All Forum Posts by: James LaRocque

Thanks for the reply @Jamie Bateman. My servicer is Madison, though it was previously at August. I never had FPI on it, at least not by my order. I believe only taxes are being escrowed currently.

How does FPI work exactly? Is it something I would need to go find or does Madison provide that kind of service? I assume it would probably be escrowed at the borrower's expense? Also imagine, it might be cheaper for borrower to pursue his own policy?

This is a Performing Note by the way.

Hi All,

I received an email from my servicer the other day saying that my borrower would like to file an insurance claim for a leaky roof. This brought many questions to mind real quick. In further discussion with my servicer, the borrower appears to be under the impression that I had placed insurance on the property, which I never have.

Looking through my records from the purchase/due diligence I have a copy of a "Homeowners Policy" in the borrower's name and address. I can also previous lender/servicer was collecting insurance payment through escrow, would this be indicative of placed insurance? I've never used placed insurance so not sure.  I don't however, have anything actually saying that the previous lender actually took out the policy.

I feel like this might be a big deal, but I'm a newbie so please go easy on me.

Thanks.

James

@Chris Seveney, Nothing has happened yet. The Payoff date was quoted for 6/14 so have a few days left. I did look on Zillow and it seems the property is pending sale, so I expect this will probably go through.

Thank you all for you quick responses. @Fred Moskowitz, the quote seems to match my records so feel pretty comfortable there. I will be sure to followup with the servicer in next week.

@Jamie Bateman and @Tyson Eimers, this is the very first note I bought about 1.5 years ago. Yes, I did by at a discount but being my first buy it might not be as great as it could have been. Either way I'm happy with it.

Hi All,

I'm relatively new to the world of note investing. I've bought 2 performing notes in my SDIRA. Just today I received noticed from my servicer that the borrower on one has requested payoff.  The servicer needs my approval of the numbers. Everything seems inline with my records which is good.

My question though is, do I need to do anything else after this payoff? Or, do I just collect the money and I'm done? What is the process here?

Appreciate any help.

Thanks.

Originally posted by @Blake Brose:

@James LaRocque

What areas you are looking to invest in? Kansas City is always a great cash flow market! Let me know if you'd like to chat about the market here.

 @Blake Brose

I don't know much about Kansas City, it was just mentioned to me earlier in this post. Though, I'd be interested in hearing more about it if you could share some info.

Ideally I'm looking for Class B in a $60k - $80k ARV, as I'm just starting out.

@Steve Bracero

I have looked into the idea of turn key properties and it seems tempting, but lets face it the provider makes all the money. Though on the other hand, and a rehab never mind an out-of-state rehab seems daunting. Do you have any experience with either?

Hello BP! I'm James and I'm currently 29 years old and looking to get my start in Real Estate Investing. I'm successful in my day job, but looking to supplement that income and maybe retire early one day. I've been lurking in the backgrounds of BP reading posts for awhile now, but this is my first post.

I have a couple different ideas that I looking at to start my REI career, would expect mostly buy and hold, which I'll list below.

1. I currently have a condo that is my primary residence in Salem, MA, I've owned this about 5 years now. As the economy has gotten better and my job more stable I've been itching to get back to Southern NH, though I haven't been able to decide how to handle the condo. I know in the current market I stand to make a lot of money by selling or renting. Any help in how to appraise this situation would be great.
2. As I feel my local market is a bit steep for what I feel I can afford, I've been considering looking elsewhere. I've read David Greene's "Long-Distance Real Estate Investing" as well as some posts on here, and have been looking at the Midwest (Ohio or Indiana maybe) and possibly Memphis. Though I really don't know much about these areas.

Any suggestions would be appreciated.

-James