Breaking Down 188 Notes From A Hedge Fund

Foreign this is the no Closer show where you get the latest developments in distressed note investing and learn the secrets of how you can control millions of dollars worth of property for panties on the dollar. Get educated and entertained by someone who has closed thousands of deals and lives to support you in achieving the same. Now here's your host CEO of We Close Nodes, Scott Carson. Hey everybody, Scott Carson here. Just want to say thank you again for listening to the podcast. If you've been listening for a while, you're subscribed to the podcast. First of all, thank you. Second of all, hey, you know, if you're you're not one of our coaching students or you haven't signed up for one of our three day workshops, here's an opportunity for you. You want to check out our WCN membership. This is the biggest bang for the buck of the notice street. Besides our one on one coaching, this is our monthly membership for 97amonth that gives you access to all of our online training, our virtual workshops, our note weekends, our special one day master classes that we've taught in the past, anything that we have going in the future, as long as you're a live member, if I can't make you or save you $97 a month, I'm doing something wrong. But save you paying 997 or 99 bucks or 399 here or anything like that. We make it affordable at $97 a month and like I said, it gives you access to all of our past replays, our upcoming classes, our access to our special classes. We also do weekly coaching calls with our WC members and also our WC members also get first crack at tapes and lists of notes that we get in after our one on one coach to take a look at them. But it's a great way for you to go. You can also schedule call with me anytime to go through deals that you're working on marketing things, questions you got going on about a deal. We're here to help you. So how do you get signed up for that? Really easy. Just go to noteumbrella.com that's noteumbrella.com get signed up there for you 97amonth guys. Like I said, biggest bang for the buck of the nursery and we want seeds of the family. So let's get you signed up today. That's knownumbrella.com welcome to the no family everybody and thank you for always for listening. All right. Hey. Well good morning, good afternoon and good evening everybody. Hey, welcome to the special edition of Money Mondays on our no closure show. Every Monday at noon we have a coaching call with our one on one coaching students and then our WC crew members. And this one's a little bit different. I think we'll probably turn it into an episode of the the Note Close show and Note Night in America because I will be going through 188 non performing notes here in the United States. All right. And if you're joining us for the first time, hey, I hope you enjoy. Make sure you subscribe to the YouTube channel or subscribe to the podcast or however you digest our content. If you'd like access to this list of notes, you've got to be a coaching student or WC and crew member. You can get signed up for that for 97amonth for just the WC and crew@note umbrella.com that's not umbrella.com and here's the situation here with this deal. So somebody asked a question here. Hey Nick, we got some folks that are joining us live here. Luxury in Yorkshire and beyond. Ask a question. Do you have access to notes in the UK and uae? No, we do not. Most of the time. We're not going to see non performing, no, I mean you're going to see non performing notes basically anywhere they have a mortgage and debt. But the UK system and UAE work differently than here in the United States. Okay, same thing. It works differently in Canada. So all I'm going to be going through, all that I work through is actually non performing notes here in the United States. That's not saying there aren't those secondary markets you could buy from like an individual or an individual investor, an llc instead of having to be a big fund or bank like they require in Canada or in United Kingdom there are markets like Greece, Spain, I think Portugal too. Australia for sure is definitely some places that you can actually buy distressed debt in the secondary market. I don't know where to go tree there. I just focus on the United States. So thanks for, thanks for asking that question though. Nick out of H, Texas. Hey, thanks for the free YouTube video to study. No problem. Glad that we can help you out here this morning. But anyway, so, so come last Thursday I get, you know, first of all, you guys know that we buy on a regular basis. We're constantly marketing, following up with people and follow up is one of the most important things you can do as a note investor. And when we get, you know, we get lists sent to us from direct sources all the time. We also a few brokers that we deal with, a couple servicing companies have sent us stuff in the past well, when I get a tape in, especially if I make an offer and I get a response back from the seller, not the broker directly with due diligence docs and stuff like that, okay, I'm one to make sure and tag that person or put that person in my CRM that I can drip market to on a monthly basis. Instead I have to go through a broker and go all that stuff and have it filtered. Well, you know, when I do a follow up email first of the month, guess what, I get a phone call. I mean I get an email, not a phone call. Hey Scott, we know you've been with us before. We'd like to bid with you directly if you're interested. We've got a tape of non performing nuts. I'm like, yeah, I'm definitely interested for sure. And I know that trader know the fund because I've bought from before. This was through a broker beforehand. The broker and I aren't working together anymore, so it's totally fine. And I have to sign a non disclosure agreement which if you're going to bid on any of these, you're going to have to sign a non disclosure agreement. They don't want to bid through brokers, that's fine. So if