All Forum Posts by: Dean Dubach

Greetings All, 

I was wondering if any of you have a recommendation for a real estate attorney in the Terre Haute area.   I am an out of state note investor, and have a note that is held in my companies 401K Trust, where a neighbor is suing the borrower in small claims court.   The plaintiff has added me personally to the lawsuit.   I was wondering if anyone on this list can recommend an attorney they have worked with in the past for real estate matters?   A perfect skillset besides real estate, contract for deeds in particular, would be a knowledge of lending laws, and of course Employee Retirement Income Security Act or 1974 (ERISA).   I doubt I will find anyone this specialized, but can't hurt to ask.   Anyway, its the first time I have been involved as a defendant and lender in a dispute between the borrower and a neighbor.   

Thanks,
Dean

Dave, there is so much more than the relationship between UPB and the purchase price when dealing with MH ( or any property ) when lending. I hold in SFR notes, and I wouldn't do HM lending even where I had an ownership stake in the park. It is not a good starting point for someone new to notes.

I think there are some books on MH lending, don't recall the names of them.

Hi Aaron, I've been invested with PPR for several years, perhaps 6, they have never missed a payment yet.

While I'm not a lawyer, nor do I play one on TV....    On a property I foreclosed on in Wisconsin, the medial liens were removed.   Each state could be different...

Thanks for the info, do you mind a bit of clarification? I recently had a foreclosure go through and I have the REO now. My servicer ask if I wanted to continue the FPI, which I indicated I did.

Are you saying that the FPI is only valid as long as the property is in the borrowers name? Or are you indicating that the insurance lapses when the property becomes a REO and you need to take some action to continue coverage?

Thanks!

Yes, PPR has paid the principle back on every fund I have invested in as it matures, probably six different times, at the end of three years. The monthly interest is paid consistently as well. My experience has been entirely positive. They have added a reinvestment option, where your interest accrues interest. I wish they had an option would allow you to just keep your funds invested in perpetuity and have them be redeemable upon 90 days notice after three years.  I don't hesitate to invest with them.   Several other note funds I am in have reduced their preferred return and / or suspended distributions due to COVID, PPR has NOT. 

Richard, As Chris stated, if it is outside of the statue of limitations, it's worth the recycling value of paper, about $0.01 per pound.

Hi Winston, I too have invested in Dave's PPR Fund and be 100% happy.    The payments have always arrived on time or early.   They are pretty easy to deal with too.   Also check out Colonial Capital's Impact fund, they pay quarterly, sometimes a higher rate than PPR other times a lower rate as it varies based on actual returns.    I am in both to diversify across fund managers, so I don't have all of my eggs in one basket (although I am in many other classes of investments too).

Hi Kelly,   I am in both the Colonial and PPR funds, and have been for a bit more than a year for each.   I have been very pleased with both.  

Colonial pays quarterly, I believe they have a base rate and a split of profits, so if they have a good quarter, you share in the upside. That said, the opposite could be true with a bad quarter, but I have not experienced that.....  Over the course of the year, I have experienced a higher return with Colonial than PPR.   The Colonial fund has a higher minimum investment and allows you to re-invest earnings.

The PPR fund pays earnings on a monthly basis, and does not, at least in the fund I am in, allow re-investment of earnings.   

Both funds have a three year lock, so you are sacrificing liquidity with funds.     In my mind, since I do not need the income at the moment, I prefer the ability to reinvest the earnings.    But I am in PPR's due to the lower minimum investment which let me put some dry capital to work.  

Of course having capital split among several providers also allows a bit of diversification in terms of management.  I choose to invest in the funds as its a write a check and receive income, about as easy as it gets.    My experience with both has been positive, and I would not hesitate to add funds to either fund.    

Please double check what I have stated with each supplier, as I have stated what I experienced a year ago and the policies of the providers listed may have changed.

Best Regards, Dean

Hi Darren & Gita, 

First, thank you for for taking the time to reply.  Yes, I would like to be introduced to your contact at the Note Servicing Center, it looks like they have a nice operation based upon a quick review of their website.  There is a part of me that would be happy to hand this off.

When I tried to set these up in Quickbooks, I didn't really see anything sophisticated enough to account for origination (either as a discount at funding or post closing payment), and perhaps not trying to run a few payment cycles through I missed functionality to address my concerns / perceived needs.   So I resorted to an Excel spreadsheet for each note that keeps track of the note and related transactions.

Anyway, it sounds ike I must be missing some functionality in Quickbooks.

Thanks again for your time replying,
Dean