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All Forum Posts by: Brady Durr

Brady Durr has started 0 posts and replied 38 times.

Post: Has anyone used Propelio and is it worth what you pay??

Brady DurrPosted
  • Investor
  • Fort Worth, TX
  • Posts 41
  • Votes 48

I have been using propelio for a few months. I pulls nationwide MLS comps and package a reports in a nice format. It is crazy easy to skiptrace and send direct mail marketing. Another fantastic source is the free real estate training on the propelio academy. They claim to have spent roughly $700,000 to build the academy and it is free for everyone. Here is some content I got from the propelio website.

Motivated Sellers List:
-Narrow your search to specific counties or zipcodes
-Choose from different owner types – Absentee (plus out of state), Bank-owned, Trust Owned or Owner Occupied
-Filter by equity – High Equity, Low Equity, Free and Clear or Upside down
-Stack motivations by filtering for Pre-Foreclosures, Seniors and more.

Cash Buyers List:
-Big Property? Small Property? Find a buyer who buys your size
-Buyers don’t buy everywhere – Search for buyers who buy properties in your market
-Filter buyers by deal count to find the pros in your area

Private Lenders List:
-Search for lenders where you buy
-Find professional lenders by filtering out the ones who have only done a few deals
-Set the minimum and maximum amounts to see lenders who do deals around your size

Drive for dollars:
-Instant skip trace
-Easy postcards

Website:
-Websites Take Only Minutes To Get Started by Filling Out a Quick Questionaire
-Each New Site Comes With Preset Content That Is Industry Related and Built to Capture Leads
(This content can be changed anytime)
-Lead Capture Tools Are Automatically Integrated Into Your New Site From Launch
-You Get a Domain Name Included With Your New Website

Pull data from the recorder's office in several major markets:
-Affidavit of Heirship
-Appoint of Substitute Trustee
-Probate
-Foreclosure

Pull 5,000 lines of data a day for lead list I believe it uses list source just without all the fancy parameters.

Post: Finding SDIRA investors for note deals is like chasing ghosts

Brady DurrPosted
  • Investor
  • Fort Worth, TX
  • Posts 41
  • Votes 48
@Gary Baker I'm in your back yard in Fort Worth. You don't have to be accredited to joint venture just sophisticated which you clearly are. But getting into TX real estate with $35k limits options. That's why I've focused on IN, OH, and MI. $35k on Sub2 deals in DFW works.

Post: Finding SDIRA investors for note deals is like chasing ghosts

Brady DurrPosted
  • Investor
  • Fort Worth, TX
  • Posts 41
  • Votes 48
@Gordon F. I have an investor that doesn't care to learn notes. He kept calling me about a note deal to JV. Last month he said "Brady, I'm investing in you". I held back the tears but that's what you need in your life, wealthy people that believe in you. I have another partner that's not been treated well in another note deal, but they never act concerned about our project. #1. Share your journey on social media and email. #2. Change your circle to busy professionals. Relationships are more important than the deal. 1 relationship last thru 100 deals. 1 deal only last for 1 deal. #3 Marketing materials that explain the deal matter. check out @jillian sidoti about #privatemoneyrockstar and @dan zitofski about real estate in general. Check them both out on FB. Please share your favorite source to learn about raising private capital for notes.

Post: So I’ve been to a couple notes seminars... now what?

Brady DurrPosted
  • Investor
  • Fort Worth, TX
  • Posts 41
  • Votes 48

The reason you can't get locked down on how to price a note is the carrying cost are different across states and price models are vastly different between performing and non-performing, first, seconds, and CFD. The 10bii cannot tell you how to price a NPN or CFD. The 10bii is perfect for performing paper and subject to deals so long as the borrower make every single payment. If you must foreclose that 10bii does not assess your exit options as a rental, or sell at auction, etc.

We both follow Scott. He is focused on non-performing first liens and land contracts. The 10Bii is not going to help you make that bid. You need an extensive spreadsheet that factors: cost of capital, foreclosure cost, back taxes, forced insurance, loan service fees, existing code fines, water/sewer bill, cure code fines, recording fees, borrower outreach cost, and many more fees that you will learn along the way. Additionally, your monthly expenses must cover the duration of the FC process which can be 6-18 months plus the redemption period. This is why I don't win many bids.

