NPN Story: Change the Date, Duh!
Tuesday, October 15
We don’t normally like to buy lower balance loans with lower value properties but we purchased this in a pool with other loans and the Memphis market was booming at the time. This started out as a sub-performing loan, turned into a re-performing loan, and turned out to be a nice little gem with ...
NPN Story: Multiple Bankruptcy Tricks
Tuesday, October 01
I’ve gotten used to the shenanigans that borrowers will resort to stay in their homes without paying a thing or at least the smallest amount possible. This borrower used an unusual method for the bankruptcy that stopped our original trustee sale. It was unusual enough that a judge ruled it a “sc...
NPN Story: Deed It Back
Tuesday, September 24
Not all of our notes end up in foreclosure. Sometimes (rarely), we get a borrower that’s actively trying to figure out a solution to their situation. If someone reaches out to us in a good faith attempt, we will meet them halfway and there’s almost always something that we can do that’s a “win-w...
Preparing for a Down Real Estate Market
Tuesday, September 17
While raising capital for our last investment fund, potential investors asked us a lot of questions in getting to know us better and to learn how we do business. The most frequently asked question was: How do we deal with a down real estate market? This is a great question because it focuses on ...
NPN Story: What Easy Looks Like
Tuesday, September 10
Not every note we buy involves a huge amount of drama. Not every note involves a deadbeat borrower who will do everything in their power to stay in their house as long as possible without paying a dime. Not every borrower files for bankruptcy to stop a sale. Some borrowers, for one of a number o...
NPN Story: My Second Time
Tuesday, September 03
The second time I bought a non performing note wasn’t as gentle as the first. Foreclosing was almost as easy as the first one was but this time we had to rehab an REO in a sketchy neighborhood while relying on a real estate agent to manage the rehab and call the cops whenever transients decided ...