Note Date 20170619
We had a great note investor weekend. We spent it with Franco Barile and Scott Carson down in Austin Texas. Franco Barile is my real estate attorney for Ohio, Michigan and Indiana. He also handles Kentucky, but I'm not buying there. Last year I approached him to do my file reviews. Some note buyers use their collateral servicer to review their files before purchasing a note. I can tell you now that you won't be getting the info you need by using the servicer. Think about it. The servicer is hiring a clerk and teaching them how to check the chain of title. If the chain is broke, then you get notified. Heck, I can check the chain on my own. And what do they know about if the documents are written well enough to take to foreclosure. That's why we use attorneys to review our collateral and title searches.
Not only is the chain reviewed, but so is the language of the note. We need to know when we buy this note if we can foreclose. If not, what will it take to get it fixed. While other buyers are sitting around talking vendors and how well or how bad these vendors are about correcting the chain or title, I'm thinking, I have never had that issue. I think it is because all the collateral is reviewed before we buy. $20,000 tax lien? $20,000 civil judgement? Which one sticks to the property and which one doesn't. Do you want a clerk telling you? No thanks. I'll use Franco.
Anyways, the life of a note investor is good. We were able to drop everything and head down to Austin to hang out with Franco and his wife. Had coffee and tacos for breakfast before heading out to take Franco to his first brewery tour. Then we went to the famous Jester King brewery. We wined and dined with his wife and sister-in-law. Checked out the bat colony at the South Congress Bridge and then called it a day. And by the way that's called work. Hard, hard work. haha
Sunday we went up to Scott Carson's office and did a presentation for his workshop this last weekend. It was a great interview with lots of bantering going on. And it was cool working "behind the scenes" while Scott was doing his thing. In case you didn't know it, Scott Carson taught me what I needed to know about getting into notes. 37 notes later, he gets all the credit.
Franco Barile - Sottile and Barile Attorney At Law - firstname.lastname@example.org 440.572.1511
Scott Carson - Note Mentor - WeCloseNotes.com