All Forum Posts by: Bill McCafferty

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I don't JV, but I Manage Assets for Note Investors. I also manage my own portfolio. My main concentration, efforts and focus have been on NP 2nds for the last 8 plus years. I've been actively managing a portfolio of between 100 to 200 NP 2nds for the last 6 years. I would be glad to talk shop and tell you about my experiences. I've been paid on 259 NP 2nds since 2010. It's a messy business, but also very powerful. Best of luck.

Depends on your risk tolerance.         

The NPN 2nd Mortgage business is a numbers game. How good can you manage those numbers? What is your process and system to work these? Nothing is easy, you're not buying these at the price we are buying them at, because the borrowers want to call and pay us. The better the processes and systems, the better your outcomes. Only 1 out of 2 of these work out, with a normal payment plan or payoff. The art of this business, is what can you do with the 50% that don't workout normal; BK, Foreclosure, Short Sales, REOs, etc. The reality with this whole space is that, the loans have been sold around and worked before we receive them. All Funds and Companies have their reason for selling, when they do. Some think its a beat bad asset, I say let me buy it at the right Purchase Price and work it. I see opportunity, when others don't. I'm confident in my business model and process. Just my 2 cents from a full time successful 2nd Mortgage investor, who has turned 250 NP 2nd mortgages into Performing 2nd mortgages or some type of payoff in the last 6 years. It's about the purchase price in this space, your network and how you mange your back office. PPR is a solid company. I'm a successful PPR student. I personally have not bought off of PPR since 2013, but plenty of my clients still do. There are plenty of Funds that sell notes, like a PPR for what ever reason. I have found out that the best place to put yourself in this business, is around these funds.

SMR is a solid company.  Victoria is a good person.   I've done a lot of business with them.

These are my stats for 2nds.  I have worked out over 200 2nd mortgage deals in the last 4 years.

50% of my files are current on the 1st mortgage, the other 50% are delinquent or not knowing the status of the 1st mortgage (at least until we find out).

60% of my deals pay me in some way; a payment plan with arrears upfront or a discounted payoff.

The other 40% become; BKs, REOs, rentals, short sales and some don't work out.    To me this is where the strong survive.   The 60% are easy to work out, its the other 40% that you need to get good at.    Every deal is different.   

I'm very aggressive with legal.   I press with legal until the borrowers pay me; hand me the keys or file BK.   It allows me to take all the emotion out of the deal.  I make them decide.

There is only 1 assignment from MERS (within MERS).    The assignment would be MERS as nominee for the Originator to the first non MERS member.   This one assignment represents all MERS members.   That's my understanding.