All Forum Posts by: Kevin Moen

What do you guys think, rent is 1.5% of asking price with sellers willing to carry paper. Might be a perfect deal for a self directed IRA looking for some leverage....

Are any of you familiar with buyers who may be looking for an asset like this one?

https://www.biggerpockets.com/marketplace/mobile-a...

William, 

Saw you are active in NJ and just wanted to reach out. We are looking to connect with good Realtors and property buyers in the greater centeral NJ area. My partners and I run an investment fund, and we have an REO in NJ we are looking to wholesale or seller finance to a buyer or investor. If you know anyone who may be interested in the property, or know any investor savvy Realtors in the center NJ area, we would love to conenct with them. Any help or connections you can make are greatly appreciated!
Kevin Moen

http://infinitycapitalfinance.com/ - This is the company I am referring to.

On August 1st I was told (By Sean) we would be able to close this refi (on a duplex) "mid to late next week" pending committee review. A week later I had to follow up with them to find out they were still processing. On 8/21, after this loan was approved their attorney reached out to me. 8/21 all docs were resubmitted for them (We had to resubmit the same docs 3X during this process, FYI), 8/29 all insurance docs sent to lender and changes made to policys by my Insurance agent to satisfy lender. They then asked me for a party wall agreement and foreign entity registration, weeks after this deal was approved and with me having asked at least 3 times if they needed anything further from me. Got them the foreign entity doc within 2 hours, and sent a party wall agreement (which was completely inappropriate for this deal, not the correct form at all - but I signed that form on both sides, literally making an agreement with myself, which they accepted! Huh?) On 9/14 I signed closing docs, expecting to receive funds the following business day. Its 9/21and I still have not received the funds. Lender states our insurance is inadequate, my agent tells me their requests are not reasonable or possible for most insurers, yet their company has a preferred insurance agent who can write the correct policy... fishy. A week after signing off on all closing docs, 4 weeks after I was told we could close, I do not have the money and am not sure this deal will ever close. Buyer beware.

Noteschool is the real deal. The education is top notch, it also comes with a price tag. They have re-strucutred their fees since I joined, and I thinks its a lower entry point now. I would say if you are serious about notes, and can dedicate 25+ hours a week to it, Noteschool is a sound investment. If you have closer to 5-10 hours a week, I would look for a JV partner. Someone like @Bob Malecki who can help you learn while you make a bit of income too.

You bet, what email address should I email the information to?

Contact us for full details/executive summary. 

This listing is for a semi performing loan available for 55% of the underlying assets value! Pursue a loan modification, deed in lieu, or foreclosure. Cheaper than buying a REO!

The Note:

$325/mo payment

$26,069 - Current UPB (loan principal balance)

9% interest rate

Borrowers have made over 40 payments, currently behind

The Property:

Old BPO (values have increased) $39,500

2/1 750 sq ft 

$550 market rents

Clarksville, TN

Turn key rental:

- Professional Management in Place

- Occupied with screened tenant

- Seller financing available

- Renovations completed in 2017

- Double digit returns off $30k investment, no banks required! 

- $300/mo cash flow with 50% leverage OR

- $589/mo cash flow all cash OR

- Own free and clear within 5 years, 50% down, with 5 year seller financing note

WILLING TO OFFER NON RECOURSE LOAN WITH $30K DOWN PAYMENT, PERFECT FOR SELF DIRECTED IRA ACCOUNTS!

Contact us for more details and to review our information flyer for this turn key rental opportunity.

I would recommend notes. Become the bank. Collect payments with little to no liability. My potfolio is a mix of real estate, peforming and non performing notes, and I help run a fund that invests in notes, making one off notes available to smaller investors. 

Thanks @Julian Buick, where do I send your check for those nice comments? ;P 

@Jay Hinrichs not all "partials" are structured the same way. I am not disagreeing with your comments on securities, but speaking to dealing with defaults. When we sell a partial, the partial owner is the owner of the note. If it defaults, they have the right to pursue foreclosure and wipe us out on the back end. This is also why we offer a guarantee, and buy back defaulted notes, as we will pursue a mod or foreclosure. We do not sell partials on a spread model, or use a fictionalized model, but a reverting ownership instead, if that makes sense.