All Forum Posts by: Brady Durr

I highly recommend @Scott Carson Virtual Note Buying For Dummies Course.  I found it impossible to ingest and execute all the content immediately.  Fear not, you will get access to replays...watch them! You will get the list of everyone that attends...pure gold!  You get added to his ecosystem, which connects you to many people that respond everyday on BP!

Recently I read a BP post from a discouraged first-time fix and flipper that had a skinny deal. Many people commented about the entry strategy. No one commented on the exit strategy. Take a moment to understand the finance side of the REI, and turn a sour deal to good and good deal to great.

You may have zero desire to be a note investor.  How about create your own notes?  This event can help expand your exit strategies and expand your mindset.  That is exactly what #VNBFD did for me and many other BP users.

The best two options for first liens is: 1. pay a few buck to @scott Carson for his virtual note buying course. 2. Find a JV partner with the heart of a teacher. you fund the deal and split the profits. For example I just JV'd with an amazing couple and I gave them everything I use for due diligence, ROI calculators, and marketing deals. I even made a Facebook live post tagging them to announce the deal. It has 700 non-paid views and I just paid to boost it. If you need other people money to grow you will need digital marketing skills. Welcome to the sexy side of real estate #mortgagemedicusa #lienlord

@Michael Rosenson  Have you checked out note camp 4.0 Oct 12-15?  You can attend a note conference without leaving your house and a fraction of the note expo cost.  Check out @Scott Carson at weclosenotes to get your seat and you get the replays for FREE!  Hope to see you at note camp and note expo.

Either retire or separate. You also have to wait 60 days for the system to interface and update your status. Feel free to call them to confirm. TSP form also requires a notary, which is free on base. I'm in the same boat dream about that funding source in the note space.

It has been a month. Have you made a decision on your TSP? I know what I am doing with mine 60 days after retirement...NPN

The deal is not the problem. The problem is you are only running numbers for 1 exit strategy which is selling on MLS. As a rental, you could have $7K a year from the rents. With seller financing (10,10,10), you could have $6K per year from P&I. Land contract would net even more. You could sell the debt in 12 months for 85 cents on the dollar and get your capital out. Multiple exit options help turn coal into diamonds. No doubt your next deal will go smoother, but until you learn your options on the finance side of RE, your options are limited.

Yes, the $3k he lost was worth more than $10K in guru training.  He took action where others buy training and do nothing with it.  Tell your Dad to listen to Earl nightingale "the strangest secret" every day for one month.  Also read cash flow quadrant.  "Success is the progressive realization of a worthy ideal"

If your in the 1st NPN space listen to @Scott Carson and @Wayne Snell

I can answer your question because of their mentorship

Rules of thumb and standards are interchangeable.  Standards are a good thing for systemization, processes and to separate the wheat from the chaff.  When I get a list of 200 assets I need rules of thumb to drill down to what meets my criteria.  After the drill down then the art of pricing kicks in.  Without standards/rules of thumb your VC's will not have clear process to follow and you will be inconsistent in your buy criteria. #notecamp

1) Borrower's credit score is meaningless in 1st position NPN's. #notecamp #VNBFD #notebuyingblueprint

2) Borrower's equity in the property: I avoid assets with equity. Especially on higher values assets because they will fight with an expensive contested foreclosure (I also learned to vet lawyers that cap contested FC to $5K just incase). I want little equity on occupied assets for emotional equity. On CFD with 25% equity some states require foreclosure. #notecamp #VNBFD

3) Interest rate. The lower the interest rate the larger the discount you need to make a yield. Interest rate on 4% needs a lot more purchase price discount that an 8% rate loan. Take the monthly P&I x 12 months / purchase price to get a basic yield. If i'm are in teens I need a different deal or a bigger discount on the NPN. #notecamp #VNBFD

4) Senior status needing to be current (if 2nd lien):  Wait long enough the 2nd can become a 1st. #VNBFD

@Wayne Snell5) Needs to earn over XX% of a returns (IRR, ROI, etc)  Projected returns on paper rarely go up but they can easily go down.  If I cannot get 20% on three exit strategies on paper then I bounce to the next deal. #notebuyingblueprint

This weekend @Scott Carson has a class called Virtual Note Buying For Dummies. You can find him at weclosenotes. It is four days of intense content from the comfort of your home. Even if you don't do notes you need this knowledge in your playbook.

1) yes, with my SD IRA. 2) Due diligence takes a lot of practice and training...prayer helps to 3) Depends on how much you want to pay and how hard you want to work. Banks, hedge funds, private equity firm's, individuals, exchanges. 4) Not ready to liquidate. One VBLOG a guy made 3% and another VBLOG a guy made 220%. It all depends on #2 with a focus on highest greatest use. @Scott Carson has a class starting this weekend. check it out. Call me if you want to talk. I love this stuff.

Matter of fact I'm listening to @Scott Carson vimeo and YouTube videos from early 2016 at the pool.