All Forum Posts by: George Frye

I have a property I just took from note to REO. I have a buyer who is interested in the property however hey want to do owner financing. What is the best way for me to create the new note. Should I go through a lawyer a title company or could I create this note myself?

@Dion do you know of some lenders you can recommend

so they got 30% of value or 30% of Principle Balance

@John Thedford I agree that selling partials is different and can be more difficult unless your servicer and attorney know what they are doing. Who did the local do a loan with. 

Yeah I figured thats what I would need. @Jay Hinrichs, I figured I might need to go through a private lender first till I can build a relationship with a banker.

No I havent @Chris Seveney

Thanks @Jay Hinrichs  who at a bank should I speak with. Will the commercial lender do or should I speak with someone who deals with special assets department.

Has anybody ever heard of getting a loan or line of credit against the cash flow of a performing note. I know @Dave Van Horn once mentioned this as a way he grew his business but not much detail went into how. I would love to hear others ideas on how to this works and who are the right people to reach out to. Thanks for your time and answers.

So I have foreclosed on 3 notes so far, However I was wondering something. In a foreclosure usually the sale at foreclosure pays off the lien.  When you are the winning bidder there is no money exchanged and the note is not technically paid off.  I was told by another note investor that a new buyer can assume the payments on the foreclosed note. How is this possible?

The hard part is finding multifamily non performing notes. If you know of a seller then please let me know. Most multifamily notes are selling at 85-90% of UPB.