Year End Open Q&A | Real Estate Notes Show

Episode: 2017 Year End Note Investing Open Q&A Dave's Goals and Plans: - Planning a webinar on ROI calculator with Dan to help people understand how easy it is to get into trouble with calculations - Promoting Facebook group for networking and local asset connections with map-based directory of investors - Seeing lots of inventory at year-end, more busy than previous year - Looking at rental portfolios and multifamily deals in addition to note deals - Observing difficult market for non-performing seconds due to larger funds buying and working pools Nathan's Goals and Plans: - Seeing mixed inventory - not exclusively looking for CFDs but evaluating mortgages, contracts for deed, and whatever offers good deals - Keeping track of different asset tapes across multiple months to identify trends - Curious about January inventory patterns after last January was busier than expected - Using Pipedrive as management system with customization capabilities - Working with an assistant who handles reminders and task delegation for follow-ups Key Recommendations: - Team up with someone else to get multiple eyes on deals and different perspectives - Use Sage Act for managing loans - highly customizable with mail merge, calendar integration, and click-to-dial capabilities - Hire an assistant to stay on top of reminders and follow-ups on loans - Verify senior lien position monthly and set up systematic borrower outreach and attorney follow-up - Consider Pipedrive as alternative management software - less customizable than Sage Act but covers essential needs Topics Discussed: - 2017 year-end inventory trends and market conditions - Performing vs non-performing seconds availability and difficulty - Technology and loan management systems comparison - Direct sourcing relationships for better deal pricing - Diversification across multiple real estate asset classes beyond notes - Preparing for 2018 market predictions and portfolio rollups Guest Insights: - Adam closed recent nice-size trade from bank with mostly single auditory Pauline loans - borrowers started paying quickly with many full reinstatements in first month - Chase and Kimberly run Note Investing Academy with video-based training and private mastermind group; seeing unprecedented inventory volume at year-end - Dan working more direct relationships in Memphis market rather than traditional tape sources - taking down notes at good pricing, focusing on contract for deed and performing tapes Episode: 2017 Year End Note Investing Open Q&A Guest: N/A Summary: A panel of experienced note investors discuss 2017 year-end market conditions, inventory trends, and strategies for sourcing deals across various real estate asset classes.

Main Topics: Year-end note investing inventory overview, Secondary note market conditions and challenges, Performing vs non-performing loan availability, Direct relationships and deal sourcing strategies, Diversification across real estate asset types, Note Investing Academy training program, ROI calculator tools and risk management Key Takeaways: Secondary note market has been difficult for 12-15 months due to larger funds consolidating pools | Performing notes are more available than non-performing notes with more active buyers | Year-end 2017 inventory levels significantly busier than previous year | Direct relationship sourcing is proving more effective than traditional market channels | Real estate operators are diversifying beyond notes into multifamily, rentals, and contract for deed deals | January historically shows increased inventory activity and deal flow Keywords: note investing, secondary market, performing loans, contract for deed, inventory, deal sourcing, direct relationships, real estate notes, ROI calculator all right all so for all those who were on the call we have a awesome panel tonight we have people to be stopping in and out they've been in space for a while can add different aspects of the space answer different questions so I did 90s they kind of have a overall question-answering thing for people to kind of post a question they may want to ask discussion we find that we get around a bunch of people discussions bring out really cool stuff especially little nuggets that we may use that you may or may not know or whatnot as you may know you get gallery view on the top right corner get a full picture of everybody in the bottom right there's a bottom screen is also a chat button post seven air or raise your hand and we will you know try our best to answer those questions we'll do our best to make those actual you know read them out loud and kind of answer for everybody so just as I normally do am I getting my webinars I kind of show my little stuff and then we're gonna get going on some questions that I have to post first and go from there so to do alright everybody knows this is a my big website that I have on Facebook there are others feel free to take a look at a join it we shot that down and whatnot we post questions and answers on here we have a large database of people Arianespace this is meant for networking reaching out to people in the space that may be able to help you on local assets in a local area so if you are not on this please make sure to get on this what you do is you go to the bottom add your name and I manually you know there's a lot of things are going on right now where I'm building behind the scenes for myself well you know usually like utilizing you guys and the space we're in I'm building the system right now to allow me to link up to everybody if it deals in the prop home area to actually she uni mail automatically without me even knowing about it getting an email from me soon just if the property in your local area you'll you'll get an email from me ask you just for your information about that feedback and your zip code kind of thing so I'm moving don't bother you know there's also other things of you know what web sites are you guys using plus time together I use that's nothing we get them to Bob with is pulling values pulling comps where we've started automating as well Kimmel award you know Kimmel a chase Nathan what are you guys using for valuations and where are you guys going to figure out are you going treadley to a BPO and you're said wrong right yeah um well we do you know whole combination of things we always of course look at the Zestimate knowing that is always gonna be wrong so if my tape gives me this estimate I know not to believe their value all of the online values but we we rely a lot on our PR that seems to work really well for us can you share what that is real quick oh yes it is a website it's based off MLS data on that is only available to Realtors and friends of Realtors there's some kind of deal with them so they can get access and depending on your market that you're in it decides what access you can have two other MLS data there are certain pockets of the country that that's just great for me and where if it's a low dollar amount and it's $2 a month and they put it in 30 grand you could be sitting there waiting to get that they're getting their money first you don't touch your mind for another couple years so why don't I sell that asset I can't guess what the best deal to do here is get rid of the Performing us and in case it defaults again yep because I'm not gonna work for free for 30 years santé I know you're sitting in the wings and you know just try absorb everything what do you seeing new investors doing that you can give them advice to get over that hump Jenny know what you're doing and you need to really just kind of listen and absorb that my company is to walk to hold your hand and get you set up but it comes down to you know having to ask questions and really understanding what the purpose of a service or is two weeks ago I had a new investor brand-new he has a partner but they're very very first note they were super excited you know they were actually out in a note Expo so I'm sure some of you guys bumped into them I had to tell me though that you know not everyone's assuming services and it's okay and there's no hurt feelings there is no love lost there but I hadn't basically telling me that I do absolutely nothing which kind of hit home didn't know he literally said he's like everyone blows you up and it's not ask for it people just the word about industry that's the good part about this but he didn't understand why a service or in general or in general was important not just Madison not just Shantae no I don't know Madison management services having to work there for almost five years now I I use also use property manager sites and I have a way to literally grab their information automated email them out bulk email mail merge kind of thing and then I have a in the same spreadsheet cuz I mail merge through Google sheets I then capture the information and I I get another button to my Google spreadsheet and capture reply of the response of that agent back in the same spreadsheet without having to look at my email ever you're better than me I love my system so I like to be able to mail merge everything out and in captures without having to look at my email I'm Adam what are you doing now for valuations I know you don't do much work at all but what do you do what are you doing for valuations I use property management companies I've built up teams in different towns and uh and some of them are still Realtors but they do property management for me too but you know when I get a tape I just look and see where my towns what towns they are and I just send the emails off to my Realtors my property managers and I don't necessarily go on Zillow and stuff and look up cops I'll let them do it for me because they get back to me pretty quick and I go from there but if I want to expand another town and I go start calling and another property manager so this little quick Ryan Burnett mentioned some tack to get drone and other services and then Jeff asked how do you find property magic companies that will work with you the phone call this is my phone right here um there is a I'd have to bring up my browser there is a website that allows you to search for a probably magic in the area of course it's in my whatnot but there nothing that stands out but I think everyone wants saw been inventory to start off with what has everyone been seeing my hair what do you see in seconds and what not what do you see in seconds now or seconds you know the active still or the are they working out or what's going on with second right now when I'm seen in seconds a lot of retread so basically bigger companies bigger funds buying up those pools that we all saw last year to two years and then they worked them they they did what they could with them and now those product that products come back out so seconds have been difficult in the last year to 15 months or so it's been pretty difficult okay how about performing seconds are those easier to get performing seconds are definitely more available there are there are a lot of seconds buyers of the performing loans I would say it's more available but there's not a lot of people sell in those seconds because they can't replace them with anything unless they're gonna transition okay everyone else the Adam I know you've taken that a recent trade that was nice-size from a bank how are things going with that pretty smooth got single Audrey Palin most of it but it's kind of funny uh I think when they see that singer longer they these borrowers start painting we got a lot of full reinstate makes real quick right yeah yeah first month everybody in 30 mm yeah Nathan what do you guys seeing up there are you seeing inventory that's attractive I know you've bought a lot of CFDs in the past you've got a mixed out back and forth what are you seeing inventory wise I get a mix of whatever I don't necessarily look for CFDs I like are free versions out there of different programs it's the matter of how much do you need how much you willing to spend now what you you know what kind of team you're working with some of us have people that work with us to help us get through assets that we need collaborate and sometimes work on their own I highly advise if anyone who's listening in can team up with somebody else just to get to eyes and things as well as to just to kind of see differently and work with things so um how are you guys doing down there managing the loans you guys have what do you guys do what kind of nuggets maybe you guys are using them we may not know about well we use pipedrive which we learned about through Adam any time we need you know help setting up customizing something whatever he's our go-to guy we also have an assistant in the office who is fantastic at staying on top of all the stuff she's got the reminders make sure we follow up with that she's very good at delegating tasks to me like hey don't forget you were supposed to do this which is an interesting thing I didn't when hiring an assistant I didn't expect to hire someone to nag me it's a good thing but I find that pipedrive almost does everything that I needed to do at this point it's not it doesn't smell like it's quite as customizable as sage act is yeah but I can clue that what I need to it's basically a serum that will let you run deals through it so now a manufacturing line mm-hmm then with all the asses you're running through what kind of software you're using are using any fancy I also used a former podium I'm just trying to make it work well it works out real good for upload it to this sheet which then you can go see a map of everybody through the back geo and see where everyone lives a person that's local to you go from with that we I'd uses list a lot of times just to find local people and properties is awesome also YouTube channel which will post this webinar to is the YouTube channel I have and I've done all my videos and whatnot here of all kinds of stuff so I'm gonna start off with let everyone kind of do a quick introduction of where who they are so uh I hope my screen is somewhat everyone else's I have Adam Adam to the top of my screen top left but the headphones on chase is on top right I think he's meted but he's rocking some prints over there alright my hair Allen which is below Adam of my screen blow me and my is Nathan Turner Canadian man of course we had Kimberly banks on here as well and then Dan down the bottom we all kind of cover different areas of the space and different ideas and whatnot as everyone knows the space is very cooperative we do compete but it's out of respect for everyone else and we share a lot of information together we want to make sure that we're helping as many people out as possible as me and Dan's mentioned me ton before and we're gonna be doing a webinar on ROI calculator people in the space get into it and think it's really easy and you can get yourself in deep trouble there with that said I kind of want to get an idea what everyone's currently doing what are you working on right now I'm seeing a lot of inventory recently them but it's not my only thing I look for mortgages contracts for deed whatever's gonna be a good deal same thing I've got a whole bunch of different tapes going on this month last month and this month it'll be interesting to see what January brings last January was a lot busier than I thought it would be so that I'm curious to see if that repeats you'll see awesome chase Kimberly what do you guys see and I know I'll let you guys give a shout out to your group you got going on now and what do you guys see an inventory was well the group he's talking about we started the note investing academy or we do training new note investors it's a video based program so you don't to fly anywhere you can do it on your own time and then we have a mastermind group a private mastermind group on Facebook where you can get you know personal support ask questions and all that kind of stuff but from an inventory perspective year end is always busy I have found this year to be even more busy than last year it's almost to the point where there are some tapes I just can't look at them it's just not enough time it just is amazing and like Nathan said I can't wait to see what happens in January it'll be interesting can they actually sell all this stuff is it going to roll over to the next year I don't know it's gonna be very interesting awesome yeah I'd say I'd agree right obviously I mean we're looking at some of the stuff that we're looking to buy I would say that what's been more fascinating towards this last quarter and even parts of the third quarter was not just the no deals right that we were seeing I mean we were seeing some we're looking at a rental portfolio now that's a decent size and a decent clip we're looking at there was some like we were trying to do like look at some curse I mean there's just so much other product as well so for anybody that's in a different space that can dabble and do different things like Dan I mean you're gonna kick into him next and he just has so many strategies and he executes across all different types of real estate as well but we multifamily and rental so I mean we're just seeing deals right like they're just just deals just tons of different deals is there came to a close which has been pretty fascinating and Joe so like that's what made it so hard a little bit to kind of get everything dan I knew you're in a different kind of space and a lot of these guys here what are you seeing in your inventory down Memphis and whatnot no you know describing what you do you're not as much in notes as we are what are you seeing inventory and Ferrari o--'s and making deals down there in different markets that were in on the Annapolis a pretty big contract for detail performing tapes working with a lot of people looking at you know roll up their properties and get into bigger assets like as well so we're seeing I'm dealing I'm not seeing a lot of stuff on the note side other than what everybody else to see on scene but I'm going a lot more direct now and it's been pretty good we've been we've been taking out a decent amount of notes at this point at pretty good pricing but not as many as we want to just not seeing them out there other than the direct relationships we have with people so and and like I said it's for us it's a lot of you know Turkey Reynolds really people looking to build their portfolio is a lot more active investors I'm seeing rather than passive investors but our past investors we're looking to probably roll up another fund here 2018 and we're gonna take down a pretty large contract and deep pool and then so off you know some onesies and twosies and stuff again awesome one of the things we want to talk about too is you know in our bait spaces how do we manage the loans we got what kind of technology are we using to manage what we're doing Adams great with technology for this out there her doing one or two deal Excel spreadsheets pretty easy what are you guys doing my hair what do you do with seconds when you're managing you know more than to where your Excel spreadsheet just getting crazy what are you typically doing actually the service that I use it's kind of it looks really simple but it does a lot of stuff and it's what PPR used to use it's a sage act okay and what I like about it what's that we're all taking notes of course yeah so what I liked about it is like completely customize the layout how I want it so whatever information I think is important it's on my first screen and then I could set up my tabs below that secondary information other information whatever it also does mail merges so if you need a you know making a sign of making a lunch you don't have to type it out you just click mail merge allonge boom pulls all the info and then it sets up on my reminder so obviously part of the seconds world you got to verify what's going on with the senior lien to do that once a month set up your calls to reach the borrower outreach follow up with your attorney keep tracking all that stuff so I like it because you can customize it to as simple or as expansive as you want it to be that's pretty cheap there's no recurring charge look it is filling for that so I'll put in the chatbox sage si GE Act I think they're up to like version 19 now yeah calm yeah yeah like I could double check it in awesome with that I mean is that something bringing your email as well or is it more of a standalone program no it urges with your calendar and your email it also is my dialer right so if a borrower comes up I click click to dial my phone rings I answer it it's calling the borrower so it does it does a lot of stuff and I'm not even that smart so awesome it's not sound like a Google Voice kind of activity and whatnot I know Adam use is something very similar to that without the dialing up feature you know there from many of notifications and put giving out to certain team members that you know my acquisitions team my attorneys my bookkeepers everyone I can kind of know it's it's kind of Sighs set rules and everything's kind of run smoothly well I probably could bring it in and use me the sager sales force has been pretty good track oh hold on you neo line unit all right so I guess good sales force has been pretty good I'm at the point where I really want to get them to customize it for me because I think if I get in customizing me it'll be perfect awesome yeah I know a lot of people who have a larger inventory sales force is definitely way to go just remind everyone there's a chat box definitely post any kind of questions or comments that were as we discuss we're trying make this more of a you know open Q&A ain't got a question to come along hitting