Rogan's Property Investments & Services LLC (RPIS LLC) is located in Pittsburgh Pennsylvania. We started out by doing foreclosure inspections and maintenance on REO properties in 2009. Over the last few years we shifted our focus to buying or selling non performing notes. RPIS LLC spent considerable time and resources to develop very close relationships with large private equity funds and Banks that want to liquidate large pools of non-performing mortgage notes. This enables RPIS LLC to have a “first look” capability and access to a large number of NPNs before the pools are broken up into smaller groups to sold to smaller hedge funds and individual investors. Our strategy is to buy NPNs at better discounts than those that may be available to individual investors and smaller capital funds. We then either workout the loans and keep for our own Portfolio and we resell to other investors that we have done business with in the past.
Mr. Rogan has a hands on approach in every aspect of trading and managing NPN’s, which includes acquisitions, due diligence and disposition of real estate owned.
Example: Let us assume you buy a note for $50,000 on a house worth $100,000. The people still live in the home and want to stay, but cannot afford the payments on the $150,000 loan they took out five years ago. They know the house is worth $100,000 and are fine with a loan of $100,000 at 5% interest. The investor who owns the note modifies the balance to be $100,000 (still $50,000 over what the note was purchased for) and lowers the payments to something the homeowners can afford.
Once the homeowners make three months’ worth of payments, they are now qualified to refinance under the Home Affordable Foreclosure Alternatives (HAFA) program for an even lower rate. When they refinance the home, you just got your note paid off at $100,000, which you purchased for $50,000 and you helped a family stay in their home.
2. Deed in Lieu
A Deed in Lieu is when the borrower signs over their rights in the home to the note holder. These can be tricky if there are other liens against the property. It is best to let the servicer work out all the details to make sure you get a clear title to the home. Many banks try to get a Deed in Lieu because it is much less expensive and less involved than a foreclosure.
3. Quick Flip
We purchase a pool of notes from bank at a deeply discounted price. We then resell to other investors in our network.