All Forum Posts by: Dan Blaylock

Quote from @Alex Booth:

@Dan Blaylock is there a particular reason that you would want partials as opposed to a full note? I have seen some partials on paperstac but most are listed as full. 

I want three things: 

1) I don't want to manage the notes in any real way (discussing actions to be taken on notes is fine as long as someone else more competent than me is doing it!)

2) the financial upside of a non-performing note going to performing (funds will tend to take this for themselves)

3) to not have all my risk concentrated into a few investments

Partials seemed like a good option with those three requirements but maybe I'm looking for too much. If that's the case and partials aren't the panacea I'm looking for, that's ok I suppose. I'm glad to get the honest feedback here to my questions. Much appreciated to all! 

Thank you everyone for the replies. Sounds like partials are either a "who you know" kind of thing (which is fine) or not what is being sold past a certain scale.

With a partial (I think) I know what I own - a direct interest in the flow of payments for a specified time period.

With a pool of mortgages, or an investment in a series LLC, what is it that I actually own? Seems I could be paying a lot of money to own a lot of nothing.

Are there places where partials are listed for sale? I thought I'd find some here, but I don't see any. Paperstac has had only one that I'm aware of. Other than that, I'm not sure where to find them.

I'm curious for where others may have found partials/JVs.

Well, that's not the answer I was hoping for but it is an answer. Thank you. It's the impression I've come away with after a good deal of research.

I could create my own IA firm, I believe, but it's not worth the attorney's fees and headaches associated with starting a firm that'll do no business. I also don't have enough familiarity with the exact compliance issues to ensure I stay in the good graces of the state administrator. I'd need to retain an attorney on an ongoing basis, I suspect. Way more hassle than it's worth.

I've got a couple emails out to a few firms just to give it a shot but if, as you say, the costs of retaining a licensed IAR are anything but very low, my odds are low.

For the benefit of those reading in the future, I'll give a bit of background: I confused not needing a sponsor to take the test with not needing an RIA to hang my license under to be officially licensed. You can't be independent just because you passed the test.

So it looks like I wasted time and a few hundred bucks with the series 65 exam. Oh well.

Yeah, I could do that and from the looks of it, that's probably what I'll have to do (though I'd probably have my attorney do it, because I handle my own taxes).

But it just seems cleaner and easier to have a license, plus I just think it's silly to have to run to my attorney and pay him every time I enter into a deal... but it looks like I've underestimated the trouble in finding an IA firm to hang my license. Oh well - live and learn.

I was hoping maybe there was a firm that existed specifically to deal with cases like mine but if there is, I haven't found it.

I'm an accredited investor by the old metric but I really can't stand handing over personal financial info every time I consider doing a crowdfunded deal. I've taken and passed the series 65 exam so I can provide proof of accreditation easily.

Problem is - now I need to firm where I can hang my license. Anyone have any ideas on what kind of firm would want a financial advisor that doesn't actually need a job? I'm in Arizona.