All Forum Posts by: Dan Deppen

What's MHP?

I'm hosting a free webinar on mortgage note investing. 

It's on Wednesday 3/24 at 8pm ET. You can sign up here: 

https://zoom.us/webinar/regist...

Inside, I'm sharing...

-The 5 phase process I use to transform a real estate investor into a note investor in 30 days.
-Why you DON'T need to spend 10's of thousands of dollars and several months of your time.
-How to start buying notes and get YOUR business up and running!
-The detailed systems and processes I've used to scale my note portfolio.

Save your seat HERE.

I typically Baldwin Advisory Group, Xome or Accurate Group. Sometimes I just get someone on Craiglist to take photos and then do my own comps. If the deal is especially sensitive to the property then sometimes I get multiple valuations.

You can add Main Street to the list.

 I've used ProTitleUSA and Baldwin Advisory Group.

This is a good topic. I started running tax reports for my entire portfolio every 6 months to make sure there isn't a tax sale, after I had one slip through the cracks. I redeemed it in time but it scared the crap out of me.... Sometimes if the late penalties are severe I'll advance them, especially if I know it's definitely going to foreclosure. But in general, if I'm trying to get it to reperform I don't want the borrower to think if they just don't pay a bill that I'm there to bail them out.

I always look at the population of the city. I have a huge lookup table with 60,000+ cities to make it easy. My threshold varies from deal to deal. For example, if it's a note where there is a good chance I will end up with the property then I want it to be in a much more populated area where there will be a lot of vendors to work with. But if it's a solidly performing loan then I'm ok with going into smaller towns. The other thing I look at it is not just the population, but the proximity to the closest major metro area, I have that in my lookup table as well. There are some <5000 population towns that are basically suburbs of large cities.

I once had a conversation with a foreclosure attorney who is also an active note estate investor and he talked about buying loans in GA. I asked what he had to do to get the license and he just shoulder shrugged and said he didn't have one. I thought maybe that was because he was an attorney and could handle the situation if the state raised the issue. But maybe just no one gets the licenses?

I think inventory will increase in 2021, but it remains to be seen whether a go-to seller who puts out large tapes regularly will emerge.

I use them, but just for some performing notes in my SDIRA. All of my experiences with them have been positive and their people have been helpful when I needed something.