you're one of our coaching students or one of our one on one students, you will be bidding directly to the fund, but you're going to need to fill out an NDA. But first of all, you're going to need to reach out to me first to make sure what you're bidding accurately and that you have the ability to close. Yes. If you're using other people's money, that's great. But I don't want you sending out like blast down 100 bids and only a bit on one. You know what I mean? We need to have a conversation before I'm gonna refer you over to them directly. Okay. Making sure you're competent. And of course, if you're a one on one coaching student, you've closed on notes before, it's a different story. You're already confident you're good to go. But I'm always glad to review stuff like that. Now the great thing is they give plenty of time for bids. They don't need bids for another two weeks. Literally February. I'm not sorry. Memorial Day is when they want bids submitted and I don't think they realize it's Memorial day. So basically May 27th, that's the Monday. May 28th is a Tuesday. So you've got two weeks to get get your bids in if your bids are accepted and they're allowed for you to cherry pick, you ain't got to buy all 188. If your bits accepted then you'll get due diligence. Docs and going from back and forth on that aspect that the tape is pretty clean. I'm actually been on some of these assets before. I'll actually be driving by a couple assets to see the condition because I've been on some of these about six months ago and what happened? This was part of a bigger list and I don't know if the broker had two big lists they sent out but this fund had this list of notes and it's a breakdown of about 120 131st liens non performing and about 50, 60 reverse mortgages that are non performing. Okay. That's the breakdown. Got a question here for you. You're welcome. Luxury. Nick, how often do you see duplex and triplex notes? Nick? I, I don't. That's coming. It sounds like a landlord asking that question. I, I don't buy a lot of non. I mean I buy a lot of non performing notes in residential. Don't necessarily target duplexes and triplexes. I actually prefer single families on an aspect of it. I do look at condo, stuff like that. It just varies all the time. I'm not going to go in and look, oh it's a duplex or a triplex, we'll see them. It's just all about being focused on our niche, you know, I mean our niche is to get a list of notes in like this that we can cherry pick all across the country. Yes, it'd be great. They were in Austin, Texas, but Austin, Texas is overpriced. It's also Texas, one of the faster markets out there to foreclose in. So going back to this. So give you a bit of a mixture on these things. A lot of the reverse mortgages are in Florida and New York. There's a few in other places. So that's just something to keep in mind. The non performance that are kind of scattered across the country. We'll pull up the list and kind of dive into it a little bit here for you. Okay. But if your bid is accepted, they will disclose, they'll give you their inspection reports and stuff like that. Now I'm going to be driving by a couple of these assets the next couple days where I'm headed. All right, some of these are occupied. Those are going to be just traditional non performing first mortgage and some of the ones that are vacant. I'LL go by and you know, like the ones in Florida. I was like, oh, I should have a shadow inventory roadshow flying to Jacksonville and go down the east coast and then the west coast of Florida and look at about 50 assets or 40 assets in a couple days. And I may very well still do that. I'm trying to get the hedge fund to give me access to those so I can make an accurate. Because here's the thing. If it's a reverse mortgage and it's vacant and all the reverse mortgages are vacant is what they told me when I looked at the tape. I'd seen some of these things and so I said, okay, what's your values? And they gave a value on this for June or was. It was. I'm sorry, it was September of last year, I think is when they, they pulled most updated BPOs on these. And that's okay. It may have gone up, it may gone down. We know things can change in three to six months. But they did say the hedge Fund said the two companies that pulled values did BPOs, broker price opinion. So they supposedly sent somebody by all these assets of the last six months to get an accurate base of valuation. Like, okay, that's great, that's good to know. Now, in the reverse mortgages, they should have interior access. They should have probably taken control of the asset. Change the locks, put a lockbox. They may have inspection based on HUD and other things that we've looked at, especially on other reverse mortgages we took and look at. So I'm like, hey, can you give me, can you give me any information? Oh, no, I can't give you. I'm like, okay, that's. It's going to determine because I've seen some reverse mortgages that are great, in great condition, right? And others that are downright dog shit. You know what I mean, everybody? So that's what I want to bring up is just to give you a bit of an idea that it's. It's really. Yes, it's great. It's too. It's one list, 188, but it's really split up into two tapes. Okay? But roughly about 60 reverse mortgages, you got to treat those as vacant. Those. The play for those is primarily going to be to buy, foreclose, rehab and sell. That's really what it comes down to, selling it. I don't care what you do. Maybe you turn in a rental, maybe you turn it into owner finance. That's your decision, what you want to do with it. But you're Going to have to take them all through the foreclosure process because the borrowers are dead and they're not going to come back and start making payments. You know what I mean? Okay. You can get a dead person start making payments. You are very good. All right. I don't know about the voodoo that you do, but you need to share the rest of us for it so we can