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Titaniums,
During the Titanium Mastermind event in Dallas April 14-16, some of us discussed how we would like to have visibility of assets we had considered purchasing but did not and someone else among the Titaniums did (based on review of what was left on the Tuesday rollout to everyone else) . So, the intent of this thread is to solicit your feedback on your specific asset purchases if you are willing to share with the rest of us. If so, please share the following information:
1) Identify the property address of the assets you purchased
2) What you learned about the asset once you purchased it?
3) What exit strategies you planned to execute and which ones you are actually executing based on the evolving circumstances?
4) Key lessons learned/take aways you would like to share with other Titanium.
Looking forward to your feedback,
Jason Ortiz
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Hi Jason, I’ll be happy to share. I joined as Titanium on Mar 8th, 2016. I have just purchased two NPL’s. Once I get the documents, and contact the “occupants,” I will have a better idea of my exit strategy as well as “findings/experiences” post purchase. So I have nothing to comment on now, but I want to get this forum going, and I have clicked the “notify me” button at the bottom so I will see other’s inputs. Thanks for getting this started.
– Michael Rogers (Bluegrass Capital Fund, LLC)
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Jason and Michael,
I like the idea.
I bought my first npl on the April tape. It is 25177 West Mitchell Ct Ingleside MI. Purchasing with my IRA and hoping to get it to reperform or cash for keys. Likely a few weeks before it gets boarded and I can make a move. I’ll keep you posted.
Eric Gullickson
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I joined the Titanium membership on Mar 2016 and have purchased 2 performing notes so far. Looking to purchase more on the performing side. If anyone interested in doing a partial for atleast 10% on 2 funds that i have, feel free to ping me. Would be investing 5K from my HSA fund and another 10K from my IRA funds.
Anyone?
Thanks
Pari @sanotefunding.com
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So it is now Aug 16th, 2016. The two NPL’s I purchased are being worked.
Note 1) now a vacant house in Thomasville, NC. The BPO when I purchased was $55k. I should have ordered an updated BPO. The actual value as of now, is just over $30k. I purchased note for $20k, and have had to pay taxes and cleanout. I’m in it at $24k. Not much room to make a profit. I have it for sale as is, cash buyer. My servicer is doing the sale. We are asking $38k, but will gladly accept $30k and move on.
Note 2) borrower still lives in the house, BPO was $75k. House is in Bancroft, MI. I did not order an updated BPO prior to purchase (lesson learned). Borrower has made a couple of payments. To date, I have received just under $1k in P&I payments. Purchased note for $18k, and had to spend about $1.7k on back taxes. UPB is about $29k. I am trying to get borrower to apply for HHF. Borrower is in arrears by about $6k. Servicer is trying to work with borrower to make payments AND apply for HHF. Borrower is sketchy, not replying to servicer. Sending out a breech letter as she has not paid since June 2016. Will be able to begin foreclosure unless she contacts Servicer with a solid payment plan. Stay tuned.
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