All Forum Posts by: Cameron York

@Dave Van Horn 

Dave, 

Thank you for the reply and insightful feedback as to how you acquired your first NPN's. It definitely added to the fact that if one wants to truly step into this business and be successful then they most stay proactive and to stay on top of everything. I was curious as to how the process went when dealing with 2nd liens rather than 1st, if you don't mind me asking.

@Account Closed Exactly, so it doesn't seem like there is much money to be made in a note that is 90% of UPB, unless you are the seller and you obtained the note for a bigger discount. Or am I missing something?

I am currently on my way on to buying my first note (preferably NPN's with the intent of Loan Modification) as I am currently learning what is needed and the processes. I have learned a lot and am slowly starting to understand the due diligence needed when starting out in this business. But throughout all this, I cant help but be curious as to what other Note Investors went through as they acquired their first notes/notes. I would love hear all the stories that anyone is willing to share. Advice/information is always appreciated, Thank You.

I am currently on my way on to buying my first note (preferably NPN's with the intent of Loan Modification) as I am currently learning what is needed and the processes. I have learned a lot and am slowly starting to understand the due diligence needed when starting out in this business. But throughout all this, I cant help but be curious as to what other Note Investors went through as they acquired their first notes/notes. I would love hear all the stories that anyone is willing to share. Advice/information is always appreciated, Thank You.

I am learning and integrating myself into the note investing business and up to today, I have always seen performing notes as very tight gripped by banks/investors and usually have an incredibly low discount (due to the obvious reasons including that no one wants to give a discount to a sure thing regarding monthly income). So my question is, is this true? Typically, how are the discounts for cleaner performing notes? And what is the point in even investing in it if is true?

@Kevin Moen Thats really helpful to read and I do look unto FCI Exchange and see how they can be heavily handled. I was wondering how crucial it is to go through a mentor ship program or a Joint Venture. I'm asking because me and my partner feel confident that if we put in the necessary/abundant amount of time, ask the right questions (like here on Bigger pockets), and do the proper due diligence into learning the business before/through acquiring notes; then we can move forward without expensive mentor ships programs and a Joint venture. Am I Right on this? How often do investors go this route? 

@Jay Hinrichs Yeah I was looking more towards NPN's for a few reasons. From what I have seen while looking at sample tapes, FCI exchange/other websites, and other comments; is that performing notes cannot be bought with that much of a discount (but I haven't seen what local banks/credit unions provide in their pools/tapes). So if I got performing notes, me, my partner, and investor (who isn't looking to invest money that he wont get back for 10+ years) wont make our money back till the next 10-30 years.

Through what I have heard/read, one can work with NPN's and its headache if your willing to put in the time, understand the regulations, hire services, and go through the much needed process. The main goal is loan modification within non-judicial states on NPN's and I know I can get a much better discount, a bigger turnout, and through due diligence, can be handled if a foreclosure is necessary (looking ahead of time into the borrowers background, mortgage history, source of income, The market value minus the expenses, the process of foreclosure, etc.)

When it comes to time, I am currently 23 years old (which is young, I know, but that's the main reason I am starting now but not too quickly. This is so I do not blacklist myself to the note investors/banks by not following/learning the processes and inner workings of the business before me and my partner buy our first note) and while I do have other responsibilities, I can put in the necessary time to get my feet grounded in this business, If my time is spent well. Also I want to learn how to handle NPN's with loan modifications and/or foreclosures as that is the business I know I will be getting into sooner or later. Am I wrong in this? any help is appreciated and I think it would be really helpful to discuss more at the Portland BP meeting if possible.

@James Carpenter Hello James and thank you for reaching out. I was just curious as to how your process went when you started investing in non performing notes. I know that this is a broad question but any advice/information is very much appreciated

@Christopher Winkler Thank you for the help and advice, but I was wondering what you meant when you mentioned mover services, your starting ten 2nd lien foreclosures, and how you messed it up. Could you elaborate on that? And, I do get comments about a Joint Venture  an experienced note investor (and see the advantages to it, regarding the fact that there is less risk in starting out) but I honestly feel like me and my partner are able to learn what we must, will put in the needed time to acquire our first notes, not be weary to the challenges, and learn a proper system on our own. But Am I in over my head? Do most investors go that route? 

@Boyd McClean Do the terms that you and the borrower agree to ever get interference from the state? or is that part usually pretty seamless?