All Forum Posts by: Christopher Winkler

#3 pretty much sums up every fund that sells retail NPLs, you need to close in 48 hours after you win the bidding frenzy with you footing the bill in advance for expensive DD and you end up losing the bid...

I am sad to hear you have had such problems Patrick, we have discussed some of them, though I a preparing my presentation for Noteworthy 2019 this Saturday in Newport Beach and my numbers are 56 non-performing notes purchased personally and with one-off Joint Venture partners in 4 years, 31 worked out for a 34.85% ROI.

When we look at the last 3 years after we switched to Junior liens, we purchased 36 non-performing notes, worked out 15 for a 56.42% ROI. That is why we decided to go big and launch our first Regulation D, Rule 506(c) fund for accredited investors so we can purchase them at better prices and escape the retail bidding wars that have caused most of our bids from last year to not be awarded.

I feel it can only get better with lower lending standards, and foreclosures starting to increase. I hope you can get your mojo back!

Quinto, it was a JV and there was a slight loss to the investor, though i think we ended up splitting the fee 50/50 with buyer...

There really is no good catagory for events, so I put it under bootcamp.

I'll be speaking at the 12th Annual NoteWorthy Investor Summit in Newport Beach, CA from March 1-3. 

This event will be solid real estate education. Use coupon code: chris50 for a $50 discount off the event!

Make sure you let me know you are going so we can meet up!

@Andy Mirza, as you know, fixing and flipping a non-performing note is hardly passive. Its like the guy @ the circus spinning a dozen plates on sticks. Imagine that situation for every note you own. Its important to let people intrigued by a note podcast realize unless its paying and passive, its somewhat difficult, though not impossible to do this part-time with a little money, you have to be as creative as Brandon Turner is in his No and low Money Down book. I used a hard money lender and my IRA for my first deal. Since then i have not been able to duplicate that feat, and fees took a nice chunk of profit.

While my first thought is to say no, if she is paying ontime, that's a good tenant. Maybe just raise the rents to the max allowed in the area to help soften the grief factor. and do not give her 6 months same rent. 

 Georgia now requires you to get a license to buy & sell mortgages. You can do it thorugh NMLS...

I am no wholesaleing expert, though like the previous poster said, you have to have a lot of skills, marketer, mailing, bandit sign, door knock, meetups, REIA, and educate yourself, ARV for that area, repair costs. Marketing takes money. You have to negoitate with delusional homeowners sometimes, and buyers that don't want to pay more than MAO, maximum allowable offer, 70% of ARV less repairs.

Its possible anywhere, i just could not run a note business AND try to wholesale. It needs 100% attention and you should either partner with another person like you, or with a more experienced flipper/buy & holder who can guide and coach you, and co-invest with yourself. Some great books here on BP on wholesaling, and buying properties with no money down, you just have to be creative. Just saying you can't just send out a couple rounds of post cards and expect to be rich. Like anything, its a marathon, not a sprint. Best of luck to you and Merry Christmas!

Pfffffttttttttt! Here in DFW I gave up on counting over 80 wholesalers of all sizes & shapes, and there are several spending up to $75k a month! $30k is chump change! Well, not really, though compared to trying to compete with them in ultra hot DFW, i waived the white flag and went back to what we do best, buying distressed notes & working them out. 

And I love the comment above that its actually the most challenging and hardest part of RE, vs being a flipper or buy/hold. The overhead wholesaling is steep and if you don't have reserves, you will run out of $ quickly trying to get noticed. One of our first mail campaigns resulted in a wholesale deal, and she had a HUGE stack of cards, letters, and offers from everyone under the sun...

Can you squeeze in a toilet & sink in a small area and put in a door? Like next to a utility room that has plumbing in & out? Good luck!!