All Forum Posts by: Eddie Starr

@Brian Lopez Welcome! I'm located on the Spokane, WA side. Greetings from the Inland Northwest!

@Doche Adonis Good luck with your endeavors, and good luck on finding a niche or two to specialize in.

@Scot Savarese

Welcome. I'm a US Navy Veteran. My dad was in the USAF, and retired to Tampa, FL, back in 1991. I lived my teenage years, and 20s there. I was stationed in Japan, just days before 9/11. Returned to Tampa, before going out to see the nation.

I still have some friends and family back there, so plan to return to the area in the (near) future.

Brokering deals. Wanting to get some feedback, so when I start approaching some buyers, I have a better education of what to offer, and to expect.

I'm currently doing research, so guidance is helpful. 

I'm looking for some advise: what you would like the broker to provide, for due diligence. What I would do is provide the tape from the financial institute, and then, they can tell me what information they want on the notes they're interested in.

I would consider offering the following:

• Crime summary of the property's location from Trulia.
• All the county tax information (usually from the assessors), including the city's info (eg, taxes).
• Comps and ARV/FMV, upon request, for those whose plans include taking possession of a property, and may want to sell it.
• Rent averages, for those whose plans include taking possession of a property, and may want to rent it.
• Title information from a local title company.
• General city stats (so they can have some ideas of the local market).
• What else?

Would you protect brokers / consultants with a fee agreement, and what would you include? Would you include, in the agreement, that you would work directly with the broker, not bypassing them, with them agreeing to provide the above due diligence for you?

Thanks for your help!

Hi, @Richard Allen and @Scott Carson

Thanks for your feedback. Right now, I'm still in my research phase, so feedback is helpful!

So, what about title companies, Transactional funders, or Hard Money Lenders?

Through various articles, I've read that the following are some good sources to buy notes, both performing and non:

• Private note holders
• Hedge or private equity funds
• Note exchanges and marketplaces
• Special servicers
• Banks and credit unions

Regarding the last point, from what I've read, it's usually not a good idea to go after big named, national banks, for note buying, especially as a small investor...unless one has raised a lot of capital to do so, and even then, not usually advisable. Generally, one is better off going to their local banks/credit unions, to find notes; NPNs in particular are better, as they generally aren't going to sell performings.

I've heard mixed feelings on exchanges/marketplaces, ranging from those are the notes that people are trying to sell off, as no one else will buy them, to it's a good place to get a note, at retail, with [sometimes] less hassle.

I was wondering, would a title company be a good source, especially for NPNs? 

Also, for NPNs, would Hard Money Lenders be a good source? I know not everyone who gets a HML is able to do the flip, so the HML winds up taking the property, which may not always be their goal.

Would those who provide Transactional Funding be a good source? I know sometimes they fund a deal for more than 1 - 3 days [I think some may go as far as 60 days], so "stuff may happen."

Any other sources to look for notes that the community would like to share?

So, I'm looking to build a prospect list of small, local banks and credit unions, to start my research for NPN. Doing some research and due diligence, for my own education.

The advise I have read states to look at FFIEC, FDIC, and NCUA. The data suggested to use is the Call.

So, I downloaded the Call for a bank in my area, and looking at the information, all I can say is WHOA!

How can I find the information I need, to help me determine what I need for the NPNs? The site has a system, but I hoping to be able to find the information through BP, without having to be paying a few hundred each month for their "system."

My company provides freelance virtual bookkeeping services, and may be of services.

Do you currently use any software, like Quickbooks (desktop or online) or Xero?

We usually do a flat rate, as opposed to hourly. Are you looking for monthly, quarterly, yearly, or "as needed?"

Let me know, or send a PM.

@Ryland Taniguchi: Do you need in-house, or would you be willing to consider virtual? I'm based out of Spokane, but have contractors that I work with, regularly, out of state.

Depending on the condition of the books, we can offer a flat, monthly rate, or a per transaction rate.

What do you use? We have people who use:

• Quickbooks Online & Desktop
• Xero
• Excel
• Freshbooks
• Wave (limited)

PM me, and I can tell you what services we offer, and set a day and time to discuss specifics, if you wish.

Good luck!