All Forum Posts by: Gary Baker

This is an interesting observation. As a new investor I do not see any low hanging fruit and I certainly have not found any notes discounted that much, unless they appear as lost causes. I have seen re-performing seconds at upwards of 80-90% without the FMV covering the first position. Obviously I am not looking in the same places as Paul and Roland.

My gut feel is that there is a bubble in notes currently and if, what the industry experts say, that a flood of notes is still to hit the markets in the near future, then this bubble will burst. Also, from all accounts there are the bigger players using venture capital and that eliminates the smaller person, especially if they fall just outside of the sophisticated investor requirements. I have yet to pull the trigger on  a note, but I am considering dealing with tangible tenants and toilets until I can see my way clear in this.

I don't know how to edit a post on BP :~\

If you keep the property(ies) for rental, there is a rental insurance in Aussie that covers damages loss of income due to damages caused by tenants, etc. It is cheap(ish) but well worth the money especially as you are going to be an absentee landlord.

later

I would consider creating a trust.  Tax law and owning a company will cost you dearly in Aussie and you might have to do this anyway within the trust. Companies require audited books and are 'taxed' even if you have no income. I would also find a Lawyer, accountant/CPA  and a Doctor to advise you (a doctor to reduce the stress and prepare your rellies - doctor part is a joke but the ATO is not.) You can find a lot of info on https://www.ato.gov.au/ but good luck really understanding it.  I believe the trust will help with inheritance down the line and also containment of taxes - but go speak to a CPA and lawyer and consider doing it in their offices not remotely. Have a deductible holiday!

Good luck

@ OP - SF sounds like a bubble; wait it out you might get lucky when it pop's

Remodel after Oct not an option? Have your rental price adjusted accordingly and be open about it.  "I am staying here for a week not buying it, why should I care about the showers condition." So long as it is sanitary.

You don't need to know a person's SSN or FEIN to do due diligence on a person or company. Company data is public knowledge and a personal check on somebody can also be performed without these numbers. 

EIN identity theft is more problematic than SSN theft and is growing more quickly as there is so much more that can be done fraudulently under a company name. 

While I understand the reasons for checking pedigree, there is also the growing problem of data theft from major players on the internet, the latest in a long line being Ashley Madison (expect a few divorces when this data is leaked).  If governments cannot be kept secure and banks, medical etc, accept security questions that are often just your address and date of birth, then why should I trust this data with a tiny SME on here selling notes? Anyway, all I initially wanted was access to their "training".

I rather take my business to a local RE meeting, hopefully find someone to mentor me and try my luck there.

(ps. not online much, will pick up on comments later)

You don't need to know a person's SSN or FEIN to do due diligence on a person or company. Company data is public knowledge and a personal check on somebody can also be performed without these numbers. 

EIN identity theft is more problematic than SSN theft and is growing more quickly as there is so much more that can be done fraudulently under a company name. 

While I understand the reasons for checking pedigree, there is also the growing problem of data theft from major players on the internet, the latest in a long line being Ashley Madison (expect a few divorces when this data is leaked).  If governments cannot be kept secure and banks, medical etc, accept security questions that are often just your address and date of birth, then why should I trust this data with a tiny SME on here selling notes? Anyway, all I initially wanted was access to their "training".

I rather take my business to a local RE meeting, hopefully find someone to mentor me and try my luck there.

(ps. not online much, will pick up on comments later)

You don't need to know a person's SSN or FEIN to do due diligence on a person or company. Company data is public knowledge and a personal check on somebody can also be performed without these numbers. 

EIN identity theft is more problematic than SSN theft and is growing more quickly as there is so much more that can be done fraudulently under a company name. 

While I understand the reasons for checking pedigree, there is also the growing problem of data theft from major players on the internet, the latest in a long line being Ashley Madison (expect a few divorces when this data is leaked).  If governments cannot be kept secure and banks, medical etc, accept security questions that are often just your address and date of birth, then why should I trust this data with a tiny SME on here selling notes? Anyway, all I initially wanted was access to their "training".

I rather take my business to a local RE meeting, hopefully find someone to mentor me and try my luck there.

(ps. not online much, will pick up on comments later)

Your tip is great to know for BP, because I have to use Google when working with manufacturer’s knowledge center database because their internal search function is terrible. The only defense I have for a newbie, is the fact that a person is overwhelmed. The answer might be a quick search for a knowledgeable old timer because they have the lingo down pat, but for the newbie like me I cannot find that certain specific ‘starter’ help.

I have been an ‘accidental’ landlord for two years and in multiple properties for 30yrs but I still have a very long way to go. Oddly in my game Google is known to make you smart, yet most of that is because I know what I am searching for.

A lousy “trolling” first post but I hope to make a community for myself here. Anyone know how I go about evaluation and buying notes?Quasi kidding, but my case in point is I don’t know what to ask. (PS don’t let my comments highjack this thread as it is great advice from Hattie and I have to go read)