All Forum Posts by: Alecia Bolton

@Nick Taylor That's how I've set up my JV partnerships. Happy to talk if you're looking for a partner.

1. Did you start in Senior or Junior? - Senior
2. Did you start in Performing or Non-Performing? Both...and lease options too. Primarily focusing on performing in my retirement and NPN outside of it.
3. You started with your IRA or your own cash?  I have a Solo401k and personal funds
4. Educated yourself, take a course, got a mentor, JV'ed? Yes. I started off educating myself, joined a course and got a mentor, and I've JV'd with folks, although not right off.

Also, if you could do at least one thing different from how you did it, what would it have been?  I would've had a clearer picture of where I wanted to go rather than just 'quit from my job and do notes full time'.

I'm looking at trying to set up systems so that when I take down a pool or tape of non-performing notes, I'm not struggling to manage them.

What software(s) do you use to manage the process of working the NPN?

Servicer and lawyers.  I'm a big fan of delegation...and each state has separate laws that I don't want to learn.  I'll leave it to the professional to not say things that will screw me up.  The only time I talk to the borrower is if it's a lease option.

I'm not in Florida, but generally speaking, yes. The current mortgage holder would execute a lease options/rent to own contact with a tenant. At the end of the lease they would sell the house or evict the tenant if they didn't want to buy. But it's just a landlord situation until the lease term is up.

Definitely consult a lawyer for a rent to own contract. In Washington, it's a couple documents for this instead of just the rental agreement. 

@Andy Mirza Do you have a recommendation on who you use to set this up?  This is my next step as well.

I have 2 performing notes, that I'm brokering for my mentor. Both notes are in MI. Details listed below. Please reach out with any questions. An NDA will need to be signed before any collateral files are shared.

These are both 1st position contract for deeds.

Note 1:
BK since 2019. Paid through Jan '21
115 S Hooker Ave, Three Rivers, MI
UPB: $35,690.00
Current Pmt: $325.00
# of Pmts left: 266/360
Note Rate: 10.85%

Note 2 (originated by seller):
8911 Spore St, Vermontville, MI
UPB: $42,375.00
Current Pmt: $315.52
# of Pmts left: 339/360
Note Rate: 7.99%

Excellent, thank you.  I got the email this morning as well.

@Chad U. @Chris Seveney Looking forward to hearing you speak.

Is it virtual?  The website makes it seem like it's still happening in person...and the pricing seems more in line with in person than virtual.

Am definitely considering.

That could be a bummer.  I'd wonder about sub-sections b1 & c of that same section.  There's a lot of other laws to look up to see who it doesn't apply to.

100001.

(b) (1) Except as provided in paragraph (2), this division shall not apply to a depository institution, as defined in Section 1420, a person licensed pursuant to Division 9 (commencing with Section 22000) or Division 20 (commencing with Section 50000), a person licensed pursuant to Part 1 (commencing with Section 10000) of Division 4 of the Business and Professions Code, a person who is subject to the Karnette Rental-Purchase Act (Title 2.96 (commencing with Section 1812.620) of Part 4 of Division 3 of the Civil Code), or a trustee performing acts in connection with a nonjudicial foreclosure pursuant to Article 1 (commencing with Section 2920) of Chapter 2 of Title 14 of Part 4 of Division 3 of the Civil Code.

(c) This division shall not apply to debt collection regulated pursuant to Division 12.5 (commencing with Section 28100).

Maryland is currently not registering any Notices of Intent, which means the foreclosure process can't get past the demand letter.  Currently no end date has been published.