All Forum Posts by: Derek W.

Thank you Dion. I have purchased a handful of Non performing notes over the years. I've bought through a bulk purchaser as one off. Though I've had mailing campaigns for years, I've never marketed for notes. My title rep said she can't pull data just looking for owner carry sales. So I'm wondering where I find the data. Thanks again for the replies.

Dawn,

The back story of the note purchase is:

I just closed on a different house the lady was selling. She was about to lose the house to tax lien sale in January. It is a beat up old rental that needs a rehab. She has no money at all. When escrow emailed me to say we were confirmed, I called her and relayed the message. I told her to make sure that the amount that was wired from escrow to her account was the exact amount I promised her. I thanked her for the transaction and before hanging up I asked her if she knew of any other problem houses that may need help. She said "I wish you could help me with this other house I sold and carried the paper!"

Property is another older beat up rental grade house. Current condition value is 40-50k. Gets $650 month rent from tenant. She sold and carried back $40,000 note secured by a recorded deed of trust (thank goodness for her sake she went though escrow and got it recorded!) The guy she sold to NEVER made a single payment. Jerk. $359.53 over 15 years fully amortized (7% interest) are the terms of the note. I paid her $8,500 for the note.

I went to the house of the borrower and introduced myself as a rep for the new servicer handling the note. I told him I just wanted to make a courtesy call to see what dates would be best for him to go to court for us to sue him for back payments and principle balance. After insisting briefly that there was no other alternative, I made a call to corporate (went back to my truck and called my wife to see if she wanted me to pick the kids up from school) and came back excited with a workout plan. We agreed that if he paid $1,500 toward the delinquent payments, I would reinstate his note and allow him to continue to pay his $359.53 month. I have collected $1,500 plus Decembers payment to date.

I just bought a note from a lady who sold her house and carried back the financing. The guy she sold it to never made a payment. She was too broke and didn't know how to get him to pay. I was able to discount the note for a great price and get her some cash to fix her car so she doesn't have to walk to the store anymore. I found doing the negotiation and workout to get the note performing to be very enjoyable and fresh for a burnt out rehabber. Lol

I want to do lots more of these.

Question: How would I find the data to market to more owner carry note holders?

anywhere is a long drive from where I live! But here in cattle country we are made of strong stock. Or maybe the stock makes us strong...hmmm.

12/11 looks fine to me.

I'd love to come if you'd have me.

I buy occupied homes at the trustee sales every week. Be very careful about serving a 3 and 90 before you have perfected title. We have had two very messy lawsuits surrounding serving legal notice prior to perfecting title. There is nothing wrong with knocking on the door and talking with the occupant, giving them your info, and coming up with a mutual plan. But learn from my mistake and slow your roll until you record your deed.

That's easiness you are doing so well with non performing notes. Congratulations.

I mailed out 100 of my simple (cheap ghetto) post cards. I've been mailing the same thing for years. "Handwritten" four per card stock, vary paper color, cut with a paper cutter, printed on my printer of a hand written message I scanned so I don't have to really handwrite it. Then I just hand write the address. I meant to mail out 400, but a really good bottle of wine interfered so only 100 actually went out. Mailed to out of town non-owner occ. I got six calls over the weekend and now have 3 in escrow! I'm not sure what's in the air, but thought I'd share.

I was a construction worker. My first job was painting houses for a flat wage of $50 a day. Worked my way up to eventually getting my contractors license and building spec homes. My tool bags are now hung in the shed with cob webs on them, but I've always been glad to have a deep construction background for rehabbing houses.

It's called a Copalum repair to pig tail aluminum wire with copper ends. As others have mentioned already, Aluminum wire itself is safe, just not the connective ends. The CPSC (consumer product safety commission) endorses pig tailing the connections as the acceptable remedy. This should only cost $1-2k with a licensed electrician.

I simply say "Thank you for your application. We have chosen someone one else, however."

When they ask "Why? How come I didn't get it!?"

I reply, "It would be a breach of their confidentiality to tell you why they were more qualified. But I appreciate your interest. I'll let you know if something changes."