EP NNA 7 – Note Funding League: Performing Notes & REOs

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NCS NNA 7 | Note Funding League

NCS NNA 7 | Note Funding League

To keep in line with their goal of helping 10,000 note investors, We Close Notes invented the Note Funding League which is a list of assets made available to those who want to make a deal off of them. This time partnering with the Singer Law Group, all cases are solid with handful of flexible ones. With the breakdown of these performing notes and REOs, note closers are expected to close within seven days from acceptance.

Listen to the podcast here:

Note Funding League: Performing Notes & REOs

On this episode, you’ll hear me and Joel Markovitz go through a variety of about 30 different assets that the Singer Law Group is servicing that it either owns or is helping to sell on behalf of one of their clients. We break down the numbers and talk a little about each asset. Over half of them re-performing notes or modified loans that have been paying for at least eleven months or upwards of twenty plus months. The REOs are all new ones that have completed foreclosure. Some of them need some work, others are in pretty decent condition and free to pick up as well.

Enjoy this special Note Funding League Edition of Note Night in America where we go through the assets and look forward to our other special editions that we have across the year. We usually do them on a Monday night. Sometimes we’ll break them up on a Wednesday or Thursday as the information is available to us from the funds or the sellers. We dive into exactly these assets that are in different markets across the country for you. Hopefully, you’ll find a deal or two for you to put in your portfolio help and boost your bottom line.

We haven’t done a Note Funding League Webinar in a few weeks. We’re excited to bring back and connect. Mr. Markovitz will talk about some of the assets that he’s got available for some sale and also on behalf of one of his clients. We got some notes and some REOs that they are looking to liquidate. If you’d like to get on the list of our Note Funding League, all you got to do is go to WeCloseNotes.com and click on the ‘Looking To Buy Notes’, fill in your information. That way you’ll be on the list to get the lists. For those that don’t know, we have this draft. We would go through these assets when we have them available. There are some rules to the draft out here.

Everyone that has attended will get the list. Everyone who starts will get the spreadsheet afterwards. We’re not going to send it out before. There are only two groups that get the list beforehand, my Note Mastermind group, and my WCN Crew. Every asset as a free agent, don’t say you’re going to buy the whole list. If you’re going to bid on multiple assets, make sure it’s loan level pricing. BPOs, O&Es, and servicing notes are provided once the bids are accepted. You’re not going to get the collateral files beforehand on the notes. That’s why we got Joel here. Joel is handling all the special service amount.

Once our bids are accepted, that’s when we’ll be sending out the due diligence files. There is a reserve pricing set for the most part. Most of the time, it’s pretty solid. In some cases it’s flexible. When we get bids in, it’s going to be based on who can fund the fastest. We do expect you to close within seven days from acceptance. We are giving you the weekend to dive into this information and may come back with indicative offers and have your bids in by Monday. Also, there is a fee for this. There is going to be commission. We’re going to get 3% or a flat $500 fee, whichever is higher per asset. We’re getting paid for our time and our efforts to do this for you to help you out and to bring this stuff to you. Joel, is there anything you want to talk about a little bit about what you know about these assets and go from there?

The re-performers, all of them are relatively seasoned. When we say relatively seasoned, we’re looking at eleven months or more. Some of them are BK13 , some of them are CFDs, and some of them are first, some of them are performers. On the REOs obviously, those are all REOs with payments on loans.

NCS NNA 7 | Note Funding League

Note Funding League: The re-performers, all of them are relatively seasoned. When we say relatively seasoned, we’re looking at eleven months or more.

One of the things that is happening is Joel sent the tape over to us with some information from a couple of days ago. We worked to get the PowerPoint together. You did sent an updated list with some numbers that were a little bit different on values higher, a little bit off. I know that Greg jumped on and tried to pull online values for what wasn’t provided initially. Some of the numbers are a little bit off. You’ll have plenty of time to review the assets over the weekend.

What is the website address to buy notes? Go to WeCloseNotes.com to get opted in on the list. The first deal is a performing note in Cincinnati, Ohio. This is a Zillow street view picture. BPO is $144,000, loan balance is $100,000. Principal and interest payments was $499.01, interest rate is 4.25%, three bedrooms, two and a half bath, 2,200-square foot. They’ve made eighteen months of payments on this.