do. Okay, but are there any questions kind of about that before we pull up the tape and go on there? Yeah. Yes. Some are really bad. Yes. On the reverse mortgage side, some could be just ugly. I mean I've done some video walkthroughs on some of the stuff we were looking at another tape of some reverse mortgages out of the Jacksonville, Florida area. Some are good, some are just ugly. So, but I wanted just to kind of bring that up, is it. You've got about two weeks. You get your bids in. You're gonna be making your bids directly. Asset manager. All right. You'll need an email introduction to them. Unless you've received an email to them already. Maybe you've bid on some of these unknowingly before and you should have got an email on Thursday. If not, then I'll make an introduction. Are there any fees involved or brokering fees? Yeah. If I, if I make an introduction to you and you end up closing something. Yes. You're going to pay me one point. Okay. Regardless, you're gonna pay me one point. Not if you're, if you're a one on one coaching student. There's no cost for. If you're WCN cream member. Yeah. Add in, you're gonna want to add in one point or at least 500 bucks than what you've been on to me. Is a brokering free to help you take these down. Okay. But we'll dive into that and get the ball rock and rolling here for you. And like I said, you've got to be a WCN crew member that's 97amonth and get signed up for that@noteumbrella.com but let's pull up the tape and start working on this a little bit, shall we? So let me go over here to the spreadsheet. Yeah. NPL data tape. Okay. So here's the tape. Let me go. All right, so now the way to tell that these are reverse mortgages. When you get a tape in, I want to make sure. Can you guys see the spreadsheet? I want to make sure that you guys are seeing the spreadsheet. I get a thumbs up in the chat roll here on Zoom. Okay. Is when they say H ECM the negotiations. Good question. It's mostly via email. I mean, you're going to send an email, I mean send a spreadsheet on the bid you're offering. They're going back, either accept it or counter it. And then it's be back and forth. You know, if they accept your bid, then you're going to have a period of time for due diligence and going from there. Now, if you, you don't like their bid or their counter what they want for it, if you can justify the values like high taxes, high insurance or condition of property, then you go back for. But you're not going to be on the phone going back and forth with them on one or two things. Okay. If it's not clear, then what you need to do is probably boost, blow up your screen a little bit. I can't help it if it's not clear on your side. I already have this at 126. I can't take it much higher to be able to get through this in a timely fashion. Okay, thank you, Tracy. So anyway, when you get a spreadsheet in and they say the if it's an hecm, a high equity, you know, whatever it is, like a government loan, that's when I know that it's a reverse mortgage. On these also, if you go over, you see the monthly mortgage payment is a buck versus P. And I console. They put a buck in there. Just put a buck in there. Okay. That's when I knew that these were reverse mortgages. Okay. And you can see. Okay, so question here from somebody. Thank you. That's it, Don. Home equity conversion mortgage. Thank you. My coffee hadn't kicked in yet this morning. Home equity. That's exactly what it means. Home equity conversion mortgage. Basically, it's a reverse mortgage in the United States where the borrowers aren't making payments for. And that's fine. And what's happened is the borrowers passed away. The bank has gone to the heirs or the estate said, hey, do you want to make this up? Do you want to reinstate this or take the silver pass off? They want. So they go to the foreclosure process. Now, I did ask the seller on these, do they have any more updates? Because this is a servicing date of January 29th. So they pulled the information from about four months ago and they gave, you know, 12 months of payments, which there's been no payments on these things. Let's just be honest about these. Okay. And then they Go over here. Let me just go through the tapes. We've got the master, the servicer number, type of loan, the entity that originated this stuff, the fund, the servicer, the delinquent status. Okay, it's active, you know, the status 2. That's an active foreclosure, pre foreclosure, the servicing dates. These are all as if they pull this information all as of January of this year. Some of these are. Oh, no, I take that back. The equity. The reverse mortgages are of January. The rest of these non performers go back further. Some of them are older, so you got to be careful on this. So some of these go back January 26th of last year. Okay. So you just got to be careful on those other traditional ones. I'm glad I brought that up. Due dates, you know, these are all behind PNI payments, a dollar plus tax, insurance. And they give you the last 12 months of payments, which not really anything in there. The payment history, cutoff date was as of April. So they pulled the cutoff date. The payments is. Is pulled as of April. The status is of January. Okay. Then you've got your deferred balance, your unpaid principal balance, and the total balance is basically roughly about those two added together. Your corporate advances would be insurance and taxes, basically. And so then it gives you the accrued interest and the estimated legal balance. This number here is what's important. Okay. Whoops. Yeah. All right. Last payment date. There's going to be no payments on a lot of these, especially these equity, these HCMs. But then you can see on some of the traditional first mortgage, you can see that some of these have made some payments, others haven't. Okay. The interest rates, if there's a modification flag, these are all first liens, original term, remaining term, current maturity dates, foreclosure flag. Yes. Some of