All Forum Posts by: Patrick G.

What does the Vote feature do?

(thought I would ask here rather than create a new topic, found this topic in search and didn't see anything else answering the question)

Right now I'm using it kinda like a "thumbs up" good post feature.
Should I be using it more like a "this is the best post in this thread" feature?

I did try to search for this, but maybe didn't use the best terms, so I apologize if this has been hashed out a few times.

I've listened to a podcast (real estate guys) and read some on BP about purchasing Bank Notes in default.

My general understand is this:
It is a great hands on investment, you can purchase Notes (aka loans) for pennies on the dollar, then approach the home owner who is currently in default and work with him to either keep the house by re-working the terms of the loan. Or you can work with him to sell the house and pay off the loan. Or foreclose. So there is great potential for profit.

However the main stumbling block to most investers seems to be that banks will generally only group a large amount of these loans into a 'lot' (group of similiar notes/loans) and sell the lot for a large amount of money.

For the average person wanting to invest under $20k, they only have access to 'left overs' at around 50 cents on the dollar. Basically a large investor will purchase the lot, and sell off the lesser wanted notes/loans individually to smaller investors for a profit.

Please correct me if any of the above is incorrect. That is my general, limited understanding of the process.

My question is about the lot, or the group of notes/loans. Has anyone had any experience about the lots purchased from the banks?
What is the typical face value of the lot?
What is the typical purchase price for the lot?
How many loans do the lots contain?
How similar are the loans as far as geographical region?

I do understand there will be a wide range of answers depending on banks, market conditons, etc.
But are will talking about 1,000 loans with a face value of $200 million being sold for $4 million? Or are we talking about 100 loans with a face value of of $10 million being sold for $1 million? Could an investor purchase a lot with only $100,000?

Thanks! And once again, I apologize if this has been beat to death, I actually don't have a million dollars to invest I'm just curious.

Sure, there are tons, that's what makes America so great. None of them provide a steady paycheck though.

You won't get a certified in anything without your GED. Massage Therapy school costs about 10k. (My wife is a certified Massage Therapist)

The cleaning business, like the wholesale business, like the starting a taxi business, like the music business has great potential for making a good living, and low start up cost. Hence there is a lot of competition from other start ups. None of them have a garunteed income. All of them require long hours of work.

No offense Ricky, but you are jumping all over the map here. I don't think anyone one on this board is going to give you any other advice - YOU NEED A JOB. You need to work for a few years, build some capital. It doesn't mean you can't do any of the above on the side, but all those things are side things.

I can tell from the fact that you know how to properly use a colon, that you would pass the GED test. It's like a four hour test, go take the gosh darn test and get your GED.

Hahah, I actually thought you were talking about bringing a fish into the bank and dropping it on the bankers desk!! It took me at least a full minute to figure out you were just talking about fishing. lol. time to go to bed.

Ricky,

I am very glad you are doing well now! And don't live in Beverly Hills, lol.

Public school in America is a giant failed social experiment. Everyone hated it. You are done with it, don't worry I'm not advising you to go back. Ever.

I do advise you to get your GED. As quickly as possible. This is nothing like public school. You can either self study and test for it, or you can take a prep course a couple nights a week before you test. You need to do this, it will open up doors.

Then you need to enroll at your community college. This technically is public school, but it's NOTHING like school. You show up for class, you do your work, you leave. You and I didn't have mommy and daddy paying for us to go binge drink at some resort university, so don't expect that party atmosphere.

Once again, it opens up doors.

It took me a long to finish college. I was 32 when I graduated. But it was definitely financially worth it.

Generally speaking Mixed Use Development is favored. It's Greener, it's more economical, it promotes diversity. What county are you in? Many counties grant better development densities and other perks to mixed use developments, because they want to promote them.

That said, you always have the NIMBY's (Not in my back yarders) who will show up at your planning and zoning meetings and complain about traffic. We had one a year back that we wanted to do in a pretty rural area. But it was close to the major highway and rail system. We had some nice single family lots, then some commercial, then some really great townhomes with alley ways in the back to garages. It was a good plan. But we needed the planning and zoning board to allow us to utilize the Mixed Use Criteria to meet the densities. Well the NIMBYs showed up and each one gets five minutes to talk. The first few actually sound reasonable, and they want to conserve the naturalness of the area. When you start to get to third cousins who obviously only come along because they were asked to it gets bad. They have no clue why we are meeting, what we are asking for, or what the outcome means. They somehow think if the board says no, then no development will ever occur at the site. So anyhow, we are asking for this mixed use, so we can have retail and townhomes. This one guys gets up towards the end to tell everyone 5 minutes of how he doesn't like it, and gets his laser pointer, points to the townhomes and says "I like this, this is innovative and new" Points to single family homes "I don't like this, this is the same old thing".

Good job genius, now you get all of that because the board voted against mixed use.

Anyhow, sorry to rant.

Heck, that makes me want to run up there and start buying land!

The Maryland/Delaware/Virginia market is blowing up right now (In terms of land development). (Maybe 'blowing up' is an overstatement, but it's doing good.) That is not any kind of guarantee on the Maine market, but perhaps you guys are not too far behind on the recovery.

Ricky,

I appreciate reading your story. I like that you ask questions before you leap, I think you will be alright no matter what you do.
Couple questions and thoughts.
1) Are you really in Beverly Hills? If so maybe get the heck outa dodge for someplace more affordable.
2) You mentioned a muscle disease. How are you doing? Is your health good now. Gotta keep your health the number one priority.
3) Do you have a family currently or are you speaking figuratively?

Couple things that you can consider immediately, to make a bit more than minimum wage without a degree. Although I strongly encourage you to finish your GED and move on to a community college.
1) Certified Pharmacy tech. All the big pharmacy offer in house training, no need to sign up for $4-10k certificate programs. At Walgreens if you work for them for 12 months, they give you in house training and get you certified. I live on the complete opposite coast, but around here it starts around $12 an hour and goes to about $14 certified. It kinda caps out around there, but it's a good gig while you finish up school.
2) Delivering Pizza. You can make really good money working limited hours. Bad part is it is nights and week-ends. But you can make 25k a year working 20 hours a week. And you have cash in your pocket each shift.
3) Home Depot/Lowes... That's how I worked through my associates degree. It's a little more than minimum wage. The page has more of a range to it. I knew a few guys making $20 an hour, but most of us peons were under $15. You learn a lot working there though. When stuff gets discounted you get first dibs. And you meet a lot of people who know how to do plumbing/electrical/etc. I carpeted my first house for $50 and a case of beer.

Those are just some thoughts, hoping to get you thinking about some first steps to get some income rolling in. Those are not long term goals. I hope that helps

Well, this is all in the past, so there is only one way to learn from it. Come back to it in a year and see what it sold for and what the new owner did with it.

Many jurisdictions are now introducing mixed use development legislation. Basically, you are allowed to have higher densities because of the mixed use. They all have different criteria. Locally for me you have to meet various ratios of commercial and residential low density, and it has to be close to public transportation.

I don't know anything about the medically specific housing. That seems pretty niche.