more the bigger topics to help you get through things with with all this going on inventory what it is then the year has been crazy for me what kind of methodology do you guys have for getting through assets what kind of you know or what are you doing typically when you get a tape what's your first step just looking at it are you passing on inventory you're looking inventory what are you typically doing right now Nathan are you looking at everything are you no no like I I think it was chasing us and there's just there's so much or Kimberley whoever said there's just so much I'm having to just skip looking at the tape at all but if anything I'll look at the tape and the very first thing I do my system is I'm looking to get in and out as quickly as possible it for me it's a business so I'm I want in and out so for me that means certain states that I just don't go into so I'll go through the tape and I'll just kind of rule out even if I get sent a tape and it's like well have a look at this I'll scan it if they're all in New York a stunning look at the rest of the tape it's not worth it that's not someone I want to even try so a great point you know what everyone going on and all these assets out there and sometimes people are getting scared moving in this space saying well I would look through these orbits for pick through quite often sometimes they're not picked through right because people have gone through it or they're Pidgeon owing to certain part of the country so if you do know an area you do like New York as you live in New York grab a hold of it if you can understand it you can wait the time you can get a great deal in New York that we'd even look at BPO could be way off or something oh that's part of what I like about this business is there's so many different ways to approach it that it lends to a lot of cooperation in between us because we're not looking for the same thing not necessarily you know values different areas different everything that's a huge detriment for sellers that maybe you didn't have the best connection with maybe like the first time you bought like like because we're seeing some stuff and sound medicine today but I'm like didn't really I didn't have you know there's like is that like it's not like you're kidding back or whatever I but like you're at a time now where everybody's kind of sitting stuff so like it's almost like so see the beginning of the year and not be kind of like a jerk I'm just asking Indiana we've had I I think that does happen or they're like hey why didn't you look my tape well cuz because he weren't so much fun to work with last time maybe or you know I just I scanned it quickly I saw a bunch of New York I didn't didn't pursue it any further I well also the picked-over idea it's not yes some of the deals I've probably been looked at a lot that doesn't mean it's a bad deal it could mean that we're going Christ the first time the tape came out yeah sitting on it for so many months well now maybe I can finally get him to sell it it's a reasonable price right yeah or you be buying for different reasons like Nathan says he's trying to get out of it you know Dan's gonna buy the house right yeah wholly different strategy where if it doesn't work to quick sell it it does it make sense but dancing there going guys do you see us running for $1,000 a month I'm buying the hell out of it yeah exactly strategies yeah well as what makes this business so cool cuz we can all be doing this and we're all doing it just differently enough that there's room for everybody because it's it's kind of you know digging through the clutter for him and is is everybody else is bidding up on these assets and he's just he just diving in and strategy yeah me I just I like to create my own notes and the best way to create my own notes is to get that asset so I don't actually own the asset I want to I want to control it just curious den um we've never actually talked about this before who are you doing to do your loan originations are you getting somebody local or yes no ideals are non-owner occupied deals origination but if I do origination I give everyone out Ben Frederick's from Watchtower okay the best seller financing underwriting and things 500 bucks just but he's phenomenally doesn't why'd they should was gonna ask me how many states how many states in one nation one and also fifty okay cuz last I knew there was a time where he wasn't doing all fifty so that's good to know he's good I'm a licensed line there I used to do it I would use them I don't very really not that I don't I would say less than five percent of the time I'm doing owner-occupied borrowers regulatory issues in most states there's some states I still gonna follow high-cost and stuff like that but for the most part it's I'm I'm in that niche of sixty two hundred thirty thousand dollar assets arabes or BPOs when you guys get your assets what's your typical first step a lot of people try working with the borrower immediately how many people here are gonna write the foreclosure to get them started how many people are doing that I mean that's the first thing I do you know there's old-school thought of you know do you be nicer or not the problem is you just gotta push them we're nice with them we do try to work with them yeah but we're running parallel we're working doing a work out with that and legal and we'll keep going until something is finalized yeah and we know there's a lot of people in this industry that wait because they're gonna try to save money illegal and what's gonna happen is they're just gonna be down the line six to nine months down the line and they gonna have to do legal anyway at that point oh so like Nathan said he wants to be in and out as fast as possible you better start legal day one I mean doing this special special servicing right off the top I mean like that like giving a letter from an attorney it's not particularly like you know we're gonna knock your your teeth in order but just like hey news the situation oftentimes them going I mean especially on a case where you've got someone like Adam what they do use got in doing I mean you want to you gonna get rocking and rolling and with that special service in relationship you can really so what Chase is talking about Dale singer has a group that they'll ask you special servicing for you outside your servicer and start moving bar outreach the day you buy it and move on from it and really rock and roll there's only a school thought of you know what people like to do and I believe we do have a servicer online that's listening in too so I'm sure she would enjoy to hear that but the idea is that sometimes an attorney just makes people wake up faster than a simple servicing letter with that is is people are Adam are you using what your larger tape you took down are you using any kind of special servicing or are you just going right to attorneys uh well we've sold to off the bat so didn't do anything the others everything else I gave to Daniel singer okay and and shot days on the line I used to he knows so actually it's got a cool cuz uh singers group and Madison they almost work hand-in-hand yep that's pretty cool set up so I don't do anything got these awesome headphones and I do nothing I see on tape maker come in the group chat so what this said I mean this stuff can get very crazy what is everyone doing for counting services QuickBooks Excel you know Adam what are you guys running I know you have something you can kind of share what everyone I don't know how public she wants to be but what are you doing for your accounting software and how do you run that and how do you pay out the passive investors and how often you share your records with your JV partners I use QuickBooks and I spend a lot of time doing the books I do pay someone to teach me and go over my books and I mean it's a challenge and it's hard to get a grasp of it because I took four years of accounting but I still can't get it in my head sometimes so I pay someone to help yeah but we share books I give a report every month they have money and we share books every quarter and I payout distributions every quarter so everybody gets whatever is in QuickBooks is what they're getting I know a lot of people use spreadsheets but I prefer giving you what I gave my studies or desktop no online is limited yes by per company I've got I know I think five companies now so one side of QuickBooks or when version of QuickBooks on desktop covers everything so okay what are you guys doing Kimberly you're an are you also using the same idea yep were using QuickBooks we're actually using the same person Adam uses for assistance I personally think that the bookkeeping aspect and the taxes aspect of note investing is the biggest pain in the whatever I mean it just is amazing I actually have to redo my 2015 taxes cuz they are so wrong file the extension kept doing Draft after draft with a different accountant by the way not the one I have now yes and it still wasn't right by the time we ran out of time so we're going to have to refile them which is not fun it's definitely not my favorite process I've had to do that before mm-hmm that's a new you have an account doesn't know about anything about notes and then they do it wrong and then you pay taxes and then right now sorry I was just gonna say the first draft we started out she set everything up as rentals anyway okay what you're doing for accounting now are using QuickBooks what are you using yeah we're using QuickBooks Excel don't have a great accountant kind of looking for one still but doing the best that we can just to keep track of everything with QuickBooks and Excel so like using QuickBooks for like our day-to-day expenses and using Excel to like break out what's going on per loan per property something like that so you can see it on an individual level as well Nathan what are you doing up in Canada what do you use and I got QuickBooks Online and the gal I got setting up she's axe she's some high-level QuickBooks guru something-or-other okay he she set it up so that she's got each loan is a separate I don't even know what they call them last loan its own thing and then besides that each investor is attached to a different loan so I've got different investors that are attached to certain loans so they're all class together and so it's all proper it's a lot easier to keep track of that way I was doing Excel spreadsheets up until then and it's a lot matter I'm do the same thing I'm using QuickBooks Online just ask Emily says it just gets the point where I can't do it anymore I had an it off even and I would say probably for everyone on the webinar there's a point where you just have to let someone else do the job even 80% as good as you think you can do you'd need to enter off you need to focus on where you can focus on focus on your collateral files and you're servicing notes and your valuations and let someone else do the accounting yeah it's difficult um please again if you have any questions or comments I'm doing the topics of so some people have email me over but I want to if there is anything you want to add to it questions about QuickBooks kind of things we can do the best we can answer them when it comes to deals whatever we some things that you come across recently that are pigeonhole issues that you're kind of worried about or nervous about from I know I've talked to Gabe recently he's not so scared of dealing with states with debt licenses I just got a tape I was sharing another one else where one of those loans was actually on an Indian Indian reserve don't touch me yeah so it does astray shoes where the X the reserved owns the property and they're renting the property so there's little things like that is anyone run into anything recently that they can share that that they're just nuggets that they've seen don't buy in Washington unless you have your license there we go all right I'll leave it at that I know Kentucky Gabe got one through in Kentucky I don't tuck Kentucky because of the license there and whatnot but the license there is insane the the attorney contact Adam that we have some stuff and you know Ohio Franco and the guys over there we were asking what states they were licensed and they mentioned that state he said but you know we can't help me in that state knows like oh that's weird I don't think I can close the deals with guys like now we can have you there because you can't oh it's insane $3,000 it's crazy I don't know if that's exactly what it's it's observers yeah he's like three or five yeah you get popped you'd like it because like if your name is on a list of 12 people but that license it's really it's really obvious really quick so like it's not worth it yeah so you know there are a list of places out there they kind of give you an idea which once you know States to stay in stay away from you know George has always been a questionable state one of the things if you guys run into recently that you've avoided I'm Georgia you're an individual you can buy up to three if your business you can't buy any unless you have a license so if you have an LLC that's button note you got to get registered and it cost about 3,000 4,000 bucks I'm actually in the process right now doing it one time thing you got a register with the state and get your bond they work or I love foreclosure your names on that it gets recorded at the state and then they can pull your name yeah I don't know if the state's gonna look for you but if there's money on the other side I wasn't gonna do is raise the flag I have a Georgia one that we started foreclosure with didn't matter that we didn't have a license she finally jumped in and wanted to do a mod so we went that direction but now she's not paying so we're probably gonna foreclose and I'll see if the attorney again says something cuz I haven't gotten a license yet now on the flip side when I tried when I was working in Chicago which I will never can I go again but the minute we went to the attorney we had to get the license so it just seemed to operate differently in the two different states so that's why I was asking when someone would jump in and tell you to get that's everything's legal until you get caught that's yes exactly I'm gonna take this like if I'm like right drive another room doing the speeding rule like that sense farily gonna say so I have a question we came across the deal recently that had a pretty interesting situation with it foreclosure was done on the deal and this is more of me we're in this one I don't have an answer I'd loved it well if anybody has something the foreclosure was done Kimberly Kirkman Rana in the details but there was essentially a junior lien that wasn't named as a defendant on the foreclosures now there's an outstanding you have clouded title essentially so the the attorney said you know I missed it so I'll kind of cover a reef or closure yeah right so we're already kind of like in a territory around like wavelet so essentially there has to be a reef or closure to them now name this unnamed person as the defendant which then because they're in the entity not the borrower takes a different timeline now depending on the states and there is some little information on this that I like to try to search and fly because obviously entities don't tend to like belong about their timelines of being foreclosed out like a borrower or whatever right so has anybody like experienced this is this something that we should have some great concern about is this fairly as straightforward as it sounds anyway I don't know why I mean they you know we were talking beforehand about they pull title before filing foreclosure so they should pick up on these things how'd they discover the lien missed you know the other two tiles are pulled you had Adam okay I've had the same issue yeah and this was gonna cost me cuz stuck with his lien so when I go to pro title they'll do to you a two owner search and we did that nothing came up we went back and got another title search they did a two owner search and nothing came up and I was actually trying to sell the property and we had to go with the full full one yeah and so they did the it was yeah thirty or forty year that's when the other title showed up because it was three owners ago that they did the foreclosure and they forgot the name one of the lien holders it was actually the state of Ohio that they didn't name and so that lien still owned the property but it won't show up when we order these little two other searches yeah Wow helene ten thousand to him down eight years I got a getting someone to talk to you on the phone or theirs is not the chat was being gross your license is that MLS license MLL or something else yeah Emily yeah so what we're taught my license is the debt collector license where if you want to become a debt collector or certain state you have to actually be register the debt collector not only is it LLC or have a bond you have to actually be licensed to collect it in the state and Supreme Court fighting about it when when you talk about say it's not debt collection in Georgia but its debt collection in Washington am I am I correct on that I mean they all fall under the nmls regs but there's different classifications and each state has different requirements so yeah talk to a local attorney dead plug yeah so now I know we were talking we all kind of use different things to kind of hold our inventory and our information and how many people here is using Dropbox and I do the quick Google Drive any inputs on that I mean I'm the reason I bring it up is I'm going to share a little bit more about how much who dropped off there but it's actually Dan but I don't know who Harry said no water okay I just wrote that down I'm like I got asked in who the heck that is okay I did have a run but um so are people using Google Drive Dropbox what are you guys typically using now and why are you I'm more than Google Drive fans so we can actually be in the same document doing stuff I love that here but sure why that's advantage of what Dropbox why you can't do that in Dropbox well in Dropbox you can share documents very easily but you a person can end up making another copy of the document if you just don't stay synced in Google Drive you can open the same spreadsheet I open up and I can be messing around with column a while you're playing around a column B I can see what you're doing we can even chat together within the spreadsheet yes ooh person within the ecosystem that is our office there I thought it was the worst thing ever on either why would you ever want to be in the same dock at the same time that sounds like a cluster waiting to happen but when we had a really decent sized tape come through just come with this that group you stopped talking about and essentially two of us are running due diligence and so you know I see what Jackie's doing she sees what I'm gonna choose running all the RP dollars and like we're just it's it feels it serves that makes sense when you actually have a scenario where it makes sense to really be like all in the same time same time I would say traditionally I'm more of a Dropbox and I and for me it's like no idea at the time that makes one way more sense until you get to that ten percent like damn that was efficient we like to knock that out like and that makes it worth it to an ecosystem in my I'm a Google Drive fan for everything every was saying I mean we can reference the same exact file where Dropbox you're referencing a file inside a different folder to folder you can share folder where they get that one pacific folder and you can just edit it i'm big fan google drive for multiple reasons i use it for some of my automation stuff that i do and i do like it my hair are using drop School Drive Nathan what do you use him yeah you want this first I'll go first sure I I'm mostly Google Drive I do have some Dropbox only because some old school people still like it so you know sometimes I'll get shared files through Dropbox so I've got an account and I've got the extended accounts so I don't run out of room mm-hmm for myself I use Google Drive like Kimberly says I do that all the time my wife she'll be on the same spreadsheet and I can see her little box and I can see what she's looking at and I can anticipate her questions right away but it just it's just so efficient the rest of your marriage called the five love languages read that we all love that book well I'm making notes on that one five love languages just a book really awesome book to understand how people function what they do and how to make them feel good yeah I'm gonna just say I use Dropbox I use Google Drive and then I used my cloud mm-hm so it's just like my cloud is basically where the whole business is like all the important documents Google Drive I use it as passing through information real quick now if I'm doing a meet-up I'm doing some you know I got a scan information over stuff that's not like that important is passing through there quickly and then the Dropbox is like because I hate when I send a Google Drive folder to somebody then they have to sign in as a Google the Google like Gmail account if they don't have a gmail account and it's like a problem so you just send them the Dropbox link and they can get access to it so you can not have to do that but I've done that before where you can actually said it you you have to set the setting but yeah I feel like it's I like the third-party feature of the where you don't have to be associated with Google and I could just send you a link boom you got your collateral you got whatever information I sent you and just that information so I kind of use old I use three