these are in the foreclosure process. That's one of the things the fund told me. If your bids accepted, they'll give you all the updated information of where they at in the foreclosure process. And that's what I was trying to give council. Can you give us some sort of update? I mean, some of these are over a year and they say free foreclosure. We need some sort of update on this. And they're like, well, we'll give it to you if your bids accepted. I'm like, oh, it just makes it. That really aggravates me. You know what I mean? It, you know, can you take some time? If you really want to move these, we need a little bit Better update on these, otherwise you're probably not going to like some of the bids. So they say the active foreclosure, pre foreclosures. Let's go down and see what they say in some of these other ones. Yeah, all active or pre. And then we move it over here. You can see if there was any pay strings. If there's been a payment of some sort, you can see it's kind of been good there. If not, they kind of fall off. But most of these are just extremely non performing. They have the FICO score which is really not important because you're gonna be foreclosing on these. You know, same thing, 12 months of payments. Again, the borrower's last name, the loan origination date. There's a co borrower, the original lender back in the day, original interest rate, original payment, first payment date, the property address, city, state, zip. I'm gonna do this, I'm gonna hide this. There we go, the zip code, the county, the property type. So most of these are going to be single family, some condos, manufactured home. Yeah, single family mostly. If we look at this. Yeah, either single family, manufactured. Yeah, it's all. Or condo. All right. And then here's the thing. You can see on the occupancy which is important. I don't know when that was pulled. Okay, so they have vacant or occupied. Now the occupied. Let's take a look at the occupied. These are probably going to be some of the. Yeah, these are gonna be some of these smaller balance ones that are more the foreclosures, not the dollar, not the heck yeah. See these are all going to be. Yeah. So your occupied ones are going to be the more the traditional first liens that you're going to be foreclosing on the all the reverses are vacant. Okay. And yeah, if there's been a BK on these, let me go back here and change these to both occupied and vacant. There we go. So then you got b. There's been a BK on these end of these. Most of these BKs are going to be on those first liens. They gave you the latest values. So you can see latest property values. These are from September of last year. That's what it was. So these are roughly about 8 months old, give or take some 7 months. If you get down to these older ones, they're over a year old. You just got to be careful on those. So June of last year coming up on about a year or less. Okay. Yeah, yeah, but that's better than what it was. So you can Kind of trust the values on these. I don't know, you know, condition. But I'll say, let me give you example, that this one here says it's 190, but you see everything else online, looks like it's 300. It probably needs some work. Can you understand that? Okay, let's. Let me pull up another thing here. I think I still got it. Let me pull it up here, one second to give you a bit of an idea. There we go. There we go. All right, let me share this. Let me give you kind of the geographic area for you guys to take a look at this. So here's kind of the. The map. Yeah, here's the map. So you guys can kind of see it clearly. There is, you know, one in Seattle, one in California, one in Utah, a couple in Texas. A lot of these, if we go down to Florida, these are all vacant reverse mortgages. You got to be careful, obviously, insurance, condition, that kind of stuff. But definitely an opportunity if you get it right at the right price. Anybody here investing in Florida right now? Lisa, I bet you are, right? At least still on here? I think she is, yeah. Tracy, where are you investing in? Where you looking to invest in? Tracy Day? Don, are you just in Texas? Are you looking at other places? Oh, you're out in man of Mountain. California. That's right. So are you staying in California, Tracy? Oh, Texas. Okay, well, then let's do this because I know I'm here in Texas. Let's see here. Where did. Who else said what? Yeah, Oklahoma. Okay, so let's do this because we got a few folks here. I don't mind. Let's do this here. Let's go. Let's win in San Antonio. This is when I was going to drive by on was down in San Antonio Thursday night. And you. Let's see if we go back out here, you can see what kind of part of town it's at. So it's basically on the south side of San Antonio. Not necessarily. Yeah. Okay. It is kind of a rougher area. It's an older area of San Antonio. Yeah, that's right. Dropped this guy near the other day. All right, so Lancaster. I wanted to make sure this is it. Our little dots right there. So it's kind of a. It's. Yeah, obviously an older neighborhood, but some nicer homes. I wish it was this one. Right. This is actually a good little house. But no, unfortunately, is this one across here older, middle. This photo is from last year, if I remember correctly from Google Maps. Okay, so this wine, if we go Let me just go back to the tape and we'll start diving and looking at the Texas ones. There we go. Texas, yeah. So that one's in San Antonio. I'm not giving. I'm not going to share the address up on here on live. You guys have it. If you're watching this from the WCN crew, you get the access. Yeah, it's. It's a rougher one. Definitely neighborhood. But this one is occupied. That's the thing. This is not a reverse mortgage. This is an occupied note. Let's go through some of the details. So, original interest rates at 11.55 was 30. You can see on these, I don't know. Taxes. I haven't checked taxes. You definitely want to check that. They started the foreclosure February of 2022. So that tells me they haven't paid in a while. Right. 