Correct.

Your reserve price is at $83,000. Is that correct?

That is.

They’ve made eighteen months of payments. Was this a HAMP mod or anything like that?

No. If it was a HAMP mod, it wouldn’t be a 4.25%.

$5,900 divided by $83,000, it’s 7.2% on that aspect. There will be quite a bit of equity between the BPO and the loan balance and that stuff. You’re hoping they don’t pay?

I can tell you though that the payment itself, after making their taxes, insurance or they have been making a payment of $650.99 at $499.01 plus $151.98 for taxes and insurance.

Let’s move on here outside of the Buckeye State, moving on to the next asset. It’s in Kokomo. BPO $66,000 and some change. Loan balance is $34,000. P&I is $299.35, interest rate is at 9.9%. This is a CFD, is that correct?

That is correct.

1,100-square foot. Twenty-one months of on time payments. Reserve price on this one is $27,500. On this one, figuring this out real fast for you, we take the $299.35 times twelve divided by $27,520 reserve, that’s a 13% yield on a re-performing note with almost two years of payment history. That’s really good and they still owe$34,000.

Usually there are some legs in it.

If you are having questions about how to raise capital for this, do not be bidding. Do not waste your time right now. No offense. We’re not looking for brokers. This is some people that are interested in buying notes. I know you’re probably brand new. We all got to start somewhere, but save your questions at the end about raising capital or go check us out at WeCloseNotes.TV. This one’s not bad.

Roughly a 13% yield on your money, that’s a pretty good. There was some loans balance there between what’s owed and the reserve price, which is good. Kokomo is going back strong. It doesn’t surprise me in the BPO there. It’s been getting strong in the last 12 to 24 months. Indiana has been very solid over the last 18 to 24 months.

That’s because Kokomo in Fort Wayne, there are a couple of factories have reopened up from I think Ford and Dodge and all those guys are opening up the factories again there in Indiana with their manufacturing. Let’s go through this one in North Carolina. A lot of people are fans of the Tar Heel State 721 Eccles Drive in Fayetteville. There’s a BPO at $74,000 and some change roughly, loan balance is $53,000, behind of $290,000, interest rate is at 5%.Three-bedroom, one and a half,1092-square feet. Not a bad-looking little red brick house with a decent size acreage. Sixteen months of payments, the AZ states. Reserve price is at $45,000 on this one. It’s just about 8%.

About an 8% return if I remember correctly,7.7%, but you got a little bit of equity there, part of the equity between what’s owed and the value and then also between what your reserve price and the BPO is. Augusta, Georgia here.BPO is at $49,000. Some change and loan balance, $27,000, P&I is $403.03, interest rate is at 8%. Three bedroom, one and a half bath, 1,300-square foot. Fourteen months of on time payments, reserve price is at $23,000. Just in time for the Masters in a few months.

You have a place to stay.

Unless you’re going to stay with your borrowers, “I’m your banker. Can I stay the night with you for the Masters?” The return on this thing though is pretty decent.

If you gave him a month’s credit payment, that can work.

Plus the fact that it’s $400 is probably what a night alone would be in Augusta. This is one of the nicer ones on re-performing because this one comes out to about a 21% yield based off of the reserve price and the P&I payment. A 21% return, $23,000, not bad. These are IRA. You’ve got a nice chunk of returns going in there to knock some stuff out for you there. Any comments on that one, Joel, besides that’s a nice little house?

We’ve had a bunch of notes, performing or nonperforming that are in Augusta and the thing that struck me is it seems like a very nice quaint community. The people want to stay in the property. They like it. They’re making their payments. Fourteen months of payment just add another month because this was put together before March. It’s just a nice little asset and it’s gives you a nice deal.

This one’s not bad at all. You borrow money at 10% and split the payments, you are still coming in at 10% yield to you and your investor. It’s an infinite return to you at 10%to your investors. Here’s another one in the South in Huntsville, Alabama, 2013 Rosewood Drive Northwest. This is a BPO of roughly around $31,000, loan is$65,000 and some change. P&I is $526.44. Interest rate right now is at 6%.

