All Forum Posts by: Zachary Taylor

@Jordan P. I figured that's what you meant. Already called a few lawyers in the area. 

I'm guessing it could also get tied up in probate and no one (the family or me) will be able to sell?

Anyone have experience taking over a note from a deceased borrower?

@Wayne Brooks Me too. Going to try and sniff it out! 

Also withing driving distance of where I live currently so I feel a bit more comfortable given I drove through the neighborhood a few weeks ago.

@Jordan P. Borrower paid on time until he passed but who knows about the family wanting to take over payments.

It's a first position. No second lien. 

Currently in diligence on an NPN in upstate NY.

Seller said the following:

"The owner recently passed away but we are in contract to have his family start paying. They should be in the next month or so."

Any words of wisdom, BP? 

UPB is $80K / Purchase Price is $7.5k / Houses on street similar size and condition are price around $50K / No BPO yet

Makes sense, Patrick Desjardins. Can you not ask those questions during diligence after an offer is accepted? Like why seller is selling, etc? Bob Malecki ?

Roman M. Did you buy a performing or non performing? A diamond note? Was it easy to perform diligence? Quality of collateral file and diligence package? Thanks!!

Hey BP, Has anyone bought from FCI or PPR in the last year? How did it turn out for you? Any mistakes you can help others avoid or tips in dealing with FCI or PPR? Thanks! Zack

Jonathan Chames Agree with everything you said. I'm also willing to pay "matchmaker" fees and seeking a JV for my first NPN. I'll likely post a few specific questions as new threads soon but those will likely not be as entertaining as this one!

Patrick Desjardins understood. But as a someone new in the space I figured I'd ask all the questions I had and see what came of it. As for adding value, I'm currently trying to find someone to JV with on my first NPN. Also, happy to use my background in financial modeling/credit/M&A/debt/capital raising to add value to an experience NPN investor. Jay Hinrichs thanks for the response, Jay. Not too interested in investing in a fund. Will look into it though. I'm most interested in currently occupied properties with NPN and working with the borrower to get them back on track. Zack