All Forum Posts by: Todd Miles

Hey guys,

To everyone that came out last night I have to say my wife and I had a great time. That was our first time attending a meet up and we both left excited about investing locally in our area. I hope everyone enjoyed it. We should definitely continue to meet as I feel we all have some good things to offer each other. Real estate is such a learning experience and it was great to just be able to chat about different strategies, thoughts, and opinions about our local market. Thank you all for your hospitality and we wish you all the best of luck in your investing endeavors.! Please reach out to me if you feel I can offer anything. I would love to help in any way I can.

I will be there! Excited to meet some local investors.

Interested. What are the HOA dues if there is one?

yea that's one of my investment goals. I'll invest in rentals for the cash flow and use that money to invest in other assets while the tenants pay down the mortgages.

My focus is on funding my retirement. Long term buy and hold.

Thanks for the detailed response. For sure this was something that I was involved in before knowing all the ins and outs of this. My lawyer did send official documents and attempt to have some communication about possibly modifying the terms but there was no response. I will contact a lawyer that definitely knows more about all this.

Thanks for some clarity.

I just listened to the podcast. It seems like from what Dave was saying is you could foreclose and take over payments on the first. So essentially I could rent it out to make payments, or work on selling/short selling.

This home is right down the road from me and I feel confident that it would be a great rental, or would sell for more than the first.

Any thoughts would be appreciated.

thanks guys.

Bill I guess you answered something I was thinking about which was just to let it be until they sell and they'd have to pay me off but I guess now I do need to check into "alienation laws" in GA.

Thanks

The note is for 15,000 and it is a second with a couple years payments on it.

The note is properly secured. I think the attorney said I couldn't do anything because at the time I was not in a position to foreclose.

She was also concerned about specific laws about "harassing" the wife(her name is not on the note). Does this sound right?

I will definitely listen to the podcast, That thread is actually what got me to resurrect this issue.

I would assume it would be better to get the note performing again than to just sell at a discount?

Hello BP,

I have been reading a lot lately about note investing and am understanding more about it yet I am unsure of the next step for my situation.

I have a note for 15000 from 2005ish that was paying well, then the borrower went to jail and I have not seen any payments in a long time. As far as I know, the wife is current on the first, she is not paying me though.

I have spoken to an attorney and was basically told there was nothing I could do. After reading the topics on non performing notes I am thinking there IS something I can do. I am in a financial situation now(somewhat) that I could foreclose ...

What should I do? Threaten foreclosure to hopefully get them paying again, or sell the note? or any other options?

I have also heard that you can sell a second to the first mortgage holder. Not sure how true that is.

Home is worth about 140k. Borrower purchased in 2003 for 146k. I am unsure where they are at ton the first right now.

Thanks in advance