All Forum Posts by: Ryan L.

@Curt Smith not all public employees are screwed by fees. As a federal employee investing in the Thrift Savings Plan our expense ratio is $38 per $100,000 invested on an annual basis. Although I agree that RE/outside investing can accelerate savings, a good employee sponsored retirement plan with matching and low expenses shouldn't be overlooked if available. 

I'll chime in as a newbie with one note and working on a second. Try to get a hold of some old tapes (notes for sale on a spreadsheet) and conduct due diligence on them as if you were actually going to buy. This helps with putting together a due diligence sequence, familiarity with free online resources, and shows you what pay services you may need to fill in the blanks  such as TLO and PACER.  I found this practice to be very helpful and saved me from bidding on some bad loans.  I also would suggest the NoteMBA podcasts, National Note Groups's Meetup monthly calls as well as PPR's calls when they come out; all of this is free information. 

@Dave Van Horn  thanks for the referral. 

@Adam Adams  Thank you Adam, this helps clarify it somewhat. Trying to figure out what triggers or starts and stops the SOL time clock is difficult to find. I'm taking everyone's advice and will speak with a GA attorney. 

@Christopher Phillips thank you for the link, although, after reading it I'm still not clear if it applies to a lien holder being able to foreclose on a borrower after 6 years.  I'm going to need to do more homework.

@Wayne Brooks.  I'm actually coming from the perspective of owning/purchasing the note (1st or 2nd position) that hasn't been acted on by prior lenders and worried that after a certain point not being able to start a foreclosure  due to a statute of limitations.

Happy Fathers Day to all!

I've been trying to decipher the statute of limitations for filing a foreclosure action, specifically in Georgia for the moment, but am looking for information on how it works generally in any state.  From what I have researched the laws seem to be under the auspices of "written contracts" in each state statutes.  What I'm having difficulty with is when the clock starts.  For instance does it start from the loan maturity date if that has passed or is based on the last time a payment was made.  Perhaps there is another "action" that starts/stops the clock that I'm not aware of.  I know to consult an attorney for specifics, but any general information would be great. Thanks in advance.

@Bob Malecki, thank you Bob, that is exactly what I was looking for, a local contact and solid advice.  On a side note, it's interesting to see that you are investing in notes in NJ.  Everyone I talk to in the note space avoids NJ/NY like the plague.  If you ever need someone to drive an asset in Northern NJ (Bergen, Passaic, Morris, Hudson, or Essex counties) let me know and I'd be happy to help.  I grew up in this area and also have an inside perspective on crime and good/not so good areas.

@Jessica Zolotorofe  thanks Jessica, I see you are in Woodland Park or as us old timers know it as West Paterson.  I'm investing in non performing notes at the moment, but anticipate creating notes in the future.  I'll reach out once I have something solid.

I realized the other day that although I have made some contacts outside the loan servicer for attorneys that handle foreclosures in the area I have my note (s) in, I don't have an attorney on tap for drafting/reviewing/assisting me with the other paperwork such loan modifications, mortgage satisfaction, deed in lieu, etc.  I'm wondering what everyone else tends to do.  Is a local general real estate attorney sufficient, or are there attorneys out there that are specialized in Notes?  Thanks as always for the great advice!

@Zachary Taylor We are very very new, however, maybe a little further along having just purchased our first NP 2nd.  The knowledge is out there and we found it in a variety places starting with these forums.  Check out the NoteMBA podcasts, sign up for conference calls with PPR, get access to the note vault at NNG Fund, all of which are free along with other online note meetups.  We started this way to get an overall idea of how things work.  After awhile you start to pickup the same themes and basics and some good tidbits to look into further.  However, what got us that much further along was going to Papersource and networking plus the education there which was great.  All that said if I think I know 2% about this business I'm probably overstating it, but I felt I knew enough to buy a very low dollar asset to work through in order to learn and build on that.   Lastly, putting together a list of vendors and resources to go back to and review later I find really helpful.  Knowing what the various types of vendors do, kind of puts a framework to the overall picture of how things work from due diligence to loan servicing and everything in between.

@Patrick Desjardins and @Mike Hartzog thank you both for the insight and advice.  I'm considering doing it in person to avoid the downtime since I'm not terribly far away.  I'll check with Richmond Monroe too, however, I don't know if pricing for one recording makes sense.  Thanks again.