All Forum Posts by: Joe Daigle
Joe Daigle has started 10 posts and replied 66 times.
Post: Servicer asking for quit claim deed
- Posts 69
- Votes 21
My servicer asked for a copy of the quit claim on a note. Is that normal? And should it be a copy but not the original? Thanks for any info provided.
Post: Why is it so difficult to invest in Las Vegas, Nevada ?
- Posts 69
- Votes 21
What are you trying to invest in? Multi family, SFR, commercial, industrial, warehousing etc.
Jamie,
Thanks for your support. We are still reviewing our options. And should be deciding whether to go with your fund or not. If we decide to do it we’ll reach out to your team for assistance.
I appreciate the responses. It seems like mostly friends of Labrador is responding. Which can be considered a good thing. But I and some partners are looking to possibly invest in their fund. So we are doing our due diligence before deciding. I’m sure, those that responded will agree, there’s a lot of people raising money for note funds—-and not everyone is going to be stand up people or good stewards of the monies raised. So it’s not easy for us to entrust our hard-earned money with anybody.
Hey members,
Are any of you familiar with Labrador Lending? If so, what’s you experience with them? And, how long have you dealt with them? Also, are they consistent with their business plan? Any input will be appreciated.
Thanks to all who comments
Post: Are you still actively buying mortgage notes
- Posts 69
- Votes 21
Quote from @Joe Daigle:
Quote from @Chris Seveney:
@Joe Daigle
OMG over the past month their has been a ton of JUNK. We had dozen assets under agreement and we hope to close on 1 from one seller as the properties were awful. They also wanted top dollar and have no pay histories, vacant abandoned properties….
Chris, now that you've confirmed it. I know it's true. Being that you are by far seeing more paper than me. We only buy performing first position. And the saying should be " let the garbage roll." But that's to be expected—-it's also happening in the SFR market.
Post: Are you still actively buying mortgage notes
- Posts 69
- Votes 21
Quote from @Chris Seveney:
@Joe Daigle
OMG over the past month their has been a ton of JUNK. We had dozen assets under agreement and we hope to close on 1 from one seller as the properties were awful. They also wanted top dollar and have no pay histories, vacant abandoned properties….
Post: Are you still actively buying mortgage notes
- Posts 69
- Votes 21
We are still buying when there’s something worth it. But you’d better be careful—there’s a lot of problems being dumped on the market.
Post: Safe investments for all cash buyer
- Posts 69
- Votes 21
I’m in agreement with the others, you need to learn this business before you jump into it. It’s too sophisticated for any novice.
Also $1 million isn’t enough money for the type properties, it sounds like , you are seeking. And the Crenshaw area is the “ new” most gentrified area in Los Angeles proper. Look at Adams area from LaCienega to Arlington that’s all gentrified with hotels etc. So, there’s going to be some growth for years to come. But you need the knowledge to understand what parts and what properties, that area, are best to purchase. There’s a reason most of what you are seeing is still in tough parts of those areas.
Good luck!
Post: Safe investments for all cash buyer
- Posts 69
- Votes 21
Quote from @Don Konipol:
Here’s a general rule of thumb. If you have to ask a generalized question about real estate investing then you probably aren’t knowledgeable enough to adequately evaluate, manage, or negotiate a property purchase.
You’ll make many costly mistakes in your first few property investments. That’s with taking the time and effort to study and become knowledgeable about real property investing. Without the knowledge it becomes a crapshoot - will a bull market bail you out or will a bear market wipe you out?
Even with knowledge you’ll make mistakes - hopefully not as costly - because while knowledgeable you’ll lack experience.
You have no choice because bank rates are low? Over the long term treasury bonds will cover the rate of inflation plus about 2%. That’s one choice, especially while you are educating yourself in real estate investing. CDs, money market funds, mutual funds, bonds, TIPs, REITs, closed end funds, syndicated real estate deals, high interest private real estate loan funds, plenty of choices.
And one more thing. 80% of property managers do not perform adequately. Either because they’re incompetent, unmotivated, over worked, have other more important business interests, are managing property as a sideline or lack people skills. The 20% that do perform adequately have more business than they can accept, and often turn down offers. Finding an adequate property manager for a war zone property may be impossible. I know many people who purchased war zone type units and were relieved to sell after 12 months. They made money, sometimes high cash flow, but looked like they aged 10 years in those 12 months. Please be cognizant of the fact that purchasing a apartment complex, especially a small class c or d complex in a less economically strong area is not anything like investing in stocks, mutual funds or syndicated real estate deals. It’s at a much higher level of intensity, commitment, and risk.