All Forum Posts by: Jay Raught

Low priced doesn't mean it is good, you have to do the research before you make the buy. 

@Franky Juwana, I have not purchased any partials, I would agree with @Nathan Turner. It i snot part of my plan as of now, I never rule anything out.

@Franky Juwana I have used my SDIRA, cash and JV partners to purchase notes. What to look for in a nutshell, emotional equity, clean title, payment history ( when was the last payment) watch for taxes, is their actually a house on the land.... Condition of the home, area, employment rates of the area,, what is it near ( university, etc)

@Adam Homan I will echo what Scott said. I recently picked up 4 CFD, one is going to be a rental and the other one; we are working on a cash for keys so we can flip.

@Michael Nicholson cash helps but educate yourself first, there is so much work to be done after you purchase the note.. A big part of it is managing the servicer and staying on top of them to make sure the correct documents are where they need to be, etc etc.  Each note has its own story to tell and right now I have 4 different stories going on!!!! I will also add that Scott Carson is a great resource for note education, one of the reasons I am where I am has to do with him!!!

@Jennifer Butler, I am open to anything that benefits everyone. Is this something you do currently? 

@Ben Phillips I use them for my SDIRA. 

I know places that will send out a letter after the 5th demanding payment in full even if you have told them it will be late, they have to do this by the landlord-tenant code. 

@Susan C.  Check with Stern & Eisneberg, they have offices in 11 states, MD is one of them.  they usually respond within 24 hours of your request.  I am using them in NC right now and a colleague is using them in  PA.  I am not sure if they do tax appeals but they do all kinds of real estate so its work a look. 

@Cody Krecicki Here is the strategy I employ,  

1) Reinstate the loan 2) Modify the loan 3) REO 4) Rental ( I wrote an article on this but I cannot self promote)

Each note has its own story to tell.  I would not look to purchase every note with the house as the end target.  @Wayne Brooks is correct on pricing for the most part, you have to watch the prices and unless you are the absolute only one with access to the bank and no one else is looking at the tape from this bank you may get that pricing. I would think the bank knows the current rate for NPN's and will balk at low ball bids....

If you buy in Georgia make sure you know the laws there. after 5 notes you need a physical presence. The states in which foreclosures are quick; I invest in too and so do a slew of others, which again will drive the pricing upwards. Of 4 notes I recently purchased 2 of them became REO, that was not how I planned it originally but you have to be willing to roll with the changes. I hope this helps and again if you are the only buyer from that bank you strategies might work. This is how i delve in the world of notes. Good luck and let me know how it turns out.