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Updated about 7 years ago on . Most recent reply

Account Closed
  • Investor
  • Long Island, NY
2
Votes |
10
Posts

How to learn about Non-Performing Notes and buy my first one?

Account Closed
  • Investor
  • Long Island, NY
Posted

Hi all,

I have followed Bigger Pockets for a few years now, starting out with my first SFR rental in 2014 (5 hours drive from my location, which is VERY expensive to invest in) then moving on to some Multifamily properties, then managing them all by myself (again - 5 hours away), then learning to apply the BRRR strategy (which is Genius by itself! - Thanks Brandon..:)) .. So after a few years of being a hands on investor and property manager, I got tired of low income tenant damages (in some of the properties) , and losses, not to talk about the headaches, and have decided to screen through my properties and sell the ones that are taking too much of my time and attention (forgot to mention that I am also a mother to 3 school age kids..), while keeping the best operating ones.

I have been listening to podcasts about Note investing and enjoyed the financing aspect of the deals I have done before, and I feel it should be my next step, as I have learned to deal with the RE investment risks and losses, but not sure where to start.. I have read the "Note investing made easier" book by Martin Saenz, which is Awesome! but for the next step, I'm not looking for expensive seminars.. Any other recommendations on books, or resources that can help me buy my first note?

Looking forward to hearing your feedback,

Thanks!

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Jay Hinrichs
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
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Jay Hinrichs
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
Replied

@Gail Greenberg  your talking about sub prime owner occ  have we not already gone down that road and it just about took America down.. ???  I have seen this over the years in many markets and the default rate for the note buyer is sky high.. not sustainable in my mind.. at least from the investor stand point..   I  like it if the buyer of the home though is a very solid investor and they are going to use the homes as rentals.. in your description you need to adhere to dodd frank which is tough in these sub prime deals.. and you only have one source of repayment... a sub prime borrower..  which to the next note buyer who wants to buy your now defaulted note will offer a massive discount..

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JLH Capital Partners

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