anything so we have the podcast or with the Academy there really anything else where I'm gonna be sending someone a link for some sort of downloadable thing I've just experienced less issues using twin nick box Dropbox Google Drive and of stuff for like a downloadable link of like a PDF or something so if you're like running an event or you're doing something we have a downloadable let's say a video you create for your business or if you're doing you know doing like the Cavalry's thing or anything right like if you're speaking at a RIA and you're like download the prospectus for this thing and you know it whatever I find Dropbox me really it just works every time like if I'm gonna have a downloadable thing in a folder or whatever you know always it's always available so the kind of me it's been really successful for that what kind of things have you found the last year or so that you've changed from 2016 and 2017 that had jump-started and got you guys where you are today versus last year I was gonna say I've been doing a lot more real estate deals because of the seconds inventory not being as available so in the last year I picked up like 18 units now so that's been fun nice alright but it's at a necessity right you got to keep the business going this is what I do full-time so always keeping an eye on what's going on in the seconds world but money's got to get put to work and so that's what I've been doing I mean that evolution is an investor's important grow like that's huge I mean like that's what we've been talking about it throw like six to eight months almost on the podcast off and on is being able to evolve shift change you know if there's a better nail that comes across the table it's not a no deal like it doesn't make does it means that deal right like that's that's huge like that's really important and that's important if like the market shift right like we're all and you're talking about notes but if all of a sudden every foreclosure there's no more foreclosures and like orgies but like defaults for something like I mean like if you start to try out real heavily like you gotta have something else you can do you gotta have something else that you're either familiar with or willing to dive into that's usually what I think we're all saying is and Kevin Zimmer is online we're first real estate people we're trying to find the the cheapest way to get into real estate possible and for a longest period of time notes is the cheaper way to get in a lot of real estate deals besides wholesaling whatnot so at the other day I think that's what really matters to us being a real estate person um need Adam what have you've done the last year that that jumpstart you where you're at now yeah I'm trying to get bigger I guess I mean I've got a I come from the apartment world so I've got a lot of apartment investors and so I've got a lot of money behind me and just trying to change the way we do things so we're actually looking at syndicating now instead of the JV model and yeah create small closed funds to buy poles and notes okay what do you syndication can quickly touch upon that you know that's different from JV versus doing it for JB's you know you and me and we go buy something you know you know then you got the open funds where I go collect money from everybody and then I go find the notes what I'm talking about is I go find the pull of notes we create a company and that company is funded by my investors they're all partners and that company buys the pull of notes and we did same thing with apartment complexes now everybody else the notes everybody gets the benefit of the notes if there's any losers it's all mitigated across all the ownership if there's any home runs everybody gets to experience it it's I think it's just a safer place for invest your money okay Kimberly what have you done the last year that's changed your business and you to grow to where you're at today well we're doing a couple of things this year I uh I did started this year out doing a 1031 exchange in the commercial some of the commercial assets I have so I plan on trying to use that experience start doing some commercial notes which I really trying to wrap my mind around the best way to fund those and I think it's along the lines of atom syndication idea we're also looking at some rentals that Jason mentioned we're looking at a rental package in Oklahoma City we might we'll keep some as rentals and we'll probably sell some off and take back a note on it so it's taking your note skills and applying them to different real estate situations that's one of the things I think it's great about learning about notes because it can get you extra income in all of your real estate deals and then we're just thinking about you know different strategies with see if these I mean some of them are so low value and then you have all the harbours bad press that's a problem but some of the higher end ones maybe you can get into those renovate them a bit and then turn them into a first so we're approaching it from all different angles in case I got this year a couple of things for me - one of the things that I did that feel like I should have done a long time ago but I I switched up servicers now I'm with two different servicers that both allow me to talk to the borrowers there and that has made a huge difference where I can have one conversation with the borrower and get a deal done rather than take three months - back and forth and just waste a ton of time mm-hmm that that's probably one of the main things that I've done that's just really helped promote things forward a lot faster yes sure what servicers those are yeah sure I shot is one of them Oh at Madison the other ones land home so I'm in between the two of them Northland home sorry shanty just and no reason in particular just have it really and then like I say they allow me to talk to the borrowers and I can get deals done so much faster and easier that's been good it looks like she's a good she was just realizing you know what what I was good at when I wasn't good at and you know half the reason why I moved up to down so we talked about before we even hit record here over this went live like where I was that now is living down in San Antonio now I live up here in Plano to subside Dallas and it was understanding that like I'm better with the team like I'm better with other people in the band the boys in the band right like so you know I'm only gonna go so far by myself in different areas and so Adams up here Wayne's up here obviously a obviously Kimberly one with Kimberly really heavily I mean just like there's more investors here than there was there was down there and it seems like there's a budding community growing now that I left but uh no it just was just understanding like yourself right you guys are talking about how important is to outsource the CPA stuff like it's crazy with everything to do legal on your own right like all of a sudden you think they're also a CPA like that's crazy I was like I took four years then I'm looking at so like I don't know if the legal is just taking an understanding and like what techni stock like what you're really good at what you're not and then you know what you're willing to outsource certain tasks at or add team members or become let's you remember you know whatever that is and whatever that looks like for you was a really really really big shift Wow more people commute in Jay says well um means Shantay jumped on as well as letting her speak if she has anything anyone else to ask again if any questions chat button go ahead and add in there you know we've all kind of share we've we've done this year and what I've personally done is I find things to automate a lot of space is done manually that we can do things much faster if we just would you do the same task over and over and over again and doesn't take more than a monkey to do I find there's no reason for us to do it don't post any information like Texas they just report values it's not tool but when it has the information it's pretty accurate we start there then once we get our bids accepted that's when we go ahead and pull a BPO and we also send we go look out because I you know and most PP o--'s they don't get out of the car I was getting out and chases do you want me to say so we also recently we looks great we also Kurt recently hired a drone photographer like a guy that like specializes in you know whatever time it's rode for Niagara money for all out in Florida to get some we needed more we needed more than we go.look got for me another karlik you know no use to me bro so like we actually have a guy going out he got like drug footage of this of the roof he got like a 360 of the house unfortunately this wouldn't typically seems to be the case with him pants had a decent amount of tree action so he can only get like so close but we got I mean there's a pool in the backyard we had no idea about I mean just all kinds of stuff I was wrong he's sweet what did you say I said the roof is sweet on the roof looks great which is the roof is sweet the service cost and then once he does it you go back and pay and and they do the big first two like it was like we I bent it out to like eight different companies and this is so ok ok real quick things we're talking all about licensing earlier of the eight companies six replied to me saying we can't do this because it's in a certain air space that we're not allowed to operate in so unless you have a license you can't do it we're like dad no we're two weeks out or whatever then one guy who reaches out he's like over 115 and I'm like winner winner chicken dinner like I know this guy doesn't have a license but groans autumn give it so anyway he discovered rocks he's like future videos is this what you want to you don't let me know if I've got to go back out I mean like it was it was I guess he's at a floor only I mean yes that's gotta be local guys yeah rotors dot IO IO and in markets that we buy in it by we I mean the colloquial way here there was a decent amount like of an Ohio Texas area I mean Atlanta I mean just all over the country where our pockets of purchases would be I mean there was you know seven eight nine ten people you could he wasn't even from that was for Jacksonville he was from Orlando he took the drive it's like an hour an hour and a half and ever that was wrong it sounds like he lost money in this deal it was a great deal and one of the other things want to do is use this drone footage to send to the next guy we hire to do a drone footage and say okay this was good but it would have been better if he did X Y & Z so then eventually we may not need we go look the problem with we go look is they take fantastic photos I have had many many times where I went back to the BPI PPO guy going see this this is a good picture yours was crap they don't go back the row in the back of the house but they think it's occupied well I still need to see the back of the house if I get the drone guy to do that flash the air occupied not on the bench sweating glass door - I may have two front doors unlock Oh take some pictures Santa Claus talk to this should be scarred there was like four cars in the driveway this guy was fearless one question he said so do you guys own the place case was like oh god now I'll never do it gonna be terrible I'm like no no we don't own it we're thinking of buying it he wants to hear we do it we'll let you come peas all the time we're buying the property he tells the electrics on so you mention any are a little nugget that me and Jason's thoughts with much time that some people may know and I'll drop the bomb honest that any art you will see properties outside your area whenever they are if you have a login however if that properties outside your MLS you could lose out on data that the property may be listed and any are will not show it if it's outside your MLS so if you have a property in your local area in your MLS I will not be able to see it is listed for sale or some data is missing unless I have access to your local MLS so it actually has a lot of information that is limited based on where you live what MLS your link link to so you could utilize all our agency we have friend was and get their login or make you an assistant and then log in as them I just have them figure out a way to and I see Ryan posting before about you may be doing some programming how to log in based on the property trying to log in to because I have bad dozen login they are neckl so you you know what do you do it for valuations are you using i use illo to start off with just to get a a good map view are you doing special layer and you don't do as much valuation as we do because you're in seconds but yeah i'm you're right so like Zillow appraisal Trulia realtor.com home you know there's a whole bunch of these home snap or whatever that gets you a general idea the BPO is like what you guys would do we do that as soon as we get the property so anything that we that we're gonna pursue foreclosure on which is almost everything that we buy mmm-hmm that's current on the first we call a local realtor bother like four or five of them until one of them or three of them get us decent comps and decent values and we say look if we take back this property you're our guy yeah most of the time we work out a modification so that Realtors waste of their time but if we did get there we really want to gave them the deal and that's how we get our data and so for that data that we're looking for is these in the market rental rental for that market and of course the fair market value so we know all three scenarios we take back the property worst case we can't sell what can we rent it for take back the property how fast can we sell it and then the equity what is it what kind of leverage do we have to pursue that foreclosure are we gonna take the first deal that the borrower throws at us or are we going to play hardball and look for a bigger reinstatement before we take that modification where you typically get your agents from a lop you li ask me that question I call locally so I just throw the address in whatever Gainesville Georgia Gainesville or whatever it is and I start googling and calling people and say look this is the deal I'm a bank I'm foreclosing this property I need you to run out there and take some pictures for me if we take it back the listings yours now that you call more than one person because the first guy is gonna give you the desktop appraisal which is which is like usually not accurate at all are you gonna get the a couple people actually want the deal but they're looking forward to doing more business with you in the future potentially and they'll go and they'll take pictures and they'll do a real comp let's see I do the same thing I don't know where else you guys get agents from I have a couple different sites REO Network Sante loves like that are sites out there you can find out if there are local product managers have been recommended or whatnot Nathan what are you typically doing now for that I use and some like that and service you know when you grab an asset what are you doing any different from what we've already mentioned a little bit my system is I I start looking at ID I only look at Zillow if it's not on redfin I look at Redfin first if it start there I find it way more accurate and same thing I don't just go by the Redfin estimate I'm going by the map view so you got to scroll down just a little bit go to the map view and then you can start looking at the properties around there no I in my experience none of the automat automated values are ever good you know if they might be close once in a while but I would never depend on that for anything so I started looking around and I compared you know as much as I can with like property size bedrooms that kind of thing and then once I got my value I'll make my bid based on my value or the UPP whichever it is but all all that's what I'm using for my value once I've gotten accepted bid then I order a BPO and then same thing with a BPO it's not face value I don't always but often I'll call the agent who did the BPO and just do some follow-up questions and if I was to give you this listing would you be comfortable selling at that price and and you know what does this look like compared to the neighborhood and that kind of thing and just follow-ups up that's not on the actual report now get the valuation will be from value vision vision or who's called clarity these days summit or first valuation I kind of rotate through all three of those and like I say I talk to the realtor it's often not every time but often I will and follow-up make sure I used to use it's a classy costly kind of you know it's a BPO most but cheaper the BPO but it's still online but it could be I think it's 20 foot hour the hit per pole so if I haven't used in a couple years that reason but I definitely have used result it's red belt rebel re yeah so you know so one last thing here before we go to shantae my other caveat on all that is so I got my BPO there's the price they say it's worth and then there's a 30-day sale price I go by the 30-day LC sale price - 10 % and that's that's my formula to make sure I'm not getting ripped cool I know shanties trying to get into this field an investment side of it and she's listening on her surface inside for many years now she was amazed as some of stuff that we do basis her knowledge in that in the space of understand BK's whatnot which can be overwhelming we're looking at BK looking for closures heat she's different I just ran across foreclosure matrix like 75 bucks I think it's all Jason about it or whatnot and it kind of lays out every state for foreclosure the whole timeline for every state as well as evictions and timelines of that I'm looking at purchasing that whatnot so it's what everyone online right now I mean there's a lot of questions I'm sure people have so you know utilizing everyone around you utilize everyone around here and reaching out to people you have no what can you give as a tidbit to somebody on here that has been buying what five or ten notes in last year and wants to move up to the next level what would you give them as advice to buy that you know that bulk a lot of questions been asked about you know do you get the money first deal first person me you get the knowledge first get understanding of what you're doing before you do anything else I think getting the deal is easier and getting the money is easier but I think understanding what you're doing is the best kimmel I need you guys what you guys got going on a little different from a lot of other people and I I truly like that because the hand-holding gets start in the beginning and let go and j.vin can get to the point where you can't get lost quicker because we sometimes move quicker than we're the person that's trying to hold on to us understands give them well when you're in a JV deal I mean let's we want to be the investor and we want them to be the passive partner and in the beginning L we'd be happy to explain to you while we're doing things but it's gonna slow down the deal and it is more work for you so if you know there's a way to tragic eight your investors be passive investors without having to be hand-holding it makes it easier um but we designed our program to really address what you do after you have a note I mean yes we do start out with how you get a note or we start out with what is a note how it's how to find sellers all of that but nobody really teaches you what to do when somebody goes bankrupt or when you know there's a foreclosure or some wacky thing happens in in the lungs or how to even read a collateral file so that's what we focus our program on any other advice you guys to give to someone has five or ten notes that wants to get the next level to get up of fury' gas sometimes managing two or three is I guess I'd say easy but when you're beginning at that's still scary pulling trigger on every single one of them what do you say to the next person that wants to get the next level you know my hair what do you say when you first got you broke loose and did what you did get the next level is scary yes all right so there's like two things it's not just because you're potentially getting more deals doesn't mean that you're making more money right you have to still keep your criteria to a certain degree you can't go crazy because now you have some investors money and you feel the obligation to go spend it you still have to spend it the right way otherwise you're just gonna make less money or not as much money and then that investors not gonna really be happy and the other part to it is if you're taking on investors we didn't really take on investors we just you know we have something good going but if you do take it on investors really vet them are they the right person for you because they could be like what Kimberly said which is you know in the beginning you know you have the conversations and it's like look I'm gonna give you your updates via Dropbox for your Google Drive it's your job to read it keep up what's going on so I need to keep the file moving but then you get some investors where they get a little nervous your JV partner gets a little nervous or they get anxious or they want to see action so they start calling you more and more often and now you're not doing your job which is get that file resolved and cashed out so I haven't done a lot of JV deals and that's the reason why it's because I can't babysit the person if you know we built a trust and they invested in us so now they need to let me get to work so that I can bring him back a good return and so maybe