All Forum Posts by: Eddie Fernandez

Don’t know the answer to your question but just wanted say Semper Fidelis! from one Marine to another.  I’ll stay tuned to see what comes about about of your question though.

Good background Chris…. and appreciate that you wrote that while not on your morning walk while on FB live like some gurus like to do. 😀  Thanks 

Appreciate @Chris Seveney for "keeping it real" for all of us. The biggest thing that frustrates me most about the guru's is how most are not transparent about all things notes, yet they send post after post on LinkedIn or FB wanting you to watch a Podcast or something else about how much money they made on notes to get you sucked into their web.  Rarely if ever are the negatives brought up.  Be wary and seek advice about everything before you dive into the deep end.       

Quote from @Sandra Hughes:

Thanks for the answers. I will get the info on this loan for Alfonso later today. 

Please send the specifics of the loan I mentioned above to me directly when you have time . Thanks 

Quote from @Sandra Hughes:

Hi - I've been holding a note for a friend for 7 years now. Ready to move on. What are some companies that buy these loans? I have gotten letters from companies in the past but threw them away.

 What are the specifics of the loan?

Is it a house, Apt?

Original loan amount?

Unpaid Balance?

Interest rate?

Term?

Does it have a good payment history (performing) or bad (non performing)

Address?

Thanks

Quote from @Brett Burky:

@Eddie Fernandez - We apologize that your experience did not meet your expectations. We are continually working to make trading notes as easy and seamless as possible. 

Although the QCD is currently generated by the seller, we are exploring ways for our platform to generate the QCD document along with the other closing documents we already produce, ensuring the entire process meets the high standards our customers expect. 

We did reach out to the seller to help expedite the closing process, but we should have included you, the buyer, in each step of the process. 

This would have ensured better communication and transparency. 

We apologize for this oversight and are committed to improving our procedures to keep all parties informed throughout the transaction.

Thank you Brett….”water under the bridge” as they say.  I thought it would be good share my experience, but like I said overall I enjoyed the experience and would definitely recommend buying on Paperstac again.  Sorry I couldn’t make it to DME this year to meet you and seller…busy time of year.  

Quote from @Patrick Roberts:

Quote from @Eddie Fernandez:

Quote from @Patrick Roberts:

Quote from @Eddie Fernandez:

Quote from @Patrick Roberts:

Appreciate you posting this. I've been looking at Paperstac for a minute. This helps a lot. Did you already have a background in notes to base your DD on, on was this your first note, also?

I have about 2 years under my belt investing in notes and this is my third deal. I thought I’d give Paperstac a try versus buying from an individual directly which is what I’ve done the previous times. DD is the same, go through the collateral file thoroughly and make sure everything is in order.  If you don’t feel comfortable doing it yourself pay an attorney or have someone you trust review it with you. I’ve taken note investing courses for both PN and NPN, watched many videos on YouTube, and reviewed many of the posts on BP from the more experienced note investors on here and felt comfortable reviewing it myself.  I’m trying to build my Roth SDIRA with enough these notes that when eligible I can start living off the income from these performing notes without touching my other investments.  Performing notes like many have mentioned before are safe and boring BUT they pay every month.  I only invest in performing notes with a minimum of 70% LTV or lower preferably in case things go south…non-performing notes may be more lucrative but for me I like boring right now.

 Gotcha. I'm playing the same game - Roth SDIRA, although I'll prob start purchasing through an entity as well in the near future. What resources prepared your the most for competent DD? I'm loathe to pay for courses or sign up with guru-esque trainers, but also realize that botched DD can cost even more. 

@Chris Seveney already beat me to it. Totally agree if you don’t want to mess with DD pay an attorney to review and save the money on courses.   Do a search here in the forum and I’m sure you’ll find one mentioned by the top contributors. Another great option is to join a note investing group for a nominal monthly fee. Both @Chris Seveney, Fred and Tracy Rewey, and Dan Deppen have groups you can join on their websites and FB.  The Rewey’s have an extensive library of presentations on every topic imaginable which I found very helpful. There’s lots of free stuff on YouTube as well you just need to do a search. If you really want to become a note investor you need to educate yourself.  Think of taking note courses like courses you took to get your degree.  You need to take the time and pay the fees to learn or like you said you’ll end up paying a lot more for a deal gone wrong.

 Agreed. I've been looking for a reputable attorney to work with but havent found one locally yet to hold my hand through DD on the first few deals. I know the basics of what's involved from originating on the mortgage side, and I've done fair amount of research/reading, but my concern is not recognizing when a small detail is missing or off. DD on the property itself isn't an issue for me - I'm most concerned with not recognizing a problem in the collateral file. I'm gearing up to buy my first note in the next 4-8 weeks, so we'll be putting rubber to the road soon enough. Just trying to use the first deal to learn as much as possible and not get burned. I've been researching on notes specifically for about a year so it's time to jump in. I came across paperstac in the process of my research and was curious about whether it was legit, so real world validation is helpful. 

