All Forum Posts by: Nick Patel

Hi All,

I am searching for REO Insurance for my property in Maryland. Any recommendations for REO Insurance company and their contact information?

Thank you,

Nick Patel

@Mark C.

I just used QuestIRA and was very happy with my first IRA purchase. In order to use a Lender or refinance your loan has to be "nonrecourse" loans.

Some of the nonrecourse loan QuestIRA recommended to me was:

North American Savings Bank, Icon Bank, Texas Republic Bank, and Blue Bridge.

Good luck!

Chris,

Yes, I can use your referral If you don't mind sharing a good attorney's contact info. 

Thanks,

Nick Patel

Thank you, Chris, for your feedback. It was very helpful in getting me started in the right direction with the forms. I used my local business newspaper to find FC attorney. Thank again,

Thanks, Everyone for your feedback.

@Jamie Bateman : yes, both (note and the LLC) are in MD.

I have learned the some of the applications are in the hold status and DLLR are backed-up with new applications... They used to allow 3 notes per investor but they don't do that anymore.

Per @Chris Seveney - I am in process of working with FC attorney. Is "Debt collector license" same as  "Debt Management License" (https://mortgage.nationwidelicensingsystem.org/slr...)?

@Brian 

@Bob Malecki - I see your point. You have servicing companies that can handle consumer debt in the middle. For a small company, it would be too much burden to get a license and something you will not use for anything (Note buyers are just a passive investor). 

Side topic: If you consider consumer Debt, then same law should apply to all 50 states and one license should satisfy every state? Too many fragmentations. Maybe this can be a good argument for our politician. :-)

Thanks, everyone for your contributions.

Does anyone know whether you need to be licensed to invest in non-performing notes (1st lien) in Maryland? I called Maryland State board and was told that as a company (LLC or solo Propritership) I am required to have a Mortgage lending license in MD under my LLC. I felt like she may have misunderstood my question or I was not detailed enough on my explanation. I want to ask BP expert on their experience and knowledge to confirm this information is accurate.

After looking at the Maryland licensing requirement, it seems to be a lengthy and the costly process. Plus yearly renewal. My point of view is that if I have my servicing company doing the outreach and all of the legal requirements then why do I need to be licensed (my LLC is just a passive investor with no direct contact to the borrower)?

Thank you in advance for your reply,

Nick Patel

I just attended Scott Carson's March 2018 Virtual Note Buying Workshop. I am a beginner in a note industry and I wish I took this class earlier. I just purchased my first note on a vacant home (time will tell heaven or hell). In his workshop, he talked about few sites and systematic ways you can get started purchasing assets. For me, it was more about asking questions. He had some guest, like Madison servicer and Quest IRA...

Some of the things he provided are:

Deal flow, IRA, JV, Asset manager email, fund & banks to get notes from...

I just subscribed to https://noteforceacademy.com. Money well spent $97 for beginners.

@@Sandra Lee , @@Brian Watkins,

Have you found any online sites that allow us to search claimants current contact, can you share here or PM? How is this program "overages" is working for your?

Thanks,

Nick P

Please add me to your list 

Nick Patel

[email protected]