don't rush into that relationship just to scale meet meet the right people take your time vet them do all that I definitely agree I think also with that said the world in three years ago to them from today the returns aren't as comical we're not buying in 50 you know since on dollars we used to so returns of 34 yeah side out of 30 40 you know you know percent returns aren't as normal or as calm as it used to be that if you're giving away 10% and you're splitting it a return and the JV part is hoping for at least and even a 20% return sometimes it happens to another dozen so it then you burn that JV partner with money that may have you know five hundred two million dollars and you just screwed yourself we've moved on and I've now moved on to doing a prefer return versus a straight 50-50 deal a lot of people move out of doing lenders a 12% lending thing Nathan how you structuring your stuff now mine is so that's another thing I changed actually at the beginning of this year instead of just JV partners I when I first started getting started anybody who had 20 grand let's go and buy a note let's make it happen now it's very different it's $100,000 minimum you're in for two years I pay out on the quarter I report on the quarter Adam I commend you for still reporting month i I just it's a lot of administration to do that so I will let you know what's going on and I'm and I'm not you know completely cut off if they want to call me and ask me a few questions fine but like my hairs mentioning actually just today no it's one of my investors and we just decided to part ways because he's just way too nervous somehow I don't know as somewhere along the line he thought that I that I was representing that something was going to turn around in two to three months and I'm like dude that I I guarantee you I promise you I've never said that I've never said that to anybody it's not that kind of business and so he's like well then I'm out I'm like okay you need time you need quick yeah it's not a get-rich-quick you can make a lot of money in it but it is not a fast process it's get rich very slowly and surely exactly are you doing are you doing a lending situation now or are you doing it now I'm still doing 50/50 profit share but like I say it's paid out on a quarter if something comes in during the neck order then that profit gets paid out on the quarter they can reinvest it if they want I get my my part of the profit as it happens but there's gets paid out on the quarter okay Jason the only thing I think it's kind of what has been sort of mentioned but not quite but it's also understanding what you want right leg who's to say three meals isn't enough for you I mean we were having a conversation the other day what Liz another investment has been on here with you I believe that a month ago right like her and her husband they live in an RV they travel around the country they they do what they want with their own time I think she said she might but like 17 to 20 deals this year and that was what they needed to fund the life they want like you don't have to go you know swing for the moon and you know every single time you're up to bat they figure out the life you won't figure out what you know for me the way I like talk about us figure out what do they do the math in Reverse right like I want to make X dollars a year say right well typically on a note deal your return is gonna be between X and X typically right so like how many how much money is that I have to raise or how many views does that look like or you know what I mean like this kind of thing if I picked up 20 CFDs with an average of X as rent or or so in finance you would like to figure out the time of dealing what I do and then what those averages look like and go man if I hit 80% of that I'd be pretty bummed like I'd be great you know and then go from there like I don't so you know for us it was deciding and spending some serious amount of time on what we actually wanted what do you want your business in life to look like and then back into it from there you know like you said you were slow and you know ease into it don't just jump into anybody that has money all of those things for sure but before all of that is you know figuring out what it is you you you really want to do don't take question about new investors in a second when you guys are doing your JV deals whatnot how are you structuring those performing you know typically a lot of my early JV agreements said that the the JV Wester would get their money first out of a deal versus 50/50 split are you guys changing that methodology where if it goes performing you display a 50/50 and there are hundred percent funding the deal they're only a few percent returns one starts performing oh you guys structuring that yes we encountered a similar situation with this I believe prior to me even moving here and so it precipitated a change though I will say I've never had an investor call me gotten otherwise that goes back to Adam saying it's cool to get cut but there has been a change dude I recently saw a conversation about that in a different note skirt as well kind of asking that question which is kind of receptivity of having to make a change never had an investor call me on it and just think it's cuz people you know people hunters a hundred percent you know a lot of investors are buying notes I'm sure you guys with some of your partners and JV partners and things like that they are eager they're excited but they're also nervous they want to know what's going on and they're not a hundred percent sure out then how to understand so not only probably harassing you guys asking us to which is okay it's just again I have the time to handhold there you guys Bester's you don't you know this routine you guys have been doing it first of all I'm trying to be right there with you guys though so I would just say you know it's not easy just gonna pay attention you gotta learn you gotta be willing to learn awesome don't smile and nod and have fun with it but Shantae is quickly learning where we're going diving deep in a lot of stuff BK file foreclosure files calling attorneys calling agents it's it's not as easy as it may look it can get overwhelming sometimes but that's why utilizing everyone here and I'm gonna nice segue here and going to events where you can team up with people and find people like this so well here I want you to kind of give some shout out to everyone here online of what's going on here in Jersey and that's cold months right so a couple months out in February got the distressed mortgage exponents would be the third event that mark and I have been running together first to have been awesome did the first one last year in January actually still this year right this year in January we came back to the west coast brought a credible event there in September and we're bringing it back again for next year when it's just something we're gonna do by annually we're gonna do two times a year one on East Coast and a couple of things that we like to do which is a little bit different than some of the kind of mainstream conferences was the panel style so we give up more content less sales which was the main purpose of that I wanted to take control of the conference that I wanted to get that message across it's education first because if you're not feeding the audience they're not gonna come back right they're not gonna get involved in the business because that's a big hurdle in the note business it's not like real estate where you can go find a house down the street and say well I want to buy that you know the note business is a lot more over the computer over phones and stuff like that another thing that I like that we brought into the California event which I'm gonna try to talk a little bit more about the next couple months which was the shark tank and it's the reverse right instead of the vendor selling you on a deal you know we want you to bring the deal to us and maybe you can get one of us on board maybe you get Dave Lots on the deal with you as a 50/50 partner give you a little bit of guidance I know Jason gray got scorched in California I'll tell you a funny story about that it actually turned out exactly the way I thought it would 17% okay yeah so I think Jason was under the gun because you know we were trying to reach out to him lost track came back to him and then he's like look I haven't even looked into this deal I had 24 hours to look into it's like I'll do it I can I'm not gonna you know when I can ditch you guys but he did awesome and the other guys who present it did good as well so you know the the main thing at the event is there's gonna be 200 250 people there in the business yeah just open real quick I know kimly and chase out the run chase thank you very much Jason Kimberly will also be there yes before they go Anu Kimmy I run chase I appreciate coming in and so much questions well we'll definitely catch up soon and guys well cool so it continued in this event how many people are expected to come and what kind of level of people we expecting we're expecting to have over 200 attendees probably close to 250 in total which speaker's exhibitor sponsors and everybody the people that we should be expecting at this event is a lot of entry-level to mid-level attendees and then of course you have the exhibitor sponsor speakers who are at I kind of end up the next level up but we're trying to make it that it's you're trying to build a relationship with people in order to do business with them we found that the last two events people have been able to do that networking in the room Dave is gonna be there speaking Nathan's gonna be speaking at this point might as well include Adam Adams she killed me there so everyone that you're seeing here over the phone over your computer or whatever you get to come talk to us in person make that personal connection and then you know maybe you guys could do a deal together do some business together so I did put in the chat we have a 20% off discount through use my kind of code to get in you log in a strike but the code in there you get a discount I'm looking for a beating on there as we did daddy no to Expo down and Dallas good night before what not if you're around I'll do a post to my East Coast group to kind of get together get one face to a name kind of thing and whatnot last time we did it we all kind of hung in the lobby and it was really awesome so I definitely hope that you see you guys there and Adam hope you make it out there and see I was out there and Nathan I don't know if you'd be coming down as well you know I mean they're all events this is a really awesome time to get together people like us and just shoot to stuff and ask questions that you may not feel comfortable but again there's questions we may have as well so no one has all the answers leaning on the attorneys leaning on your your accountants I know Mike my bookkeeper is online and she's taking notes as we speak we're always learning here so feel free to shoot emails out to any of us I asked you guys if you could to throw in chat an email address that people can reach out to you if they have additional questions or whatnot so if so again growing a space is really a lot of fun everyone ran is awesome but also understand that there's nuggets we all kind of use as I said I'll be shooting an email out to everyone to kind of join a system I have out there to into the property your local area do you let me know but also if anyone needs any kind of help with building systems I can definitely direct you I don't could direct you chasing a direct you to the people out there they're automatically automating a lot of the stuff that we do normally valuations to ROI calculators to all this kind of stuff of making a little bit easier so anything else sitting any questions at all any issues or concerns you want bring up servicing issues like I said we talked about all kinds of stuff tonight and that was the whole premise of this webinar it's just to have an open forum I enjoy talking these guys this is opportunity for me to shoot the stuff with all these guys that we get to see each other and talk as regular as we possibly can any other questions right now put on the thing if not I thank you very much Brian I hope we did answer all your questions I need you to post a bunch of it one of the question yes was other extra strategies to give eggs Bester's to get principal back other than selling note we did talk about partials which I've talked to my air about where you can actually buy or sell partials where a maybe a five years ten your kind of thing for five or ten thousand dollars someone get in gang at ten twelve percent yield and buy off part of that get a lot of your money out but that other person gets a performing loan so if you aren't in buy before partials let me know I'll hook you up with that or you have a performer you do want to sell um feel free to let me know about that too so another exit Zulu former with that another exit strategy on performer is I sold it back to my investor so he basically bought out my portion I was gonna say you're right so someone could buy out the other person yeah yep awesome I again thank you all Adam you put your stuff in here I didn't see you put your email just as well I'm behind Adam all right guys I appreciate you guys time awesome thank you very much you've been awesome and we'll catch up soon alright guys have a good night thanks guys Christmas what are you typically doing actually the service that I use it's kind of it looks really simple but it does a lot of stuff and it's what PPR used to use it's a sage act okay and what I like about it what's that we're all taking notes of course yeah so what I liked about it is like completely customize the layout how I want it so whatever information I think is important it's on my first screen and then I could set up my tabs below that secondary information other information whatever it also does mail merges so if you need a you know making a sign of making a lunch you don't have to type it out you just click mail merge allonge boom pulls all the info and then it sets up on my reminder so obviously part of the seconds world you got to verify what's going on with the senior lien to do that once a month set up your calls to reach the borrower outreach follow up with your attorney keep tracking all that stuff so I like it because you can customize it to as simple or as expansive as you want it to be that's pretty cheap there's no recurring charge look it is filling for that so I'll put in the chatbox sage si GE Act I think they're up to like version 19 now yeah calm yeah yeah like I could double check it in awesome with that I mean is that something bringing your email as well or is it more of a standalone program no it urges with your calendar and your email it also is my dialer right so if a borrower comes up I click click to dial my phone rings I answer it it's calling the borrower so it does it does a lot of stuff and I'm not even that smart so awesome it's not sound like a Google Voice kind of activity and whatnot I know Adam use is something very similar to that without the dialing up feature you know there are free versions out there of different programs it's the matter of how much do you need how much you willing to spend now what you you know what kind of team you're working with some of us have people that work with us to help us get through assets that we need collaborate and sometimes work on their own I highly advise if anyone who's listening in can team up with somebody else just to get to eyes and things as well as to just to kind of see differently and work with things so um how are you guys doing down there managing the loans you guys have what do you guys do what kind of nuggets maybe you guys are using them we may not know about well we use pipedrive which we learned about through Adam any time we need you know help setting up customizing something whatever he's our go-to guy we also have an assistant in the office who is fantastic at staying on top of all the stuff she's got the reminders make sure we follow up with that she's very good at delegating tasks to me like hey don't forget you were supposed to do this which is an interesting thing I didn't when hiring an assistant I didn't expect to hire someone to nag me it's a good thing but I find that pipedrive almost does everything that I needed to do at this point it's not it doesn't smell like it's quite as customizable as sage act is yeah but I can clue that what I need to it's basically a serum that will let you run deals through it so now a manufacturing line mm-hmm then with all the asses you're running through what kind of software you're using are using any fancy I also used a former podium I'm just trying to make it work well it works out real good for from many of notifications and put giving out to certain team members that you know my acquisitions team my attorneys my bookkeepers everyone I can kind of know it's it's kind of Sighs set rules and everything's kind of run smoothly well I probably could bring it in and use me the sager sales force has been pretty good track oh hold on you neo line unit all right so I guess good sales force has been pretty good I'm at the point where I really want to get them to customize it for me because I think if I get in customizing me it'll be perfect awesome yeah I know a lot of people who have a larger inventory sales force is definitely way to go just remind everyone there's a chat box definitely post any kind of questions or comments that were as we discuss we're trying make this more of a you know open Q&A ain't got a question to come along hitting more the bigger topics to help you get through things with with all this going on inventory what it is then the year has been crazy for me what kind of methodology do you guys have for getting through assets what kind of you know or what are you doing typically when you get a tape what's your first step just looking at it are you passing on inventory you're looking inventory what are you typically doing right now Nathan are you looking at everything are you no no like I I think it was chasing us and there's just there's so much or Kimberley whoever said there's just so much I'm having to just skip looking at the tape at all but if anything I'll look at the tape and the very first thing I do my system is I'm looking to get in and out as quickly as possible it for me it's a business so I'm I want in and out so for me that means certain states that I just don't go into so I'll go through the tape and I'll just kind of rule out even if I get sent a tape and it's like well have a look at this I'll scan it if they're all in New York a stunning look at the rest of the tape it's not worth it that's not someone I want to even try so a great point you know what everyone going on and all these assets out there and sometimes people are getting scared moving in this space saying well I would look through these orbits for pick through quite often sometimes they're not picked through right because people have gone through it or they're Pidgeon owing to certain part of the country so if you do know an area you do like New York as you live in New York grab a hold of it if you can understand it you can wait the time you can get a great deal in New York that we'd even look at BPO could be way off or something oh that's part of what I like about this business is there's so many different ways to approach it that it lends to a lot of cooperation in between us because we're not looking for the same thing not necessarily you know values different areas different everything that's a huge detriment for sellers that maybe you didn't have the best connection with maybe like the first time you bought like like because we're seeing some stuff and sound medicine today but I'm like didn't really I didn't have you know there's like is that like it's not like you're kidding back or whatever I but like you're at a time now where everybody's kind of sitting stuff so like it's almost like so see the beginning of the year and not be kind of like a jerk I'm just asking Indiana we've had I I think that does happen or they're like hey why didn't you look my tape well cuz because he weren't so much fun to work with last time maybe or you know I just I scanned it quickly I saw a bunch of New York I didn't didn't pursue it any further I well also the picked-over idea it's not yes some of the deals I've probably been looked at a lot that doesn't mean it's a bad deal it could mean that we're going Christ the first time the tape came out yeah sitting on it for so many months well now maybe I can finally get him to sell it it's a reasonable price right yeah or you be buying for different reasons like Nathan says he's trying to get out of it you know Dan's gonna buy the house right yeah wholly different strategy where if it doesn't work to quick sell it it does it make sense but dancing there going guys do you see us running for $1,000 a month I'm buying the hell out of it yeah exactly strategies yeah well as what makes this business so cool cuz we can all be doing this and we're all doing it just differently enough that there's room for everybody because it's it's kind of you know digging through the clutter for him and is is everybody else is bidding up on these assets and he's just he just diving in and strategy yeah me I just I like to create my own notes and the best way to create my own notes is to get that asset so I don't actually own the asset I want to I want to control it just curious den um we've never actually talked about this before who are you doing to do your loan originations