22. Private Note Lending with Michael Jones

Westside Investors Network

ABOUT MICHAEL JONES:

Mike was born and raised in Upstate New York. With a career spanning working at a craft brewery, sound, and electronic engineering, and 5 years as a STEM tutor, Mike began studying note investing and soon focused on owner-occupied single-family residential debt. The math of amortized debt made sense as well as helping others stay in their home. With the success from his first fund and his investors paid, Mike and his wife Shelly now work and travel the country in their RV. Mike’s mission is to help improve the lives of others.

THIS TOPIC IN A NUTSHELL:

[01:06] Company background: First Position Capital LLC

[01:59] Introduction to Note Investing and how it works

[04:38] How he got into Note Investing

[06:50] Definition and characteristics of a Note

[07:50] Examples of Notes

[09:00] Buying Criteria on Note Investing

[10:00] How you can earn through Note Investing

[14:25] Process when buying a Note

[17:18] Due diligence and Foreclosure

[19:25] His first few deals and lessons learned from it

[25:40] Raising funds and difference between syndication and note investing

[27:30] Structure of Return on Note Investing

[30:20] Having a Fiduciary mindset

[31:15] His experience with mentors and gurus

[34:00] Future of Note market

[36:20] Non-performing and performing notes

[37:45] Forbearance notes

[40:20] Communication with Investors on Return

[43:48] His advice on his 25-year-old self

[44:50] First Entrepreneurial Endeavor

[46:18] His formal and informal training that shaped his journey

[48:50] The Deal that got away

KEY QUOTES:

[20:17] On dealing with sellers when I’m reducing my offer price, I present evidence on why I do that. Like you just found out that the buyer is three years behind on taxes or they’re in bankruptcy, so that calls for a discount. So, if I get a bigger discount, I get a bigger return, which means my risk is bigger too.

[25:23] When I got through that first deal, it opened up like a whole new world for me. I remember when I’m writing the investment summary and my hands are shaking. You make these choices in life and you knew that when you’ve come up on the other side, you’re not going to be the same person, so that’s terrifying sometimes.

[32:08] When people trust you, some people abuse and use that. I foresee that if I want to stay in this business, you’ve got to have that fiduciary mindset.

Keywords:

▪ Arbitrage - the simultaneous buying and selling of securities, currency, or commodities in different markets or derivative forms to take advantage of differing prices for the same asset.

▪ Rule 506(c) - allows companies to advertise their securities offerings to the general public without having to register with the SEC, as long as the securities are only sold to accredited investors and the company verifies that the investors are accredited.

▪ Rule 506b - can raise an unlimited amount of money and can sell securities to an unlimited number of accredited investors. However, it is subject to the following requirements: no general solicitation or advertising to market the securities.

Summary of Business:

First Position Capital LLC is a company investing in paying first position loans, mortgages and trust deeds secured and backed by Insured Real Estate. On a mission to help accredited investors replace their job income with non-leveraged, secured, insured, and cash flowing first position real estate backed notes.

ABOUT THE WESTSIDE INVESTORS NETWORK
The Westside Investors Network, is your community for investing knowledge for growth. For real estate professionals by real estate professionals. This show is focused on the next step in your career... investing, for those starting with nothing to multifamily syndication.

The Westside Investors Network strives to bring knowledge and education to the real estate professional that is seeking to gain more freedom in their life. The host's AJ and Chris Shepard, are committed to sharing the wealth of knowledge that they have gained throughout the years to allow others the opportunity to learn and grow in their investing. They own Uptown Properties, a successful Property Management and Brokerage Company. If you are interested in Property Management in the Portland Metro or Bend Metro Areas please visit www.uptownpm.com. If you are interested in investing in multifamily syndication please visit www.uptownsyndication.com.

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You may contact Michael Jones via:
Phone: [phone]

Email: [e-mail]

Website: https://1stpositioncapital.com/
LinkedIn: https://www.linkedin.com/in/michaelraymondjones/
Social media:
Instagram: @first_position_capital

CONNECT WITH US

For more information about investing with AJ and Chris:

· Uptown Syndication | https://www.uptownsyndication.com/

· LinkedIn | https://www.linkedin.com/company/71673294/admin/

For information on Portland Property Management:

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