reipro
Contributor
Yes we have been purchasing notes for years. What do you want to know
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Free registration at the forum removes this block.@100k
All of those look like options. If you wanted to turn it into a performing note, you would want to work with the current owner. The interest rate is low though. It may be a better play to foreclose.
Of course you need to understand the market and all the laws in this municipality. If there is truly that much equity, this looks like a good deal.
1) we have relationships with banks that send us lists. We buy only non-performing notes as we can get them at the biggest discount.
We look more at the LTV than the return. Most of our deals can return 20% on the low side to several hundred % on the high side. We also only but notes secured by real estate
We buy notes 2 ways. 1) we have relationships with banks that send us lists. We buy only non-performing notes as we can get them at the biggest discount. 2) we follow notice of defaults and buy loans that way also.
- how are you finding the opportunities?
We stricly buy notes. We have orginated a few notes, but for the most part we only buy.
- are you originating the note, purchasing an existing note, or doing both? and, do you have a preference of one over the other?
We look more at the LTV than the return. Most of our deals can return 20% on the low side to several hundred % on the high side. We also only but notes secured by real estate
- for you personally, what type of return do you look for in order to make the risk worth it?
Yes the LTV if we are not getting in at 65% or less we are not interested.
- when analyzing a note, are there any aspects that would immediately disqualify it from further consideration? (I guess this would go into a quick, back of the envelope type analysis...)
Hope this helps!
Uh wow @100k that looks like an amazing deal?
But goodluck kicking people out of their place in NYC. I'd say that's almost impossible...at least without using less tasteful methods...
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