are you getting somebody local or yes no ideals are non-owner occupied deals origination but if I do origination I give everyone out Ben Frederick's from Watchtower okay the best seller financing underwriting and things 500 bucks just but he's phenomenally doesn't why'd they should was gonna ask me how many states how many states in one nation one and also fifty okay cuz last I knew there was a time where he wasn't doing all fifty so that's good to know he's good I'm a licensed line there I used to do it I would use them I don't very really not that I don't I would say less than five percent of the time I'm doing owner-occupied borrowers regulatory issues in most states there's some states I still gonna follow high-cost and stuff like that but for the most part it's I'm I'm in that niche of sixty two hundred thirty thousand dollar assets arabes or BPOs when you guys get your assets what's your typical first step a lot of people try working with the borrower immediately how many people here are gonna write the foreclosure to get them started how many people are doing that I mean that's the first thing I do you know there's old-school thought of you know do you be nicer or not the problem is you just gotta push them we're nice with them we do try to work with them yeah but we're running parallel we're working doing a work out with that and legal and we'll keep going until something is finalized yeah and we know there's a lot of people in this industry that wait because they're gonna try to save money illegal and what's gonna happen is they're just gonna be down the line six to nine months down the line and they gonna have to do legal anyway at that point oh so like Nathan said he wants to be in and out as fast as possible you better start legal day one I mean doing this special special servicing right off the top I mean like that like giving a letter from an attorney it's not particularly like you know we're gonna knock your your teeth in order but just like hey news the situation oftentimes them going I mean especially on a case where you've got someone like Adam what they do use got in doing I mean you want to you gonna get rocking and rolling and with that special service in relationship you can really so what Chase is talking about Dale singer has a group that they'll ask you special servicing for you outside your servicer and start moving bar outreach the day you buy it and move on from it and really rock and roll there's only a school thought of you know what people like to do and I believe we do have a servicer online that's listening in too so I'm sure she would enjoy to hear that but the idea is that sometimes an attorney just makes people wake up faster than a simple servicing letter with that is is people are Adam are you using what your larger tape you took down are you using any kind of special servicing or are you just going right to attorneys uh well we've sold to off the bat so didn't do anything the others everything else I gave to Daniel singer okay and and shot days on the line I used to he knows so actually it's got a cool cuz uh singers group and Madison they almost work hand-in-hand yep that's pretty cool set up so I don't do anything got these awesome headphones and I do nothing I see on tape maker come in the group chat so what this said I mean this stuff can get very crazy what is everyone doing for counting services QuickBooks Excel you know Adam what are you guys running I know you have something you can kind of share what everyone I don't know how public she wants to be but what are you doing for your accounting software and how do you run that and how do you pay out the passive investors and how often you share your records with your JV partners I use QuickBooks and I spend a lot of time doing the books I do pay someone to teach me and go over my books and I mean it's a challenge and it's hard to get a grasp of it because I took four years of accounting but I still can't get it in my head sometimes so I pay someone to help yeah but we share books I give a report every month they have money and we share books every quarter and I payout distributions every quarter so everybody gets whatever is in QuickBooks is what they're getting I know a lot of people use spreadsheets but I prefer giving you what I gave my studies or desktop no online is limited yes by per company I've got I know I think five companies now so one side of QuickBooks or when version of QuickBooks on desktop covers everything so okay what are you guys doing Kimberly you're an are you also using the same idea yep were using QuickBooks we're actually using the same person Adam uses for assistance I personally think that the bookkeeping aspect and the taxes aspect of note investing is the biggest pain in the whatever I mean it just is amazing I actually have to redo my 2015 taxes cuz they are so wrong file the extension kept doing Draft after draft with a different accountant by the way not the one I have now yes and it still wasn't right by the time we ran out of time so we're going to have to refile them which is not fun it's definitely not my favorite process I've had to do that before mm-hmm that's a new you have an account doesn't know about anything about notes and then they do it wrong and then you pay taxes and then right now sorry I was just gonna say the first draft we started out she set everything up as rentals anyway okay what you're doing for accounting now are using QuickBooks what are you using yeah we're using QuickBooks Excel don't have a great accountant kind of looking for one still but doing the best that we can just to keep track of everything with QuickBooks and Excel so like using QuickBooks for like our day-to-day expenses and using Excel to like break out what's going on per loan per property something like that so you can see it on an individual level as well Nathan what are you doing up in Canada what do you use and I got QuickBooks Online and the gal I got setting up she's axe she's some high-level QuickBooks guru something-or-other okay he she set it up so that she's got each loan is a separate I don't even know what they call them last loan its own thing and then besides that each investor is attached to a different loan so I've got different investors that are attached to certain loans so they're all class together and so it's all proper it's a lot easier to keep track of that way I was doing Excel spreadsheets up until then and it's a lot matter I'm do the same thing I'm using QuickBooks Online just ask Emily says it just gets the point where I can't do it anymore I had an it off even and I would say probably for everyone on the webinar there's a point where you just have to let someone else do the job even 80% as good as you think you can do you'd need to enter off you need to focus on where you can focus on focus on your collateral files and you're servicing notes and your valuations and let someone else do the accounting yeah it's difficult um please again if you have any questions or comments I'm doing the topics of so some people have email me over but I want to if there is anything you want to add to it questions about QuickBooks kind of things we can do the best we can answer them when it comes to deals whatever we some things that you come across recently that are pigeonhole issues that you're kind of worried about or nervous about from I know I've talked to Gabe recently he's not so scared of dealing with states with debt licenses I just got a tape I was sharing another one else where one of those loans was actually on an Indian Indian reserve don't touch me yeah so it does astray shoes where the X the reserved owns the property and they're renting the property so there's little things like that is anyone run into anything recently that they can share that that they're just nuggets that they've seen don't buy in Washington unless you have your license there we go all right I'll leave it at that I know Kentucky Gabe got one through in Kentucky I don't tuck Kentucky because of the license there and whatnot but the license there is insane the the attorney contact Adam that we have some stuff and you know Ohio Franco and the guys over there we were asking what states they were licensed and they mentioned that state he said but you know we can't help me in that state knows like oh that's weird I don't think I can close the deals with guys like now we can have you there because you can't oh it's insane $3,000 it's crazy I don't know if that's exactly what it's it's observers yeah he's like three or five yeah you get popped you'd like it because like if your name is on a list of 12 people but that license it's really it's really obvious really quick so like it's not worth it yeah so you know there are a list of places out there they kind of give you an idea which once you know States to stay in stay away from you know George has always been a questionable state one of the things if you guys run into recently that you've avoided I'm Georgia you're an individual you can buy up to three if your business you can't buy any unless you have a license so if you have an LLC that's button note you got to get registered and it cost about 3,000 4,000 bucks I'm actually in the process right now doing it one time thing you got a register with the state and get your bond they work or I love foreclosure your names on that it gets recorded at the state and then they can pull your name yeah I don't know if the state's gonna look for you but if there's money on the other side I wasn't gonna do is raise the flag I have a Georgia one that we started foreclosure with didn't matter that we didn't have a license she finally jumped in and wanted to do a mod so we went that direction but now she's not paying so we're probably gonna foreclose and I'll see if the attorney again says something cuz I haven't gotten a license yet now on the flip side when I tried when I was working in Chicago which I will never can I go again but the minute we went to the attorney we had to get the license so it just seemed to operate differently in the two different states so that's why I was asking when someone would jump in and tell you to get that's everything's legal until you get caught that's yes exactly I'm gonna take this like if I'm like right drive another room doing the speeding rule like that sense farily gonna say so I have a question we came across the deal recently that had a pretty interesting situation with it foreclosure was done on the deal and this is more of me we're in this one I don't have an answer I'd loved it well if anybody has something the foreclosure was done Kimberly Kirkman Rana in the details but there was essentially a junior lien that wasn't named as a defendant on the foreclosures now there's an outstanding you have clouded title essentially so the the attorney said you know I missed it so I'll kind of cover a reef or closure yeah right so we're already kind of like in a territory around like wavelet so essentially there has to be a reef or closure to them now name this unnamed person as the defendant which then because they're in the entity not the borrower takes a different timeline now depending on the states and there is some little information on this that I like to try to search and fly because obviously entities don't tend to like belong about their timelines of being foreclosed out like a borrower or whatever right so has anybody like experienced this is this something that we should have some great concern about is this fairly as straightforward as it sounds anyway I don't know why I mean they you know we were talking beforehand about they pull title before filing foreclosure so they should pick up on these things how'd they discover the lien missed you know the other two tiles are pulled you had Adam okay I've had the same issue yeah and this was gonna cost me cuz stuck with his lien so when I go to pro title they'll do to you a two owner search and we did that nothing came up we went back and got another title search they did a two owner search and nothing came up and I was actually trying to sell the property and we had to go with the full full one yeah and so they did the it was yeah thirty or forty year that's when the other title showed up because it was three owners ago that they did the foreclosure and they forgot the name one of the lien holders it was actually the state of Ohio that they didn't name and so that lien still owned the property but it won't show up when we order these little two other searches yeah Wow helene ten thousand to him down eight years I got a getting someone to talk to you on the phone or theirs is not the chat was being gross your license is that MLS license MLL or something else yeah Emily yeah so what we're taught my license is the debt collector license where if you want to become a debt collector or certain state you have to actually be register the debt collector not only is it LLC or have a bond you have to actually be licensed to collect it in the state and Supreme Court fighting about it when when you talk about say it's not debt collection in Georgia but its debt collection in Washington am I am I correct on that I mean they all fall under the nmls regs but there's different classifications and each state has different requirements so yeah talk to a local attorney dead plug yeah so now I know we were talking we all kind of use different things to kind of hold our inventory and our information and how many people here is using Dropbox and I do the quick Google Drive any inputs on that I mean I'm the reason I bring it up is I'm going to share a little bit more about how much who dropped off there but it's actually Dan but I don't know who Harry said no water okay I just wrote that down I'm like I got asked in who the heck that is okay I did have a run but um so are people using Google Drive Dropbox what are you guys typically using now and why are you I'm more than Google Drive fans so we can actually be in the same document doing stuff I love that here but sure why that's advantage of what Dropbox why you can't do that in Dropbox well in Dropbox you can share documents very easily but you a person can end up making another copy of the document if you just don't stay synced in Google Drive you can open the same spreadsheet I open up and I can be messing around with column a while you're playing around a column B I can see what you're doing we can even chat together within the spreadsheet yes ooh person within the ecosystem that is our office there I thought it was the worst thing ever on either why would you ever want to be in the same dock at the same time that sounds like a cluster waiting to happen but when we had a really decent sized tape come through just come with this that group you stopped talking about and essentially two of us are running due diligence and so you know I see what Jackie's doing she sees what I'm gonna choose running all the RP dollars and like we're just it's it feels it serves that makes sense when you actually have a scenario where it makes sense to really be like all in the same time same time I would say traditionally I'm more of a Dropbox and I and for me it's like no idea at the time that makes one way more sense until you get to that ten percent like damn that was efficient we like to knock that out like and that makes it worth it to an ecosystem in my I'm a Google Drive fan for everything every was saying I mean we can reference the same exact file where Dropbox you're referencing a file inside a different folder to folder you can share folder where they get that one pacific folder and you can just edit it i'm big fan google drive for multiple reasons i use it for some of my automation stuff that i do and i do like it my hair are using drop School Drive Nathan what do you use him yeah you want this first I'll go first sure I I'm mostly Google Drive I do have some Dropbox only because some old school people still like it so you know sometimes I'll get shared files through Dropbox so I've got an account and I've got the extended accounts so I don't run out of room mm-hmm for myself I use Google Drive like Kimberly says I do that all the time my wife she'll be on the same spreadsheet and I can see her little box and I can see what she's looking at and I can anticipate her questions right away but it just it's just so efficient the rest of your marriage called the five love languages read that we all love that book well I'm making notes on that one five love languages just a book really awesome book to understand how people function what they do and how to make them feel good yeah I'm gonna just say I use Dropbox I use Google Drive and then I used my cloud mm-hm so it's just like my cloud is basically where the whole business is like all the important documents Google Drive I use it as passing through information real quick now if I'm doing a meet-up I'm doing some you know I got a scan information over stuff that's not like that important is passing through there quickly and then the Dropbox is like because I hate when I send a Google Drive folder to somebody then they have to sign in as a Google the Google like Gmail account if they don't have a gmail account and it's like a problem so you just send them the Dropbox link and they can get access to it so you can not have to do that but I've done that before where you can actually said it you you have to set the setting but yeah I feel like it's I like the third-party feature of the where you don't have to be associated with Google and I could just send you a link boom you got your collateral you got whatever information I sent you and just that information so I kind of use old I use three anything so we have the podcast or with the Academy there really anything else where I'm gonna be sending someone a link for some sort of downloadable thing I've just experienced less issues using twin nick box Dropbox Google Drive and of stuff for like a downloadable link of like a PDF or something so if you're like running an event or you're doing something we have a downloadable let's say a video you create for your business or if you're doing you know doing like the Cavalry's thing or anything right like if you're speaking at a RIA and you're like download the prospectus for this thing and you know it whatever I find Dropbox me really it just works every time like if I'm gonna have a downloadable thing in a folder or whatever you know always it's always available so the kind of me it's been really successful for that what kind of things have you found the last year or so that you've changed from 2016 and 2017 that had jump-started and got you guys where you are today versus last year I was gonna say I've been doing a lot more real estate deals because of the seconds inventory not being as available so in the last year I picked up like 18 units now so that's been fun nice alright but it's at a necessity right you got to keep the business going this is what I do full-time so always keeping an eye on what's going on in the seconds world but money's got to get put to work and so that's what I've been doing I mean that evolution is an investor's important grow like that's huge I mean like that's what we've been talking about it throw like six to eight months almost on the podcast off and on is being able to evolve shift change you know if there's a better nail that comes across the table it's not a no deal like it doesn't make does it means that deal right like that's that's huge like that's really important and that's important if like the market shift right like we're all and you're talking about notes but if all of a sudden every foreclosure there's no more foreclosures and like orgies but like defaults for something like I mean like if you start to try out real heavily like you gotta have something else you can do you gotta have something else that you're either familiar with or willing to dive into that's usually what I think we're all saying is and Kevin Zimmer is online we're first real estate people we're trying to find the the cheapest way to get into real estate possible and for a longest period of time notes is the cheaper way to get in a lot of real estate deals besides wholesaling whatnot so at the other day I think that's what really matters to us being a real estate person um need Adam what have you've done the last year that that jumpstart you where you're at now yeah I'm trying to get bigger I guess I mean I've got a I come from the apartment world so I've got a lot of apartment investors and so I've got a lot of money behind me and just trying to change the way we do things so we're actually looking at syndicating now instead of the JV model and yeah create small closed funds to buy poles and notes okay what do you syndication can quickly touch upon that you know that's different from JV versus doing it for JB's you know you and me and we go buy something you know you know then you got the open funds where I go collect money from everybody and then I go find the notes what I'm talking about is I go find the pull of notes we create a company and that company is funded by my investors they're all partners and that company buys the pull of notes and we did same thing with apartment complexes now everybody else the notes everybody gets the benefit of the notes if there's any losers it's all mitigated across all the ownership if there's any home runs everybody gets to experience it it's I think it's just a safer place for invest your money okay Kimberly what have you done the last year that's changed your business and you to grow to where you're at today well we're doing a couple of things this year I uh I did started this year out