Three bedroom, two baths, 1,360-square foot, fourteen months of on time payment or fifteen since this was prepared about a month ago. Reserve price is at $58,000 and some change. These reserve price, do they have any flexibility a little bit in those, Joel, or no? On this one the reserve price at $58,000 at 8.75%. It gives you a return of roughly have about 10.7%. That’s pretty normal on a re-performing loan.

This one, the borrower didn’t qualify for a hardest hit loan.

In Alabama?

If you take a look at the spreadsheet, there are a couple of houses. There was this in a column, AA that denotes the hardest hit funds payments.

There is a place in Gary, Indiana. Are all the loans first performers? The ones we’re going through.

There will be REOs at the backend of the conversation.

The REOs will be the second half. BPO on this one is $69,000, loan balance is $30,000, principal and interest at $287.03, interest rate is 9.90%.Three-bedroom, one and a half, 1,540-square foot. It’s a BK13 payer. Do you know how long that plan has been in place for, Joel?

Yeah. The plan payment of being the middle of last year. You’re looking at just around four years still has to pay on it.

You’ve got nine to ten months of payments on this. That’s pretty good.

I am a proponent of BK13. We have owned and still own quite a few of BK13s. I like them for multiple reasons. First of all, I get some cash coming in on it. Historically, borrowers will complete 65% of all bankruptcies. When they don’t complete the bankruptcy, I get the property back with my cost basis that’s been reduced. There’s value there.

NCS NNA 7 | Note Funding League

Note Funding League: I am a proponent of BK13. We have owned and still own quite a few of BK13s.

It’s about a 14.2% yield. Do you know if there’s a handicapped person in here, an elderly based on a wheelchair ramp?

I do not know. I’m going to go with the ramp there probably. As you can see by the street view, it’s a nicer part of Gary.

It’s a no gun port. There are some good neighborhoods in Gary. I have not been shot at in all of them. Moving on here, next one. This one is in Memphis, Tennessee. BPO is $72,000 and some change, loan balance is just under $53,000, P&I is $573, interest rate at 13% interest rate on this one. Three-bedroom, one bath, 1,325 and it’s a BK13. That’s means a bankruptcy chapter 13. If you have asked what that is, you should not be bidding. Reserve price is $42,000 and some change. Let’s figure that out real fast. What do you know about this one, Joel?

The borrower is a nice couple. They want to stay in the property. It’s in a nice little neighborhood. Everything on this one, the numbers pan out. It’s a nice yield at around 16%, if I researched it correctly.

16.27% to be precise.

I have every faith that this borrower is going to complete the bankruptcy. It seems like looking at the collateral file, things of that nature. It looks like the borrower wants to stay there even if they don’t. Again, you get some payments through the bankruptcy, then you have to file for emotional relief if you go forward and you have to take a property back. Tennessee is a short foreclosure state.

It’s an extremely short foreclosure State which is nice. Moving on,101Phelps Road, Columbus, Ohio. A good-looking little house. BPO$26,000 and some change, loan balance is $50,000, P&I $325, interest rate 6.5%.Three-bedroom, one-bath, 1,300-square foot. You guys originated the loan on this. Let me state something, the BPO is not the actual BPO. This is just an online valuation that Greg pulled in my office. Don’t flip out about that. Reserve price on this one’s $45,056, is that correct, Joel?

That is correct. As you said, this was an originated loan. It wasn’t like they were ever delinquent. Obviously, they’re making payments all the way through.

This one is a new REO, just recent for you, in February?

This is not an REO. This is the only non-performing loan. It is a foreclosure. It’s about to go to REO.

BPO on this is $72,900, loan balance is $98,000 and some change, principal and interest is $472. It’s almost an REO. Reserve price of $47,850. You can pick this up. BPO is at $72,900, is that correct? It’s what you got there?

That is correct.

If you take $48,000 divided by $73,000, that’s a pick up at $0.66 on the dollar. If you don’t buy here, if you have a problem moving, just blast out to database or something like that.

It’s Las Vegas but you don’t see a lot of coming on the market. Sometimes when you see Vegas properties coming on the market, they’re pretty sketchy. This one, it’s on a nice piece of area. If you took it back and you make it into a rental, great. If not, if you want to just turn around and flip it, there’s need.

Omaha, Nebraska, BPO on this one is $90,000 and some change, loan balance is $71,000, principal and interest is at $432, interest rate is 3.79% currently on this one. Four-bedroom, one bath, 3,936-square foot. Reserve price on this is$52,000 and some change.

