All Forum Posts by: David Putz

@Ty Martin Be sure to also keep eye out for Distressed Notes. You wouldn't believe how many people miss out on real estate opportunities because they don't make the MLS or Foreclosure Auction. Becoming the bank gives you the power of the paper. I am in Jackson and we often get a group together to talk about the subject monthly. If interested let me know. Hopefully I can get @Tom Dagney to come visit sometime soon! 

@Tim Rothermel @Gail Greenberg is very much correct.  Living in NJ and being in the note space since 2011 where I worked for a very large fund, going about what you are looking for is difficult.  Forgiving a debt is something I have done many times in this space as it is usually a "win-win" case.  

Other than Servicers and FC attorneys you could try and reach,  Property Preservation companies, Seller Financed (recorded in local county records), and looking up lis pendens in your county area.  I apologize as I dont not come on Bigger pockets much and a lot of these type of conversations take place in our Note Investing group on another large social media site.  I also monthly conversations with large group of investors.  Feel free to reach out if you want more information. 

Tim,

There was a company that allowed note holders to get a tax write off and forgive the debt.  Look up community health training- mortgage donations. 

@James Murray your welcome.  Ya I use to do all the flipping stuff and foreclosure buying however when i found out buying notes and making 20%+ by selling to those who buy at the FC Auctions I switched over.  I then found out that I can hold the paper and make passive money without the headaches of collecting rents all while returning the profit to my Retirement account, well I jumped all in.  That was 2011.

We also host a meetup in Jackson/Millstone one.  We focus on buying defaulted mortgages.   We find Controlling distressed homed prior to foreclosure is the best way and lowest cost to get into a property. 

@sue z.

As I describe we are usually on the other side of that transaction as we become the bank, by purchasing the note.  We often approve short sales a lot easier than the bigger banks.  

I am also from the area however I often find that I can buy the note cheaper than I can get a short sale approved.   What are short sale selling for now?

I do not spend much time on here since my focus is investing in distressed notes for over 6 years.  With regard to Distressed Notes, it seems to me that Bigger pocket forums focus more on brick and mortar investing.  The posts where notes is talked about, the members who respond often have limited experience in the note space even though their posts appear to show their knowledge in the space.  Yes my rant is over and back to the question.  

What I am interested to hear from other New Jersey (especially Ocean County and Monmouth County) Investors is what is your method of investing in real estate to purchase the property at the lowest entrance dollar amount?  And why does it work well for you?  I am not looking for funding strategies but networking with others to find alternative/advance methods of finding properties.

Obviously I find mine through Distressed Note investing.  I feel that going up the chain often allows me to purchase the paper cheaper than any other method and then I can control the paper.  Unfortunately I often avoid investing in NJ due to the long foreclosure process(if property is not vacant).   I do want to invest in NJ for buy/hold and buy/flip so i thought it be a good topic to post on biggerpockets.  

Do you know who the second is with? 

@Eric Olsen can you recommend an agent/investor in the Dothan Al Area?  We are needing boots on the ground.

Thanks Bob. I don't know anyone in particular who writes SF loans but I'll ask my non mortgage buying investor friends.