doing a 1031 exchange in the commercial some of the commercial assets I have so I plan on trying to use that experience start doing some commercial notes which I really trying to wrap my mind around the best way to fund those and I think it's along the lines of atom syndication idea we're also looking at some rentals that Jason mentioned we're looking at a rental package in Oklahoma City we might we'll keep some as rentals and we'll probably sell some off and take back a note on it so it's taking your note skills and applying them to different real estate situations that's one of the things I think it's great about learning about notes because it can get you extra income in all of your real estate deals and then we're just thinking about you know different strategies with see if these I mean some of them are so low value and then you have all the harbours bad press that's a problem but some of the higher end ones maybe you can get into those renovate them a bit and then turn them into a first so we're approaching it from all different angles in case I got this year a couple of things for me - one of the things that I did that feel like I should have done a long time ago but I I switched up servicers now I'm with two different servicers that both allow me to talk to the borrowers there and that has made a huge difference where I can have one conversation with the borrower and get a deal done rather than take three months - back and forth and just waste a ton of time mm-hmm that that's probably one of the main things that I've done that's just really helped promote things forward a lot faster yes sure what servicers those are yeah sure I shot is one of them Oh at Madison the other ones land home so I'm in between the two of them Northland home sorry shanty just and no reason in particular just have it really and then like I say they allow me to talk to the borrowers and I can get deals done so much faster and easier that's been good it looks like she's a good she was just realizing you know what what I was good at when I wasn't good at and you know half the reason why I moved up to down so we talked about before we even hit record here over this went live like where I was that now is living down in San Antonio now I live up here in Plano to subside Dallas and it was understanding that like I'm better with the team like I'm better with other people in the band the boys in the band right like so you know I'm only gonna go so far by myself in different areas and so Adams up here Wayne's up here obviously a obviously Kimberly one with Kimberly really heavily I mean just like there's more investors here than there was there was down there and it seems like there's a budding community growing now that I left but uh no it just was just understanding like yourself right you guys are talking about how important is to outsource the CPA stuff like it's crazy with everything to do legal on your own right like all of a sudden you think they're also a CPA like that's crazy I was like I took four years then I'm looking at so like I don't know if the legal is just taking an understanding and like what techni stock like what you're really good at what you're not and then you know what you're willing to outsource certain tasks at or add team members or become let's you remember you know whatever that is and whatever that looks like for you was a really really really big shift Wow more people commute in Jay says well um means Shantay jumped on as well as letting her speak if she has anything anyone else to ask again if any questions chat button go ahead and add in there you know we've all kind of share we've we've done this year and what I've personally done is I find things to automate a lot of space is done manually that we can do things much faster if we just would you do the same task over and over and over again and doesn't take more than a monkey to do I find there's no reason for us to do it manually you know there's a lot of things are going on right now where I'm building behind the scenes for myself well you know usually like utilizing you guys and the space we're in I'm building the system right now to allow me to link up to everybody if it deals in the prop home area to actually she uni mail automatically without me even knowing about it getting an email from me soon just if the property in your local area you'll you'll get an email from me ask you just for your information about that feedback and your zip code kind of thing so I'm moving don't bother you know there's also other things of you know what web sites are you guys using plus time together I use that's nothing we get them to Bob with is pulling values pulling comps where we've started automating as well Kimmel award you know Kimmel a chase Nathan what are you guys using for valuations and where are you guys going to figure out are you going treadley to a BPO and you're said wrong right yeah um well we do you know whole combination of things we always of course look at the Zestimate knowing that is always gonna be wrong so if my tape gives me this estimate I know not to believe their value all of the online values but we we rely a lot on our PR that seems to work really well for us can you share what that is real quick oh yes it is a website it's based off MLS data on that is only available to Realtors and friends of Realtors there's some kind of deal with them so they can get access and depending on your market that you're in it decides what access you can have two other MLS data there are certain pockets of the country that don't post any information like Texas they just report values it's not tool but when it has the information it's pretty accurate we start there then once we get our bids accepted that's when we go ahead and pull a BPO and we also send we go look out because I you know and most PP o--'s they don't get out of the car I was getting out and chases do you want me to say so we also recently we looks great we also Kurt recently hired a drone photographer like a guy that like specializes in you know whatever time it's rode for Niagara money for all out in Florida to get some we needed more we needed more than we go.look got for me another karlik you know no use to me bro so like we actually have a guy going out he got like drug footage of this of the roof he got like a 360 of the house unfortunately this wouldn't typically seems to be the case with him pants had a decent amount of tree action so he can only get like so close but we got I mean there's a pool in the backyard we had no idea about I mean just all kinds of stuff I was wrong he's sweet what did you say I said the roof is sweet on the roof looks great which is the roof is sweet the service cost and then once he does it you go back and pay and and they do the big first two like it was like we I bent it out to like eight different companies and this is so ok ok real quick things we're talking all about licensing earlier of the eight companies six replied to me saying we can't do this because it's in a certain air space that we're not allowed to operate in so unless you have a license you can't do it we're like dad no we're two weeks out or whatever then one guy who reaches out he's like over 115 and I'm like winner winner chicken dinner like I know this guy doesn't have a license but groans autumn give it so anyway he discovered rocks he's like future videos is this what you want to you don't let me know if I've got to go back out I mean like it was it was I guess he's at a floor only I mean yes that's gotta be local guys yeah rotors dot IO IO and in markets that we buy in it by we I mean the colloquial way here there was a decent amount like of an Ohio Texas area I mean Atlanta I mean just all over the country where our pockets of purchases would be I mean there was you know seven eight nine ten people you could he wasn't even from that was for Jacksonville he was from Orlando he took the drive it's like an hour an hour and a half and ever that was wrong it sounds like he lost money in this deal it was a great deal and one of the other things want to do is use this drone footage to send to the next guy we hire to do a drone footage and say okay this was good but it would have been better if he did X Y & Z so then eventually we may not need we go look the problem with we go look is they take fantastic photos I have had many many times where I went back to the BPI PPO guy going see this this is a good picture yours was crap they don't go back the row in the back of the house but they think it's occupied well I still need to see the back of the house if I get the drone guy to do that flash the air occupied not on the bench sweating glass door - I may have two front doors unlock Oh take some pictures Santa Claus talk to this should be scarred there was like four cars in the driveway this guy was fearless one question he said so do you guys own the place case was like oh god now I'll never do it gonna be terrible I'm like no no we don't own it we're thinking of buying it he wants to hear we do it we'll let you come peas all the time we're buying the property he tells the electrics on so you mention any are a little nugget that me and Jason's thoughts with much time that some people may know and I'll drop the bomb honest that any art you will see properties outside your area whenever they are if you have a login however if that properties outside your MLS you could lose out on data that the property may be listed and any are will not show it if it's outside your MLS so if you have a property in your local area in your MLS I will not be able to see it is listed for sale or some data is missing unless I have access to your local MLS so it actually has a lot of information that is limited based on where you live what MLS your link link to so you could utilize all our agency we have friend was and get their login or make you an assistant and then log in as them I just have them figure out a way to and I see Ryan posting before about you may be doing some programming how to log in based on the property trying to log in to because I have bad dozen login they are neckl so you you know what do you do it for valuations are you using i use illo to start off with just to get a a good map view are you doing special layer and you don't do as much valuation as we do because you're in seconds but yeah i'm you're right so like Zillow appraisal Trulia realtor.com home you know there's a whole bunch of these home snap or whatever that gets you a general idea the BPO is like what you guys would do we do that as soon as we get the property so anything that we that we're gonna pursue foreclosure on which is almost everything that we buy mmm-hmm that's current on the first we call a local realtor bother like four or five of them until one of them or three of them get us decent comps and decent values and we say look if we take back this property you're our guy yeah most of the time we work out a modification so that Realtors waste of their time but if we did get there we really want to gave them the deal and that's how we get our data and so for that data that we're looking for is these in the market rental rental for that market and of course the fair market value so we know all three scenarios we take back the property worst case we can't sell what can we rent it for take back the property how fast can we sell it and then the equity what is it what kind of leverage do we have to pursue that foreclosure are we gonna take the first deal that the borrower throws at us or are we going to play hardball and look for a bigger reinstatement before we take that modification where you typically get your agents from a lop you li ask me that question I call locally so I just throw the address in whatever Gainesville Georgia Gainesville or whatever it is and I start googling and calling people and say look this is the deal I'm a bank I'm foreclosing this property I need you to run out there and take some pictures for me if we take it back the listings yours now that you call more than one person because the first guy is gonna give you the desktop appraisal which is which is like usually not accurate at all are you gonna get the a couple people actually want the deal but they're looking forward to doing more business with you in the future potentially and they'll go and they'll take pictures and they'll do a real comp let's see I do the same thing I don't know where else you guys get agents from I have a couple different sites REO Network Sante loves like that I use also use property manager sites and I have a way to literally grab their information automated email them out bulk email mail merge kind of thing and then I have a in the same spreadsheet cuz I mail merge through Google sheets I then capture the information and I I get another button to my Google spreadsheet and capture reply of the response of that agent back in the same spreadsheet without having to look at my email ever you're better than me I love my system so I like to be able to mail merge everything out and in captures without having to look at my email I'm Adam what are you doing now for valuations I know you don't do much work at all but what do you do what are you doing for valuations I use property management companies I've built up teams in different towns and uh and some of them are still Realtors but they do property management for me too but you know when I get a tape I just look and see where my towns what towns they are and I just send the emails off to my Realtors my property managers and I don't necessarily go on Zillow and stuff and look up cops I'll let them do it for me because they get back to me pretty quick and I go from there but if I want to expand another town and I go start calling and another property manager so this little quick Ryan Burnett mentioned some tack to get drone and other services and then Jeff asked how do you find property magic companies that will work with you the phone call this is my phone right here um there is a I'd have to bring up my browser there is a website that allows you to search for a probably magic in the area of course it's in my whatnot but there are sites out there you can find out if there are local product managers have been recommended or whatnot Nathan what are you typically doing now for that I use and some like that and service you know when you grab an asset what are you doing any different from what we've already mentioned a little bit my system is I I start looking at ID I only look at Zillow if it's not on redfin I look at Redfin first if it start there I find it way more accurate and same thing I don't just go by the Redfin estimate I'm going by the map view so you got to scroll down just a little bit go to the map view and then you can start looking at the properties around there no I in my experience none of the automat automated values are ever good you know if they might be close once in a while but I would never depend on that for anything so I started looking around and I compared you know as much as I can with like property size bedrooms that kind of thing and then once I got my value I'll make my bid based on my value or the UPP whichever it is but all all that's what I'm using for my value once I've gotten accepted bid then I order a BPO and then same thing with a BPO it's not face value I don't always but often I'll call the agent who did the BPO and just do some follow-up questions and if I was to give you this listing would you be comfortable selling at that price and and you know what does this look like compared to the neighborhood and that kind of thing and just follow-ups up that's not on the actual report now get the valuation will be from value vision vision or who's called clarity these days summit or first valuation I kind of rotate through all three of those and like I say I talk to the realtor it's often not every time but often I will and follow-up make sure I used to use it's a classy costly kind of you know it's a BPO most but cheaper the BPO but it's still online but it could be I think it's 20 foot hour the hit per pole so if I haven't used in a couple years that reason but I definitely have used result it's red belt rebel re yeah so you know so one last thing here before we go to shantae my other caveat on all that is so I got my BPO there's the price they say it's worth and then there's a 30-day sale price I go by the 30-day LC sale price - 10 % and that's that's my formula to make sure I'm not getting ripped cool I know shanties trying to get into this field an investment side of it and she's listening on her surface inside for many years now she was amazed as some of stuff that we do basis her knowledge in that in the space of understand BK's whatnot which can be overwhelming we're looking at BK looking for closures heat she's different I just ran across foreclosure matrix like 75 bucks I think it's all Jason about it or whatnot and it kind of lays out every state for foreclosure the whole timeline for every state as well as evictions and timelines of that I'm looking at purchasing that whatnot so it's what everyone online right now I mean there's a lot of questions I'm sure people have so you know utilizing everyone around you utilize everyone around here and reaching out to people you have no what can you give as a tidbit to somebody on here that has been buying what five or ten notes in last year and wants to move up to the next level what would you give them as advice to buy that you know that bulk a lot of questions been asked about you know do you get the money first deal first person me you get the knowledge first get understanding of what you're doing before you do anything else I think getting the deal is easier and getting the money is easier but I think understanding what you're doing is the best kimmel I need you guys what you guys got going on a little different from a lot of other people and I I truly like that because the hand-holding gets start in the beginning and let go and j.vin can get to the point where you can't get lost quicker because we sometimes move quicker than we're the person that's trying to hold on to us understands give them well when you're in a JV deal I mean let's we want to be the investor and we want them to be the passive partner and in the beginning L we'd be happy to explain to you while we're doing things but it's gonna slow down the deal and it is more work for you so if you know there's a way to tragic eight your investors be passive investors without having to be hand-holding it makes it easier um but we designed our program to really address what you do after you have a note I mean yes we do start out with how you get a note or we start out with what is a note how it's how to find sellers all of that but nobody really teaches you what to do when somebody goes bankrupt or when you know there's a foreclosure or some wacky thing happens in in the lungs or how to even read a collateral file so that's what we focus our program on any other advice you guys to give to someone has five or ten notes that wants to get the next level to get up of fury' gas sometimes managing two or three is I guess I'd say easy but when you're beginning at that's still scary pulling trigger on every single one of them what do you say to the next person that wants to get the next level you know my hair what do you say when you first got you broke loose and did what you did get the next level is scary yes all right so there's like two things it's not just because you're potentially getting more deals doesn't mean that you're making more money right you have to still keep your criteria to a certain degree you can't go crazy because now you have some investors money and you feel the obligation to go spend it you still have to spend it the right way otherwise you're just gonna make less money or not as much money and then that investors not gonna really be happy and the other part to it is if you're taking on investors we didn't really take on investors we just you know we have something good going but if you do take it on investors really vet them are they the right person for you because they could be like what Kimberly said which is you know in the beginning you know you have the conversations and it's like look I'm gonna give you your updates via Dropbox for your Google Drive it's your job to read it keep up what's going on so I need to keep the file moving but then you get some investors where they get a little nervous your JV partner gets a little nervous or they get anxious or they want to see action so they start calling you more and more often and now you're not doing your job which is get that file resolved and cashed out so I haven't done a lot of JV deals and that's the reason why it's because I can't babysit the person if you know we built a trust and they invested in us so now they need to let me get to work so that I can bring him back a good return and so maybe don't rush into that relationship just to scale meet meet the right people take your time vet them do all that I definitely agree I think also with that said the world in three years ago to them from today the returns aren't as comical we're not buying in 50 you know since on dollars we used to so returns of 34 yeah side out of 30 40 you know you know percent returns aren't as normal or as calm as it used to be that if you're giving away 10% and you're splitting it a return and the JV part is hoping for at least and even a 20% return sometimes it happens to another dozen so it then you burn that JV partner with money that may have you know five hundred two million dollars and you just screwed yourself we've moved on and I've now moved on