All Forum Posts by: Bill McCafferty

Has anyone had any success with Hardest Hit Funds or Public Assistance Programs for Borrowers in Tennessee? To be more specific, Non Performing 2nds in Foreclosure, either to reinstate the loan or pay it off. Thanks for your input.

LFDA.

Laser Focused Daily Activity.

That's the magic formula.

@Lee Gagnon

What I know about Maine Foreclosures. You can't Foreclose on a MERS LOAN, if the Assignment Chain comes out of MERS and eventually to your Company. It's the only state like that.

You end up needing to have the Loan Originator, assign it directly to your Company. Becomes difficult if the Originator is out of business and you need to find the Company with the Originator's rights.

Definitely talk to an Attorney.

@Gary Barella

Definitely talk to an accountant.

I have an S Corp and two LLC's. My S Corp is my Asset Management Company. It gets paid on commission and service fees, it doesn't own anything or owe any money.

My one LLC owns Property and my other LLC owns Mortgage Notes. Both LLC's own Assets and owe money. All my profits in both LLC's, get paid to my S Corp at the end of the year for Managing my Assets, an Asset Management Fee. This clears all my yearly profits off my books for my LLC's.

I run my whole live and expenses through my S Corp. It's taxed differently. I pay myself a Monthly Pay Check, through a Payroll Company. Creating W2 income. I pay taxes quarterly and monthly. I run all my Health, Life, Long Term Care and Disability Insurance through my S Corp. I literally run everything through it and let my Accountant figure out what I can write off.

My goal every year is to make $1k a day and show no profits on my books at the end of the year. Never easy, but that's my goal.

@David Ho

I've been doing it for over 10 plus years now and it has been pretty good to me. They need to be bought correctly and at the right price.

@David Ho

Please explain?

@Chris Seveney

The pleasure was all mine brother. Hope to run into this year. Love the FB page and the articles you post. Some good nuggets.

Thanks for the responses.

Question of the day;
What was your biggest motivation to start Investing in Mortgage Notes?

@Mark Sewell See my original post in this thread. My main investment strategy is Residential Institutional Non Performing and RePerforming 2nd Mortgage Notes. You maybe interested in that, maybe Residential Institutional Non Performing and RePerforming 1st Mortgage Notes or maybe buying or creating Seller Financed Notes yourself. Everyone is different and everyone has different goals. Everyone has their threshold on the amount of debt or funds they leverage. Just like the business you do now, find the people doing what you want to do with Notes and network. Education is key, events to attend are Papersource, Note Expo and the Distressed Mortgage Expo.