All Forum Posts by: Alex Morstadt

Good Afternoon - For a beginning investor in Southern Minnesota. We are looking for someone to check the status of the property our 1st Lien secures in Albert Lea, Minnesota. The job would be to take street-view photos of the property. Please DM me if you are interested.

My goal for Monday is to get together with my Business Partner to talk about our 2020 goals. 

Howdy Team

These Note Investors are jumping back into the rental property racket - This should be interesting.

Can anyone recommend a great single family property management company in Alexandria VA?

Please feel free to PM me with any recommendations!!

Alex

I think the best thing to do is call the borrower and ask - you may be able to come up with a pre-foreclosure deal which benefits all parties. 

You never know. 

Thank you for the great discussion - turns out we didnt get to go to the FC Sale, they settled on a Forebearance Agreement to allow the borrower time to sell the property. 

What position, what state, what is the interest rate, and whats the status of the BK? 

Thank you for the Replies!

He is initiating the FC from 2nd Position - there is substantial equity to cover the first. There will be no cash for keys or other avoiding the FC at this point. 

Hi Doug

I am unsure if he is in 1st position or not. How would a junior lien typically change the equation? 

Good Afternoon

A friend of ours owns a note on a property which is going to foreclosure soon in the City of Alexandria, VA. We are locals an know this area to be super hot, but our friend is wondering if the Foreclosure market is hot as well. He is wondering to what end the prices of properties are trending toward retail and if he is going to end up with the property in the end.

The property is in a very nice part of Alexandria. 

Does anyone attend sales in Alexandria? What are they like? 

Thank you!

We started to really drown once we got over 20 notes - we implemented our managment tool and are doing way better at 50 notes then we were at 5. 

Our note management tool is our main "system" - but so is our whiteboard, our daily schedules/routine, and other processes that help us get work done. We know folks that use Client Relationship Management tools to track outreach efforts for sourcing notes. I suggest as you learn the business, you imagine the tools you will eventually need to streamline your business - once you grow, you'll begin implementing those "systems."