Acquiring Default Debt / Distressed Assets / Insight
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Being a semi amateur investor, I want to get some intelligent insight from other like investors. Everyone has a different view point even while looking at the same picture.
I've been investing for 20 years. I buy default mortgage notes, 121 residential notes and 7 larger commercial notes in 2018. This sounds like a lot but my name isn't Big Bank, the residential notes I bought had an average balance of $100,000 each that I acquired for an average price of $7,000 each (bad houses or no pays for 8 years). On the commercial side our averages are wide spread but a $1mm note we may have acquired for $500,000. I buy REO's and have many bank connections, sometimes banks give me houses just to get them out of their names because they are dumps, but I just get the deed, post them on craigslist for $5,000 to $20,000 and they sell in a few day cash for deed. I've even bought 15 foot tall HVAC blowers out of stadiums at auctions online, had stored, sold on ebay for 4 times profit and the buyer came from out of state to pick up and I never laid eyes on them. I'm an out of the box investor that will look at any type of investment.
I'm not an "institutional" investor, I don't have $10mm cash liquidity yet so I'm not going to DebtX or FHA and buying a pool of default loans for 40% of upb in large bulk (different game). As the pieces of the great recession have all been picked up, the rat houses are now worth 20 times value from 4 years ago, the picking in the real estate / note market is now dry. I refuse to buy a dumpy house from a realtor, fix it and sell it situation, not my gig.
With that being said, where are the investments today? No Stock Market! Blach! Where are the defaults? What types of defaults? Buying warehouses full of equipment or inventory is great but public sites like overstock are no good. Where are the hidden gems or places to buy? What types of assets are good to go after?
Looking for open dialog and appreciate any and all insight.
Submitted January 11, 2019 at 10:42PM by Amerimican http://bit.ly/2FmHL4S
