All Forum Posts by: Roman M.

Rules not always make sense. We own a few tax liens in Maricopa county and yes you are not supposed to contact the land owner regarding payoff. We have had some tax lien investors buy from us tax liens so they can do their transaction. My guess was they got in touch with land owner before they bought our tax lien and made a deal with them and after purchased our tax lien. So they did not break any rules since they did not own our tax lien initially. We still have a few tax liens there that are eligible for foreclosure and we probably will be sending out intent letters to make owners aware unless of course we sell them to other savy investors before we need to do that.

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Originally posted by @Don Konipol:

@Sarah Dawson

The note market is not a clearly defined and measured market like residential real property. Although a few companies have attempted to create note resale market places, in truth these haven’t been very successful.

Sellers of residential properties who have taken back owner financing are constantly contacted via snail mail by both buyers and brokers wanting them to sell the note - at a discount. Or, they can google " note buyer" and find hundreds of websites. On the commercial end, where I operate, deals are brought to us by brokers or lending institutions wanting to get rid of a note either in default or one that no longer fits their portfolio. For lending institutions holding residential notes they want to sell, the action is mostly in the NPN arena.

Because of the difficulty for the average investor to find a good note and buy it, many have invested money in funds or in partnerships that originate private or hard money loans, which is a second cousin to the discount note business.

For someone who has $50,000 or $1,000,000 to invest and is satisfied with 8%, achieving this is quite simple and quick. The same investment seeking 12% requires a lot more work, some more risk, and more time to put together a portfolio of notes.

For someone who wants to enter the note BUSINESS as opposed to just investing their own funds in notes, the learning curve, time, effort and knowledge needed is much greater. This is a business where ones success is almost totally dependent on the individual.

In other words it's a job.

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bankers are dumb.

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If the leak is from the 3rd floor unit then owner of the 3rd floor unit is responsible. You will need to contact the owner above and see if they have liability insurance to pay for your damage. If they don't have insurance then you can take them to court.

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1.That someone will scam me by selling paper that they no longer own or there is a gap in assignment

2. Principal amount and interest is not accurate and is substantially lower than presented. Or loan was modified but never disclosed as such.

3. Misrepresentation and fraud. Wire fraud.

4. Not getting original note documents after payment

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of course there are hard money brokers. If you search hard money loans in your area you will most likely find them. They originate the loans for private lenders as well as instututional

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If you invest in a fund always remember that you will no longer have control of your money and there is no guaranty of any kind.

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If you own the house you rehabbed you can do seller financing and its allowed so long the loan is Dodd Frank compliant. Otherwise you might run into compliance issues. there are a lot of regulations with lending to owner occupant.

Licensed mortgage broker maybe able to help you structure it so your loan is in compliance.

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You better off buying a condo for half the price and get $1,200 a month rent.

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Originally posted by @Christopher Lane:

@Roman M. Also, what are the average hard money rates you've seen lately?

Average HM rates are between 12 and 13%.

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All Forum Posts by: Roman M.

Roman M. has started 8 posts and replied 465 times.

Post: Arizona tax liens foreclosing

Post: Note Investing - What's Your Biggest Fear

Post: Bank is telling us to slow down.

Post: Leak From 3rd FL Unit Damage 1st FL Unit

Post: Note Investing - What's Your Biggest Fear

Post: Are there mortgage brokers for private money loans?

Post: Looking to join a Hard Money group.

Post: TRYING TO CREATE A NOTE

Post: First Rental! 50k to invest. Marietta?

Post: How does a newbie find a good hard money lender?