Title coverage is also provided to lenders and is a much better way of managing risks associated with title issues than searching title and attempting to clear issues with past owners, heirs or lien holders.

You mortgage holder has the right to require "acceptable insurance", it's in the security agreement (deed of trust), not the note.

If you pursue buying the Note make sure to have iron clad contracts to purchase so you do not end up with the task of foreclosing as the Note Holder.

In Florida, as of January 1 2010 you must hold a current Mortgage Broker's license or be a licensed Atty in Florida to negotiate on behalf of someone else with a mortgage holder.

:roll: Find one person who has advocated the stockpiling of ammunition who hasn't also advocated the stockpiling of food.

I used to love, and I mean LOVE Jordan's Mexican food at Central and Thomas until they closed up.

The level of management needed will depend on the age of the property and what type of repairs have been completed along the way.If you buy a property with deferred maintenance getting it turned around the first 6 months will take a ton of time.A manager should be compensated for the extra work in that case.A 10% fee simply will not cover or make worthwhile all the work involved.There will be eviction,court dates,trash outs,re-conditioning,advertising,tenant apps with criminal and credit check,ongoing repairs with tenants that are staying,etc.For all of you that want to manage other people's properties you need to check with your state's real estate commission.In many states including mine you will have to hold a license with a brokerage or be a broker.Some exceptions is if you are an employee of the company etc.I think often times investors have a high expectancy of PM work.Simply it's like owning a restaurant and having an 8 hr worker.To expect that worker to be just as excited and diligent about the business when they get nothing but a small check is a pipe dream.If I pay 100 for a steak then I demand service.If I go through the drive in at Taco Bell I expect the food to be correct and nothing else.Managing 100 properties yourself without help is the exception and not the rule.This is based on my experience dealing with apartment owners.One had about 210 units over 10 buildings all within a few miles of each other.Vintage stock and unit mix was all different ages.They ran it themselves BUT had a full time leasing manager,bookkeeper,and about 3 maintenance guys.There is no way without the help they could run them selves.I have seen basically one person locally could handle up to about a 20 to 30 unit by themselves.After that it becomes really difficult.Many investors buying in this range are not purchasing a new building.These are older buildings that need constant upkeep and have problems.Typically the mechanicals,plumbing,electrical all start failing at different intervals.I have a 20 unit and have a live in PM.It lets me focus on my real estate deals and I check in with them every 2 days or so to see how things are going.I don't want to do 10 hr work when I can make hundreds per hour selling real estate for my clients.If you want to invest out of state you could do triple net leases for mail box money.The CAP is about 7 to 8% where I am at right now.If you want higher returns then usually you have to take on more problems and risk.

I have partnered up with a professional Home Inspector and we love to educate investors on tools they should use to make their businesses as Real Estate Entrepreneur thrive.I am most importantly a Wife and Mom of 3.I love to cook - self proclaimed Food Network Junkie!!!

These seem to be the most hard core negotiators...and many have taken a "Pay us a lot or we will let it go to foreclosure" approach. I am assuming that based on the price they are paying for these notes, they only ne...

I wrote more about my personal experience on this post: https://www.familyandfi.com/from-food-banks-to-pay...