This one has a pay stream going on fifteen or sixteen months. Omaha is a very solid market. If you ever have to take it back, it’s a very solid market. We don’t see a lot of this. You don’t see a lot of assets come on the market in Nebraska.

NCS NNA 7 | Note Funding League

Note Funding League: Omaha is a very solid market. If you ever have to take it back, it’s a very solid market.

Another one Sheldon, South Carolina. We don’t have a photo for this one. This one’s rural. It’s got a little bit of acreage if I remember correctly from what we saw.

You have some acreage to it. It’s a manufactured home, is about 2,400 and change square feet. The borrower has lived at one time. It was not performing, but now it is performing.

27 Indian Point Road. Here’s one in Little Rock, Arkansas. 1907 Rice Street. You’ve got $33,000.

This borrower is a nice lady. She’s been in the property for a bunch of years. It’s right near central high school, which is the historic court case going back into the 60s. This is an up and coming area when we went and we sent somebody out to look at it. This is a hotter piece of the Little Rock real estate market.

The BPO number is not accurate. That’s an online Zillow stuff that Greg just pulled really fast just to get a rough idea before we got back the updated numbers from Joel this afternoon. It looks like the lady has kids. It looks like she drives a Chrysler 300 round the corner there.

This is a very solid little property, re-performing, and the contact that we’ve had with the borrower is a very nice lady. She wants to stay there. It’ll be one of those things that every month a check was going to come in.

This one is Racine, Wisconsin.

This is a really nice property. The borrower, they want to stay in the property. There was a man or a lady who were on title, she passed away and it threw things off. That’s how it went into delinquency. The gentleman can correct, everything’s current. A very solid property, nice neighborhood. It’s a solid value. This is like one of those cornerstone type of things that you can put in your portfolio and just every month look for a check to come in.

You don’t have a reserve price on this yet, but if you were to come in around $41,000, it would be a 15% yield to you based on payments and other things like that. Not that you’re looking for $41,000, you may be looking for more. I don’t know, but the value on this one, like I said, just a quick online appraisal value really fast. We’d have a BPO this afternoon. Here’s one in one of the hotter markets in the country as we dive into. These REOs going forth, if I remember correctly.

Yes, they are.

We’ve got a question here. Most of those were all performing beforehand. These going forward are going to REOs because why? Because it says RE. Online valuation roughly came in at $33,200, 1,200. This is a turnkey rental. Paying $641 a month and a lease is in place until May 31st or Memorial Day weekend of this year.

They want to rehab it but that’s when the lease expires. Being that we’re marketing it, that’ll be up to the new owner of the property.

Do you have your BPO number on this one?

I do.

The BPO number on this is inaccurate. If you reached out to the folks at Titan Properties, our good friend, Maureen McCann, who we had on The Note Closers Show. They’re an awesome turnkey property management. They like to help you out with somebody that’s turnkey. They’re an expert in the area too. I highly recommend Titan Investments and our good friend Maureen McCann. They love Birmingham. I think it’s a great little market, a lot of price appreciation over the last 12 to 24 months.

The BPO that we have on this one was $45, 600.

Just figuring out $641 times twelve, it’s almost $7,700 a year in rents divided by $38,000. That’s 20%ROI before you’re a debt servicing and/or property management. It’s not bad. Let’s go onto Franklin, Ohio. We’ve got a question here popping up. I will email out the loan manifest excel sheet after this guys. I’m not doing it right not, I just mentioned it already. You can write all these down and get all the information later. I want to boot some people out here. What’s the number on this one that you actually have versus the online number? Four-bedroom, one-bath.

BPO on this, ARV is $52,000 but this needs a total rehab. There are foundation issues. They want to be totally transparent on it.

Perfect for CFD. Reserve price is set at $12,000 on this one. Needs some work, but that’s okay. We’ve got people in Ohio that like Ohio, Memphis. Memphis, Tennessee, is a hot market. I know we had a lot of people that like Memphis. What’s the market value on this one? Google pictures don’t do this property justice if I remember the notes. Google are old and looked terrible. The tenants are being evicted in two weeks. Is that correct?

There’s an eviction in process. We’re going to take the property back. Interior is in okay shape. The owner will sell it or finance if that is an appealing. The owner did file a chapter. He’s estimated that should take place by April 1st.

