All Forum Posts by: Brady Durr

You need training and @Scott Carson is where I sought mentorship. BTW Scott does not use training to pay his bills. I would be happy to share my journey with you. In the mean time check out these resource on BP. https://www.biggerpockets.com/forums/70/topics/432488

Please invest time and $ for training. If you don't have time you can Joint Venture a deal with a note investor (like me :) for hands on training. It is near impossible to answer your question because we don't know your exit strategy, risk tolerance and investment timeline. I guarantee you have a brokered picked over list. Assest mangers do not passes out tapes without vetting the buyers. Notes are completely different than flipping and wholesale. Here is a link I saved with hours of training. I would be happy to share my journey in the note space if you want to talk. 8432240712 BTW: once you start the journey let me be the first to welcome you to the sexy side of real estate investing. https://www.biggerpockets.com/forums/70/topics/432488

Assuming your are uniformed TSP, it takes about 60 days after separation for TSP to approve a withdrawal to your SDIRA. Call them for the correct form number. You can debt leverage your IRA. Quest IRA can help you engineer the deal to minimize the UBIT, not avoid. Don't let fear of UBIT stop your dream. You and certain members in your family cannot benefit from the investments held by your IRA. If you want to live in the apt, Quest knows how to engineer some apt deals to comply with the IRS. If your TSP is in the C and S fund you should be doing well. If you are in the G and I fund you will be struggling and need to pay more attention to your investment vehicle. BTW I highly recommend you follow Quest IRA on Facebook and on Meetup. The knowledge Quincy and Nathan drop each week is worth your time.

I accidentally posted before a final proofread on the BP app (tiny screen with fat fingers) Please don't judge me up too harshly. Also wanted to say I am not an attorney. Please reach out to a NJ attorney that specializes in real estate contracts and mortgages. Your parents have rights and the other party has failed to enforce the terms of the loan for years regardless of the circumstances. Would also be interesting to find out how many seller financed notes the lender holds with balloon payments?

Thank you for the post. Can you answer a few more questions to fill the puzzle. Is the note professionally serviced by a third party? Have you contacted them? Have you asked a real estate professional for a property evaluation? Would they consider moving to another home for the right price? Why were they rejected for a refi? credit, income, property condition? The good news is foreclosure laws in NJ favor your parents. Most judges will see you parents continued payments years past the balloon as implied acceptances of a loan modification. Basically some they have not rejected payments past the contacted terms they have effectively agreed to toss out the balloon requirements. Some options are: sell, refi with

You can get a free account from @eddie speed from “notes direct” and buy performing notes all day long at a steeper discount. All the documents you need for due diligence are on the website. If you are willing to pay a high price for this note you better get everything you ask for and more. Get the loan servicer documentation to verify pay history, UPB, arrearages, and escrow account (ask for updated credit check to compare to pay history). 2. What is the quality of the paper? Notes created by a licensed mortgage originators are a premium grade note. Notes created off legal zoom are not premium grade. Get and updated O&E to verify title and liens. Get training in notes.  Finally notes can be buy-and-hold or fix-and-flip or both thru a partial sell.

@George Genovezos you are practically my next door neighbor. I was just @quest IRA meetup event last night with @wayne snell from platinum adventures. Anyone near the DFW/Houston/Austin area needs to follow @Quest IRA on facebook and consider using them as a custodian. The education and network opportunity is worth every penny. Do a search for "Quest IRA Dallas" and maybe we can carpool for the next event. @Haley Gant

Everyone has a variations to a JV and passive investor model.

If I am leading a joint venture we both are kicking in 50% plus exit strategy cost and we both are working the deal thru the exit. If the project nets 6% the investor get it all. If it is a loose, the investor gets the investment back.

If you want hands off, the investor will bring 100% plus exit cost in return for 8-12% annualized interest only paid quarterly for a term of 18-24 months. You get paid no matter how the project performs.

In either case, as the note holder you can decide who gets the; “good faith” reinstatement payment if occupied, monthly P&I payments if occupied, and the arrearage account.

Also the funding model needs to align with the exit strategy. Can you cash flow interest only payments for an 18 month foreclosure in IL? You would need cash flow if you both were in it till the exit.  Match the funding model with the projected exit plan.  Anyone disagree?

Never used FCI to buy notes.  I am pretty sure Notes Direct is the only vendor in the note market that shows you all the collateral files upfront before you agree to purchase a note.  You get discounts for higher level membership.  Not having to dig thru tapes come with increased cost but is less frustrating.

Welcome to bigger pockets. It is way more than eyeballing it. Your money is made on the buy and if you cannot spot a saggy roofline or signs of DIY gone wrong you will lose. A good fix and flip teacher/mentor in your area should show you how to use a spreadsheet with the cost of supplies and labor rates pre loaded. I had the opportunity to look at some fix and flips with a great REI mentor/teacher named Jimmy Reed and my repair numbers were spot on with his.  This was a big confidence booster.  You also want to get schooled on home inspections because some of your biggest repair costs are in plane sight of a trained eye.  By the way, you should be able to knock out repair estimates in 15 minutes and move on to the next address.