All Forum Posts by: Dan Deppen

This is a good reminder of the importance of staying on top of insurance. I recently had one burn down myself. It wasn't an REO, the borrower had their own insurance in this case so I didn't need FPI.

You can get BPOs and property inspection reports nationwide from Baldwin Advisory Group.

I can't get anywhere close to 15 years, and don't want to :)

There isn't an industry standard for pricing non-performing notes. Most people build their own pricing tool. A lot of it will depend on your preferred exit strategy and the type of npn's you are bidding. If you do find a good off the shelf calculator, just make sure you understand everything it is doing. Also understand npn's have a ton of volatility. So although you may calculate returns for various scenarios, what you are really trying to understand is the range of possible outcomes and then what the probability of those outcomes are. For example, my calculator assumes different timelines depending on the state. The timelines can vary based on whether the borrower decides to put up a fight. But I never considered the possibility of those timelines being extended due to foreclosure and eviction moratoriums from a global pandemic.....

I've used them a lot for BPOs and referrals to realtors who specialize in REOs. Haven't used the other services. Always had a good experience. Dickie has been in the business forever and has a huge network. It's saves me time when I have a note in a new area.

I'm not familiar with the specifics of what is going on with PPR, and I have not invested with them. However I can say from experience that in the current environment it would be challenging to put together a fund to deliver 12% reliably and with an acceptable amount of risk. It sounds to me like they are probably just adjusting to the realities of the current environment. Everyone I have spoken to that has invested with them has had a positive experience, and I wouldn't view the changes as suspicious.

I mean there isn't a good portfolio overview view like Madison has. You have to go into each individual loan, reporting is also a challenge but not too bad once you figure out a few things.

I've only used FCI a tiny bit but theirs is the best I have seen. As Jamie mentioned the Madison portal isn't necessarily pretty but it works fine. The Allied portal is pretty rough, but their fees are low and customer service is really good so I can deal with it. 

I'm not familiar with that site, check out Paperstac.com.

It all depends on what price you are paying. But my favorites are MI and IN, because there is decent supply, they are reasonably easy to work in, and I already have good teams established there.