Motion for relief is what the MFR stands for. A couple weeks out from now. Here’s another one in Memphis. This one needs a little bit of work.

This needs some love.

CFD opportunity. Borrower is away from the house. Roof is patched but the kitchen is trashed. It needs to complete vetting. Perfect 203(k) loan. Opportunity for an owner-occupant come in and get financing. The listed price on this is $15,000. Do you know if the owner of this would be willing to owner finance this one as well or no?

They will be open to it.

That’s an opportunity to think about. There are two properties in Memphis that are our buddy, we won’t say his name, but he is willing to owner finance to help out with the financing for long-term. I’m sure you’d probably have to come in with some sort of down payment based on the reserve prices of $15,000 and the other one is $22,000.

$22,000 and $15,000.

There’s great opportunity for rentals here in the Memphis market. The market rents usually $800 or more in the Memphis market. Here’s an REO for those looking for a condo down in Deerfield Beach, Florida, which is a nice area. BPO is $33,000 or do you think that the BPO is higher than that, Joel?

It’s infinitely higher than that. The BPO on this one’s probably in the mid 40s. I could verify it.

I would be one to say that too based on my knowledge of the area. The place is foreclosure, needs cleaned up and the place is definitely dated, but in good shape. It is a 55 plus community. They have the property preservation pictures available. What does that mean? It means if you buy this, you’re going to have to sell to somebody who’s over 55. You have to be a little bit careful on this. I don’t think you can rent this out. I think it’s got to be an owner occupant for a lot those communities, but it’s all right though. The reserve price on this is at $22,000? Is that correct? You’re looking up that Joel, right?

I believe the reserve price on this one is $26,700.

It’s been adjusted because they put some work into it and other things. Another one in Stephanie’s hometown of Columbus, Georgia. Columbus near the Alabama border, just about a 45-minute drive from Auburn. Fair market value of this one, you said was in the $65,000 range?

Yes.

Three-bedroom, two-bath, 1,500-square foot. ARV on this one,$69,000. That’s for $800 a month. Reserve price of $48,300 is that correct?

That is correct. We have not been inside the property, just was a received back. We have someone going out to it at this point, if someone’s interested, obviously they can go and we can provide access.

Here’s one in Delray Beach, Florida. That grass looks green. It looks like that’s gone through an Instagram filter too.

This is a nice property. This may be one of the top two or three REOs on this on this list.

BPO on this is $140,000. This is two-bedroom, two-bath, 950-square foot in Delray Beach, Florida. It’s a very nice property and location. Listed price on this is $100,000. They’re selling it at $0.71 on the dollar. Those areas at that neck of the woods, you got $40,000 there to take down inequity. You could probably make a quick $20,000, $25,000 on an REO sale if he took the property. He bought this with $100,000 and then turned around and sold it provided the values checked out. Things in Delray Beach are moving pretty fast especially right now you have all the snowbirds up in New York, New Jersey and they’re freezing their tail feathers off and they’re like, “We need me to move to Florida.” I bet you could post something like this on Craigslist in New Jersey and get somebody interested in it. Alberta Avenue in St Louis, Missouri, it’s REO. This is a duplex I think, isn’t it?

It’s a new duplex. I spoke with someone who I had go and visit the property over the weekend. It’s a nice property. It’s a duplex. It’s 2,200-square feet. It’s four bedrooms, two baths. It is on a corner unit. One of the units I know for sure is occupied by a tenant and as you can see on the picture on the side street, the city is doing some improvements there. This one, even if you went and turned around and rented it and you rented each side, let’s just say, rents are probably around $750, but let’s just say you rented it for $600, you got $1,200 a month on these.

$1,200 a month, that’s $14,400. That’s almost a 25% yield before your property management stuff. Not bad. Moving on. This one’s in South Union Street in Galion, Ohio. It’s a great looking little property as is, it’s $50,000. ARV needs some work to get it up to $70,000.

You need to put in some money into it to get it out there. We do have interior pictures. This whole town was built right around in the twenties and the thirties when you had a lot of factories in Ohio and so a lot of these homes in this area have a lot of craftsmanship and workmanship, a lot of wood, really ornate banisters and things of that nature. Obviously, the factories are not as there, but it’s a nice small community. We’ve spoken with the different realtors and people in the town. This would be a nice CFD opportunity. I think it’s a great rental play.

