All Forum Posts by: Chris Seveney

What is a ROBS ?

Jay Hinrichs - I cringe as well but just remember after they buy five they are a guru and start their own training program This response is not about any of the above posters but about he overall number of “gurus” entering the space and having their own training program

Erica Quarles Is this for legal advice or for doing a closing ? Send me a PM and I can give you names for both

Daniel E. Craigslist is where I would start.

Samone Johnson I have never found a note on FCI that was a decent deal. Not to say there are not any but when I researched many were not meeting my qualifications. What type of note are you looking to buy - performing or non-performing ? I would post an add on BP on what your looking for as there are a lot of note investors who sell one-off notes to investors that typically have higher returns than FCI notes especially on the performing side.

Note investors typically do not buy off exchanges and buy from banks and hedge funds. The higher up the food chain the better. You will need a min of $25k to start in notes if it is non-performing. If it’s performing you can buy partials or low balance loans for under $10k but harder to find. Notes does have a learning curve and you just don’t start buying notes (you can buy it won’t be pretty). There are many posts on BP regarding notes and who to research and learn from

Leighann Davis look forward to meeting you there I know Martin Saenz will be there as well

I agree with Chad Urbshott I want out of the deal ASAP. Also why not get creative and get eyes on the inside of the property ? Have you sent a door knocker ?

I agree with Chad Urbshott I want out as fast as possible. I just had a property that the lender had interior pics from a year ago that the house was in good condition and a realtor BPO of $80k. Well the homeowner decided not to fix a clogged drain and ended up with a swimming pool In his basement. Value now $30k. Insurance doesn’t cover stupidity unfortunately Thankfully I got the note on the cheap and didn’t lose my shirt but it’s like hitting on 14 in blackjack - sometimes you win and sometimes you lose Why not hire someone to deliver a pizza to the house and take a quick peek at the inside for you ?

As mentioned trying to find a decent note is like a needle in a haystack. These public sites are like paying full retail in many instances. Start to network with people in the industry and you will quickly learn who the next tier of sellers are. The longer your in the business and the more you network the higher up the food chain you will get. If your just looking for one or two notes than these exchanges are perfectly fine. If your looking to start a note business I believe trying to expand without what I noted above and buying off these exchanges is very difficult.