All Forum Posts by: Ryan K.

I purchased two vacant Bella Vista, AR lots from him in 2015 for $12,000 each. These lots were presented as the best within the development hand picked by Ron himself for the greatest appreciation in the years to come. I've tried to sell these lots for $1000 over the past year and been told due to their location/slope, they are undesirable/worthless. Local agents informed me that often these types of lots are purchased just to gain access to the golf amenities. Ron pitched these as a great way to gain appreciation and acquire more turnkeys upon their sale. The lots remain listed and I'm unable to sell them.

I believe I fell victim to trusting a "property coach" and have learned my lesson. I would tread carefully with his group.

My wife and I will be there! Looking forward to finally being able to check it out. 

Thanks for all the help!

I have the opportunity to lend on house we rehabbed. Would be owner-occupied. Title company states that they can simply originate the note and I can even service it myself. From what I’ve read it sounds way too simple and I’m likely to violate lender laws in my wonderful state of CA. 

How/who do I safely originate a loan on these properties? Is it really as simple as letting the title company record the note that lender/buyer agree to?

Bumping topic for same questions.

Originally posted by @Mike Hartzog:

I think the straightforward way to do this for performing notes is to report UPB as the FMV. Any P&I payments received can be disregarded because these payments go into the account as cash and are now a different asset in the account (cash) which is valued on its own merits, hopefully at face value :-). If the note is underwater, one would want to make some adjustments in FMV to take collateral value into consideration. NPNs could be valued based on cost basis + expenses.

 I did forsake the detail that all are performing. It appears everyone is seeing this the same way and I appreciate the validation. Thanks for taking the time. I'll head in for a conversation with him next week and see where I get. 

The (newer) custodian of my SD401k is requesting an annual real estate appraisal for each note I hold within the account. As in, pay for a house appraisal each year for each note. This can’t be right, can it? Shouldn’t the FMV simply be the UPB as reported by my servicer at year’s end and satisfy the IRS’ requirement?

@David Greene  I enjoyed the podcast...and I even listened to it!  I heard a hard working guy that was determined to change his future instead of complaining about circumstances.  It takes a huge amount of courage to lay your business out there like that.  Thank you!

I use the same note "strategy" within my portfolio.   There's no secret sauce here, just another way to play and maybe add some diversity to the portfolio.  I didn't hear anything about NPLs in the podcast...purchase of re-performing, yes, but not that David is doing the work out.  Not sure how all that talk came into this thread.

If I say I invest in turnkeys, a potential investor would be wrong to assume EVERY turnkey is awesome!  Paper is the same.  Amazingly, I'd still take the note warranty over Wall Street any day...but without equity, you are investing in the selling company, and not the asset when that's the exit strategy.  (That being said, I'd sleep just fine with VanHorn at the helm).

Just wanted to say good job, sir.  I'm sure you'll inspire more than you'll know.

Ryan

At what point Is a broker's license required?  If so, is it state specific and what does acquiring the license involve?

Why does the post title say Jan 5 and the event description states 02/05/2016 at 06:30PM?  Would like to attend, but might be a month late!? :)