NCS NNA 7 | Note Funding League

Note Funding League: You need to put in some money into it to get it out there.

All these REOs have gone through the foreclosure trial? They’re all done basically when you rolled up?

Yeah. They’re on REO it means that either we have the deed or the deed is in process.

Listed price on this is $43,750. Montgomery, Alabama, BPO on this one, $82,000. Three-bed, two-bath, eviction is in process for this tenant. Reserve price at $68,650, or best offer there is a little bit of room on this one. Is that correct, Joel?

Yeah. There’s a little bit of room on this one. There’s a little bit of room on Galion, Ohio, the one we just talked about. The nice thing about Montgomery, Montgomery is a hot market. Montgomery, Birmingham, Mobile, Huntsville, they are up and coming markets. A lot of investors are going in there and this property is in a good area. It’s a nice community. I spoken to an agent out there and the person that we foreclosed on is in the property still. We are working on the eviction and trying to negotiate the leaving the property.

Another one in Fort Wayne, Indiana. This is an REO.BPO on this one is at about $69,000.Two-bed, one bath. It’s a nice area. Fort Wayne’s pretty nice. The listed price on this is $46,000 and some change.

This went the sheriff sale ten days ago and we got it back. The day after it went to sale, we got a phone call from someone in the sheriff’s department saying they couldn’t bid at in auction but they like to buy it. They came in with an offer pretty close to them or just slightly less than this. We figured that there is some opportunity here. They’ve been inside, they’ve seen it. We’re hesitant to take offer quite frankly because we think that there’s greater value here.

The market value might be a little bit higher. The final price, let’s say giving up $23,000. You’ve got some opportunity there, is that what you’re saying?

Right. From our understanding is there’s not really anything that needs to be done on the inside rather than paint and carpet.

That was the last one?

Yes.

We’ve got a question, “How are the reserved price determined? Is there a rule-based formula or something else?” No. It’s based on probably costs, based on their expenses and what they’re into the property and also a percentage of it. Each asset is obviously a little bit different. I bet you mean the REO side. The note side will be a little bit different too as well for based on what’s coming in, right?

You’re right. It’s absolutely based upon cost.

We have another question, “How long has the one in Omaha been performing again?”

I know that it’s at least for a few months. With anything we’ll put out any of the re-performers, we will provide payoff statements and pay histories.

That’s not too hard to pull so they can verify that for everybody out.

I’ve seen people who come to market and they say, “Here, we have a re-performer and they have two months worth of payments.” To me that’s not a re-performer. A re-performer is 6 months, 9 months, 12 months, 18 months, 24 months. That’s re-performing, that shows track.

NCS NNA 7 | Note Funding League

Note Funding League: A re-performer is 6, 9, 12, 18, 24 months’ worth of payments. That’s re-performing. That shows track.

We will email the list out to those that have attended and when REO does this mean it’s purchased at the auction? No. It means they took it back after the foreclosure auction. They didn’t buy it. They were the bank. They didn’t sell at auction. We have a question, for the performing notes, are the number of remaining payments in the tape on the performing loans?

There is a column. If you take a look in column X, that’s the maturity date. You can determine how many payments are still remaining. Most of the shortest maturity date on any of these is 2021. That is for the one located in Columbus, Ohio. For the most part, most of these maturity dates are into 2030, 2034,2035, 2046, 2043,2047. You have some links to these.

If you want to make a bid below the reserve price because people are asking, is there any flexibility? Submit your offering. What we’ll do is offers that come in on Monday, we’ll take the highest. Anything is below the top highest, we’ll begin a backup offering. Make an offering. That’s what we say. A couple things when you submit your offering, you may submit many on a couple, make sure you send in just a spreadsheet with the assets you you’re bidding on. Along with these, you’re going to need to provide a couple of things. One is proof of funds, a proof of funds letter. We’re not going to have people make offers and go silent or dark on anything, right Joel?

Please don’t waste your time. If you’re serious, that’s what we’re looking for and if you can close the key is performance. It’s like anything else. We’ve been down the road before. We get people that go, they bid, then they get through the assets awarded, and then they go look for money and that’s not going to play.

