Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Mike Colucci

Mike Colucci has started 5 posts and replied 39 times.

Post: Mortgage Note Investing

Mike ColucciPosted
  • Posts 39
  • Votes 5
Quote from @Bernard Joseph S.:

Daphne Wilson is another to look into. Very thorough course that has helped my wife get started, but I believe she only does seconds. Shes clear on her reasons why and it makes sense. We will be looking to get into firsts eventually as well. Many ways to make money in this business. Keep all of us updated on what you end up doing.

Thanks @Bernard Joseph S.; I'll look her up.

Post: Mortgage Note Investing

Mike ColucciPosted
  • Posts 39
  • Votes 5
Quote from @Mark F.:
Quote from @Mike Colucci:

@Chris Seveney and @Kimberly Banks Fawcett thanks for your input guys. I wasn't committed to purchasing anything from him; actually his business seems to be more focused on the non-preforming side of note investing. I wanted to throw his name up here and see what more experienced investors had to say about him. I've been checking out some of the people recommended by Marco Bario above.

I think what I need is some kind of course that will show me the "nuts and bolts" of how to do note investing. Like how and where to buy notes, how to do the due diligence on them, how to run the numbers on them, & how to market your business to grow it etc.

It's great to read blog posts, books, and watch YouTube videos about how great note investing is, but once you've made the decision to jump in, a beginner like me needs some guidence or "training wheels" until I'm comfortable with the entire or, at least, most of the process. I've noticed Tracy Z and Fred Rewey of www.noteinvestor.com comes up in a lot of posts for cost effective basics training.

 Look into Dan Deppen at Fusion Notes. I've heard good things about his course. He has a podcast I really like too called the Note Investor podcast. I believe he may be on BP too but cant tag him. 

@Mark F. I haven't looked into his course yet, but his name is another that others on this site have recommended in other threads or me personally. I'll definitely be checking him out. Thanks.

Post: Mortgage Note Investing

Mike ColucciPosted
  • Posts 39
  • Votes 5

@Chris Seveney and @Kimberly Banks Fawcett thanks for your input guys. I wasn't committed to purchasing anything from him; actually his business seems to be more focused on the non-preforming side of note investing. I wanted to throw his name up here and see what more experienced investors had to say about him. I've been checking out some of the people recommended by Marco Bario above.

I think what I need is some kind of course that will show me the "nuts and bolts" of how to do note investing. Like how and where to buy notes, how to do the due diligence on them, how to run the numbers on them, & how to market your business to grow it etc.

It's great to read blog posts, books, and watch YouTube videos about how great note investing is, but once you've made the decision to jump in, a beginner like me needs some guidence or "training wheels" until I'm comfortable with the entire or, at least, most of the process. I've noticed Tracy Z and Fred Rewey of www.noteinvestor.com comes up in a lot of posts for cost effective basics training.

Post: Mortgage Note Investing

Mike ColucciPosted
  • Posts 39
  • Votes 5
Quote from @Don Konipol:
Quote from @Mike Colucci:

@Jay Hinrichs the whole reason I'm getting into notes is because I can't find any properties to buy with the money I have. I'd like to invest outside of my area, but I would rather do it with notes rather than owning the property and trying to sell it. I read a post somewhere on BP that partials are like note investing with "training wheels"; if that has any relevance, that may be the path I need to take. Thanks again.

Some of the best properties I purchased were properties I first financed.  We financed a retail/warehouse in which the owner ran into some trouble the third or fourth month into our loan.  Apparently, he mis estimated the amount he would have to either spend on tenant buildouts or the amount of free rent he’d have to give tenants if they did their own buildouts.  While he had negotiated a great purchase price, he lacked the financial acumen to make the property truly profitable.
we purchased 60% ownership from him, and as a result he was able to pay off $200,000 in credit card, personal loans, and family loans he incurred.  Further, we provided $180,000 for further improvements, and restructured the leasing effort to have fewer, but more stable tenants in larger spaces.  Finally, we refinanced the note we held at 12% interest with a bank mortgage at 4.25% for 20 years.  We just had an offer at twice the price we paid, which we turned down.
I don’t know if you can find deals like this in todays market when looking for a property to buy; certainly not on the sites like Loopnet, etc.

@Don Konipol the type of property I was looking for was a condo that I could rehab and rent out; my funds are limited with what I can buy, especially here in South Florida. 

Post: Mortgage Note Investing

Mike ColucciPosted
  • Posts 39
  • Votes 5
Quote from @H. Jack Miller:
Quote from @Mike Colucci:

@H. Jack Miller that's great advice, but what are the companies you are referring to? I'd be happy to check them out. To be honest, I really don't know much about this; I thought note investing was just purchasing a note, doing your due diligence, finding a servicing company, and collecting the payments, with the hopes that the borrower doesn't stop paying. 

Gelt financial the only I founded is one of them. 

@H. Jack Miller, thanks for the response, but I think before I jump into buying, I definitely need some education first, But I'll keep your company in mind.

Post: Mortgage Note Investing

Mike ColucciPosted
  • Posts 39
  • Votes 5

Has anyone here done any kind of education or training with Scott Carson at We Close Notes .com? Any recommendations with that site?

Post: Mortgage Note Investing

Mike ColucciPosted
  • Posts 39
  • Votes 5

@Jay Hinrichs the whole reason I'm getting into notes is because I can't find any properties to buy with the money I have. I'd like to invest outside of my area, but I would rather do it with notes rather than owning the property and trying to sell it. I read a post somewhere on BP that partials are like note investing with "training wheels"; if that has any relevance, that may be the path I need to take. Thanks again.

Post: Mortgage Note Investing

Mike ColucciPosted
  • Posts 39
  • Votes 5

@Marco Bario thanks for the link, I'll check it and maybe reach out to them through their website.

Post: Mortgage Note Investing

Mike ColucciPosted
  • Posts 39
  • Votes 5
Another question I had: When you do a partial note investment, as some have recommended above, is it like partnering with someone on a note? And if so, do you review all the due diligence docs associated with the note? Is that how you begin to learn the process?

Post: Mortgage Note Investing

Mike ColucciPosted
  • Posts 39
  • Votes 5

@Marco Bario Thanks for the recommendations. What is that mentoring group all about with Tracy Z?