All Forum Posts by: Tracy Z. Rewey

Greetings! I am a beginner note investor. To jump in, I bought a portfolio of 10 notes. There are two different servicers involved. In a few months, I want to get into buying NPN/NPLs, such as those in bankruptcy. I will not be starting a fun. But I could sell partials in the future.

Is there software that people use to manage their portfolios? I have looked at NoteRules.com. I heard podcasts where people uses customized versions of Podio or SalesForce? I am a bit surprised that there are not more options? Does anyone have any recommendation?

Also, bookkeeping needs to be set up. Are there any recommendations that people have on how too get organized? I will use a lower-cost QBO alternative, like Xero. But is there a Chart of Accounts that anyone could share? Or is there a bookkeeping agency that has a note investing specialty?

Thank you! Mike

Hello Mike, We run an annual best of notes contest where other note investors vote on tracking software and management software. There is also a bookkeeper in TX many note investors use (which could be the same one others mentioned). I will send you a direct message with details.

1 Vote

Quote from @Zach Howard:

Quote from @Tracy Z. Rewey:

There is a video (free on YouTube) by Attorney Jeff Watson titled "How To Do a Subject To And Do It Right" that I highly recommend.

Great video. Do you have others that you can recommend? I'm trying to learn everything that I can about subject to.

Thanks.

Hello Zach, Glad you enjoyed that one. I sent you a message with an additional one.

0 Votes

Great projections! I'll add on to the mix. I'm starting to see more private note holders reach out to get a loan against the performing note they hold. They want to keep the note long term but want to leverage or recapitalize using hypothecation (similar to #3 on Chris's list but with notes rather than homes). Just closed one in my IRA to kickoff 2025 and looking to expand that market.

0 Votes

Quote from @Brandon Robertson

Quote from @Denise Evans:

Do NOT sit by and let him build and then hit him up for a "better price." It is the reasonable rental value without the new improvements, because the tax sale investor did nothing to add value regarding the improvements. Under Alabama law, that is a VERY dangerous play and you could end by losing money.

You also cannot sit back and let him build the house and say "Thanks." Under any scenario, any state, someone who sits on their rights and lets someone get into the weeds to the benefit of the person who sat on their rights, will NOT have those "rights" enforced by the courts. That is under almost 1,000-year old principals of "equity" followed in English and then American jurisprudence. Think Norman Invasion, 1066. (Which is why "mesne" often has the French pronunciation "main.") Think King Henry II, the great lawgiver of England, who took the throne in 1154. That old.

The developer absolutely has the right to redeem. You have NO leverage, no matter what he builds or does not build, except for the developer saving some money in legal fees and cutting down on mesne profits damages. And, if it comes out that you stood by and let the clock run on mesne profits just to set up the former owner for large damages, a judge will not give them to you. The judge might also find that "reasonable legal fees" is a number much smaller than what you had to pay your lawyer. Those are also principles of equity. Believe me, things ALWAYS come out, no matter how well litigants think they've hidden them. Again, I speak from experience.

Thank you for your responses and experience. Even if it were possible to wait it out and do a "gotcha" at the end, that's just not how I want to treat anyone. I got the deed recorded today and I'm going try to get the numbers from the state and reach out to the developer tomorrow and see what we can work out. I'm happy to share what happens in case anyone is interested

Great attitude Brandon. Yes please keep us posted.
Thanks Denise for all of your detailed information on Alabama tax liens.

0 Votes

Birmingham, Alabama

Quote from @Ken M.:

Quote from @Tracy Z. Rewey:

Quote from @Mike Grudzien:

Quote from @Tracy Z. Rewey:

Great post topic...I'm going to pop some popcorn and will be back for the show.

Just to get things rolling. Because it takes "an expert" to explain novation, avoidance of due on sale clauses, ignorance of state foreclosure rescue statues trusts, why you don't need title reports, attorneys or reserves, and don't forget to throw in the Garn–St. Germain Act as the interlude?

For clarity, the above is a bit of sarcasm.

I love a good creative financing transaction when done safely and ethically. There is a video (free on YouTube) by Attorney Jeff Watson titled "How To Do a Subject To And Do It Right" that I highly recommend.

Tracy: that was AWESOME!

Thanks.. except I misspelled statutes.... (but I like statues too).

I misspell myself, :-) but the statutes to concern yourself with are

12 United States Code USC Section 1715Z-19

and the

Consumer Protection ACT

and a couple of others if you are interested.

Yes! It was a similar point I was hoping to convey with a bit of humor. There are laws (and statutes with three "T"s) that may apply in these situations on both a state and federal level.

1 Vote

Quote from @Mike Grudzien:

Quote from @Tracy Z. Rewey:

Tracy: that was AWESOME!

Thanks.. except I misspelled statutes.... (but I like statues too).

2 Votes

@Brandon Robertson Interesting situation. Have you pulled title on the property? It would be good to also have that in hand to know where your legally stand.

0 Votes

Birmingham, Alabama

5 Votes

Welcome to the BP community @Maryann Nichols

There are many here to help on your journey. In addition to the different tracks @Chris Seveney descrubed, there is also good information on creative financing and seller financing (including what to avoid).

0 Votes

All Forum Posts by: Tracy Z. Rewey

Tracy Z. Rewey has started 486 posts and replied 817 times.

Post: What is the highest interest rate you have seen?

Post: Software Suggestions for Note Investing Business? Accounting Suggestions for Same?

Post: Subject To / Sub2 - Is it really just this?

Post: Where Will the OPPORTUNITIES be in Note Investing in the Next Few Years?

Post: Someone has begun development on a property that I have the tax deed on

Post: Subject To / Sub2 - Is it really just this?

Post: Subject To / Sub2 - Is it really just this?

Post: Someone has begun development on a property that I have the tax deed on

Post: Subject To / Sub2 - Is it really just this?

Post: Is Bigger Pockets mostly for rental properties?

Tracy Z. Rewey has started 486 posts and replied 817 times.

Biggerpockets Logo Post: What is the highest interest rate you have seen?

Biggerpockets Logo Post: Software Suggestions for Note Investing Business? Accounting Suggestions for Same?

Biggerpockets Logo Post: Subject To / Sub2 - Is it really just this?

Biggerpockets Logo Post: Where Will the OPPORTUNITIES be in Note Investing in the Next Few Years?

Biggerpockets Logo Post: Someone has begun development on a property that I have the tax deed on

Biggerpockets Logo Post: Subject To / Sub2 - Is it really just this?

Biggerpockets Logo Post: Subject To / Sub2 - Is it really just this?

Biggerpockets Logo Post: Someone has begun development on a property that I have the tax deed on

Biggerpockets Logo Post: Subject To / Sub2 - Is it really just this?

Biggerpockets Logo Post: Is Bigger Pockets mostly for rental properties?

Post: What is the highest interest rate you have seen?

Post: Software Suggestions for Note Investing Business? Accounting Suggestions for Same?

Post: Subject To / Sub2 - Is it really just this?

Post: Where Will the OPPORTUNITIES be in Note Investing in the Next Few Years?

Post: Someone has begun development on a property that I have the tax deed on

Post: Subject To / Sub2 - Is it really just this?

Post: Subject To / Sub2 - Is it really just this?

Post: Someone has begun development on a property that I have the tax deed on

Post: Subject To / Sub2 - Is it really just this?

Post: Is Bigger Pockets mostly for rental properties?