managment after foreclosures

managment after foreclosures

Investor · Keller, TX · Member since 2015 · 11 posts · 6 votes

I'm thinking of getting into buying notes, but I want to do it for retirement income so it needs to be as passive as possible. I will use FCI to service the loans and manage defaults and foreclosures, but can anyone suggest trustworthy companies that specialize in managing properties AFTER foreclosure? What I need is someone to inspect the property and report on its condition, secure the property, maintain the property, and oversee any work required to get it into saleable or rentable condition. Of course I've found several companies through Google searches, but two problems: 1) most of them seem to be focused on bank REO's and are probably not set up to handle smaller accounts like me, and 2) it would be easy for them to take me to the cleaners since the whole idea is for me to be as hands-off as possible. So I'd really appreciate suggestions from some of you who have personally worked with companies that are fair and ethical. My primary markets are the major metropolitan areas in Texas and Georgia. Thanks!

P.S. I realize I misspelled "management" in the subject line. The software doesn't seem to allow me to edit that. :-)

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Rental Property Investor · Lindon, UT · Member since 2015 · 862 posts · 438 votes
10y

@Athol Dickson

You mentioned "passive" as possible and then you mentioned "non-performing notes" - these words are an oxymoron.  If you are looking for passive income, then you want performing notes.  Non-performing notes are on the opposite side of the "active-passive" spectrum.  I'd be happy to explain further if you'd like to connect.

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  • Attorney · Gainesville, GA · Member since 2015 · 106 posts · 87 votes
    10y

    Rather than focus your efforts on post-foreclosure management companies, check with some rental managers in your area.  Most trustworthy rental managers would also be able to structure a fee-based arrangement for a non-occupied property.  Good rental managers are able to handle basic maintenance and securing functions as part of their normal workload anyway.

  • Investor · Keller, TX · Member since 2015 · 11 posts · 6 votes
    10y

    Good thought, Sam. Thanks.

  • Rental Property Investor · Lindon, UT · Member since 2015 · 862 posts · 438 votes
    10y

    @Athol Dickson

    You mentioned "passive" as possible and then you mentioned "non-performing notes" - these words are an oxymoron.  If you are looking for passive income, then you want performing notes.  Non-performing notes are on the opposite side of the "active-passive" spectrum.  I'd be happy to explain further if you'd like to connect.

  • Property Manager · Cumming, GA · Member since 2015 · 261 posts · 199 votes
    10y

    Hi Athol, 90% of our clients only own one single family investment property.  Our largest investor has 8 single family homes.   We focus mainly in the northern suburbs of Atlanta.   We are here if you need us.  Thanks. 

  • Investor · Keller, TX · Member since 2015 · 11 posts · 6 votes
    10y

    @Darren Eady thanks for your offer to explain. If you re-read my question you'll see I actually didn't mention non-performing notes. But I can see from the nature of the question how you might have gotten that impression. My preference would be to buy performing notes serviced by FCI and to never have to foreclose. I'm just looking for Texas and Georgia post-foreclosure management referrals in order to be ready in a worst case scenario.

    @Phil Earley it's good to know your company is there in Alpharetta. I've visited your website and will keep you in mind if I end up taking possession of a property in north Atlanta.

  • Lender · Fremont, CA · Member since 2014 · 292 posts · 102 votes
    10y

    @Athol Dickson check your PM

  • Real Estate Agent · Warner robins · Member since 2015 · 35 posts · 7 votes
    10y

    @Athol Dickson I think you would benefit from a property manager. I manage about 20 properties for different investors in the middle Georgia area and handle pretty much everything you mentioned above and more at times. Email me if you have any questions and hopefully I can help you. 

  • Investor · Newark, DE · Member since 2015 · 248 posts · 178 votes
    10y

    @Athol Dickson FCI wont board a note for an individual. You need an LLC. Most of what you are asking for after foreclosure are things you need to do before you buy any note. During a recent review of a note tape one of the assets listed is nothing but a foundation......If you want to be as hands off as possible JV with someone and let them handle the work. Notes can be lucrative but there is plenty of work involved. If you own more than 5 in GA you need a presence in that state. You also have to decide if you want to buy performing or non performing. Each has its own sets of challenges..

  • Specialist · Dallas, TX · Member since 2014 · 900 posts · 392 votes
    10y

    All good info about, though we have had terrible experiences with FCI as have other note investors on their "workouts" of NPNs. They actually had the audacity to fire Silverwood Capital as a client because I complained about the long transfer times due to the confusion of setting up accounts, and said if they can't speed it up, I'll go back to Peak in the future. FCI is good for performers, though we use Peak Loan Servicing for our NPNs as they offer many benefits, like door knocking the first month included in their $85 fee. They will drop to no touch if you ask, as we are doing our workout with 2nds and when they are performing the prices go down to what FCI charges. 

    And Darren is correct, performers are passive, until they stop paying, then they are no longer passive and you need to oversea the servicers action and make sure they, or you with their blessings are calling at least 3x a day, leaving 1 voice mail message, including weekends. 

  • Investor · Keller, TX · Member since 2015 · 11 posts · 6 votes
    10y

    @Jay Raught, thanks for the heads-up on the limit of how many notes I can own from out of state in Georgia. I had not come across that requirement yet (although I would have looked into it eventually).

    @Christopher Winkler, thanks for the lead on Peak Loan Servicing. I went to their site, and see they offer disposition services as well as NPN workouts. Exactly what I was looking for when I started the thread.

  • Investor · Newark, DE · Member since 2015 · 248 posts · 178 votes
    10y

    I have heard good things about Peak, we are using Main Street Asset Solutions for 2 NPN's we have, one is now performing again. A 3rd npn is with FCI and a breach letter was just sent out. We are using our own lawyer for this one.

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