Most of the folks that follow Scott Carson want to get the note reperforming, but you absolutely have to factor other exits especially when OPM is on the line.

If you are @Dan Zitofski, you are buying a first lien NPNbecause you want the property as a buy, fix, and seller finance to an entity. A 10bii alone cannot calculate Dan's ROI. Perhaps a napkin, but not a 10Bii :)

If your bidding on performing paper then the 10bii is about all you need, but you still need to know the legal cost to take your asset back. If your P&I is $250 and the loan service is $25 your cash flow is $225 and that needs to be factored into your 10bii. You paying the loan service fees is common with institutional performing paper.

Where can you go for price models? No one gives away a fully decked out ROI calculator that cover multiple state on NPN/NPL/CFD. The revival brothers have a product that helps price notes, Scott's note buying blueprint course has 3 exit strategies and is pretty easy to modify, @Dave Putz is working to bring his ROI calculator to the market.

Few have been transparent about a process to price a NPN first lien than @Scott Carson. He has at least 15 videos on the subject at weclosenotes.tv

The bottom line is not one can tell you how to do it because everyone has a different buy model, different exit model, different asset type focus, different state focus, different risk tolerance, different objectives, and different cost of capital. You either pay the trainer, bring the capitol to a Joint Venture deal, get close enough consuming free content, or only focus on performing paper.

Post: 100 notes or a 100 units?

Brady DurrPosted
  • Investor
  • Fort Worth, TX
  • Posts 41
  • Votes 48
@Chip Chronister your loan servicer and RMLO deal with Dodd-Franke. Use your Dodd-Franke compliant vendors. Anyone disagree?

Post: 100 notes or a 100 units?

Brady DurrPosted
  • Investor
  • Fort Worth, TX
  • Posts 41
  • Votes 48
@Ellis Hammond the IRS taxes what it hates. The IRS tax laws highly favor rentals. Yet I choose notes. Grant Kemp from Creative Cash Flow and Daniel Chad Moore of Propelio did a great YouTube and FB video on notes vs rentals. You should check it out.

Post: How to evaluate a note offering

Brady DurrPosted
  • Investor
  • Fort Worth, TX
  • Posts 41
  • Votes 48
Alex, you have a ton a great wisdom to digest from highly accomplished investors. Sourcing notes is putting the cart before the horse. I chuckle when I see post that claim they are looking for notes nationwide. I know exactly my buying criteria. Non-performing first or land contract, occupied, SFR, sub $75k purchase price or sub $125k UPB in, OH, IN, and MI. So knowing that, I have plugged in assets I found on the various exchanges into my ROI calculator set up for that specific state and security instrument. They did not hit double digit returns. I have spoken with 120 bank executives in 2018 across OR, OH, MI and IN with a script. There are many of reasons banks are not selling NPN much. I got my assets from LinkedIn connections and loan servicers. When I learned about notes I felt like Neo being aware of the matrix. Congrats you are aware and growth is in your hands.

Post: Why sell a note for less than face value?

Brady DurrPosted
  • Investor
  • Fort Worth, TX
  • Posts 41
  • Votes 48
Notes are sold at a discount because of time value of money. Here is an example. What's the buying power of $500 P&I payment today? Answer: $500. What's the buying power of that locked in $500 P&I payment in 2028. Answer: about $375. That's also assuming the loan is not refinanced or paid in full prior to maturity. If you have any non performing first liens you need to off load, message me.

Post: Transition from TSP to self directed IRA

Brady DurrPosted
  • Investor
  • Fort Worth, TX
  • Posts 41
  • Votes 48

@george a, what did you decide to do with your TSP?

Post: attorney recommendation for NPN in Michigan?

Brady DurrPosted
  • Investor
  • Fort Worth, TX
  • Posts 41
  • Votes 48

For FPI, I would pick up the phone (they would rather talk to you directly to give you the best advice) and talk to:

-Bruce Young at Ross Diversified Insurance Services, Inc. (714)379-0163

-David Roberts at J.B. Lloyd, (972)248-2433

Your note should outline FPI terms.

For legal, pick up the phone and vet each potential tribe member for your market:

-http://legalleague100.com/members