All Forum Posts by: Adam Adams

@David Piqueira Buying notes puts you in the business of debt collection and lending. I try and keep notes in my LLC. Assets that become REOs go in another. Cash resides elsewhere. Then I put liens on everything. Nothing is full proof, but it helps complicate things. What you don't want is all your eggs in one basket, and you don't want your basket to be your personal stuff either.

Lawsuits can cost a lot. You've got all kinds of regs out there that have to be followed. Each state is different. And to be honest, I don't know many, if any, teachers or coaches that teach the rules of lending and debt collection. And even if the law is on your side, the judges might not be. And the numbers can be scary. I'm actually being sued in Ohio for the loan amount and punitive damages for something the original bank did. Even the original bank didn't do anything wrong, but that doesn't matter. People can sue for anything. I doubt they will win this case, but I'm looking at over a 150k threat. And like I said, it's the judges, not the law, that decides your outcome. And what sucks is that my adversary has a free attorney called Legal Aid. 

@Richard Galdieri I did and it got removed for self-promotion. :)

@Martin Saenz

I do not receive payments from the borrowers. They all come from Madison Management. I do use the Class system, but that is mainly because I take on JV partners and it makes it possible to present books to a specific deal to my partners. If I didn't have partners, I may or may not be using the Class structure. I keep my QB files on DropBox. I have DropBox installed on my computer, so I'm actually looking at my hard drive for these files. DropBox keeps my hard drives synced. I have 2 computers that I have QB installed on. They both point to the same files. As long as I am not logging into both computers at the same time to use QB, there isn't an issue.

The reason I use Pipedrive is because of the email integration. I can tie an email to a deal/asset very easily. Then I just need to click on that deal/asset and all of the emails, notes, tasks, files are there for me. Being able to track a chain of communication per asset is very important to me. There are a lot of CRMs out there, but they all tend to fail on that email integration. SOHO, Insightly, Podio. I've tried them all, but I keep coming back to Pipedrive. They do have ways to tie the emails to deals, but they involve mail forwarding to assigned CC emails. It's too much work. I would say Trello is more of a project management, not so much a CRM.

Hey Martin,

I too use QB Desktop Pro. The main advantage is that I can create multiple companies and the cost is the same. Then there is the fact that my CPA prefers QB.

For maintaining my notes, I use a CRM called Pipedrive. I've put out a few videos on YouTube on how I use the system to manage my notes. I've got a call with Salesforce today, so maybe I'll be switching to their new product. Or not.

I use DropBox for my file storage. I keep my QB files there, so I don't have to worry about losing my books if my computer tanks.

I use MailChimp for marketing, but there are other mail systems out there.

Foxit Phantom PDF for my PDF editing and signing.

For maintaining my mileage, I use TripLog. My preference for TripLog is because it is cloud based, not phone based, so if I lose my phone, I still have my miles recorded and can access them from anywhere online. The systems that only record the data on the phone can be great, but when the phone dies, so does your data.

In fact, everything I do is cloud based so that I can access anything from any computer. I actually use 3 computers for this work, but all of the computers are set up similarly and I can function on any them at any time, except maybe to let DropBox catch up on the latest files.

That's about it. 

Different states, different rules. Someone correct me if I am wrong. The Feds limit you to 3 originations a year without a license. GA, if you are an individual, you can buy one a year I believe. If you are a business, then you need to register. Costs about $3,000. KY, you have to register and get big bond. Cost about $30,000.  See how that comma moved? Indiana, you just need to register as a foreign entity. Ohio, Michigan, nothing. IL, you need a license. WA, you need a license, but it is only a couple hundred dollars. 

Here is where you register. It is also where you get all the rules per state. I'm working on my GA registration right now. 

And that's not getting an MLO. That's just registering with the state as one who buys and sells. Getting your MLO is different.

https://www.statemortgageregistry.com

Ditto with what Bob said. Also, you have different areas of real estate. A Single Family landlord is going to do books different than a fix and flipper. That's going to be different than an apartment syndication which takes on 30% of IRA money. And that's going to be different than buying a non-performing loan that you take to foreclosure and turn into a rental after you acquire it. Then if you through in a JV partner.....

I remember when I told my accountant, who personally invests in hotels, apartments and single family; that I was getting into notes, his comments was.. "Oh geez, no."

Whatever you do, make sure you get an accountant who is a real estate investor. I've got 2 on my team. A real estate investor to help me keep my books, and a real estate investing accounting firm for the taxes.

It's a clause in most mortgages that once the loan has defaulted, you can accelerate the loan to make the full balance due now instead of over the full term. It can be a payment default, it can be some other clause like failure to pay taxes and insurance, or renting out that house you bought under the premise that you would live in it. 

I have used it before. Mainly with deadbeat borrowers who just won't get it together and I'm tired of messing with them. You'd be surprised at how many borrowers on the low end feel like their IRS refunds are the answer to everything and you see lots of borrowers catching up in Feb and Mar.

I have a company that I use and I find them to be great. I'll shoot you a message.

Hello everyone. My property manager in Dayton has flaked on me for the last time. Does anyone have one to recommend for Dayton, OH?

Thanks