360 term. Estimated legal balance is 134. They give it a value of 203. Okay. Yeah, I know it's ugly. I know it's ugly. So let's. Let's look at this. So if it's. If it's at. Let's just do this. If it's at 203, 134 foreign. So there's 70 grand in equity. They say give or take 69,000. So if we make an offer at 80, it's the legal balance. So if you made an offer at $0.80 on the dollar because of. Of all the equity above that is equal to 134 times 0.8 means you're making an offer of 107,000. Let me make this a little bit bigger so you guys can see my, my math. And let me do this. This is a dollar amount. Dollar amount. We go back to the monthly P and I payment. P and I payments, 298.24. And they haven't made a payment since. Since 2013. Okay, so you're going to foreclose on this thing. All right. But even if it didn't, let's just go over here and take a look to. Damn it. I meant to say that again. This was what, 2. 298 was it? Is that what it was? Sorry, guys, I got excited there. Yeah, 298.24. So if you even got them to bring four months to the table, 16 months is equal to that times 16 months. Because you want some skin. The game. Yeah, it's still not a good. It's not a good return at all because you're only going to get it roughly a a 4% cash and cash return. It doesn't make any sense. You're not. Now, in this case, you're not going to. I wouldn't modify at all. I'd foreclose. Now, do you want to end up with that? So that's the thing to look at. If you bought it at 107 and you foreclose, guess what you make about if it did sell at the auction, your highest bid is going to be 134. So you make 25 grand. In Texas, that could be in 60 to 90 days. Why they haven't finished the foreclosure process, I don't know. I'd want to check that out. I'd want to check taxes owed. But if nobody bid, hey, you're in. I don't know what kind of rehab that needs. It's a new roof at least. It might make sense to rehab it and sell it and look at comps. It might not. It just depends. Personally, I like prettier assets. So is an 80 high on an NPN? Okay, once again, Lisa, you got to realize if there's a lot of equity, they're going to want you to probably come in 80% with all the equity above their payoff. Okay, you've got to understand this. Now, if there's negative equity, it would be at 60, 65. So the value was only at 134. That's what truly the value was at 134. Then you'd be in the owed at what they owed or owed more than the property's worth. Then we'd only be making an offer at 60, 65 of the value because of them owing more. There's that difference. Remember, you got, you got to put your note investing hat on versus your realtor hat on. Okay, yes, I don't think 80% is a decent deal on this. But since there's that equity, that's roughly probably what they're going to be looking for because there's a whole, whole lot of money on the back end side. Okay, it may not make sense. It may not make sense like we, you and I've had that discussion. Board may not make sense to pay a bit at 80, so make an offer at 70. But here's the thing. Here's one thing I'm not mentioned because I wanted to wait till somebody said it. Okay, they're probably looking for that 80 if there's equity. Okay, 80 if there's a ton of equity above legal payoff, they're probably 180. That doesn't mean, you need a bit at 80, maybe a bit at 65. 70. Some of these have been around for a while. Like that one in San Antonio's been around for a while. I would make an offer at 50 and see if they accept it. They may not. Okay. So it means I make an offer at 72,000. That makes sense. Then probably to foreclose because value in that neck of the woods is okay. Okay. Especially right across the street. There's a decent house, but that house is just uglier and not very big. Exciting. Let's go to a different one. Should we go to a different one? Just giving you guys some options. Just kind of talking through some of this stuff. Okay. All right, so let's take this out. Let's go down. Since we like the valley, That's. Where's this one at? In Raymondville? Mission, Texas. Let's go down to Mission. All right. Mission. We drag and drop our guy there once again, off the road looking for a little dot. Let me go back here. This one in mission, Texas is 810 North Pennsylvania. Just looking for a street address of some sort around Pennsylvania. Hopefully it's not that one there. Look. Oh, it is this one? Yeah, it is this one. Yeah. I looked at this the other day. So it's this house and then it's got this garage here. Yeah. And if we go back to the spreadsheet, is it occupied? I think it is occupied. It's. It is occupied. All right. So they followed the BK. It was dismissed back in 2019. So pre Covid. So they give this value. They give this one a value of 160. Legal balance on this one. Oh, there's only 12. What the heck? Yeah. Okay. That's why I've looked at before. It's been around. Just a low balance was hanging around there. Why they haven't foreclosed on it? I don't know. Yeah, that's maybe balance only 12. I wouldn't. I mean, it's not bad. That's the. Let's look when the last payment was. PNI is 333 and paid in 6 years. Why that hasn't. I don't know. There must be some missing docs to it or something. The BK was discharged anyway. If you got a small balance, ira, that would be a deal for that right there. Make an offer at 4 and see what happens. 