All Forum Posts by: Patrick Desjardins

It's not your fault. You've recommended his informational products, as have I.

Obviously people can't monitor the forum 24/7 but it's unfortunate that people spoke about it after there has been so many people losing their money. 

Kind of wish people had responded back then. Where were you guys?

I don't know what Jay does but the credentials package is a good tool. I almost guarantee you've seen them before. Most executive bios have them and talk about the person's previous experience.

I made one a while back. There is an executive summary of who I am and my real estate experience. Then examples of past deals.

I haven't had anyone do a background check on me, but if someone was serious about investing a good amount and wanted one, I would gladly do it. I've shown people the company's bank account statement before so they knew we actually have money to pay them back. To me all of that is an asset so why hide it?

That's unfortunate. Sorry to hear that.

Anyone else have a similar story and can corroborate? It matters because myself and others have recommended his videos and other informational stuff before, and I wouldn't if it leads to stories like these.

 Wish there was a way to downvote. Dumbest comment I've ever read on BP.

Investing is about building wealth / income, not gambling. If you want gambling excitement, go to the casino. 

The uncertainty inherent to low volume note investing is what greatly lowered my excitement about it. You can't plan around any exit scenario. Right now I'm trading options and getting the same returns with much more certainty and less hassle.

Where are you from?

Odds are your best bet if you're low on funds is to start with wholesaling SFRs to investors or maybe buy a 4 plex using an FHA loan if you can. That seems to be pretty common among the podcast interviewees that grew quick.

Once you have a few deals under your belt you can partner up and leverage other people's money to fund more deals.

I wouldn't recommend going into tax liens or notes as they're much more cash intensive and it's more difficult getting leverage.

As someone who's picked up golfing in the past 2 years, and played at around 30 courses in Virginia, I can tell you that most of them have no idea what they're doing. As with any other business or real estate. They don't follow a plan and don't advertise, they lose members, then they have no money so they increase rates and let the course degrade, etc. The downward spiral accelerates until they go bankrupt.

Or.. well, they just overimprove it. Justin Timberlake sank 16 million into a golf course and then sold it for 500k
https://www.golfchannel.com/article/golf-central-blog/timberlake-sells-mirimichi-course-500k

Like someone mentioned above, the successful ones typically add services other than golfing. Weddings are a big source of income. Building residential homes around it also seems to be key.

I am personally looking for non performing debt on golf courses. I would love foreclosing on one and then turn it around.

Try to find access to notes. Any of them, whether it's on an exchange or a tape, doesn't matter.

Then look at the data they provide and try to reverse engineer what happened with it. Is it vacant, being sold for $500 and has 50k in liens? Well, you'll quickly figure out why it's not a good deal. Keep looking at notes until you get a general grasp of what happened and what you might be able to do with it. Then ask more specific questions, which most people here will be happy to respond to.

Then, pull the trigger and buy one. If you buy a decent deal, you might be unlucky and not make money, but you will rarely lose a lot. With that said, keep in mind notes are very unpredictable and it's almost impossible predicting the outcome. Notes that look good are often the worst and notes that look terrible end up being the best. Part of the game, make sure you're well funded.

I've tried 3 different servicers and they are terrible. They just can't get anything done. Homeowners complain about them constantly, rightfully.

It's happened so many times that files didn't make any progress for months, and then I talked with the borrowers and we got something resolved in 15 minutes. If it was a one off then I could discount it as as an outlier but it's been the same story time after time over 7 years.

The only thing they are okay at is compliance and sending statements. I think FCI is great at that. So even though I'd prefer to stay at arms length I believe PPR cracked the code when they went with the in-house borrower outreach, outsourced servicing model.

It depends. I use LRES when it's a new area or not in a main city. If it's a more populated area, then I look for who actually sold houses on that street and streets next to it, and contact them.