All Forum Posts by: Terrence Evans

NOTE NEWBIES!!! If you are in the need for quality, inexpensive note education, look no further!

MNSS RELOADED draws from the content of the live August 2020 workshop Mortgage Note Summer School but is converted to the Teachable platform. It includes all of the recorded video from that class plus all of the materials given to the students.

• Taught by individuals with differing perspectives - an engineer and a note servicing veteran
• Includes 175 PAGE BIBLE packed with information on how to start and be successful at your note business
• Includes a reference document loaded with an assortment of note business related documents and templates you can use in your note business
• ALL for less than $500!

To purchase, follow the link to the course on the Teachable platform:
https://terreva-note-biz-school.teachable.com

For any questions, contact Terrence Evans

@James H.  Check out this: 

https://terreva-note-biz-school.teachable.com/

I am going to say this and when I do it is not purely out of self interest.

Note Newbies need formal training.  Unlike buying real estate, there are too many aspects to it that are not necessarily intuitive.  You can get started by reading books or listening to webcasts but ultimately you need to get taught by someone to start to fill in the nooks and crannies.

I made a short list last year about this topic... These are free to <$60 resources.
http://terreva-investments.com/inexpensive-resources-to-learn-about-note-investing/

I also do formal training as well. I am about to release training on an online platform in a few days.

Terrence Evans

Founder of Terreva Investments and the Monthly Brunches of Notes

My God.  That double wide needs to be burned to the ground so it can be saved.

oops forgot to talk about the DD part.  You would need to enlist the help of several resources to do DD - online and local.
Local: attorneys, real estate agents
Online: Real estate websites like zillow and redfin, county tax websites, PACER for bankruptcy information, ProtitleUSA for title and lien information (O&E report)

The point is you want to spend as little money as possible on DD trying to figure out your bid, and then spend some money once you honed in on that asset before you actually purchase it.

It is what it is. If you are going to be a note investor, you have to be comfortable doing due diligence on the asset you are interested in.  Now, it doesn't mean you have to do it all yourself.  In fact, most of it will be done by others, directly or indirectly.

Who is the client??? DO you mean the borrower? Remember, YOU ARE THE BANK. YOU ARE NOW THE PAYEE. They have to pay YOU. No, you do not get the property automatically. You will have to foreclose to get the property. And yes they can be there without making payments. But again, that's why you foreclose or more specifically foreclose on an asset that you hopefully purchased at a deep enough discount so that you can make your money back after getting the property back as REO.

Yes but absolutely do not give them your HOME address.. Again, this is not a solo game.  You would have a servicer doing much of the interfacing between you and the borrower.

Have you taken any note training yet?

I've heard of select individuals doing this but it isn't common. Notes are a cash business.

plus it's (pretty close to) never a good idea to use leverage to buy NPNs.

@Dion DePaoli: Thanks. Are there any online resources or books I can look at to do some additional learning??  I am not trying to get into the space right now.. But at least if someone asks me about it since I already do notes, I want to be able to sound halfway intelligent.

Anyone here trade commercial paper?  I am familiar with residential of course but I don't know anything about commercial paper or how it differs from residential paper trading/investing.  I just want to know basics.  Where to source, what is the pricing like, etc.

Agree. Building relationships is key!

Also, attend the note conferences (even virtually) so you can get an idea of who the players (and sellers) are.