331amonth. That's basically. You get your money back in a year. Yeah. That's not like I say corporate advances, total balance, unpaid balance. Yeah, that doesn't make any sense. Deferred balance. Yeah, I wouldn't waste my time on that one. All right, so let's, let's move on over. Let's look at, let's dive into some of these. Let me do this. Let's go up. Let me get rid of these HCCMs for the time being. All right, there you go. These are your non performing, some occupational, some occupied, some. But I'd be willing to bet most of these are the ones you're going to foreclose on. And if we look at some of these balances. Let's go over here. So the balances, you know, 4,500. That's not most of the legal balance. There's a 10, 21, 12. Those are 12. We're just looking at 7,000amillion. Yeah, it's not so bad. So if we look at these, let's go to this, the addresses on these things so you can kind of see statewide where they're at. Okay. Got a lot in New York. Let's get rid of, let's get rid of some of these stuff in New York, New York, New Jersey. Let's get rid of Kentucky. They're paying. Yes. Wisconsin's overpriced. Okay. Because of taxes. Washington state's overpriced. This is to be Massachusetts. Overpriced. Indiana. Okay. Illinois, California was way overpriced. Arkansas, Alabama. Okay. All right, so those are the ones. These are the ones we want to delete off. I wouldn't waste my time on. So you get rid of those. Okay, that should leave you. Yeah, it's a better list. You got Alabama, Arkansas, Florida, Pennsylvania, Texas. You got a couple Tennessee's Johnson City and one in Eisenhower, Utah. Okay. And depending on the condition of these, the values on these are anywhere from 15 up to 1.2, 15,000 to 1.2 million. Okay, that's all right. Yeah, just go through them individually and find some. Let's look at. Now let's look at the hcms, the reverse mortgages and where those are located. Remember these, these are gonna be the ones that you're gonna have to foreclose on. There's no modification reinstatement of dead person. Okay. But you've got Florida. You've got Florida, basically. Oh, I got rid of the New York state ones. That's what I did, I got rid of. So most of these are all. Yeah, it's basically a bunch of reverse mortgages in Florida, Fort Myers. Let's pick one. Let's just look at for the Heck of it. So let's go down to, let's go to Fort Myers. What the hell, we'll do Fort Myers and Fort Lauderdale. Just look at those. Give you a bit of an idea. All right, let's look at the Fort Lauderdale one. This is single family have bxby. Where's the address on these? Oh, there it is. Okay, so Lauderdale new share. All right. Okay, so let's look at the neighborhood. All these little row homes. This is from July of 2022. There's a truck in the driveway. 1771. That's our house. Oh yeah. So it's probably the, it's probably the banks representative winterizing because you can see the actual notice in the window that's only caught somebody there at the one time. I mean it's not a bad, I mean it's pretty cookie cutter for that neighborhood. Right Everybody, the fact this is from July of 2022. You know, we've had some hurricanes, obviously some winter storms. This will be worth checking out. Okay, let's question from somebody. It is a nice neighborhood. Peter, are you familiar with that area? Peter, have you driven by this one in the past? Is the only ones who've driven by in the past. It's a nice neighborhood. Yeah. Nope. Okay, well there you go. Maybe one to drive by. I would say it probably needs a little bit of roof work from what I can tell up there. I mean it's an older roof it looks like, but who knows what it looks like now. Right. But somebody enjoyed living there, had some little man cured. So kind of normal for that neck of the woods. Okay, let's go back to our spreadsheet. Look at another one there or just look at that. Let's look at that numbers. Okay, so on this one, what did they give? Let's see, bacon. They value this one at 340. And the legal balance about 350. Okay, so there's not, there's negative. So on this one, you know, I, you know if you can send somebody by to take a look at pick in the window, I wish they would give us lockbox codes to take a look at them get inside. But you can peek in the window. So it's been obviously been winterized because that form in the window. Okay, so on this one, yeah, I, you know I might make an offer at 60 cents on the dollar. Now you have to look at the cost repairs to get a bit of an idea where it's at. And then your insurance costs and taxes, those are going to be your three biggest things when you get to look at that, especially in the reverse mortgage side, you're not going to get that reimbursed. So keep that in mind. So maybe making an offer at. If you figure 60 cents to the dollar at 340, is that 180? It's right at 200. Is that worth your time? Depending on what the market is. Days on market's gonna dive into that. Your money costs. Okay, there's that one. Let's go over and look at another one here. That was it. Let's look at 410 Northwest 52nd Street. Pedro, what do you. Peter, what do you know about that one? Is that not bad? Okay, thanks, Peter. If. Yeah, if anybody's interested, if you're down in that, if you're looking for stuff down there, Peter's glad to help out. Thank you, Peter. All right, let's go over and look at this one, this other one. All right. This one is also in Fort Lauderdale. Yeah, it's a Oakland Park. I think Oakland Park's a little bit of a rougher neighborhood, if I remember correctly. I could be wrong. Very cookie cutter neighborhood. Same thing. See a convert. Looks like they converted to one car. An extra addition on there. This picture is. Oh, this from 2016. This a few years back. It's rough. Yeah. Thank you. Peter lives in Dade. Oakland is rough. You're right, it's rough. Yeah. Okay, that's something. Keep in mind, you know, that doesn't mean you can't make money in the hood. I've made money in the hood there before. I think you really got to take it block by block. A lot of cases, but this is from six years ago. Actually, this is longer. This is almost eight years ago, so it's hard to tell. It looks like it was vacant then. Is there a winterization in the window or. No. Is that just a. Nope, it's just a thing. Okay. Yeah, I mean, you got some decent homes, but this is just a, you know, small cookie cutter neighborhood for the most part. Okay, let's go back. Let me pull up another one. Let's look at four Myers. Here's a condo. Let's look at this one. 1367 Abbey Drive. F4. So two bedroom, two bath, just under 2,000 