All Forum Posts by: Richard Allen

Eddie Starr In my humble opinion, it will be very tough to go to one of the big banks and buy loans from them. They usually sell off the large pools to funds like Bayview, Carrington , KCC , Cloud Capital Management, Colonial Funding Group, etc. You may say I am biased in my opinion about exchanges/marketplaces because we have developed one (completed our first deal today actually), but you can find some really good deals on an exchange platform (DebtX, FCIExchange, Paperstac). If you run proper DD, you can make a good buy off exchanges. You can try to get signed up with the funds I mentioned above to get some inventory.

Wow, it's great to see Notes getting so much love on the forums. I made the jump 5 years ago into notes and did so with no education, NOT RECOMMENDED. I would advise anyone thinking of buying a note to get some education or mentor ship. I have heard great things about Scott's program. Myself, I am a disciple of Eddie Speed and the Noteschool group. Once we (business partner) educated ourselves, we went from owning a handful of notes and having the mindset of taking every house back, to now owning close to the 100 assets and running several different exit strategies. The point is, if you are new to NPN/PN space, use others knowledge/experience to fast-track yourself past as many landmines as possible. You're going to pay for experience one way or another.

What's the interest rate

@Brady Williams congrats on your first wholesale deal, I hope you have continued success.  There is not one right formula on how each call will go, but I have found that finding common ground and "making a friend" is key to making a deal happen.  People like to talk about themselves, especially when the person listening is being attentive. Ask them to tell you about the house, (condition, how long they have had it, why are they interested in selling the house, how did they come to own the house).   I prefer to have them talking as much as possible, while I sprinkle in a few questions that will pull out what is their motivation to sell the house and how motivated they are.  Keeping the seller talking will have them primed to give you an answer when you ask for their price. One of the questions that I have to ask before popping the price question is, how much do they feel the house is worth as it sits right now.  I want them to answer this question so I have a baseline number to work off of when they give me how much they want for the house, and it will anchor them from asking for some ridiculous price.   When it is time to ask them for their price to sell, I like to ask what is a "ballpark figure you are looking for".  It doesn't matter the price that they give me, I let them know that it sounds like there may be a deal there, and I will need to run comps and then see that property prior to inking a contract.  

Each situation is different and can be handled in multiple ways.  I prefer less aggressive approach because it suits my personality and I enjoy listening to people.  The most important thing is to let people talk, keep them talking and really listen to what they are saying (or sometimes what they are not saying) so you can learn how to navigate the conversation.

Check out http://www.bestplaces.net/

Thanks for the update on the servicing.  I haven't spoken to them since last summer, I did hear they were focusing on their institutional loan management software.

Resi.tech does have a lot of functionality that may be overkill for most, and is a little confusing until you get in there and start using it.  I hope you find something that works. 

@Greg P. I have an app under development that will allow you to do what you are looking for.  It also will allow you to collect addresses while "driving for dollars" and access them with a CSV file for a mail merge.  Additionally, it has the capabilities to let you press a button while in front of a house and send the letter right from your phone.  

I decided to have the app developed because of the amount of addresses that are in my car that are never worked.  This ability to press a button and send a letter will make a lot of difference in the amount of marketing I can do. 

@Bob Malecki check out https://Resi.Tech   the platform is very robust and should meet your needs.  You can also order BPO's, tax reports, O&E reports and more.  Very good system. I know that they are in the process of adding direct feed from servicer notes

I have both performing and non-performing notes that I will sell you. They do not fall under the seller financed category that you are asking for, the notes are commercial paper on SFR. Let me know if you are interested.

What is the UPB on the church.