All Forum Posts by: Tiger M.

 @dion

Glad to see I caught you on a rare good day! Baking cookies, reading comincs and all whatever else. Sorry, I don't understand much of your post comment, I'm just a simple guy I guess. I can tell you, Mr. Prominent as you called him, runs 8 figure NPN investment funds so I will stick with the attorney with a track record on this one, but thanks for the input.

As far as the comment, "A defaulted loan has not other utility than being a defaulted loan", in my experience, I have found them to be profitable. seems Dave Vanhorn and several others have figured it out too. I totally understand the idea of buying several notes in a pool and have been happy to have been exposed to the concept by a "Guru". Peace. 

@dion 

Glad to see I caught you on a rare good day! Baking cookies, reading comincs and all whatever else. Sorry, I don't understand much of your post, I'm just a simple guy I guess. I can tell you, Mr. Prominent as you called him, runs 8 figure NPN investment funds so I will stick with the attorney with a track record on this one, but thanks for the input.

As far as the comment, "A defaulted loan has not other utility than being a defaulted loan", in my experience, I have found them to be profitable. seems Dave Vanhorn and several others have figured it out too. I totally understand the idea of buying several notes in a pool and have been happy to have been exposed to the concept by a "Guru".  Peace. 

This is how an appraiser just gave us numbers in his report distilled from 187 pages:

30min average length of stay * 18 hours open = 36 times a spot will be taken
200 total spots * 80% filled = 160 spots filled
160 spots filled * 36 times = 5,760 cars in garage a day
5,760 cars * 5 dollar charge = $28,800 revenue for the day

@Rick H. Hey if I listen in tomorrow, it creates a contract allowing me a free life time access, right? I hope to make it actually.

@Derek Carroll take CCIM courses, you won't be sorry.

@Westin Hudnall Expect Points to be the burn. 3-8% depending on your market. Just tell the lender what you want to do and negotiate the expected fees they need to do the deal work. Make sure they don't stick you with big points and a pre-payment penalty on top though unless its figured in your budget. Sometimes it makes sense to ask them to lower up front and take a prepayment upon exit when you have more cash because of sale proceeds

Peace.

Getting them to back down depends on the lender. All you can do is try and push back. Some will some won't. I have a short sale thats been in contract two years. Why I haven't cancelled is because its entertaining. I offered $80K, they countered at $149K and shoved all closing costs on top. FMV was around $120K rehabbed. Now they are down to $130K and the market is sliding back towards me, so they backed off and are willing to pay fees. It is just as much a play for them to net the best they can like it is you to grind them down as far as you can. My team decided this week to finally cancel. Ultimately because we don't care if we get the deal unless it fits our wheel house. Right now it doesn't. If the lender changes their tune it may. Its really just cat and mouse sometimes.

Good luck, but put Christmas first.

Invest in Debt by Jimmy Napier is one of those gems most folks miss

@Pavel Sakurets There is nothing wrong with square one. I made good money moving from commercial back into SFR because thats the door the economy opened up. dig deeper. Dont burn bridges, ever. There is always money to be made in this game but it takes risk outside your comfy zone. Stop doing the same Sh!!t as everyone else. Sorry, I'm bad at using metaphors cause I'm just an Idaho farm boy. aint seen it all by any means. I learn new things with every step I take. I'm not scared to be the dumb guy in the room either.

@Ben Leybovich 

Not sure how long it took you to get a case of the PHUKITS. My first serious case took 3 years. I had an awakening though and named our company Tradewind because we HAD TO learn to let the market winds lead us. I thought in 1992 that I would be excelling in the luxury home sales market and carried away on a cloud to finical freedom. Instead, I got into Las Vegas apartments for 3 years in early 1990's and property management became a necessary evil. Then into rehab/flips in mid 1990's. Then into rentals late 1990's. Then into lending 2000. Then development and construction early 2000's. Then court litigation with lenders in 2009 as all projects lost 60-70% of value. All to come full circle back into discounted SFR in 2010. Now its NPN for a season of maybe 3-5 years. You just need to relax and be more pliable with your model. It will open the next door of opportunity as long as your not looking at your feet when it shows itself. There is no business better than real estate, where you can be your own boss because the market winds bring you fresh opportunities with every cycle and allow your to do something different than last week.

wish you the best...