All Forum Posts by: Daria B.

Minimum 2 yr account open without penalty of owner paying the closing costs (these are covered by the bank).

Minimum 1% monthly payback of principal if not paying the full P&I. These may or may not be specific  to me since I was talking to them about my account. It was assumed but this could be in general.

As with most lenders, it's the same max 10 yr draw and then payback only if there is a balance. After that they can evaluate your credit standing and LTV to do it all over again for another 10 years.

Rate is based on prime.

My credit score is over 800 so the rate, although prime, was under the prime % because I have a great score. And that may change every day but as of last asking, it was still under prime.

There is an option to "lock in the loan" as they call it so the draw is not based on prime. There is a small fee for tlhis though - yeah they still stick it to ya.

They issue a credit card so you can just draw money unless it's a large amount you may want to write a check - preference.

If not actively using, a draw of a small amount with the card should be done per year to avoid fees. I bought something the tune of $5.

🤔I think that was everything I could think of in general.

Hope this helps....

@Erwin F.

I got my HELOC from Regions bank and they did it on the primary with no closing costs. I also contested the "drive by" BPO since the report compared my property to those that they had internal knowledge of (improvements). That's apples and oranges. When I showed I had upgrades to rival the comps, they ordered an appraisal and I got $30k more that was considered after the 80% LTV. I did not have to pay for the appraisal.

Regions will consider an investment property as I was going in that direction but the one property I wanted to use is in MD and they don't have a banking presence there yet. From what I was told, there is no difference in cost, of there where any. Closing costs are incurred when the account is closed in less than 2 years. I'm on my 2nd year now but I have no intension of closing it.  

You can likely choose any of those to HELOC. The more you have LTV the more you will be able to utilize better.

Good luck.....

@Brian Gibbons

Thanks for the education!

I didn't quite understand which of these you were referring to, is it 'sell for cash' or 'keep' of the note that has the best PV?

The one you sell for cash or keep is the one with the best PV or present value. You can trade the lower PV for equity in real estate.

Wow @George Dean I've been thinking about so many other things having only a small amount of Notes, I had not thought of this. Have you tested Pipedrive out?

@Peter Lipschutz You can find out about the states using Google and can find a good list.  I put together a spreadsheet that I copied information from a site this morning that has which states are judicial and which are not. It also has whether they are hardest hit funds state that I put in.

A lot of people don't like NJ, NY, LA for their lengthy foreclosure process and some do since they know what to expect.

 Criteria varies so much it depends on what the end goal is. 

I think for the most part the due diligence is the same. I'm just delving deeper into this myself. Have you  been to Mahir Allan site - MJSThinkTank dot com. He has some good videos describing what you ask.

Another site is Czarina Harris. She is a Note investor who also has some good podcasts.

Hi @George Gray

I'm a Note investor and stumbled upon the world of VA when I attended a NoteCamp by Scott Carson. One of the presenters has a business where she has video and scripted steps for her business and VAs to follow. She simply put together a training video of her doing the steps she also described on paper with pictures as examples. She documented by video and paper what she wants her VAs to do so there is no mistaken what the work required. Word of this got out and I think she's turned it into a product she sells. How that works I have no idea.

Although her documented process is Note-based, does sound like a process you want to do? 

I looked into being a VA myself and found a site called UpWork that this other investor also uses and was amazed at the plethora of categories for VAs.

Try UpWork dot com and see if that helps. I'm not sure though if what the other investor has will work for you - if may. I can pass along her company if you want to pursue that avenue. 

@Luis Crespo I too have a HELOC and it's based on the prime. I recently found out about LIBOR and a couple people here in BP were able to get theirs using this rather than prime. Honestly, I had never heard of LIBOR but I did do some reading. They seemed to like LIBOR better.

@Dave Van Horn

@Scott Carson

Are Note worthy. :-) I'm still very new at this and I would not want to misquote.

@Larry F.

I would evaluate each property on it's own merits. I've never understood if anyone actually bought property that way and actually got what they thought they were buying. @Account Closed

@Brandon Hall

@Steven Hamilton II

@Account Closed These guys are a good start and perhaps you can find what you need.

Good Luck