All Forum Posts by: Chris Seveney

Have you considered selling a partial of the note ?

@Elton Lika - first you should figure out if you will live in this condo or rent it.

Second is to see how much other condos have sold for in the building to get an idea of what it is worth. Also call the condo board and try and get an idea how the building operates. In condos I have bought I have gone to open houses on other units and spoken to agents as well as other residents who are around and always nosey and they tell me all the gossip in the building. One condo I bought I found out condo fees were going down by $100 as they were paying off a loan so that was a nice bonus. 

If your going to rent it also find out if rentals are allowed and what they rent for in the building. This list is not all inclusive but some of the big picture things you need to do

@Ming Lim

I would strongly recommend not bringing your contractor into the deal. It makes what can be a very complex transaction even more complex and I have never heard anyone ever say it's a great idea to bring your contractor into the deal. I could right 1,000 reasons why but a quick BO search will do the same.

Also what type of rehabs are you doing for $300k? They multidamily projects ?

Bob Malecki - did you use a national company or a local attorney to setup your personal property trust?

Daryl Webb I would be interested in the tape. Secondly Scott Carson is hosting #notecamp ongoing right now. It is filled with unbelievable info for a newbie I recommend still signing up as the videos will be available for you. I have not taken any of his other classes (yet) but have heard good things from others. There is a ton of info but it also depends on your level of expertise in real estate, finance and understanding of an actual note

Daryl Webb -I would be very careful as you probably signed a NDA which you would be breaking by brokering out the deal

John Roeder - I would advise you not to get into notes unless you truly understand the business. You can buy a note that is worthless if you don't know what your doing.

Jay Hinrichs and Paul Birkett Completely agree with your posts. I would view note investing as the advanced degree of real estate investing. While I have recently gotten into notes, we better half works in the financial sector and I work in the real estate development world so I would say we have a great foundation. Notes are not easy to learn and until you go through the process it's not something you can teach. It is scary when on BP I am reading about people who just want to jump in as well as those who want to get into investing and have no experience and no money but want to try and get hard money to buy a house. It seems like there are a lot of people who are thinking they can make easy money in this business but I view this as one of the toughest businesses around as dealing with contractors no matter which area of real estate you are in is one of the toughest things to manage. Especially in today's environment where contractors like investors are popping up and there skills and quality can be very weak. Everyone has to start somewhere, so not trying to influence people not to do this, but spending a month reading and watching videos from experts will not make you successful. Like anything it takes a lot of time and effort

John Roeder - if the note is 100k current value a note buyer does not pay a discount off of the total interest paid- they pay a discount off of the in unpaid principal balance (100k minus principle paid by buyer) For example if you owner finance a $100k loan and tried to sell it for $150k - what if the person refinanced the day after you sold. The balance on the loan is $100k so person would lose $50k.

Yes. Great info on day one. Unfortunately with my day job wasn't able to catch a lot but what I did catch has been very beneficial