All Forum Posts by: Account Closed

@Sean Dean, you can get comps from several sources. Comps being sold properties with characteristics that match your subject property. Like some have suggested, Redfin, Zilliow, MLS, Haines, CoreLogic can all give you comps. They will all display comps differently as well as how you're able to manipulate the data. Good luck with your search.

Your essentially paying down the debt of one Note with the debt of another anytime you purchase a new Note, pay out investors, etc, reinvesting the proceeds back into more Note purchases. That is unless or until you've cashed out of course.

@David Doyle, if you interested in expanding your learning into videos you might checkout NNG's YouTube training.

youtube.com/channel/UC0lWtwnlIPPSAdRZ5kpQJYw

They specialize in Non-Performing 2nd's. Fuquan also has a book out: Turning Distress Into Success: The New Book for Wealth Building, though I have not read it. 

If your looking at Non-Performing 1st's, @Scott Carson has a substantial amount of FREE information available on YouTube. Watching and listening to Scott's videos I suspect you could learn most everything there that you could in a book and not have spent a dime. I don't work for Scott though I have taken the Virtual Note Buying for Dummies course and it was clear, and packed with useful information. It's amazing how much free information is available online about Note Investing. To be clear I'm not saying that learning online or from a book will give you everything you need to invest in Notes. Only experience can do that. I hope this help. 

@David Doyle, I recommend Gordons book as well. I own it gave me another perspective to buying 2ndNPN. I would also go one further and recommend Jimmy Napier's book, Invest in Debt. It is the standard in running the numbers. 

I've went through the Note Mogul e-course and 2 other "guru" courses. In comparison to the 3, the Note Mogul course was valuable and an easy recommendation for the money. 

@Bill S., thank you for the advice Bill. It's certainly appreciated. I share your sentiment about worrying about what's important for the short term. Then adjust later. 

I just wanted to see if there were  opposing views on the topic from those actually in the Note business. 

I'm about to start a business entity in California but I'm not sure which entity structure would work the best for my Note business. Currently my focus is on seller carry back notes, but I'd like entity to be flexible enough to accommodate other Note investments like 1 & 2nd Notes, performing and nonperforming. Also, it would be flexible enough to handle actual real estate since given enough time I'll probably end up owning some property. 

My plan was to start an LLC in Wyoming for its asset protection qualities. Then open a California LLC and have it be owned by the Wyoming, LLC. If I understand this correctly, in doing it this way the California LLC would "adopt" some of the business protections so to speak of Wyoming's state laws. I welcome someone setting me straight here if I'm off-base. I've already completed the first part of this process and am now on the California part, but questions about irrevocable trusts, and hybrid trusts got me thinking about other options. 

I was told by some to start as a sole proprietorship (SP), then once business picks up I could change the business entity type. Staying small, uncomplicated and inexpensive in the beginning would be best, as is obvious.  

What about an irrevocable trust? What a SP best for me right now? Is my thinking about the LLC the right way to go about it.

I'm looking for asset protection, tax avoidance and a way to pass the business to my heirs as smoothly as possible. 

What was your choice and why? Have you considered a trust? What was your conclusion? I'd like feedback from those who've actually went through with this process. 

I look forward to hearing your responses and let me say in advance, thank you so much for taking the time to read this and/or respond. 

I formed my company in Wyoming in part after researching https://www.wyomingagents.com/corporation and https://startupsavant.com/incorporating-in-wyoming.... 

For an opposing viewpoint, checkout:

https://www.strictlybusinesslawblog.com/2011/09/05...

From what I understand about asset protection (so take my advice with a grain of salt!): One way around the authors issue is to have the out-of-state LLC own the in-state LLC. In this case the in-state LLC will be protected by the out-of-state's business laws. This same logic of course applies to whatever state you incorporate in as the parent.

Drew, as a starting point you might start with notes seasoned for at least 3 months and not more than say 3 years ago. That'll get you started. The caveat is that every investor is different so choose a methodology that works for your business model. 

@Jay Raught, I like the Note investing strategy much better than the other REI strategies, but right now being a newbie, I've gotta go where I have the most local support and that is in the other REI strategies.