All Forum Posts by: Jimmy Campbell

Welcome Jesse. If you have not already, we highly recommend you visit the Metrolina REIA group in Charlotte. There are several sub-groups which extend out of the REIA as well. Lots of chances to learn and plenty of great people connections. Feel free to connect with us. Hope to meet you there and Good Luck.

Short-term lending;  turnkey tenant filled rentals with a good history, occupancy rate, and maintenance record (well managed and maintained by both the manager and owner);  performing mortgage notes with a solid pay history;  cash reserves for both unexpected issues as well as opportunities.  

Ditto.  Very good answer Dion.

Did we ever answer if this is a first or second?  Performing/non-performing?

Hi Bryan.  We invest in performing notes out of our SDIRA.  If you want to connect with us, we would be happy to talk with you about what we do as well.  

We have a house in Memphis which we picked up as a non, foreclosed, and now looking to do something with. Depends on the area. You can email us address and we can see what our lawn service guy can tell us since he was born and raised in Memphis. We are having an extremely hard time finding anyone to work with in Memphis. Mailed local REIA a couple of times, no response. Craig's List hasn't been much help. Local property management, tried a couple and one won't return calls and another is just very slow to respond. Memphis has been tough for us so beware, if you do not already have a team with boots on the ground, what seems like a good deal may turn out very challenging. Oh, and put eyes on the house, inside and out. It may very well already be stripped of pipes and HVAC, maybe wiring.

Foreclosed on a note in Memphis. Need to make repairs to the house and bring into rental condition. Looking for good referrals of property manager, and handymen who do good work at a fair price and can be trusted to work with out of town owners. If suggestions, please email information.

We have bid by phone and by email.  Up front paperwork would have been NDAs and agreements required by whoever you are buying from.  Bids are generally binding unless you find some very exceptional issues with the asset after purchase.  

Good luck.

I do not feel I am totally clear on exactly where the current note, or contract for deed, stands.  Is it currently performing (are you receiving payments currently)?  Or is it currently non-performing (borrower currently not making payments)?  If paying, you could seek to sell the contract for deed. 

If not paying, on a contract for deed, you should be able to evict the borrower/tenant.  The contract for deed should not have provided a warranty deed to the borrower, meaning you still hold deed to the property and simply wrote a loan to the borrower.  Eviction should be possible.  But my disclaimer, I am not an attorney and not giving legal advice, but would highly recommend you seek the advice of an attorney on your rights as holder of a contract for deed.

We deal in performing notes and handle them a couple of ways. First, using a self-directed ROTH IRA, and second through our LLC. Both offer benefits and protection. I agree with Wayne in that you can't stress enough how important it is to protect your personal assets. Keep them as far away from the front line of any potential litigations as possible. But for real asset protection advice, seek a good business lawyer and tax accountant. Just be prepared to find that not all know nor understand exactly how notes work.

Great advice throughout and I very much agree it is up to you and your comfort level. We have invested in rentals and hard money both, and find benefits both ways. Rentals more longer term but must account for all numbers (PM, maintenance, taxes, insurance, vacancy). We would not do it without a PM simply because our tolerance for dealing with tenants is not there, and we surely do not want calls after hours and weekends. Hard money is great short term money, but it is very short term and you always have to look for the next deal to keep your money earning good rates. A new area we have ventured into is performing mortgage notes. These can be structured for varying lengths of time and offer solid, steady return rates. This way we invest in real estate in a very passive manner. Notes are handled by a servicing company, similar to a PM, and any dealings with the borrower are through the servicer. Why own the rental property when we can own the cash flow instead? And oh, when investing through your self-directed ROTH IRA, earnings are not taxed. Slick deal and something else you may want to consider.