All Forum Posts by: Adam Johnson

@Jerel Ehlert Thank you for the response sir, I'll be reaching out to you shortly!

@Chris Seveney Thank you sir, I appreciate the assist!

@Ronald Rohde Will do sir, thank you for your response!

Hello all,

I am reaching out in search of attorneys to do review of collateral files for CFD's in Charlotte, Texas; Kansas City, Kansas; and Pittsburgh, Pennsylvania. I've found a few listed below, if anyone can recommend or mention if one of the ones below has been of assistance I would appreciate it! Feel free to send a message if you don't feel comfortable posting on the topic.

Texas:

-     David J Willis, Houston TX

     -     Jerel Ehlert,  Georgetown TX

    -     Ronald Rohde,  Dallas TX

Pennsylvania:

     -     Philip J. Scolieri, Pittsburgh PA

     -     Bradley Dornish,  Wexford PA

Kansas:

     -     Gary Long Law, Kansas City KS

     -     Laura L. McConwell,  Kansas City KS

     -     Lance Loewenstein,  Kansas City MO

     -     Kansas City Real Estate Lawyers (business title), Kansas City MO
     

@Don Konipol Thank you sir!

Hello all,

I know that NMLS provides information on rules and regulations for investing in individual states but is there any specific or particular verbiage that allows one to know if a license is required to purchase a performing or non performing note in that state?  I tried to compare another state to Georgia since I know Georgia requires a debt buyers license but I couldn't discern a difference from the NMLS website.  I'm just trying to find out which states require you to have a license to purchase non performing or performing notes on single family residencies; if NMLS can't provide the information can I call the county website to find out?  If so what do I need to ask them?  Thanks in advance if you can help and sorry to burden anybody.

@Jim Chuong it's always a great idea to have some money set aside for when an opportunity arises; It sounds like you're already doing everything you need to be doing to be prepared!  How much would you recommend a new investor keep in reserves for purchases?

What are you doing to ensure that you are financially capable of taking advantage of an opportunity that shows up out of the blue? It's a great idea to do prepare for these opportunities by making sure you have quick access to capital when you need it; and it's always better to start sooner rather than later. This applies not only to being able to get cash when you need it through HELOC's, hard money lending, investor funding or other methods; but also to making sure you are prepared with the right contacts when opportunities present themselves. Know ahead of time where you want to invest and do what you can to know which real estate agents, attorneys, contractors and property management companies are in those areas so you're not left scrambling for contacts when an opportunity presents itself. As Thomas Jefferson said "I am a great believer in luck, and I find the harder I work, the more I have of it." So plan ahead, and be prepared to take advantage of your luck when a great opportunity falls into your lap!

What are some of the things that you are doing to make sure you're prepared for your next big opportunity?

@Marven Alceus  Not sure if you're still interested in learning about notes but here are a few resources that I've found to be very helpful over the past few years:

Books:

-  Invest in Debt by Jimmy Napier

-  Paper Profits by Joshua Andrews

Youtube:

-  Note Investing Made Easier

-  Dawn Rickabaugh (she released a video a week ago titled "How do I get started with Real Estate Notes?"

-  The Good Deeds Note Investing Podcast

-  Note MBA (this is an older channel but there is still some good information here)

As well as the forums on bigger pockets, of course.  As with most things it takes some time to get all of the information that's out there and put it all together to get the "big picture" but I assure you the more you look the more information you will find!

@David L. Rhoiney

I got into notes in late 2018 after trying to start a business in hard real estate rentals. I quickly found with my first property that even though I was bringing in several hundreds of dollars per month, I was constantly breaking even or going negative on my rental income due to repairs and maintenance costs. On top of that I was trying to self manage the property and was constantly having to get in touch with my tenants about late and missed rental payments. Granted, if you are able to select your own tenants and don't have to work with inherited ones that come with the property, and you can afford to have the property managed by a third party company, things can get a little less stressful. I purchased a partial in late 2019 in the notes space as my first step into the note industry, from an investor perspective you have a lot of advantages over owning the physical property when it comes to maintenance costs; and there are a lot of other benefits to being the bank as well when it comes to handling the financial side of mortgages. You can invest as little as $5,000 to start if you can get in touch with the right people, I started with $25K.