All Forum Posts by: Sandy Uhlmann

Sorry, something went awry with the last post.  I'll try again:  I have a couple of non-performing second mortgages that were wiped out after the first foreclosed.  In one of these cases, the first (Wells Fargo) was actually filing for a deficiency judgement post foreclosure sale.  In this case, borrowers were very educated and at least at one point in time had high paying jobs. This makes me wonder if in  some of these cases if I shouldn't try to seek a judgement/make some effort to try to collect on these wiped out seconds?  I know that there are several law firms that work on a contingency basis and may take 1/4-1/3 of whatever they collect.  That amount is better than nothing.  I do realize that I will have to pay filing fees and some other fees.  I understand that in a lot of cases this is a waste of time and money but in some cases where borrowers actually have a job/income source I wonder if it is worth looking into?  

Does anyone have any experience with hiring these law firms that specialize in collections?  

Thanks

I am looking at a large list of land that is available for purchase for the 

@Tammi Deville

I never got the software.  I recently started offering my tenants (who all were paying via checks) eRentPayment.  100% converted.  I love it because their payments get ACH'd into my checking account and it has a built in late fee system that you customize to your lease agreement.  It keeps me from being the bad guy and charging late fees because the system does it automatically.  It also has a place where tenants can submit a maintenance request and the request can go directly to the landlord or to your maintenance person via email.  You can pass the cost of the service onto your tenants or I believe it is $3 per payment submitted or $10/month for up to 5 payments then something like $1 for all payments after 5.  It has a good interface for landlords as well as tenants.  Has reasonable customer support also and is one of the most reasonable in price for what it does.  (Cozy is free but very limited in its functionality and no customer support with the exception of via email)

I know it probably doesn't do all that tenant fracker does but it does take the issues out of getting paid which was the biggest hassle in my opinion. 

In BK, NOTHING is a given.  I owed a well secured second and borrower was suppose to make payments to the first outside of the plan. He did not.  The first filed for a relief of stay because the borrower failed to pay them during the BK period.  I can only assume that they will be filing for FC as soon as the stay is lifted.

BK attorneys for the borrower have gotten very crafty these days in ways to try to protect their clients and make the note holders very uncomfortable. I had one file an adversarial proceeding against my company-totally bogus but I had to spend money fighting it in court. They attempted to cram down a loan that had over $50,000 in equity because the HELOC was coming due during the BK period citing HELOCs as a "short term loan." The tricks go on and on......

@Bill McCafferty I believe you were instrumental in the writing of this book.  Josh credits you with the highest honors as I believe he learned much of his wisdom from you. For those of you in BP who don't know, Bill is an asset manager who specializes in non performing seconds. Bill is a wealth of information and has been in the note world for a very long time. I am fortunate to have had the honor to connect with Bill through BP also.  His name kept coming up over and over as a great asset manager who also teaches as he manages the workout of these non-performing assets. I credit the BP forum for helping me meet both these great gentlemen.

I guess that I should also mention Quincy Long from Quest IRA. I believe he wrote a chapter in the book on investing with a Self Directed IRA. I have never met Quincy personally and I don't know if he is a BP member or not but I do know that his name comes up time and time again in note discussions. I believe Quest IRA does a lot of educational events with a lot of its speakers being note investors. I think that they have an IRA cruise on a yearly basis.

I just finished reading Joshua Andrew's new book Paper Profits How to Buy and Profit From Notes.  This book is one of the best written books on note investing that I have come across.  At last a book that I can share with friends and co-workers who are unaware that there are other investments options out there besides Wallstreet.  So frustrating to try to explain notes to people who have the mentality that if their financial adviser didn't recommend it to them then it must not exist!  I cannot wait to put a copy of this book into their hands.

Josh does a great job of explaining what notes are and how we can profit from them.  He also compares notes to other investments such as mutual funds, stocks, tax liens, bonds, and rentals.  He discusses how to find notes, how to buy notes at a discount, how to go about doing due diligence before purchasing notes.  The book even gives a lesson on the financial calculator for those that are not familiar with its use.  Josh also provides several case studies both good and bad about note investing. This is an excellent book for those just starting out in notes or for those who are more experienced.

For those of you who don't know, Josh is a BP member that is active on the forums.  I have to say that I am a bit prejudiced as I met Josh through the BP forums and he has been such a great resource to me throughout the years answering questions and giving me advice on note investing.  He is an inspiration to all aspiring note investors and is an all around good guy.  Great job Josh!  Your book is awesome!

@Gail GreenbergI am wondering if there is a way that I could structure this as a finance deal/private money deal but making the loan secured by the mobile home.  This would be much simpler and would avoid having to hire a MLO and avoid all of the Dodd Frank requirements.  The end investor plans to either rent the mobile homes out or rent to own them if that makes a difference.

After much research on the various companies that offer online payments, I chose eRentPayments.  They do charge $3 per transaction or $10/month for up to 10 ACH transactions going to the same account.  As far as the $3 transactions, you can pay or you an elect to have the tenants pay.  They do offer credit card payment option but these are much more expensive.  I do have one of my accounts with Cozy because it is completely free.  The big perk about eRentPayments over Cozy for me was that there was built in late charges that you customize to the terms of your lease.  This feature takes the "bad guy" aspect off of me when the rent is not there on time and puts it onto the eRentPayment because it bills tenants automatically if the rent is late rather than me having to follow up with the tenants and ask them to pay late fees.  Up until this time I was getting rent via mail.  I offered it to my tenants and was very surprised that ALL of my tenants signed up for it and now I just get payments debited to my rental account.  A new feature that I like that they just added is maintenance requests can now be processed through the site if you opt to do that.

Customer support has been fantastic so far.  I have not used the site for screening tenants but that may be my next step.

I currently own two mobile homes in my SDIRA that are rented to tenant buyers. I have an opportunity to purchase a couple of mobile homes for a fairly good price. Rather than hassle with buying the homes, fixing the homes and renting out the homes I am considering purchasing the homes then financing them to another investor for 12% interest only with the principal due within 5 years. Lending money seems like a good way to get a decent yield without all the hassles associated with the ownership of the mobile home. If I finance this deal, what is the best way to structure the deal so the loan is secured? Do I have to purchase the mobile home first then finance to the other investor in order to have a secured loan or can I just lend money at the rate discussed and put a lien on the home so I can be sure that I get paid. Note: I plan to use my Self Directed IRA funds for these purchases in case it makes a difference in the structure of the deal. Also, I do know this end investor well and he is very familiar with mobile homes and mobile home repair and has lots of experience with tenants. I think this could be beneficial for the both of us.

Thanks all!  I think that I am just going to have to partner with my SDIRA to invest in something for him.  Unfortunately, I cannot add any more money to it because my income exceeds the limits.  I have had this account for some time.  I was hoping that because I am the custodian I could invest the funds in PeerStreet for him.  They tell me that I cannot because my son is the beneficiary and he is not an accredited investor.  @Dalton Osmanski I am not as familiar with Fundingcircle or P2binvestor.com I will have to look into it.

Thanks