All Forum Posts by: Dan Deppen

Welcome Niki!

Quest IRA has worked well for me. They are very responsive to emails and quick to fund deals, and they also do a lot with notes and understand them. The one area where I've had a few hiccups has been with processing payments to vendors. But they have a new system for that now and it seems to be getting straightened out.

Earlier today one of my sources told me they had some NPN 2nds, I'll send you a PM with their contact info.

I don't do 2nd's myself, I prefer to stick to 1st's. Also, in general it will be tougher to come by quality assets in most of the western states and Texas. 

You could meet all of those requirements by just buying a performing note. 

Welcome to BP @Ashley Trahan!!

This kind of piggy-backs on your #2 Martin, but I would say the biggest thing is just showing up day after day and doing the work. A lot of people know what they need to do and have the skills but don't actually follow through on it.

I started using a SDIRA last year to buy mortgage notes and its pretty easy. One thing to keep in mind is that if you are rolling money into it from an existing IRA or 401k, you don't need to roll the entire balance in at once. You can roll over the amount you need for the real estate investment you are going to make, and then roll over more later when you are ready to do something else. That way you won't have excess cash just sitting in the SDIRA, because in an SDIRA you won't typically be able to put that in regular mutual funds.

Quest IRA is very responsive and quick to fund. Its the only custodian I've had experience with but they have been great for 3 deals so far.

If you are specifically interested in notes I can point you to some of the active Minnesota-based note investors. Send me a message if you want their contact info.

Can you get 20% IRR on performing notes? I realize the actual average return will be lower because some notes will go bad. If I make bids on performing notes targeting this IRR how often will they get accepted? I am new to notes and haven't tried to buy any yet, still in the process of putting my strategy together....