All Forum Posts by: Account Closed

When getting pics and BOTG for assets, is anyone using BPO companies or just going through calling realtors in the area to go out and do pics and analysis?

@Andy Mirza, it really is! :)

@Andrew Frishman, I should also caveat, I do not work for or neither am I affiliated with or being paid by the Note Assistance Program, other than that I went to the workshop and joined the mentor group. 

There many others out there, this was just the first one I was compelled enough to actually pay for.

@Chris Seveney, I can now respond to this and say I am buying my 1st note! More to come as I JV with other investors...😊

@Andrew Frishman, Since I just started, I have spent probably from (5 to 11PM) the last week on notes. This is including due diligence, back and forth communication with my JV partner (who is in CA), finding boots on the ground, researching attorney's, servicers, etc.

This weekend I thought I was going to have to find time to ride out to an asset, but we found a realtor who was local and can help us out. This is my first note, so I have not even closed on it yet, but that should be coming here shortly once we finalize the due diligence (title, liens, etc.).

I went to a realty expo in Baltimore last month and there was a note presentation given by Jasmine Willois with the Note Assistance Program (N.A.P.) and I was so excited by what she was saying because I never considered notes before. They are based out of California and I was so serious that I booked a flight to San Fransisco and went to her 2 day workshop! I am going through the mentor program but, here I am literally two weeks later buying my first note and doing a JV for the first time!

I am a team of me. Although, since I am in the program I can network and have someone to turn to or call or email when I have questions or need guidance. But I did do a ton of reading, podcasts and reaching out to other folks in the note space.

Still, I am comfortable now so I feel like the next ones will go a lot faster once I develop some efficiencies along the way.

And let me add, I am federal government employee and Contracting Officer (off today), and during the day I do not have access to my cell phone, external email or social media. I cannot conduct business while at work either. So when I hit the door I am reviewing emails, responding to messages, phone calls, due diligence, etc. 

@Andrew Frishman, are you trying to talk yourself out of it or are you trying to actually do it? I have a full time job and just started in notes a few weeks ago! I have a JV partner on my first note, and lo and behold I have offers to JV with others already for my next notes. This first one is taking a little time up front (but only because it's my first one). I feel confident that the next ones will flow a lot easier and quicker now that I actually took the plunge and did it.

I plan to acquire as many as I can over the next couple of years to allow me to retire from this day job and then go full time into it. I am focusing on NPN 1st position right now. Depending on how many end up in FC, I intend to reno and sell or reno and hold as rentals. That may change as I see how that actually goes down in the near future...

I think there are plenty of assets, it just depends on what you are looking for and where. I'm excited! I wish I had known about it sooner in life. :)

Good luck whatever you decide.

I agree with @Joe Villeneuve. I have a negative cash flow property that is going on the market in a couple of weeks. It's unfortunate, but I can't keep losing money on it waiting on appreciation or rent increases. 

I was initially going to ride it out and make extra payments, but that would tie up money that I need to use on buying other properties. So I made the decision to just sell it and start fresh with notes and a new property that cash flows.

Investment Info:

Single-family residence buy & hold investment in Woodbridge.

Purchase price: $327,000
Cash invested: $26,000

This is a home I purchased with my VA entitlement in July 2018. Coming up on my 1 year and will rent this one oout once I sell the property in Chesapeake this summer (hopefully).

Still have entitlement left on my VA which I will use to purchase another property to live in for a couple of years.

@Barb F., I'll definitely be up to give a brief summary of what I learned at my workshop! Will be very fundamental as I am still learning, but would be happy to speak for a few at the next meeting for those interested. :)

Anyone ever heard of this company or used them? The names I have are Reed Blake (supposedly the founder) and William Fisher (guessing he is an account exec). 

I went to a Think Realty Expo and they did a presentation on unsecured business lines of credit that they get you based on your EIN, not your SSN.

The website is very stark and not much comes up when I google. I did find their LLC name in NV but there are multiple revoked licenses using that name.

I don't think it's a scam but the one guy (William who contacted me only has a gmail email, not the business email).