All Forum Posts by: Dolly Caswell

@Kenisha Forbes, welcome to the BP world. There is so much information here; everything you could ever want to learn about RE, notes, contracts, calculations, etc etc. However, I would make a recommendation to you to attend a "note" seminar. This last April, 2016, I attended the PaperSource Seminar held in Las Vegas by W.J. Mencarow (Bill) and it was amazing. At this point in your investing life, you don't know what you don't know..... but when you attend one of these programs the light begins to flicker on. Not only are all the speakers amazing and knowledgeable, but the cost of the  program is very reasonable too. Bill has a website of course, "papersourceseminars.com"and you can even call them and ask questions. They are wonderful people who have a heart to serve those of us who are trying to learn this business. Other than admiring the way they do business, and appreciating their advice, I have no direct link with them and am not paid in any way to promote them. Read everything you can here on this site, and learn from the best in the note world.

@Jay Raught and @Michael Daggett, wish I had you both in Alaska for your brains and for your connections. I've discovered one remote note where there is no equity on raw land, and the seller won't even send the docs that I've requested. So, needless to say, I've considered that dead and not something I'm interested in. They were referred to me by my banker who wouldn't consider loaning because of back child support problems that the husband had. We have some long time note buyers and lenders here who appear to be tying up the market and we don't have a very big market. A friend suggested I contact land developers out in the Valley (Matanuska-Susitna Valley, where Sarah Palin comes from), but if I have to foreclose I've got a chunk of land, maybe with a gravel driveway, out in the boonies. It would be valued at the top of the market now, but Alaska has a lot of land and it could be worth $1.98 if we have a crash. I already have six lots in Laurel Acres in South Anchorage where the growth actually is and they aren't worth much. I'm whining, wishing I could find notes to even work on/practice on, but as a beginner, they have to be in Alaska.

Oh boy, I'm considering making a bid on a couple of places up for auction that are "occupied" and no other info is provided. I've read Alaska eviction law, however, it still sounds like it can be an ugly process. As I drove by one of the properties that I am interested in, a great BIG guy came outside and looked like he was headed straight for my car! I sat there, smiled at him and he went on down the sidewalk. Have no idea if there is more than him living there, but I'm not sure what I would do if there was an entire houseful. Also, perhaps he really is renting there and paying on time. How do we know if the auction company or foreclosure docs don't tell us. Could be he's a wonderful tenant, a BIG tenant, but a wonderful one.

@David Dachtera, I have the same problem as @Mark Seneca. What are the steps, inquiries, paperwork, etc to finding someone like you and doing a really good, secure HML deal? I'd prefer to loan in Alaska and be able to at least have a cup of coffee with them initially. Needless to say, I'd prefer my collateral be on property in Alaska I can at least drive to.

Thanks @Patrick Desjardins....I've googled but can't find - and have no clue what "Alaska afaik" is!

@Bob Malecki, where/how do you find the 1st position NPLs? I've been trying to find them in Alaska and not having any luck. I know, I'm supposed to be willing to buy "anywhere" but I'm not there yet. I need them to at least be in my backyard if I have to foreclose.

@Dave Foster, What a great explanation, thanks so much. I will pursue this further since you've made it feel less formidable and more like I can really do it.

@Andrew LeBaron, I completely agree that 1031 exchanges "theoretically" are the best way to defer taxes...however, how do I make an exchange be part of a purchase of another property? When I even mention 1031 to realtors in Alaska they look at me like I'm crazy and insist it adds complication and ""why not just buy and sell"? Yes, I know, there are commissions that way, however, good, honest realtors, who are trying to do what's best for me, are flummoxed by the idea. I guess I think it's only "the big boys" with commercial properties and etc. that do 1031's. I'm still small potatoes! Any ideas would be greatly appreciated.

To all of you in such incredible markets, I can only say you are exceedingly fortunate. In the greater Anchorage, Alaska area, we are fortunate if a SFH is less than $200k and even then, it will need a lot of work. If it's 3/1 perhaps we can get $1000-$1200 depending on condition and location. I'm having to turn over a lot of rocks and kiss a lot of frogs to find anything at all. The best part of my search is that I've met a business man through BP who has been amazingly helpful and pointed me to a marvelous little house that I have an offer on, just waiting on the bank. And he introduced me to a great realtor...and she introduced me to a great GC...and now we have a bi-monthly RE group that meets and shares ideas. Non of which would be without BP!

WOW @Tyler Williams, may I say first of all, thank you for serving the people of the United States of America. You are considerably more than a glorified gas station attendant. Get transferred to Alaska - you'll find you're very welcome here. I agree with everyone else on the blog, there is amazing information here, you just have to spend some time digging into the different areas and forums to find what you are looking for. I've met fellow Alaskans through BP that I would never have met without being involved here. I'm possibly even doing a deal as the result of meeting someone here that lives about 20 mins. from me...and he introduced me to a great realtor...and she introduced me to an amazing contractor...and we've formed a RE lunch club to share ideas every so often.