to doing a prefer return versus a straight 50-50 deal a lot of people move out of doing lenders a 12% lending thing Nathan how you structuring your stuff now mine is so that's another thing I changed actually at the beginning of this year instead of just JV partners I when I first started getting started anybody who had 20 grand let's go and buy a note let's make it happen now it's very different it's $100,000 minimum you're in for two years I pay out on the quarter I report on the quarter Adam I commend you for still reporting month i I just it's a lot of administration to do that so I will let you know what's going on and I'm and I'm not you know completely cut off if they want to call me and ask me a few questions fine but like my hairs mentioning actually just today no it's one of my investors and we just decided to part ways because he's just way too nervous somehow I don't know as somewhere along the line he thought that I that I was representing that something was going to turn around in two to three months and I'm like dude that I I guarantee you I promise you I've never said that I've never said that to anybody it's not that kind of business and so he's like well then I'm out I'm like okay you need time you need quick yeah it's not a get-rich-quick you can make a lot of money in it but it is not a fast process it's get rich very slowly and surely exactly are you doing are you doing a lending situation now or are you doing it now I'm still doing 50/50 profit share but like I say it's paid out on a quarter if something comes in during the neck order then that profit gets paid out on the quarter they can reinvest it if they want I get my my part of the profit as it happens but there's gets paid out on the quarter okay Jason the only thing I think it's kind of what has been sort of mentioned but not quite but it's also understanding what you want right leg who's to say three meals isn't enough for you I mean we were having a conversation the other day what Liz another investment has been on here with you I believe that a month ago right like her and her husband they live in an RV they travel around the country they they do what they want with their own time I think she said she might but like 17 to 20 deals this year and that was what they needed to fund the life they want like you don't have to go you know swing for the moon and you know every single time you're up to bat they figure out the life you won't figure out what you know for me the way I like talk about us figure out what do they do the math in Reverse right like I want to make X dollars a year say right well typically on a note deal your return is gonna be between X and X typically right so like how many how much money is that I have to raise or how many views does that look like or you know what I mean like this kind of thing if I picked up 20 CFDs with an average of X as rent or or so in finance you would like to figure out the time of dealing what I do and then what those averages look like and go man if I hit 80% of that I'd be pretty bummed like I'd be great you know and then go from there like I don't so you know for us it was deciding and spending some serious amount of time on what we actually wanted what do you want your business in life to look like and then back into it from there you know like you said you were slow and you know ease into it don't just jump into anybody that has money all of those things for sure but before all of that is you know figuring out what it is you you you really want to do don't take question about new investors in a second when you guys are doing your JV deals whatnot how are you structuring those performing you know typically a lot of my early JV agreements said that the the JV Wester would get their money first out of a deal versus 50/50 split are you guys changing that methodology where if it goes performing you display a 50/50 and there are hundred percent funding the deal they're only a few percent returns one starts performing oh you guys structuring that yes we encountered a similar situation with this I believe prior to me even moving here and so it precipitated a change though I will say I've never had an investor call me gotten otherwise that goes back to Adam saying it's cool to get cut but there has been a change dude I recently saw a conversation about that in a different note skirt as well kind of asking that question which is kind of receptivity of having to make a change never had an investor call me on it and that's just great for me and where if it's a low dollar amount and it's $2 a month and they put it in 30 grand you could be sitting there waiting to get that they're getting their money first you don't touch your mind for another couple years so why don't I sell that asset I can't guess what the best deal to do here is get rid of the Performing us and in case it defaults again yep because I'm not gonna work for free for 30 years santé I know you're sitting in the wings and you know just try absorb everything what do you seeing new investors doing that you can give them advice to get over that hump Jenny know what you're doing and you need to really just kind of listen and absorb that my company is to walk to hold your hand and get you set up but it comes down to you know having to ask questions and really understanding what the purpose of a service or is two weeks ago I had a new investor brand-new he has a partner but they're very very first note they were super excited you know they were actually out in a note Expo so I'm sure some of you guys bumped into them I had to tell me though that you know not everyone's assuming services and it's okay and there's no hurt feelings there is no love lost there but I hadn't basically telling me that I do absolutely nothing which kind of hit home didn't know he literally said he's like everyone blows you up and it's not ask for it people just the word about industry that's the good part about this but he didn't understand why a service or in general or in general was important not just Madison not just Shantae no I don't know Madison management services having to work there for almost five years now I just think it's cuz people you know people hunters a hundred percent you know a lot of investors are buying notes I'm sure you guys with some of your partners and JV partners and things like that they are eager they're excited but they're also nervous they want to know what's going on and they're not a hundred percent sure out then how to understand so not only probably harassing you guys asking us to which is okay it's just again I have the time to handhold there you guys Bester's you don't you know this routine you guys have been doing it first of all I'm trying to be right there with you guys though so I would just say you know it's not easy just gonna pay attention you gotta learn you gotta be willing to learn awesome don't smile and nod and have fun with it but Shantae is quickly learning where we're going diving deep in a lot of stuff BK file foreclosure files calling attorneys calling agents it's it's not as easy as it may look it can get overwhelming sometimes but that's why utilizing everyone here and I'm gonna nice segue here and going to events where you can team up with people and find people like this so well here I want you to kind of give some shout out to everyone here online of what's going on here in Jersey and that's cold months right so a couple months out in February got the distressed mortgage exponents would be the third event that mark and I have been running together first to have been awesome did the first one last year in January actually still this year right this year in January we came back to the west coast brought a credible event there in September and we're bringing it back again for next year when it's just something we're gonna do by annually we're gonna do two times a year one on East Coast and a couple of things that we like to do which is a little bit different than some of the kind of mainstream conferences was the panel style so we give up more content less sales which was the main purpose of that I wanted to take control of the conference that I wanted to get that message across it's education first because if you're not feeding the audience they're not gonna come back right they're not gonna get involved in the business because that's a big hurdle in the note business it's not like real estate where you can go find a house down the street and say well I want to buy that you know the note business is a lot more over the computer over phones and stuff like that another thing that I like that we brought into the California event which I'm gonna try to talk a little bit more about the next couple months which was the shark tank and it's the reverse right instead of the vendor selling you on a deal you know we want you to bring the deal to us and maybe you can get one of us on board maybe you get Dave Lots on the deal with you as a 50/50 partner give you a little bit of guidance I know Jason gray got scorched in California I'll tell you a funny story about that it actually turned out exactly the way I thought it would 17% okay yeah so I think Jason was under the gun because you know we were trying to reach out to him lost track came back to him and then he's like look I haven't even looked into this deal I had 24 hours to look into it's like I'll do it I can I'm not gonna you know when I can ditch you guys but he did awesome and the other guys who present it did good as well so you know the the main thing at the event is there's gonna be 200 250 people there in the business yeah just open real quick I know kimly and chase out the run chase thank you very much Jason Kimberly will also be there yes before they go Anu Kimmy I run chase I appreciate coming in and so much questions well we'll definitely catch up soon and guys well cool so it continued in this event how many people are expected to come and what kind of level of people we expecting we're expecting to have over 200 attendees probably close to 250 in total which speaker's exhibitor sponsors and everybody the people that we should be expecting at this event is a lot of entry-level to mid-level attendees and then of course you have the exhibitor sponsor speakers who are at I kind of end up the next level up but we're trying to make it that it's you're trying to build a relationship with people in order to do business with them we found that the last two events people have been able to do that networking in the room Dave is gonna be there speaking Nathan's gonna be speaking at this point might as well include Adam Adams she killed me there so everyone that you're seeing here over the phone over your computer or whatever you get to come talk to us in person make that personal connection and then you know maybe you guys could do a deal together do some business together so I did put in the chat we have a 20% off discount through use my kind of code to get in you log in a strike but the code in there you get a discount I'm looking for a beating on there as we did daddy no to Expo down and Dallas good night before what not if you're around I'll do a post to my East Coast group to kind of get together get one face to a name kind of thing and whatnot last time we did it we all kind of hung in the lobby and it was really awesome so I definitely hope that you see you guys there and Adam hope you make it out there and see I was out there and Nathan I don't know if you'd be coming down as well you know I mean they're all events this is a really awesome time to get together people like us and just shoot to stuff and ask questions that you may not feel comfortable but again there's questions we may have as well so no one has all the answers leaning on the attorneys leaning on your your accountants I know Mike my bookkeeper is online and she's taking notes as we speak we're always learning here so feel free to shoot emails out to any of us I asked you guys if you could to throw in chat an email address that people can reach out to you if they have additional questions or whatnot so if so again growing a space is really a lot of fun everyone ran is awesome but also understand that there's nuggets we all kind of use as I said I'll be shooting an email out to everyone to kind of join a system I have out there to into the property your local area do you let me know but also if anyone needs any kind of help with building systems I can definitely direct you I don't could direct you chasing a direct you to the people out there they're automatically automating a lot of the stuff that we do normally valuations to ROI calculators to all this kind of stuff of making a little bit easier so anything else sitting any questions at all any issues or concerns you want bring up servicing issues like I said we talked about all kinds of stuff tonight and that was the whole premise of this webinar it's just to have an open forum I enjoy talking these guys this is opportunity for me to shoot the stuff with all these guys that we get to see each other and talk as regular as we possibly can any other questions right now put on the thing if not I thank you very much Brian I hope we did answer all your questions I need you to post a bunch of it one of the question yes was other extra strategies to give eggs Bester's to get principal back other than selling note we did talk about partials which I've talked to my air about where you can actually buy or sell partials where a maybe a five years ten your kind of thing for five or ten thousand dollars someone get in gang at ten twelve percent yield and buy off part of that get a lot of your money out but that other person gets a performing loan so if you aren't in buy before partials let me know I'll hook you up with that or you have a performer you do want to sell um feel free to let me know about that too so another exit Zulu former with that another exit strategy on performer is I sold it back to my investor so he basically bought out my portion I was gonna say you're right so someone could buy out the other person yeah yep awesome I again thank you all Adam you put your stuff in here I didn't see you put your email just as well I'm behind Adam all right guys I appreciate you guys time awesome thank you very much you've been awesome and we'll catch up soon alright guys have a good night thanks guys Christmas all right all so for all those who were on the call we have a awesome panel tonight we have people to be stopping in and out they've been in space for a while can add different aspects of the space answer different questions so I did 90s they kind of have a overall question-answering thing for people to kind of post a question they may want to ask discussion we find that we get around a bunch of people discussions bring out really cool stuff especially little nuggets that we may use that you may or may not know or whatnot as you may know you get gallery view on the top right corner get a full picture of everybody in the bottom right there's a bottom screen is also a chat button post seven air or raise your hand and we will you know try our best to answer those questions we'll do our best to make those actual you know read them out loud and kind of answer for everybody so just as I normally do am I getting my webinars I kind of show my little stuff and then we're gonna get going on some questions that I have to post first and go from there so to do alright everybody knows this is a my big website that I have on Facebook there are others feel free to take a look at a join it we shot that down and whatnot we post questions and answers on here we have a large database of people Arianespace this is meant for networking reaching out to people in the space that may be able to help you on local assets in a local area so if you are not on this please make sure to get on this what you do is you go to the bottom add your name and I upload it to this sheet which then you can go see a map of everybody through the back geo and see where everyone lives a person that's local to you go from with that we I'd uses list a lot of times just to find local people and properties is awesome also YouTube channel which will post this webinar to is the YouTube channel I have and I've done all my videos and whatnot here of all kinds of stuff so I'm gonna start off with let everyone kind of do a quick introduction of where who they are so uh I hope my screen is somewhat everyone else's I have Adam Adam to the top of my screen top left but the headphones on chase is on top right I think he's meted but he's rocking some prints over there alright my hair Allen which is below Adam of my screen blow me and my is Nathan Turner Canadian man of course we had Kimberly banks on here as well and then Dan down the bottom we all kind of cover different areas of the space and different ideas and whatnot as everyone knows the space is very cooperative we do compete but it's out of respect for everyone else and we share a lot of information together we want to make sure that we're helping as many people out as possible as me and Dan's mentioned me ton before and we're gonna be doing a webinar on ROI calculator people in the space get into it and think it's really easy and you can get yourself in deep trouble there with that said I kind of want to get an idea what everyone's currently doing what are you working on right now I'm seeing a lot of inventory recently nothing that stands out but I think everyone wants saw been inventory to start off with what has everyone been seeing my hair what do you see in seconds and what not what do you see in seconds now or seconds you know the active still or the are they working out or what's going on with second right now when I'm seen in seconds a lot of retread so basically bigger companies bigger funds buying up those pools that we all saw last year to two years and then they worked them they they did what they could with them and now those product that products come back out so seconds have been difficult in the last year to 15 months or so it's been pretty difficult okay how about performing seconds are those easier to get performing seconds are definitely more available there are there are a lot of seconds buyers of the performing loans I would say it's more available but there's not a lot of people sell in those seconds because they can't replace them with anything unless they're gonna transition okay everyone else the Adam I know you've taken that a recent trade that was nice-size from a bank how are things going with that pretty smooth got single Audrey Palin most of it but it's kind of funny uh I think when they see that singer longer they these borrowers start painting we got a lot of full reinstate makes real quick right yeah yeah first month everybody in 30 mm yeah Nathan what do you guys seeing up there are you seeing inventory that's attractive I know you've bought a lot of CFDs in the past you've got a mixed out back and forth what are you seeing inventory wise I get a mix of whatever I don't necessarily look for CFDs I like them but it's not my only thing I look for mortgages contracts for deed whatever's gonna be a good deal same thing I've got a whole bunch of different tapes going on this month last month and this month it'll be interesting to see what January brings last January was a lot busier than I thought it would be so that I'm curious to see if that repeats you'll see awesome chase Kimberly what do you guys see and I know I'll let you guys give a shout out to your group you got going on now and what do you guys see an inventory was well the group he's talking about we started the note investing academy or we do training new note investors it's a video based program so you don't to fly anywhere you can do it on your own time and then we have a mastermind group a private mastermind group on Facebook where you can get you know personal support ask questions and all that kind of stuff but from an inventory perspective year end is always busy I have found this year to be even more busy than last year it's almost to the point where there are some tapes I just can't look at them it's just not enough time it just is amazing and like Nathan said I can't wait to see what happens in January it'll be interesting can they actually sell all this stuff is it going to roll over to the next year I don't know it's gonna be very interesting awesome yeah I'd say I'd agree right obviously I mean we're looking at some of the stuff that we're looking to buy I would say that what's been more fascinating towards this last quarter and even parts of the third quarter was not just the no deals right that we were seeing I mean we were seeing some we're looking at a rental portfolio now that's a decent size and a decent clip we're looking at there was some like we were trying to do like look at some curse I mean there's just so much other product as well so for anybody that's in a different space that can dabble and do different things like Dan I mean you're gonna kick into him next and he just has so many strategies and he executes across all different types of real estate as well but we multifamily and rental so I mean we're just seeing deals right like they're just just deals just tons of different deals is there came to a close which has been pretty fascinating and Joe so like that's what made it so hard a little bit to kind of get everything dan I knew you're in a different kind of space and a lot of these guys here what are you seeing in your inventory down Memphis and whatnot no you know describing what you do you're not as much in notes as we are what are you seeing inventory and Ferrari o--'s and making