All Forum Posts by: Bill McCafferty

I utilize Servicers, but handle my own Loss Mitigation and Workouts.

I learned long ago to manage everyone and to control the deal, if you want to last in this business.

I buy and manage bank originated mortgages.

Welcome to Note Investing. It happens all the time.

I purchased 3 RePerforming 2nds in January. It went great. I like it.

Out of my last 20 2nd Mortgage purchases over the last year and a half, 15 have been Re-performing 2nds for that reason. I'm getting better deals on Re-Performing 2nds, than Non-Performing 2nds.

@Martin Saenz

I get asked that same question weekly. I agree 100% with your answer. People need to put their time in, network and build relationships.

@Chris Taylor

Thanks. I always think it's best to get started buying RePerforming Loans. It allows you go through a Note Transaction and get set up with a Loan Servicer, with cash flow coming right in.

There's opportunity with both Institutional and Seller Financing. The same with Non Performing 1st and 2nds. I know with Non Performing 1st you exit through the Property more and with Non Performing 2nds you exit through the Borrower more.

@Brent Shields

That's a very difficult question to answer. I manage Non Performing 2nds for Clients. The Clients pay for the Assets and all the expenses involved, they all have Capital that they carry.

I have my own portfolio; which is my Company, SDIRAs and a HSA. I do it full time. It's been my family's main source of income since 2011. I don't get to caught up with calculating my returns like others. There's lots of money to be made and lost. The losses become write offs. I know that didn't answer your question.

@Chris Seveney

I agree 100%. By a RePerforming Note first. You will go through a Note Transaction. You will set it up with Servicer. You will see the Collateral Documents. You can put it into your system. So much to learn from it. I always recommend that.

Slow and steady wins the race.

@Bob B.

Since 2008.

About $15k for a long drawn out contested FC, in FL, IL NJ & NY.

I've been sued a few times; any where from $20k to $60k. Not fun.