All Forum Posts by: Alex Stepanov

After digging into it for some time, I think it's safe to say that the choices are slim to none - there are some relatively cheap (sometimes free) data sources that are very poor quality, and the good quality data is prohibitively expensive (House Canary charges $1 per API call - WOW). 

So far, there seems to be a few types of data aggregators that make their datasets available:

*) Folks who are trying to promote "whitelabel clones" (e.g. Zillow, which comes with a host of restrictions expressly prohibiting "enriching other datasets" etc)

*) Those who will process and sanitize MLS for you (which is a huge task in itself) but you have to have MLS creds, meaning you have to deal with the zoo of MLS providers all by yourself - or pay something like $1200/mo for nationwide (US + Canada) listing feed

*) Folks who charge per call (CoreLogic, House Canary etc.) and who have high quality sets but they don't want you to mine them so they set all sorts of call rates and excessive price per call to ward off "gold diggers"

It is a mistake to say that the data "is abundant" and "if it is available, it must be worthless". It is definitely NOT abundant (and I am not talking about "websites" like Zillow, I am talking about raw datasets) and it is definitely valuable - if you can afford it of course :(

Hello friends,

I've been searching high and low and most CPA I talk to, don't even know what I mean when I start talking about "notes". So if you work with notes and use a CPA, would you mind referring them? I am located in San Jose, CA so ideally it would be great to have someone close by but I can be flexible on the location.

Thanks in advance

Alex

Thank you gentlemen!

@Ashish Acharya, currently it is S-corp though notes in not the primary line of business and not the main source of income so they had to take the back seat so to speak. In California, having two LLCs is crazy expensive so we chose to combine the two lines of income into one corp structure. You might have come to conclusion that we are C-corp because I failed to properly mention the form (1120s) but regardless, you are absolutely correct saying that we need to seek professional help.

@Basit Siddiqi - we are not issuing mortgages. The question was - how do we classify the asset? Reporting the interest is fairly straightforward, but when we get to calculating the basis and amortization, then things become a bit more interesting

Hello Everyone,

Could anyone please help me understand how mortgage notes are accounted and reported for the purpose of business tax return (form 1120) ? While searching the Net, I found a few different approaches - from treating them as "stocks" to OIDs to crazy complex deemed exchange schemes and pretty much everything in between.

My question is to those who have done it themselves: how did you do it? I am specifically interested in figuring the business tax return part. Any help is greatly appreciated!

Cheers

Alex

Hello friends!

I am prospecting a note, and one of the things that concerns me is that one of the AOMs in the chain is properly executed but not recorded with the county. Hence the question - should the events turn the wrong way, would that be considered a "break in the chain"?

Thanks

Alex

Thank you gentlemen! 

Lots of great referrals, now I'm working my phone contacting them. 

@Patrick Desjardins - good to hear from you, and yes BPO is usually just a starting point and often times with a bunch of flaws but going into a deal without BPO is worse, and we had a couple of late deliveries with Lres so I am looking for "Plan B". The last BPO I had from them was done on time, only they never told me that it's complete so I had no idea...

@Dave Van Horn - thank you for the referral. RealQuest is a suite of services if I understand it right?

Hello everyone!

We currently use LRes for all our BPO needs and would like to find a better alternative, so naturally BP was the first place we turned to for help. Would you mind sharing who is your favorite BPO provider/source?

I must qualify the question a bit I guess - calling local realtors and offering them a check etc. is not an option, we are looking for a single vendor with nationwide (or at least, regional) network. It's not about finding the cheapest guy on the block, it is more about the quality and timeliness of their work.

Thanks in advance!

Hello everyone!

My question to those of you working in Connecticut: as of now, what is the realistic average timeframe to foreclose in CT (start to finish)? Assuming no stalling and no unusual circumstances, just to go through all required motions, filings, court backlogs etc. etc.

You help is much appreciated!

Cheers
Alex

Jeff,

You may want to take a look at this: https://www.nvbar.org/foreclosure-mediation-progra...

Cheers

Alex

Hello friends,

Does anyone know what the current FC backlog looks like in Nevada, specifically in Reno? I know that Nevada recently did away with the mandatory counseling, so now that we don't have that requirement anymore - how long does it take (realistically) to foreclose in Nevada? To put it in the context, I am considering a couple of NPNs in Reno but I have never worked in this state before so any advice from the local experts is highly appreciated.

Cheers

Alex