deals down there in different markets that were in on the Annapolis a pretty big contract for detail performing tapes working with a lot of people looking at you know roll up their properties and get into bigger assets like as well so we're seeing I'm dealing I'm not seeing a lot of stuff on the note side other than what everybody else to see on scene but I'm going a lot more direct now and it's been pretty good we've been we've been taking out a decent amount of notes at this point at pretty good pricing but not as many as we want to just not seeing them out there other than the direct relationships we have with people so and and like I said it's for us it's a lot of you know Turkey Reynolds really people looking to build their portfolio is a lot more active investors I'm seeing rather than passive investors but our past investors we're looking to probably roll up another fund here 2018 and we're gonna take down a pretty large contract and deep pool and then so off you know some onesies and twosies and stuff again awesome one of the things we want to talk about too is you know in our bait spaces how do we manage the loans we got what kind of technology are we using to manage what we're doing Adams great with technology for this out there her doing one or two deal Excel spreadsheets pretty easy what are you guys doing my hair what do you do with seconds when you're managing you know more than to where your Excel spreadsheet just getting crazy what are you typically doing actually the service that I use it's kind of it looks really simple but it does a lot of stuff and it's what PPR used to use it's a sage act okay and what I like about it what's that we're all taking notes of course yeah so what I liked about it is like completely customize the layout how I want it so whatever information I think is important it's on my first screen and then I could set up my tabs below that secondary information other information whatever it also does mail merges so if you need a you know making a sign of making a lunch you don't have to type it out you just click mail merge allonge boom pulls all the info and then it sets up on my reminder so obviously part of the seconds world you got to verify what's going on with the senior lien to do that once a month set up your calls to reach the borrower outreach follow up with your attorney keep tracking all that stuff so I like it because you can customize it to as simple or as expansive as you want it to be that's pretty cheap there's no recurring charge look it is filling for that so I'll put in the chatbox sage si GE Act I think they're up to like version 19 now yeah calm yeah yeah like I could double check it in awesome with that I mean is that something bringing your email as well or is it more of a standalone program no it urges with your calendar and your email it also is my dialer right so if a borrower comes up I click click to dial my phone rings I answer it it's calling the borrower so it does it does a lot of stuff and I'm not even that smart so awesome it's not sound like a Google Voice kind of activity and whatnot I know Adam use is something very similar to that without the dialing up feature you know there are free versions out there of different programs it's the matter of how much do you need how much you willing to spend now what you you know what kind of team you're working with some of us have people that work with us to help us get through assets that we need collaborate and sometimes work on their own I highly advise if anyone who's listening in can team up with somebody else just to get to eyes and things as well as to just to kind of see differently and work with things so um how are you guys doing down there managing the loans you guys have what do you guys do what kind of nuggets maybe you guys are using them we may not know about well we use pipedrive which we learned about through Adam any time we need you know help setting up customizing something whatever he's our go-to guy we also have an assistant in the office who is fantastic at staying on top of all the stuff she's got the reminders make sure we follow up with that she's very good at delegating tasks to me like hey don't forget you were supposed to do this which is an interesting thing I didn't when hiring an assistant I didn't expect to hire someone to nag me it's a good thing but I find that pipedrive almost does everything that I needed to do at this point it's not it doesn't smell like it's quite as customizable as sage act is yeah but I can clue that what I need to it's basically a serum that will let you run deals through it so now a manufacturing line mm-hmm then with all the asses you're running through what kind of software you're using are using any fancy I also used a former podium I'm just trying to make it work well it works out real good for from many of notifications and put giving out to certain team members that you know my acquisitions team my attorneys my bookkeepers everyone I can kind of know it's it's kind of Sighs set rules and everything's kind of run smoothly well I probably could bring it in and use me the sager sales force has been pretty good track oh hold on you neo line unit all right so I guess good sales force has been pretty good I'm at the point where I really want to get them to customize it for me because I think if I get in customizing me it'll be perfect awesome yeah I know a lot of people who have a larger inventory sales force is definitely way to go just remind everyone there's a chat box definitely post any kind of questions or comments that were as we discuss we're trying make this more of a you know open Q&A ain't got a question to come along hitting more the bigger topics to help you get through things with with all this going on inventory what it is then the year has been crazy for me what kind of methodology do you guys have for getting through assets what kind of you know or what are you doing typically when you get a tape what's your first step just looking at it are you passing on inventory you're looking inventory what are you typically doing right now Nathan are you looking at everything are you no no like I I think it was chasing us and there's just there's so much or Kimberley whoever said there's just so much I'm having to just skip looking at the tape at all but if anything I'll look at the tape and the very first thing I do my system is I'm looking to get in and out as quickly as possible it for me it's a business so I'm I want in and out so for me that means certain states that I just don't go into so I'll go through the tape and I'll just kind of rule out even if I get sent a tape and it's like well have a look at this I'll scan it if they're all in New York a stunning look at the rest of the tape it's not worth it that's not someone I want to even try so a great point you know what everyone going on and all these assets out there and sometimes people are getting scared moving in this space saying well I would look through these orbits for pick through quite often sometimes they're not picked through right because people have gone through it or they're Pidgeon owing to certain part of the country so if you do know an area you do like New York as you live in New York grab a hold of it if you can understand it you can wait the time you can get a great deal in New York that we'd even look at BPO could be way off or something oh that's part of what I like about this business is there's so many different ways to approach it that it lends to a lot of cooperation in between us because we're not looking for the same thing not necessarily you know values different areas different everything that's a huge detriment for sellers that maybe you didn't have the best connection with maybe like the first time you bought like like because we're seeing some stuff and sound medicine today but I'm like didn't really I didn't have you know there's like is that like it's not like you're kidding back or whatever I but like you're at a time now where everybody's kind of sitting stuff so like it's almost like so see the beginning of the year and not be kind of like a jerk I'm just asking Indiana we've had I I think that does happen or they're like hey why didn't you look my tape well cuz because he weren't so much fun to work with last time maybe or you know I just I scanned it quickly I saw a bunch of New York I didn't didn't pursue it any further I well also the picked-over idea it's not yes some of the deals I've probably been looked at a lot that doesn't mean it's a bad deal it could mean that we're going Christ the first time the tape came out yeah sitting on it for so many months well now maybe I can finally get him to sell it it's a reasonable price right yeah or you be buying for different reasons like Nathan says he's trying to get out of it you know Dan's gonna buy the house right yeah wholly different strategy where if it doesn't work to quick sell it it does it make sense but dancing there going guys do you see us running for $1,000 a month I'm buying the hell out of it yeah exactly strategies yeah well as what makes this business so cool cuz we can all be doing this and we're all doing it just differently enough that there's room for everybody because it's it's kind of you know digging through the clutter for him and is is everybody else is bidding up on these assets and he's just he just diving in and strategy yeah me I just I like to create my own notes and the best way to create my own notes is to get that asset so I don't actually own the asset I want to I want to control it just curious den um we've never actually talked about this before who are you doing to do your loan originations are you getting somebody local or yes no ideals are non-owner occupied deals origination but if I do origination I give everyone out Ben Frederick's from Watchtower okay the best seller financing underwriting and things 500 bucks just but he's phenomenally doesn't why'd they should was gonna ask me how many states how many states in one nation one and also fifty okay cuz last I knew there was a time where he wasn't doing all fifty so that's good to know he's good I'm a licensed line there I used to do it I would use them I don't very really not that I don't I would say less than five percent of the time I'm doing owner-occupied borrowers regulatory issues in most states there's some states I still gonna follow high-cost and stuff like that but for the most part it's I'm I'm in that niche of sixty two hundred thirty thousand dollar assets arabes or BPOs when you guys get your assets what's your typical first step a lot of people try working with the borrower immediately how many people here are gonna write the foreclosure to get them started how many people are doing that I mean that's the first thing I do you know there's old-school thought of you know do you be nicer or not the problem is you just gotta push them we're nice with them we do try to work with them yeah but we're running parallel we're working doing a work out with that and legal and we'll keep going until something is finalized yeah and we know there's a lot of people in this industry that wait because they're gonna try to save money illegal and what's gonna happen is they're just gonna be down the line six to nine months down the line and they gonna have to do legal anyway at that point oh so like Nathan said he wants to be in and out as fast as possible you better start legal day one I mean doing this special special servicing right off the top I mean like that like giving a letter from an attorney it's not particularly like you know we're gonna knock your your teeth in order but just like hey news the situation oftentimes them going I mean especially on a case where you've got someone like Adam what they do use got in doing I mean you want to you gonna get rocking and rolling and with that special service in relationship you can really so what Chase is talking about Dale singer has a group that they'll ask you special servicing for you outside your servicer and start moving bar outreach the day you buy it and move on from it and really rock and roll there's only a school thought of you know what people like to do and I believe we do have a servicer online that's listening in too so I'm sure she would enjoy to hear that but the idea is that sometimes an attorney just makes people wake up faster than a simple servicing letter with that is is people are Adam are you using what your larger tape you took down are you using any kind of special servicing or are you just going right to attorneys uh well we've sold to off the bat so didn't do anything the others everything else I gave to Daniel singer okay and and shot days on the line I used to he knows so actually it's got a cool cuz uh singers group and Madison they almost work hand-in-hand yep that's pretty cool set up so I don't do anything got these awesome headphones and I do nothing I see on tape maker come in the group chat so what this said I mean this stuff can get very crazy what is everyone doing for counting services QuickBooks Excel you know Adam what are you guys running I know you have something you can kind of share what everyone I don't know how public she wants to be but what are you doing for your accounting software and how do you run that and how do you pay out the passive investors and how often you share your records with your JV partners I use QuickBooks and I spend a lot of time doing the books I do pay someone to teach me and go over my books and I mean it's a challenge and it's hard to get a grasp of it because I took four years of accounting but I still can't get it in my head sometimes so I pay someone to help yeah but we share books I give a report every month they have money and we share books every quarter and I payout distributions every quarter so everybody gets whatever is in QuickBooks is what they're getting I know a lot of people use spreadsheets but I prefer giving you what I gave my studies or desktop no online is limited yes by per company I've got I know I think five companies now so one side of QuickBooks or when version of QuickBooks on desktop covers everything so okay what are you guys doing Kimberly you're an are you also using the same idea yep were using QuickBooks we're actually using the same person Adam uses for assistance I personally think that the bookkeeping aspect and the taxes aspect of note investing is the biggest pain in the whatever I mean it just is amazing I actually have to redo my 2015 taxes cuz they are so wrong file the extension kept doing Draft after draft with a different accountant by the way not the one I have now yes and it still wasn't right by the time we ran out of time so we're going to have to refile them which is not fun it's definitely not my favorite process I've had to do that before mm-hmm that's a new you have an account doesn't know about anything about notes and then they do it wrong and then you pay taxes and then right now sorry I was just gonna say the first draft we started out she set everything up as rentals anyway okay what you're doing for accounting now are using QuickBooks what are you using yeah we're using QuickBooks Excel don't have a great accountant kind of looking for one still but doing the best that we can just to keep track of everything with QuickBooks and Excel so like using QuickBooks for like our day-to-day expenses and using Excel to like break out what's going on per loan per property something like that so you can see it on an individual level as well Nathan what are you doing up in Canada what do you use and I got QuickBooks Online and the gal I got setting up she's axe she's some high-level QuickBooks guru something-or-other okay he she set it up so that she's got each loan is a separate I don't even know what they call them last loan its own thing and then besides that each investor is attached to a different loan so I've got different investors that are attached to certain loans so they're all class together and so it's all proper it's a lot easier to keep track of that way I was doing Excel spreadsheets up until then and it's a lot matter I'm do the same thing I'm using QuickBooks Online just ask Emily says it just gets the point where I can't do it anymore I had an it off even and I would say probably for everyone on the webinar there's a point where you just have to let someone else do the job even 80% as good as you think you can do you'd need to enter off you need to focus on where you can focus on focus on your collateral files and you're servicing notes and your valuations and let someone else do the accounting yeah it's difficult um please again if you have any questions or comments I'm doing the topics of so some people have email me over but I want to if there is anything you want to add to it questions about QuickBooks kind of things we can do the best we can answer them when it comes to deals whatever we some things that you come across recently that are pigeonhole issues that you're kind of worried about or nervous about from I know I've talked to Gabe recently he's not so scared of dealing with states with debt licenses I just got a tape I was sharing another one else where one of those loans was actually on an Indian Indian reserve don't touch me yeah so it does astray shoes where the X the reserved owns the property and they're renting the property so there's little things like that is anyone run into anything recently that they can share that that they're just nuggets that they've seen don't buy in Washington unless you have your license there we go all right I'll leave it at that I know Kentucky Gabe got one through in Kentucky I don't tuck Kentucky because of the license there and whatnot but the license there is insane the the attorney contact Adam that we have some stuff and you know Ohio Franco and the guys over there we were asking what states they were licensed and they mentioned that state he said but you know we can't help me in that state knows like oh that's weird I don't think I can close the deals with guys like now we can have you there because you can't oh it's insane $3,000 it's crazy I don't know if that's exactly what it's it's observers yeah he's like three or five yeah you get popped you'd like it because like if your name is on a list of 12 people but that license it's really it's really obvious really quick so like it's not worth it yeah so you know there are a list of places out there they kind of give you an idea which once you know States to stay in stay away from you know George has always been a questionable state one of the things if you guys run into recently that you've avoided I'm Georgia you're an individual you can buy up to three if your business you can't buy any unless you have a license so if you have an LLC that's button note you got to get registered and it cost about 3,000 4,000 bucks I'm actually in the process right now doing it one time thing you got a register with the state and get your bond they work or I love foreclosure your names on that it gets recorded at the state and then they can pull your name yeah I don't know if the state's gonna look for you but if there's money on the other side I wasn't gonna do is raise the flag I have a Georgia one that we started foreclosure with didn't matter that we didn't have a license she finally jumped in and wanted to do a mod so we went that direction but now she's not paying so we're probably gonna foreclose and I'll see if the attorney again says something cuz I haven't gotten a license yet now on the flip side when I tried when I was working in Chicago which I will never can I go again but the minute we went to the attorney we had to get the license so it just seemed to operate differently in the two different states so that's why I was asking when someone would jump in and tell you to get that's everything's legal until you get caught that's yes exactly I'm gonna take this like if I'm like right drive another room doing the speeding rule like that sense farily gonna say so I have a question we came across the deal recently that had a pretty interesting situation with it foreclosure was done on the deal and this is more of me we're in this one I don't have an answer I'd loved it well if anybody has something the foreclosure was done Kimberly Kirkman Rana in the details but there was essentially a junior lien that wasn't named as a defendant on the foreclosures now there's an outstanding you have clouded title essentially so the the attorney said you know I missed it so I'll kind of cover a reef or closure yeah right so we're already kind of like in a territory around like wavelet so essentially there has to be a reef or closure to them now name this unnamed person as the defendant which then because they're in the entity not the borrower takes a different timeline now depending on the states and there is some little information on this that I like to try to search and fly because obviously entities don't tend to like belong about their timelines of being foreclosed out like a borrower or whatever right so has anybody like experienced this is this something that we should have some great concern about is this fairly as straightforward as it sounds anyway I don't know why I mean they you know we were talking beforehand about they pull title before filing foreclosure so they should pick up on these things how'd they discover the lien missed you know the other two tiles are pulled you had Adam okay I've had the same issue yeah and this was gonna cost me cuz stuck with his lien so when I go to pro title they'll do to you a two owner search and we did that nothing came up we went back and got another t....