All Forum Posts by: Account Closed

This maybe the best and most entertaining thread on Bigger-pockets. I have to say that some of the people here have been privately very helpful to me. I definitely think that there are very few good points made by everyone here but I don't think it needs to get personal. People use this website and forums so they can be "vulnerable" if you will. You cant ask these question or share these concerns with other people within your direct market because it will make you...well vulnerable and people will question your knowledge, etc. This is website that allows people to ask, get educated and eventually profit from the knowledge they learn (while in turn developing a larger network. I can tell you that I posted about Bank Notes not too long ago and the people I private message have messaged me back and have been extremely helpful. There are so many guru scams and promises not kept out there. Its very difficult to filter who is and who isnt legit. Most aren't. I will however say that a lot of people on the website have said nothing but great thinks about Scott Carson and im considering taking is virtual class. With all this being said, I still have a lot to learn, but like in typical real estate, its very difficult these deals to find a steadily stream of good deals. It is so competitive now that its become very hard to establish real relationships with brokers, lawyers, asset managers, etc. Everyone is sending crap deals. So if someone is keeping this information close to the chest, I don't blame them. But I would say that perhaps if you offered to pay "matchmaker fee" then perhaps they will be ok with it. I actually did this with my group when we bought 2 ALF (Assisted Living Facilities). The person who would otherwise invest does not have the capital and gets fed terrific deals. He gave us the number to his source and every time we close on something he gets a fee. He has gotten paid twice. With that being said im open to doing the same for bank notes.

@Daria B.

I wouldn't say that I'm opposed to a JV. I'm saying that it would have to be under the right circumstances. If the JV has the type of terms and criteria that I'm comfortable with I would definitely be interested. I just don't want to get scammed and be lied to.

@Daria B.

Thank you so much for your response. It seems the consistent advice here is to partner up with someone and be a JV or a silent partner. While I appreciate this advice, I wouldn't look to do this unless this came with a mentorship and a true understanding that I will eventually do this on my own. I have a fund that I manage and while we have JV's on various projects, I'm not sure we would be ok with the JV partnership unless we really got the mentorship with it so I can fly on my own if you will. I don't want to be buying peoples' "trash" or notes they are looking to get rid of themselves. I'm looking for either someone to mentor me and really put me through a bootcamp (in this arrangement I would be open to a JV) or just answer my questions. Unfortunately, in this business there are lot of scammers and dishonest people promising to make you a millionaire if you give them a ton of money to "guide" you etc.. I'm not saying any of those people are here but I think you get where I'm coming from.

To answer your question on who is sending me excel charts with lists of notes, I have been contacted by brokers (I guess as I learn more about this they are more like flippers then anything else) who I have met or have been introduced to outside of BiggerPockets.

@Scott Carson

Do you have information on your next class? Do you offer private mentorship?

@Patrick Desjardins,

I guess I can answer this by saying that when people learn about notes, more often then not they aren't told about the thought process they need to put into it. I readily admit that I fall into this category. My goal is to acquire loans that are either performing or non performing that have a significant amount of equity built into the property (I don't think Id look at anything more then 60%-65% LTV unless the property is something unique or in an AAA area). I would only look at first position notes. There is more that I would look at but for now I think that's enough to answer the meat of your question.

I welcome your input privately as well. Thank you

Hello Bigger Pockets,

I am looking for more information on how to get started in this. I have done some initial research online while also connecting with people. I have heard a few different things about whether or not one can truly get into this business.

I have two questions. First, is LOAN MLS a legitimate site that sells real notes? Second, I have been approached by various brokers telling me they can get their hands on NPN and PN notes and sell them to me (of course for a fee). In fact, they have sent me excel charts with a list of both NPN and PN. But I'm a bit skeptical because there are a number of places online that say that these notes are only available to the big boys.

Any help, information or direction would be greatly appreciated.

Thanks in Advance

I know this conversation concluded long ago and I'm a bit late to the party, LOL. But what about a website like LOAN MLS? Is this a legitimate site that sells real notes? I also have various brokers telling me they can get their hands on NPN and PN notes. In fact, they have sent me excel charts with tons of notes. But now I'm a bit skeptical after reading the thread. Can anyone tell me how this is so or if the LOANMLS website is actually legit?

How is this off market if it is on MLS?

@Devon Garbus I am VERY interested. Is this still available?

Still looking...any takers?