All Forum Posts by: Nate Crump

Thanks @Doug Smith, I will definitely keep those things in mind. In my very short dive into this area, it has definitely seemed true that ideas about how notes work, legally, are a bit scattered. I'll continue doing my own due diligence for sure. Thanks!

Thanks @Account Closed and @Tom Goans .

Getting legal advice before I set up an entity for this purpose is definitely something I would do anyway. I appreciate the responses.

I don't mean to hijack the thread and change the subject too much, but I was wondering, I have read in a few places about making sure there is "recourse back to the note seller". What I read made it sound like if you buy a note that is performing, and then it stops performing, there can be something in the contract that indicates the note seller was on the line for that, instead of just being something you need to work out with the person paying the mortgage.

Is that true? I would think that is all part of the game, and that part of the reason you are getting a performing note at a discounted price is because there is always a chance it can quit performing.

Would you need a license if you were truly in the business of just buying notes for yourself, with your own money, but then very rarely sold a note, because you didn't want it anymore? Say something along the lines of selling 1 note for every 10 you buy or so?

@Dion DePaoli I was a little confused by something you said. It seemed in an earlier post here you mentioned to the original poster that trying to get a 2nd NPN at 20% of UPB would probably get him a "Detroit Foreclosure", or something along those lines. In a later post, while agreeing with @Account Closed it seemed you said that a 2nd might actually be performing in the 15-20% of UPB range, while a NPN 2nd might only cost a buyer 2.5-5% of the UPB. I might be confused on something there, but it there an unwritten guide or general idea of what Performing 2nds, vs. Non-Performing 2nds might cost?

Thanks for the welcoming everyone. It looks like there are a few more people from Utah, so that's great. I hope to kick around and learn from you all.

Hello everyone. My name is Nate, new member from Provo, Utah. I've been lurking in the forum here for about 3 weeks, and finally decided to join. At this point I don't remember what I must have Google searched, but something brought me to BiggerPockets.com.

I'm hoping to find some people local to my area; I don't believe in my reading I've stumbled upon a single person from Utah. Hopefully there are some groups that meet as well!

I am new to Real Estate, but mostly came here with an interest in rental properties, and have been under the impression (whether it's true or not), that the more units in one area, the better. Because of that I like the idea of duplexes, fourplexes, etc., and then hopefully larger apartment complexes.

The only other thing is that the idea of non-performing and performing notes REALLY stuck out at me when I began reading about them a few weeks ago, so I am very interested in learning more about that!