All Forum Posts by: Account Closed

@Dave Van Horn Hi Mr Van Horn. That day there is supposed to be a meetup down here from people from out of town. This would be the second I missed of you webinars. I’m really interested in joining one of these as well as eventually meeting you. 

I will place it on my feed or wall or whatever this Facebook page thing is called (I’m still not use to this Facebook).

Thank you so much for requesting my input; I truly appreciate it! 

Edit: I just verified and the meetup was canceled so I’ll be there! Also placing on my wall too!

I just got the paperwork back on a fractional deal I’m passively investing in. It’s paying me 9%. I could have gone with another place for higher returns but this is a smaller operation and so I can call all day long (I don’t) and ask questions. I have it set up on ACH and already got a remittance notice that the “short interest” (not sure what that is, I have to call them or look it up. Been busy today) will be deposited tomorrow. Plus I’m learning a ton which is why I was advised to go to these people. So so far so good. Again I could have gotten a higher rate but from a much larger firm (very reputable) but I like the access I have. As for the notes, I bought one small note and it’s been nothing but stress.

Jay Hinrichs thanks Jay. Yes you have so much experience, you got started, well that license in 1975 and I was only a few years old. I do like the fractional investing. I got the documents today: 1) Deed of Trust (Recorded) 2) Promissory Note 3) Guaranty (2) 4) Title Commitment & Legal Description 5) Certificate of Insurance The minimum is $50,000 and there were only 5 of us. Though I have started with residential NPN for some reason commercial interests me. Well I don’t won’t to disrespect the person who started this thread and go off track but thanks for everything for taking the time to share your experiences with us here!

Jay Hinrichs boy I tell you, I just got into this business (primarily NPN) but half the time I don’t understand what you say; your awfully knowledgeable. I know the difference between stupid and uninformed so it’s not like I feel stupid, but feel like I’m on the journey of 1000 miles and wondering what the hell I’m doing on this road.

@gary carver as mentioned hard money is not hard to obtain. I would never do that BREIA thing. You have a deal look up Ramon Gonzalez on Facebook (don’t know if here’s here in Biggerpockets), that guy knows what he’s doing (he’s in Miami). He’s got a lot of free content on Facebook so you can get a feel for him. Prices are high here in South Florida and not much inventory but if you put in the work and find something I’d contact him.

@Tim Fitzgerald yes you are right. I have a very good network down here in Florida. Also where my child goes to school (private) there are a lot of people that I’ve spoke to that are familiar with the Note business (they have clients). Further I just now was talking to a “cousin” whom I’m very close to. He works for one of the major banks. He was telling me he has a client that just started originating mortgaged and it’s going well. He told me to get my license and he’ll send me people that don’t quiet fit the big banks criteria. So as Mr Horn was stating, there is always a way in this vast industry. It should be noted that the project I invested in in Texas was through a client of my accounting firm. It all boils down to keeping a good name and for me that’s first and foremost.

Marco Bario Great analogy! That’s why I was taught about 10 different exit strategies.

Dave Van Horn Thank you so much Mr Van Horn. I’ve read your post several times and will return to it. I am new and eager, but I need to breathe and find the road less travelled for lack of a better phrase. There will always be a way. I’m grateful that I posted this as to get the type of responses I got. I’ve learned so much in the last few months, it’s just that I’m impatient but as I age I’m learning the value of patience. Way beyond expectations, I’m in decent spot where I can devote time to this. Your comments articulated well what I felt but am not knowledgeable enough to coherently state. I am building a good team and will bide my time and keep learning. As mentioned above I just invested in a project in TX and was surprised to learn that big developers don’t necessarily get all their financing from banks. I will not name drop but I mentioned this to my accountant and he told me one of their clients gets only a small amount from banks; there’s a whole avenue of different financing (this client is a massive well known international developer). So I will continue to learn and can’t express my gratitude enough for you taking the time to respond to this post. Thank you Sir; I truly appreciate it. Robert

Thanks Chris Seveney I agree we can’t predict the future but there are some old timers here that have been through cycles. This time might be different though. Technology has opened up a lot of things to people that wouldn’t have had opportunities before. However you are right, this is not a get rich fast business. People watch too much tv and all this social media stuff and it’s mostly fake. As a side note I buy sub prime auto notes (I really like that business, they don’t pay, repo the car) but I was talking to the dealer who’s been doing this for 30 years and he was saying it’s tougher now as the internet has increased competition etc. But again as you said this is not so easy from what I see. I’m hoping that I can get in with a banker or two and build a relationship. My word is everything to me. I have several attorneys and I don’t even need to pay retainer fees. They know I pay. So I’ll hang in there and like I said slow and steady. Well thanks for your input; I appreciate it. Robert

Thank you Jay Hinrichs for your detailed answer. The last business I was in was low barrier to entry too, but people don’t conduct themselves properly and don’t have the patience and ruin their name. I did it slow and steady, well not so slow but I kept my word and promises and picked it up quick. I’ve bought one note so far. The law offices of Daniel Singer is handling it (I can’t speak high enough on him). But I also did a fractional investment on a development in TX that puts me in a first lien position (with the other investors). I should expect to receive 9% interest. I was told I was crazy; that’s not enough. But I feel chasing double digit returns in a field I know nothing about or next to nothing is crazier. Thankfully my bills are paid and I’m going to take my time. It’s hard for me as a Northeast person as we do everything fast but I worked hard for what I have, I’m not going to blow it and if I am it’s going to be on one hell of a party not in investing in things I have no clue about. :) I am slightly comforted by the fact that this is still one forum on Biggerpockets that is not right on the top. Slow and steady and if it doesn’t work, on to greener pastures. One door closes another opens up. Thank you again Sir for your feedback.