Will the spreadsheet show any HOA fees outstanding?

No, it doesn’t. You’re going to have to do that on your own. Only a couple of them have HOAs. If I remember correctly, the two of them were in Florida. They’re in Safe Harbor in Florida so that would be kept anyways.

There’s a 3% fee or a flat $500 fee, whichever is higher on these assets that you’d be paying on top of the reserve price. We have another question. Can I send out a list of the slides? I’ll upload my slides to SlideShare and then I’ll send out a link with the actual spreadsheet as well. My slides are not 100% accurate based on the BPO number, so don’t take it. That’s the law. You want to go off the spreadsheet first and then my slides. All the information will be on the list. If you want to write this down, write this down really fast. Here’s where you submit your bids. If you want to get our list of future drafts or submit your bids, submit them to Jennifer@WeCloseNotes.com. If you have any questions, drop myself an email or give Joel a phone call or email, right Joel?

Feel free.

Would we allow for trust to come from Equity Trust? Probably not. No offense. I wouldn’t recommend Equity Trust. If you’ve got an account with them, you need to probably move it to somebody else. Equity Trust takes forever. Now, if you’re buying REOs, it maybe a little bit easier on the note sale side, but that’s a call for Joel and stuff like that too. You might want to make sure and start getting things moving on. It depends if you’re buying for yourself.

I’m happy to work with a serious buyer, but at the same time it has to be reasonable and timely.

All these pics basically came up with Zillow maps or Zillow stuff because we don’t have the BPOs from Joel to pull the photos off of because he just finished updating so we just literally pulled off the street. I’m glad to do it up there. I know you’re probably associating with the photos we see here. That’s the asset I want more information. We totally get it and we’ll email that out to everybody. On the ones that still need workout with the Singer Group, stay on. All these re-performing are REOs. There’s not any workouts anymore, right Joel?

That’s correct. For instance, as a sale is taking place and we’re just waiting for the deed, we’ll continue to a conclusion at making sure that it’s in your hands. With regards to collateral files, on the performing side, all that will be shipped out. They’re all stored at Richmond Monroe or our office.

We have a question, “Do we need to have an LLC to buy? Can we buy it in our name?” You’d be the dumbest person in the world to buy in your own name, because you as a real estate investor, you often F- up. I’m sorry to be straight and forward with it, but if you don’t have an LLC, you’re really not in business. You’re putting yourself in a lot of risks. You can go ahead and buy in your own name, but you know what, you get an LLC started the next 48 hours. You can reach out to Laughlin Associates or go to CorpVeilProtection.com. They can help you out with that. I would not recommend you buying in your own name. You can go ahead and still do that. I just don’t think it’s smart. Don’t let me be the one to stop you from doing the deal, but I don’t think it’s a smart thing to do. The LLC does not need to be in a state where the asset is. No.

My LLC is in Delaware.

We do have Note CAMP 5.0 in just minus three weeks from now and counting. We’ve got two amazing keynote speakers on it. We just finalized with Rhonda Britten who is an Emmy Award winner and had been on Oprah, Daytime TV. She’s also an expert on overcoming obstacles. We’ve got the one, the only Sharon Lechter who is the co-author of Rich Dad Poor Dad, Think and Grow Rich For Women, Think and Grow Rich, Three Feet From Gold and also the co-author with Napoleon Hill on Outwitting the Devil. We’re excited about that.

If you’re looking for more information on note investing, you can always check out The Note Closers Show. It’s our podcasts available. We just went over eighty 82,000 downloads. Thank you for listening. It’s on iTunes, Apple and all that good stuff. Take a look. We’ll get an email out you later with everything with the spreadsheet and the link to the slides as well.

We have a question, “How often do you do these sales?” We’re trying to do them once every two months at least. It depends on what’s available in the market, where we can move and stuff like that. Joel was kind enough to send the list of assets to us for our last Virtual Workshop for our members. We’ve already got a bid in from one of our students from this weekend and today I got some more so, we’ll go ahead and make it available to everybody once we’ve added a little bit more information into it. Any other comments, Joel? You want to give me your email?

It’s Joel@TheSingerLawGroup.com and feel free to call me or email me. Email is always the best, but either way, I’m available.

Go out and make something happen and we’ll see you all at the top.

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