All Forum Posts by: TJ Addison

@Andy Mirza

This is great info. One of my biggest problems was knowing the order of procedures. This helps a bunch. I was hesitant about agreeing to a price before bpo etc... looks like that is normal procedure.

Agreed! Thanks for all the information!

@Chris Seveney Pardon me for being a bit green... when you say you need to order a title report do you just call a local title company in the town the asset is located and give them the address?  Also are there companies that strictly do BPO's?  I'm in the process right now that this is also my next step.  I'd like to verify some of this stuff before I pull the trigger and put an offer in.

I also thought maybe I had heard somewhere that you should get the note under contract or agree with the seller on a price then go and do the BPO and title report.  What is the proper order of this in your opinion?

You are always a great help in this form!

Thanks!

TJ

@Joseph King You've nailed it on the head.  I'm looking at a couple right now that I think will be ok but I can't pull the trigger.  There are a couple things about each one that scare me a little but like a property I doubt there is a perfect note.  I need to keep learning.

@Tyson Eimers @Peter Halliday @Chris Seveney

Thanks for all the advice. I’ve been convinced a good solid performing note is the way to go. It might not yield as much but I need the experience and practice with due diligence.

@Marco Bario Thanks that is my plan. I’m trying to soak it all up but like you say I just need to buy one!

@Chris Seveney  Sounds like maybe I should go for a normal mortgage as I delve into this first one.  I've got a lot to learn!

@David Putz so the change of title in 2018, is that someone who likely bought the note?

@David Putz Hi Dave since you asked :) The loan is a land contract with two individuals signed on it in 2011 (performing loan) but when I look at title the owner is an LLC as of 2011 then it changed to another LLC IN 2018. I'm not too familiar with land contracts but I think title doesn't change with a land contract? So was the change of title in 2018 someone buying the note and if so if I were to buy the note would I be on the title then until the two people paid off the loan? Thanks for any advice you can provide

@Jamie Bateman Thanks for the reply. I need to keep looking on this forum and I also have listened to your podcast! Specifically I requested the files on a note and I got a data dump. I’m a bit overwhelmed with all the information. I think I need to get a better understanding of each document. Following the chain of title and how all of this fits together is my main problem at the moment.