All Forum Posts by: Pete Nater

I'll be there. Thanks

Looking forward to it. Thanks

Good question. Probably depends on any restrictions spelled out on your current lease. I would have an attorney who specializes in landlord tenant law look at it. You can get an account with www.legalsheild.com for $15 a month and have them look at the lease for you and advise you, as long as it's less than 13 pages. You can cancel the account after you question is answered, but it's a good resource for other legal matters all over the country.

Thanks for your insight. I appreciate it, really. Here are my questions;

How is the income from mortgage payments to the note holder taxed? Is it unearned income at a lower rate? Are there any tax tips you might recommend? 

Is it true that a note buyer who buys a NPL at a discount from a bank has to pay tax on the difference between the UPB and the purchase price over the life of the loan? If yes, would it be at a capital gains rate? Other? Does it apply if you buy the notes from a source other than a bank? Any tax tips you might share? Thanks

What is the average price of NPL's these days, as a percentage of BPO or UPB?

Thanks

It seems to me that there is a chance, if the owner would share the 1st lien holder info and provide you with authorization for you to contact the lender, that you can ask the lender if they might sell you that NPN at a discount, like 20% of UPB ($30K) or 40% of FMV ($32K). You never know, they might not want to get stuck the property and accept your offer. Especially if the owner is BK. Then you'd own both notes for $33-$35K.

Lots of ways to monetize a deal like that at that price. I could think of 7 ways

I'll come by

If you have a family member who has good established credit (parent, grandparent), you might ask them to add you to the oldest credit card account they have. Explain that they can cut up the card as soon as they receive it, as you are not seeking to actually use that account or card for yourself, just to benefit from their good, long credit history. I learned this from a credit restoration expert. It should boost your score in a couple of months. If you can do it with more than one person with a good credit history, even better.

@Tony Aniagba, I own a couple of properties which  I purchased from Memphis Invest .  The are also the property managers of the properties. @Chris Clothier  is a really nice guy and he and his M.I. crew are The best.  Shall I mention to Chris about my past experience with you? Do you think it would be helpful? Let me know. He and I were talking about meeting up in NY in September. Hopefully it will work out, as I'm vacationing in Europe for a couple of weeks around that time.  Should I  ask if you could join us?

Hi all. Thanks for taking the time to read this. If you might share your knowledge and/or insights, I'd be especially grateful. 

I'm a wholesaler in the greater NYC area. I'm not licensed at this time.  I've been learning a little about note investing and seller financing and it occurred to me that there might be a way for me to monetize seller leads, I might otherwise have passed on to a realtor. 

I should mention that among other marketing strategies, I market to inherited properties lists. These properties tend to be free and clear of debt/liens.  These sellers often are not "highly motivated" enough to accept an all cash offer for the property, as cash offers are generally substantially below market value, especially if the property needs updating and or significant repairs. 

My questions are, can I advise the seller and refer them to a pro (I think it might have to be an attorney in NY)  on my team, who would create a purchase money mortgage for them, for a consultation fee? I'd also be bringing them a "qualified" buyer.

On the buyer's side, I'd market to those who can't get a bank loan, because of the banks' stricter qualifying guidelines these days (Dodd_Frank), pre-qualify them with slightly less strict qualifications, as it's a private transaction, with the help of another pro on my team, like a RMLO (residential mortgage loan originator) or loan broker, and bring them together with the seller, also for a consultation fee.  I'll assume you know the benefit to both parties of a seller financing transaction in general.

I'm thinking 2 to 2.5% consultation fee on each side, which considering NY high price point of properties, is not too shabby. 

Can I do this?

Is it legal?

Does it make sense?

An added benefit to the seller is, once the loan is seasoned, is, they can sell partials of the note. I'd try to negotiate in the deal, that I'd get the 1st option to buy the partial, which I could monetize by bringing another investor looking to buy a short term cash flow deal (I don't expect everyone to understand this note investing strategy) for a piece of the note, for a fee, or selling it, at a lower interest rate than what I've negotiated.

Thoughts? Comments? Advice? 
Thanks, I appreciate it

@Jordan Solomon 

 I'm in the Bronx and Westchester is one of the counties I target. Lets chat and see if I can help.