square foot. So when you have condos like this, if it doesn't give you, like, better mapping, let's just take off. F4. Okay. It might be gated. We might not be able to get our little yellow guy. Yeah, it's not. Okay, so then what we'll do is. Oh, let's go back here. Let's go back and hit images so you can kind of see 167 Abby Drive. Number three. Number three. All right, so let's go. Here's something that's in the same neighborhood. So it looks like these little condos. Yeah, these little hoa kind of. Let's see. Yeah, two twos, two story. Yeah. Small kitchens, multi level. I mean it's not bad. What's they say? What's this value on this one say? Redfin gives it a value of 289. Let's go back. See, we can't find another one here just for the heck 289. Keep that in mind. There must be the community pool. Yes, it's a 290. See this is a little bit bigger. One three bedroom, two bath, smaller square footage. But they're all these little bit older condos. Right. With a ceramic top floor. Okay. So yeah, 289 might be. A 289 is not be bad. All right, so let's go back here to a spreadsheet. So they gave it a value. Vacant condo. So they value this at 207. Okay, this might need some work then. So it gives you a little bit. So they valued at 207 right here. And let's look at. The legal balance on this thing is 310. So negative they're upside down. Right. So this might make sense to make an offer at 60 cents of the dollar of the 204. So 162 roughly. 60 cents into. Yeah. 2 7, 6. Actually 120. 127. I mean I. I don't know the condition it is, but. Yeah, that's the thing. If. If you see normal other properties in area the 280, 290 range. This is 207. It's probably need some work. Who knows. So that's where I would make an offer at the. The 2s, you know. Yeah. 65 cents on the dollar. 60 cents on the dollar because it's been sitting around for a while. Figure out your insurance cost. Okay. And Peter, since you're so kind, let's look at. You said there might have been one in Pembroke Pines you want to take a look at. Yeah, we'll take a look to take a look at it. Pompano Beach. No, nothing in Pembroke Pines. Let's look at. Let's just look at Pompano beach for the heck of it. Oh, that's a little ugly. That's from May of 2022. Single family. Hey, it's right near the bus stop. There you go. This is. Yeah. May 2022. I mean, needs a new roof. It's already been winterized. Based on the maps and the images there two window units. Let's go back. See anything popped up on this search images, 525 different properties pop up. So it's not. So that's something to think about. You know what I mean? Somebody's gonna be decent. Somebody's gonna be ugly. Let's look at. Let's try to look at some more of these here. Let's try to find one. Let's look at Boca Raton, Florida. Jared, let me. It's not Jared's way. Let's let the trump jokes kick in. 85, 82 Jared Way. Let's hit all search. Look at the map. It's up. It's his condo and lake. Okay. Can we drag it by? No, can't. So we're going to drop it on the highway and see if we can't peek over. It's gated. Okay, let's go back here. We'll do satellite view. So this is it right here. It must be community pool. Right across the community pool there. What is that, tennis court? No. Okay, it might be an older listing. 85, 82, 85, 95. 85, 82 images. No, it's probably an older listing. All right, well, let's go back here. Let's see what a Zillow say the value this thing is 1428 square foot house off that lake. It's going to go out because the storm. Come on. All right, we'll just go back to spreadsheet. There we go. Value. Estimated value is 548. Okay. 548. And they said it's vacant. 493. Okay. So that's not so bad. Probably needs a little bit of work. 493. And legal balance on this is 567. So once again, they owe more than the property's worth. That's where you're becoming. Fine. Make an offer at $0.60, $0.65 on the dollar. Okay, so here's the thing. Let's look at this. One thing to keep in mind. Yeah. So if you look at this. If we look. Let's go over here and take a look. Usually the due date is about when they converted. So this one's probably been vacant for five years. Let me highlight these and need to go back and do one thing real fast. If you look at the due dates on these, you can see these are roughly. Since they're Home equity, these reverse mortgages, these 58. These are probably since they've passed away to give you a bit of idea when they started that process of the. The pro. The foreclosure process, the death, you know, person's past. And I'm reaching out. What I have found is these. Some of these are nor. Let's look at it. Where's this one? It's only the 23rd. Look at these due dates real fast. 2023 because this would be newer, probably in better condition. January, May. Where are these located? They have a balance of 219, 234. Oh yeah. 230, 249. And they are located in West Palm beach in Melbourne, Florida. Okay, let's look at the West Palm beach one. Oh what they say the value this one was? They're vacant. 170. Yeah so they you know they're not. They get rich quick but they still are affordable. Let's hope they're not rougher areas of the WPB. West Palm Beach. 727 Tuscaloosa. Tuscalooska, Tuscaloosa. I don't think it's that house. I ain't this one here. I don't think it's that one's. I think it's just one in the back. Yeah. Trying to get. I get it. Ah yeah. I think it's that house in the back back there. The two story one might be a duplex. There you go. Take it back. One more. Let's do this. Let's look here. Let's hit images. Oh it's been listed for 727. Typically West Palm Beach. Yeah older photos so it can't be right. Maybe looks like a frame structure. Yeah, definitely. I don't think that's right. 440 square feet. Maybe it's converted garage. Who knows. Maybe not worth it. All right, so let's go back to the other one and Melbourne. 801 Espanol away. Whenever here of espoiring way it makes me think of Miami beach and the restaurants down there. Oh this photo. What happened there? Just hang on here. September 2022 and not so bad Roof doesn't look too bad huh. And convert a garage. It's probably needs some work on the inside. 