All Forum Posts by: Joe Yobaccio

I have had this note since 2020 and the borrrower had made all payments and many months, made 2 payments.  The balance is about $77k and at 6%, will take 241 month to pay.   The house vaule is $160k-$200k and is in Illionois. 

The loan is being serviced by Madison Management and the original documents are with KC Wilson, Custodian.  This was originated by Chase and is not seller fianced. 

This offer is for a passive investor and I won't be discounting the note.   But, if you are an investor and take this down, I will also give you a revenue share in my business for 2x o 3x the $77k.  

I have all of the documents on a link, but will only send once I speak to the potential buyer.

I am open to a JV where I stay in and take $0, just to not trigger a sale and tax and I can help manage the note as I have gotten to know the owner.

I would like to only be direct contacted at 760-622-6652, call or text.  Joe  Yobaccio. CA DRE 01445108.  I'm on PT, so call or text after 9am PT to 10pm PT. 

Thanks!

@Chris Seveney where are notes sold on Bigger Pockets? I don't see a classified section.

@Kim Hopkins  I have been searching for the same thing.  I want to track exactly what you do as a service for my investor clients, but not get into property managment.  All the big softwares are for Property Management.   Did you every find a 3rd party service or just continue to build your own?    

@Chris Seveney thanks!   My next challenge is finding and partial buyer who will do it without taking over the entire note.  I am on Paperstac and JKP, but not Note Exchange or LoanMLS.  I have been looking at local private lenders, too.  Any suggestions?  I in in Los Angeles, Pasadena, specifically.

@Chris Seveney I am trying a simpler version of a loan partial, but want to keep my name on the note and Colllaterlize it for safety of a lender and would like some feedback on the terms.  If I Hypothicate and get a loan for $35k, I use the note as collateral and pay the loan like any other loan.  Or, if I  sell $500 of a $600/mo payment, I'll create a Ammortization schedule for the borrower and their payment comes from the Servicer.

I prefer to use the Partial method and also Collateralize the loan.  This would be with just one Partial buyer or you might call that person a lender.  This seems better for me as the loan is really just part of the payment and not another personal loan.  Any feedback on setting up loan partials this way?

@Lauren Sanford  Have you sold or purchased a Partial, but kept the note in your name and used a Collateral Assignment to protect your partial lender?   I'm selling a partial like this: $35k for 128 months of $550 a month at 15%.  I am planning on paying early and will use an Ammortization shedule.  My note is a performing 1st and I plan on setting up the lender with Madison Management so that the payments on the Partial come from the performing loan. But, that sounds like a Loan Partial.   I am not going to assign my full note, but will use a Collateral Assignment. Any feedback?  

@Alecia Bolton We are looking at selling a partial and most of the educational sites differ on who the Collateral belongs to.   You buy or sell? When you buy,how do you protect your investment, other than the formal agreement?  Do you get put on the note as another Party to the Note?

@Sean OToole, On the Propert Radar web version, there is an export option Wise Agent.  They do say they partered with Property Radar, but that they do not support property views, only contacts.  So, any list I export, will not stay as a list. Ie, I make a list of 800 homes in Los Angeles and distressed, that list will not stay as a list when exported.  Seems very inconsistant with what Property Radar is for.  I love the idea of using a CRM to enhance my ability to work on a list, but why did you choose Wise Agent?  Are they explaining it wrong?  

@John McKee on the 1500 sq foot spaces, besides cash flow, do they appreciate much?  How hard are they to sell at a gain?

@john mc

@John McKee I had RPL notes at a 15% yield in 2017.  Where are you now finding thise?