All Forum Posts by: Bill McCafferty

@Chris Seveney

Thanks. My Mentor told me early on, to track the data. The data will tell you everything in the Note Business. So I track, everything. The data doesn't lie.

@Chris Seveney

I've went through 84 FC Sales from the 2nd position.

I've been bought out at 12 of those Sales, by 3rd parties bidding at the Sale.

47 Borrowers resolved it Post Sale during the eviction process.

3 became Rentals.

The remaining didn't work out and the 1st Mortgage ended up Foreclosing on us.

@Bob Malecki

I don't know of any services that would do that. Calling the 1st Mortgage Servicer's automated system per loan or checking the Credit Report are really the only two methods.

My biggest fear?

Since I do this full time and it's my main source of Capital to support my Family (Wife & 2 Kids). I always fear that I can't continue to do that. Which is what puts the fire in me, I don't ever want that to happen. I love this business and need this business.

After numerous monster years, I fear not being able to that year after year. The fear motivates me to never let that happen. It comes down to me, making it happen.

I need to stay focused and put the time in daily. Keep pushing forward, no matter what happens.

I never fear losing money or lack of product. I've made lots of money and lost a lot, it's a roller coaster ride. The Product will always be out there, it's definitely harder today, than it was after the 2007 crash. Build relationships and networks.

@Bob Kessing

Thanks. I agree about the Dual Monitors, I love them. I could never not have them. It makes everything so much easier.

I'm seeing what Desktop Computers and / or Laptops others use in the Business? Do you use dual Monitors? Do you use ethernet cable or wireless for your internet connection? Thanks.

I just processed my 310th Deal in the Non-Performing 2nd Mortgage Space. 202 Workouts & 108 Discounted Payoffs. Feeling Blessed and Thankful.

If the motion was granted to strip the 2nd Mortgage in a Chapter 13 BK and the Borrower completed the BK Plan. Once the Borrower is discharged from the BK, the strip happens and the lien is no longer valid. It's the Note Owners responsibility to record the Mortgage Release / Satisfaction in the County Records. I usually draft it & execute it, I than send it to the Borrower's Attorney to record, so I don't have to pay for.

As bad as the situation turned out, we as Note Investors need to see things through. Even if years have passed by, the Mortgage Release / Satisfaction needs to be done.

I've bought 6 Notes in 2019. My Goal is 18 for 2019.

5 Re-Performing 2nds. In CO. FL. IL, NC & VA.

1 Non-Performing 2nd. In IN.

@Chris Seveney

My two biggest team members are my Accountant and my Quickbooks person. My Quickbooks person works for my Accountant.

I track every expense, in and out of my Companies. I actually have a little black case, that's my Traveling Check Book Ledger and Account Tracker.

On the 1st or 2nd of the month, I scan in all my Account Tracker Sheets (basically regular paper for each bank account, with every transaction written down with a description. I put these in a Dropbox Folder with all my Bank Account Statements, Spreadsheets (I'm an Excel freak) and Note Servicing Statements. My Quickbooks person has access to that Dropbox Folder. She goes in and handles all my Accounting and Quickbooks monthly. I don't even need to talk to her. It runs like clockwork. Each of my 3 Companies all have there own set of Quickbooks, we do the web based QBs.

I handle all my Checks and Deposits into my Accounts, but leave the Quickbooks to her. My eyes are always on my Money, since I track every thing. I concentrate on getting deals done, my Clients and buying Product. What I call money task. That's my system.