All Forum Posts by: Account Closed

@Glen Doering I'm going through a tape of assets and looked up the borrower on the Missouri courts website which lists all criminal and civil cases and the income tax lien showed up there as a judgment in a case of the borrower vs the Missouri DOR.

I forgot to add - state is Missouri.

Hello Note community

I am doing some initial due diligence on a deal and discovered that a borrower has a state income tax lien against their personal property of $11K. Has anyone had experience with this? If I were to buy this note and have to foreclose, should I assume that I would be liable for the income tax lien or does that stay with the borrower?

Thanks!

@Travis Hughes That is one of the concerns I have before jumping in head first!

This is admittedly a newbie question. I understand how non-performing note investing works and the different exit strategies.

A few questions:

- Do you need a license to buy, rework and then either sell or hold these reperforming notes?

- Who are the key members of the team you need to make this happen and run smoothly?

- An attorney - is this one who is local to you or the jurisdiction the note is in?

-A servicer

- Someone to help with due diligence

Are you able to do all due diligence before making a bid or do you have an opportunity to do that afterwards? Most of the information I see in a tape is useful but doesn't give me everything I need to know.

Thanks!

Ken

@Pavel Sakurets do you have to be an accredited investor to pursue the strategy you are talking about?