Give Dickie Baldwin a call at BAG offers collateral view, or he can point you in the right direction. Also any attorney with knowledge of collateral review can look at it. It doesn’t have to be a local attorney.

Quote from @Patrick Roberts:

Quote from @Eddie Fernandez:

Quote from @Patrick Roberts:

Appreciate you posting this. I've been looking at Paperstac for a minute. This helps a lot. Did you already have a background in notes to base your DD on, on was this your first note, also?

I have about 2 years under my belt investing in notes and this is my third deal. I thought I’d give Paperstac a try versus buying from an individual directly which is what I’ve done the previous times. DD is the same, go through the collateral file thoroughly and make sure everything is in order.  If you don’t feel comfortable doing it yourself pay an attorney or have someone you trust review it with you. I’ve taken note investing courses for both PN and NPN, watched many videos on YouTube, and reviewed many of the posts on BP from the more experienced note investors on here and felt comfortable reviewing it myself.  I’m trying to build my Roth SDIRA with enough these notes that when eligible I can start living off the income from these performing notes without touching my other investments.  Performing notes like many have mentioned before are safe and boring BUT they pay every month.  I only invest in performing notes with a minimum of 70% LTV or lower preferably in case things go south…non-performing notes may be more lucrative but for me I like boring right now.

 Gotcha. I'm playing the same game - Roth SDIRA, although I'll prob start purchasing through an entity as well in the near future. What resources prepared your the most for competent DD? I'm loathe to pay for courses or sign up with guru-esque trainers, but also realize that botched DD can cost even more. 

@Chris Seveney already beat me to it. Totally agree if you don’t want to mess with DD pay an attorney to review and save the money on courses.   Do a search here in the forum and I’m sure you’ll find one mentioned by the top contributors. Another great option is to join a note investing group for a nominal monthly fee. Both @Chris Seveney, Fred and Tracy Rewey, and Dan Deppen have groups you can join on their websites and FB.  The Rewey’s have an extensive library of presentations on every topic imaginable which I found very helpful. There’s lots of free stuff on YouTube as well you just need to do a search. If you really want to become a note investor you need to educate yourself.  Think of taking note courses like courses you took to get your degree.  You need to take the time and pay the fees to learn or like you said you’ll end up paying a lot more for a deal gone wrong.

Quote from @Patrick Roberts:

Appreciate you posting this. I've been looking at Paperstac for a minute. This helps a lot. Did you already have a background in notes to base your DD on, on was this your first note, also?

I have about 2 years under my belt investing in notes and this is my third deal. I thought I’d give Paperstac a try versus buying from an individual directly which is what I’ve done the previous times. DD is the same, go through the collateral file thoroughly and make sure everything is in order.  If you don’t feel comfortable doing it yourself pay an attorney or have someone you trust review it with you. I’ve taken note investing courses for both PN and NPN, watched many videos on YouTube, and reviewed many of the posts on BP from the more experienced note investors on here and felt comfortable reviewing it myself.  I’m trying to build my Roth SDIRA with enough these notes that when eligible I can start living off the income from these performing notes without touching my other investments.  Performing notes like many have mentioned before are safe and boring BUT they pay every month.  I only invest in performing notes with a minimum of 70% LTV or lower preferably in case things go south…non-performing notes may be more lucrative but for me I like boring right now.

I just purchased and closed my first deal on Paperstac on thought I’d share some pros and cons.

Pros-  Great selection of notes which made shopping for what I wanted easy. Once a property was selected the conversations between buyer and seller are recorded. The step by step closing process informing the buyer/seller whose action is next was streamlined. Finally, closing costs were reasonable.

Cons-  Quality control of closing docs. The Quit Claim Deed was hastily generated such as paragraph indents where there shouldn’t have been, missing information, and most importantly had the incorrect property ID from the County.  Worst yet, the seller was sent this incorrect QCD to sign and notarize which they did.  If it were not my due diligence reviewing the QCD it would have been a done deal.  This error caused about a 2 to 3 week delay to correct.  After pointing out errors to Paperstac, I never received an acknowledgment of their errors or even an apology for that matter which in my opinion is very unprofessional.  Secondly, the step by step closing process is great but there should be a time limit and better reminders  when the seller or buyer need to complete tasks. At least a 2-weeks was lost because myself or the seller were needed to complete tasks but neither of us knew it.  There should be an alert or something informing each party something is required before moving on to the next step.  Most importantly about the closing process, the deal should not be completed or closed until all necessary documents are received by both parties.  I still was waiting for the revised QCD to be signed by buyer and I received message saying this transaction was closed.

Lessons Learned-  Paperstac is it great place to find notes of all shapes and sizes.  For the most part, the closing process was streamlined and efficient. However, make sure you review all documentation before signing as quality control of closing documentation is lacking.  I still recommend it for purchasing notes, but buyer beware and check all paperwork thoroughly.