All Forum Posts by: Bob Malecki

We use Insightly and their project pipeline is very well suited for keeping track of the various stages of the assets in our note portfolio.  We also created a simple spreadsheet in Google docs that includes our acquisition cost monthly expenses adjusted cost basis, etc. 

Servicer and lawyer. Usually a demand letter or notice of default will wake up the borrower and hopefully get them to the negotiating table

I'm interviewing property managers for a recently acquired fourplex in Tacoma and was referred to Mynd property management. They seem to have a good set of comprehensive services and fairly priced fees. Does anyone have any experience with them?

Any comments, good or bad are appreciated.

I ended up hiring Luisier and they were prompt, fairly priced and communicated well, FYI

I'm acquiring a 4 plex in Tacoma and don't want to manage it, what are my options? (I'd ask for a referral to a PM but Bigger POckets apparently does not allow this, fyi)

Just to be clear, I was providing info on how a trust can be transferred to a new party. For a note purchase I would just set up my own trust with my own trustee and have the seller provide the usual AOM and allonge so that everything is above board and chain of title is in tact. The only time I"ve used an assignment of beneficial interest is if my partner wanted to exit and I have him/her sign the assignment to make my entity be 100% beneficiary. 

Thanks @Aaron Nelson I appreciate the feedback/info

I'm planning to acquire a small multifamily in Tacoma and curious as to the current vacancy rates and CAP rates. Anyone have some data on this?

@Steve Morris a trust does not have "members" it has Beneficiaries and a trustee. The Assignment of Beneficial Interest would be executed to change the beneficiaries, essentially remove one and add another

I've been using personal property trusts for the past five years when acquiring mortgage notes with my IRA, and they are a great, low-cost entity for maintaining privacy since the assignment is recorded in the county where the property is located.

Now, you can't technically sell the trust, but you can sell the beneficial interest in the trust. You would want to create a mortgage loan purchase agreement that specifies the transfer of the beneficial interest in the trust as part of the sale of the note. Once the funds are transferred then the trustee would execute an assignment of beneficial interest to the buyer or the buyer's entity. 

Since the note is still "owned" by the trust there would be no need to execute and assignment of mortgage and allonge. Eventually the buyer would probably want to replace the trustee with his or her own trustee and that is facilitated through a resignation of trustee procedure.