801. There it is. Let's look down here. Yeah, kind of cookie cutter neighborhood. Well that's what you have to work. You got to find some. You find some nuggets, find some deals if you got some time to drive by. Great stuff. Let's look at. Let's go back one more time. And Lisa Darlene's down in Naples. Right. Let's look at. Is there anything done in Naples? I think there was. Which would be easy to drive by. Naples. Marco Island. My neck of the woods. Right. Don, do you look into municipal liens like lawn mowing before making an offer? No, because those, I mean, those will look up on title. There's no reason to pay to pull title beforehand. Your bids are. If there's a huge one, then I would reduce it. A lot of these can often get negotiated down. If it's, you know, I've got like Pompano Bay. I bought a note and there's a million dollar lien on it from my zone. Zoning violations, stuff like that, or code enforcement. And I just negotiate down being the bank oftentimes. Okay. They'll work with you pretty easy. All right, so let's go over here and look at the one in Naples. Let's see. Or Marco Islands. Anything in Naples? Naples. Naples. No, up in Naples Marina. But not Marco Island. Lehigh Acres might be worth something to look at. We already looked at the Fort Myers ones. Port shots a little further north of hers. So let's do this one instead. Let's do. Let's just look at Lehigh Acres. Fancy one in Cape Coral. We'll just look at Port Trout for the heck of it. Sun City Center. Let's look at the one in Sun City center real fast. I wonder if that's a retirement community. Okay. Yeah, it looks like it. It looks like Sun City Center. Yeah, it looks like it's a 1224. They. They really blocked that out. Yeah. Is this this one neighborhood now? Now, now this one because it's got the winterization there in the window. That's from June, January of last year. That's not so bad. So if we go back to our spreadsheet, what do they say? This one? Sun City Center. They say they've added 160, something like that. They're upside down. So maybe it is worth it if it's in good condition. Go the other one here. 27353. Let's do the Lehigh Acres. Oh, 613. Oh, look at that. I've bought. Man, I have bought a lot of property looking like that. Lehigh acres. Yeah. 613. That's a pretty looking little house, huh? That's pretty. Cookie cutter for down the neck of the woods. Look, nobody's around. No neighbors. Quiet. Let's do this one more time. Let's. Oh, see? 613. Let's take it. Oh yeah. You see you're basically there's nothing out there which is fine. I don't mind that it's quiet like one of those housing spots to shoot. I have no problem that not to be bothered on top of each other. And they got a golf course not too far from there. Majestic Bar and Grill. Yeah. And what else is down there? Okay, so what do they say? That one that does something. I kind of depend on what the numbers look like then. So Lehigh Acres, they gave it a value of 330. 353. There you go. 330. 60 cents on the dollar of that, you know 200 roughly. That might make sense. Don't know what kind of interior conditioning but it's a relatively newer build hoe. Yeah. If we go back here to that one. What does Zillow say? The information is on it. Realtor three bedroom, two bath built in 2001. Two car garage. ReMax. It was listed at some point. Yeah. So it's three 2, 22, 52 square feet. Wonder if they got a pool in the back under patio. Probably not. No info. Yeah, not a lot of information. Hoa. Yeah I like that one. So obviously you'd have to foreclose and we know Florida can take a little bit longer in some of the other places like Texas or Oklahoma. But something to keep in mind there. Checking that stuff out. All right. Any questions before I let you go for the rest of the day? Whether it's morning, noon or evening, whenever you're watching this. Like I said, if you're part of the WCN crew, you should have already received a tape in your basecamp folder. If you're wanting to get access to it, then sign up for our our monthly membership@noteumbrella.com that's noteumbrella.com it's 97amonth minimum six months. You cancel. I'm going to charge your car for the stuff that you cancel beforehand just because we give you access to the replay. So literally since the fact that you've got a couple weeks before business, you can actually take my three day workshop, watch the replays, start implementing it and start making some offers. So it's kind of a I like call it done for you. Always learn earn while you learn everybody. Any other final questions, comments, concerns from folks watching online? Thank you again for luxury in Yorkshire. Nick, who else commented on there? A few other folks are still watching on there. Thanks so much for doing. I really do appreciate it. Good to see everybody on here this morning. Let's see Cal, Carmela. Hey, Carmel. Don, Linda, Mark, Peter, Tracy and a few other. Lisa was on here as well. So go out, take some action. If you have any questions, book a phone call with me. I'm glad to answer as best I can. Try to give me a phone call today. I'm gonna be kind of busy the next couple days with a couple deals that I'm working on myself. All right, thank you so much. Have a great day and stay out of trouble. One thing we have talked about doing, this is something I brought up. We used to go out and do like, shadow inventory road shows, rent like a 15 passenger van and drive around assets to take a look at them. It might make sense to do that if, you know, might make sense to fly down to hit the east coast or the west coast ones or hit them all both in like a weekend. Anybody interested in that, let me know. Might organize something like that. Let's see if the hedge fund will give us the interior access codes and stuff like that. Alrighty. Go out, take some action, buddy, and we'll see y' all up top. Bye. Sa.