All Forum Posts by: Terrence Evans

it is farrrr better to go to a lawyer for the first time and pay the piper once.  They are better equpped to make adjustments to templates they may draw from that are applicable to the situation at hand. Plus if you need repeat the process down the line you will have a suitable template.

Using a generic one from the Internet increases your risk when / if things go wrong.

(a) No person shall engage in the business of debt collection in this state without first obtaining a license pursuant to this division. To the extent permitted by federal law, a person is acting in this state if the person is located in this state and is seeking to collect from a debtor that resides inside or outside the state, or is located outside of the state and is seeking to collect from a debtor that resides in this state. A license shall be obtained for the licensee’s principal place of business and shall not be transferred or assigned. A separate license is not required for each individual branch office.

Cali folks: 

Newsom recently signed this into law. Licenses will be required on New Years Day 2022.

YAY! We will soon be like alot of states back east! Joy!

https://leginfo.legislature.ca...

Looks like SB 908 is a bit more significant.

Marco,  the rules can ALWAYS change midway thru.  Those of us who are notes pride ourselves believing that the problems that landlords have could never really touch us. 2020 was kinda a way of reminding us "Hey.. Not so fast" with the moratoriums and such.

But with that said, Cali regs are one more reason to not do stuff here. But that is far behind the primary reason of cost.

So basically it is like a redemption period of sorts.

45 days isn't too bad. It doesn't help but at least it isn't like the 180-360 days redemption periods that other states have.

My rookie mistakes included using my home address.  Now I use my PO Box.

The purpose of the address is so that they can mail taxes to you (if a LC) or otherwise have a place to send correspondences to you for legal reasons.  You don't want the borrower and everyone else know where you live.. even though theoretically they could go to the WA SOS and find out that way, maybe.

Yield.

But a few things...

1) That is up to what you desire for your money.

2) If you are asking what others would desire, double digit yield typically

3) If you are asking what you should expect, then it really depends on alot of things.. You can make a high yield but the collateral may be high risk, the ITV may be high, or the monthly payment may be a low dollar amount which will be eaten up by servicing.

It would be better if you had brought a potential deal into the forum so we can help you eval it vs this kind of open ended hypothetical question.

check this out.. going now.. It is about partials.

Tracy Z and her husband are doing a lunch and learn.  They run a website called Note Investor dot com.

https://information.kartra.com/page/oZ5334

Yes. Are you familiar with using a financial calculator?

One can buy a note at a x% yield and sell to someone else at a lower y% yield. You make the difference.