the other parameters are not there for the accreditation.

I've reached out to other experienced people to talk about JVing and have found opposite ends of the spectrum. I've been faced with - very accommodating to understanding that everyone has to start somewhere (as did they) and have been very good conversationalist and at least willing to explore a JV, to people that really want someone who is already at pace with them - obviously that is not a good fit now but perhaps later. I don't let that stop me.

I feel I am at the same juncture as you only in that I have one JV and am looking for others not only to gain experience but more so investing styles and goals that I want to achieve.

I didn't just "jump" in to a JV as all are not created equal - you will want to be cautious of who you do business with (agreed on your comment "along side"). I learned about the persons investing styles and if it would be a good fit and that took time, which included my learning "notes" along the way in addition to the person's personality and investing style. I also talked to other investors who also JV'd with the individual.

Hopefully I've given you something to go on though I don't feel as though I helped give you a specific answer.

Good Luck....

 I invest in Notes and I'm not aware that there can't be a loan mod if that's what the partners wish to do even if your funds are from the SDIRA. 

I also invest from my SDIRA and am still new but have purchased 5 notes so far. We were going to do a loan mod for one of the NPN but the borrower actually stepped up after we purchased and began paying her debt - so no loan mod.

Primary JV partner has an LLC and any other investors essentially are using their SDIRA where the paperwork reads "SDIRA Company Name FBO (for the benefit of) Owner Name Acct#". This is how I sign all my docs. If you use cash to fund the deal, some will just use their name and others may have an entity that the JV uses.

Great! Like to know how this works out for you.

 Hi Adrienne,

I have been trying to get onto Upwork as a freelancer. Since you use it for your business, do you find there are sufficient people to search for given what you are looking to have done? Have you had a need to speak with an actual tech support person? I registered and am trying to work through the nuances of the site. Having a bit of difficulty at best. Thanks

 I just offered up the Florida statue that John referred to in his initial post. You asked what the statue was and I looked it up and provided it - I have no opinion either way as I am not a wholersaler nor am I a licensed re agent.

@Johnquel Jones

http://www.leg.state.fl.us/Statutes/index.cfm?App_...

I have a BS in Computer Science from Florida A&M University. I've spent the last 34 years utilizing what started my foundation - and I was good at it. As I am no longer pursuing anything in that field, real estate has now become my replacement passion.

Now did it help with my real estate investing - in a round about way I would say yes. It wasn't necessarily a direct correlation given the fact that neither have anything to do with one another. I wasn't always stuck in the computer and although I did learn a lot of the technical, I also had opportunities that I believe help me as an investor.

I am still new to the note space and I'm trying to figure out where you got 27% . UPB/VALUE gives 52%.

 I completely understand and terms and conditions should always be amendable and amenable for both parties. This was my 1st and needless to say I asked a ton of questions and made inquires for some time prior to inking. JVing isn't for just jumping in with no understanding of the person, process, or planning. My friends would describe me as having a closed fist around my $ so tight that my fingers come out the back side. lol

Since you are already getting notes from these individuals, I don't know whether to call them brokers or actual holders of the notes, it could be a good tool for learning on your own time.

@Account Closed

Understandably so I agree with needing that mentorship. I was fortunate to get this from my JV who is also a good sounding board - I get explanations that I can compare to those that I've look upon with good content.

My JV agreement allows me to buy, if I wish based on what I'm looking for so I'm not forced into anything I don't find appealing. You'll also want someone that serves as a safety net, so to speak, and make sure that you really understand what you are getting into.

Though it sounds like you want to find a company to service, do loss mitigation, hold your collettral files, etc (the full Monty :-))