All Forum Posts by: Daniel Reimel

@Scott Carson Thanks for sharing those two resources. Undestood in regard to the tacky low ball offers. From what I've seen NPL in 1st position seem to go for 30-50% UPB depending on back taxes, market value etc. I assume this to be a fair starting point.

 @Bob Malecki Good to know. I will look into those you mentioned and upcoming conferences in the NY metro area also (my backyard).

Firstly, thank you both for the advice. I’m honored to have such big names in the note business replying to my post. The resources and insights you both have shared have been extremely helpful to me thus far.

@Scott Carson

I’m hesitant to use OPM being so green but would certainly entertain the possibility further down the road. Sending over a PM shortly.

@Bob Malecki

Good tip and point taken on limiting costs with one investment vs. multiple of the same total dollar value. To your point, lawyers don't get any cheaper because of the asset price either.

How did you approach fostering relationships with asset managers when you first started out if you don’t mind my asking? I can't say I'm thrilled at the prospect of taking one of the ho-hum deals off FCI just to give myself credibility for future deals. Completely understand if this is hard won and/or proprietary information you can’t share.

Dan

Hi all,

I am increasingly interested in the 1st lien non-performing note space after first listening to Bob Malecki's podcast a little while back (probably still the single best podcast on notes I've heard). My cash is @ $50k for the investment at present. I will need to budget for legal fees and carrying costs so my max would probably be 1-2 deals with this amount.

Hoping to hear other note investors' experiences with minimum purchase point from a small or local bank. Has anyone ever gotten in the door with that low of an amount or will I get lauged out and be wasting mine and the bank's time?

 FCI Exchange, Note trader and the BP marketplace all have what look like some ok-ish deals. Biggest concern is settling for a thin margin on a retail priced entry level deal which could knock me out of the game, particularly on a (relatively) low dollar value investment where margins will be slimmer to begin with. 

My options are:

1) Hold out, continue to research and learn while saving up more funds then buy a group of NPLs at a later date with increased barganing power from local banks. 

or 2) Prospect banks now and tackle a deal or two with this amount if at all possible. (Preferred for sake of learning the business. I am a believer you can only learn so much sitting on the sidelines)

Appreciate any experience or knowledge the community may be willing to share!

Thanks,

Dan

Hi All,

My works takes me to Spartanburg, SC from time to time and the areas industry and low operating costs/ taxes have peaked my interest. I don't see much in the way of MFR down that way however. Are most rentals SFR?

Also, if anyone could knows of any investment minded realtors they can point me toward I'd be most grateful.  Hope to get the lay of the land and see a few properties on my next trip. I plan to be down again near the end of March. FYI I can pay cash for smaller properties in the $40k range and am of course not looking to pay retail  :)

Many Thanks,

Dan

Hello everyone,

First time poster and aspiring REI. I recently purchased a house in Greenwood Lake, NY as my first home @ 300k. Locked in @ $1730 the part-time Airbnb returns have been outstanding- greatly subsidizing our mortgage payments on weekends we are away if not negating them altogether.

I've now got the bug to see if I can find any multi-families in the area to rent out (or perhaps Airbnb). That said, I am not particularly convinced this area is a renters market. Does anyone have experience with the rentals in Orange County? I assume for the most part tourist-wise it is a 3 season area.

I'm not married to the area but would like my first investment to be somewhat closeby (< 1 hour) since I will be the property manager and have a fulltime job.  Would love to hear from someone with any experience in the area.

Many thanks in advance,

Dan