All Forum Posts by: Ken Biggs

@Andy Mirza So, the note seller is providing the BPO or you're retaining a BPO firm to provide a BPO for comparison?

Hi @Jeff V.,

What a great local resource!  I'll definitely reach out to Robert. Thank you!

Thank you @Andy Mirza, a title company is one I need to add to the list.  The Broker Price Opinion company is a new one for me.  I didn't realize there were national firms that could handle BPOs in any market.  A little research and I find that there are.  Do you use a BPO firm on all your notes or just under certain circumstances?

Thanks @Darren Eady, that's a good recommendation.  If I can't find an experienced mentor that will guide me through the non-performing maze, I'll definitely look at performing notes first.

Hi John,

I understand that the 1st lien holder could foreclose and sell the property and the 2nd lien holder may receive no compensation if the property sale did not generate sufficient funds.  I understand the 2nd lien could be removed if a borrower completes a Chapter 13 bankruptcy and the property value is not sufficient to support the secured liens.  I also understand there might be other circumstances attributable to the note itself or servicing of the note that would cause loss of 2nd lien rights.  I think that about covers the ways I'm aware a 2nd lien note can be removed.

I'm getting conflicting information about the difficulty of developing relationships with banks to buy notes directly.  Some say it's an insurmountable task for an individual investor, and others suggest it's possible and worth the effort.  I'm not sure what to believe at this point, but I'm not expecting to purchase my first notes direct from a bank.

Thanks for your response!

So, first off, I'm a newbie.  I've done some research and networking and now I'm ready to put together a team to get started investing in notes.  I'm most interested in non-performing 1st and 2nd lien notes.  I'm reasonably proficient reading legal contracts, but have no particular experience deciphering notes.  I'm comfortable calculating present/future value of notes.

I'm thinking I need:

1) A mentor to partner with on a few deals to get started.

2) A loan servicing company

3) A real estate attorney

4) Ongoing sources of notes as close as possible to the loan originator.

What other resources and team members should I bring to the party at this stage?  How would you go about researching and locating team members?

Wow, everyone is so friendly!  Thank you for the warm welcomes @Jacque Fairbourn, @Fernando S.,@Mike Hanna, @Randon B., @Scott Carson, @Kelby K. and @Liz Conyers!

Currently most interested in hard money lending and non-performing notes.  Boy there's a bunch of training and research to do!  BiggerPockets forum has been a great resource so far!