Bob Repass is a 25-year veteran and expert in the seller finance mortgage and distressed asset industry. Over the course of his career, he has purchased over 40,000 performing and non-performing mortgage loans totaling over $2 billion dollars in volume, giving him an unparalleled track record in the industry.

Bob currently serves as Managing Director of Colonial Funding Group, where he shares overall responsibility for the management of the firm. In his role as Managing Director, Mr. Repass’ primary focus includes investor relations and regulatory compliance.

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This end of the month news update tells you about impending legislation that requires IMMEDIATE action on the part of all note investors. CONGRESS IS VOTING SEPTEMBER 30 on “Reconciliation Legislation” designed to find money to pay for massive government spending plans. One of the places they intend to get extra money is by making severe changes to your IRA.

These changes will greatly restrict the ability for entrepreneurial note investors to continue their business endeavors. Bob Repass and Joe Varnadore will tell you about Sections 138312 and 138314 of the legislation, which is buried in this massive bill starting at page 665, so many legislators won’t even read that far into the bill to have these on their radar. That’s why we’re asking you to CONTACT YOUR REPRESENTATIVES AS SOON AS YOU READ THIS to ask them to take these sections out of the bill.

Bob, who is deeply involved in legislation that affects the note industry, is sounding the alarm. These two sections will greatly reduce the ability of investors to use funds from the IRAs to invest in notes and other syndicated real estate funds. These sections favor Wall Street investing over Main Street investing, and will wreak havoc on personal note investing.

For more help in finding your representative or other information about this proposed legislation, email [email protected], and put Representative names or IRA bill in the subject line.

WE CAN’T OVEREMPHASIZE THE URGENCY OF THIS MATTER, so please watch the video right away. Then contact your friends to watch it, and then reach out to your congressional representatives and other influential legislators.

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1:15 | Joe Varnadore introduces Managing Director of NoteSchool and Colonial Funding Group, Bob Repass (who just returned from Tuscany, Italy). Lots of news to wrap up the third quarter of 2021.

2:35 | Urgent legislative news: Tax increases are being proposed in “Reconciliation Legislation” to raise money that offsets huge government spending increases. These changes will put caps on traditional IRA and Roth IRA balances at $10mm. All members of the note community need to be aware of Sections 138312 and 138314! This prohibits converting a traditional IRA to a Roth IRA. Traditional IRAs are usually invested in Wall Street, while Roth IRAs are usually invested in notes, hard-money loans. So this is a battle of Wall Street vs. Main Street!

5:25 | Also prohibits IRAs from investing in capital funds (like Colonial has), syndications or other investments that require them to qualify as an accredited investor. This prevents investors from using IRA funds to invest in syndicated funds (such as an apartment building) to raise capital; which will cause a liquidation crisis to raise investment capital.

6:20 | It will restrict IRA account holders from investing in a trust, LLC, joint ventures, etc. It means “Goodbye checkbook IRAs!”

7:20 | Bob mentions that these changes are buried in the bill starting at page 665. Many legislators may not read that far. Bob is asking all listeners to contact your representative in Congress immediately, asking them to remove those two sections. He provides a link to locate and contact your legislators:

9:00 | Bob and Joe provide of list of other important people to contact quickly with phone calls, emails, and faxes. (But contact your personal representative first.) He also encourages you to spread the word among your friends and contacts.

14:00 | Bob offers suggestions with a template on what to say in your email. He asks you to be respectful.

17:10 | Bob describes how Wall Street can’t get enough fixer-upper houses. The inventory is still low for funds that make money rehabbing houses. Finding labor is also a challenge.

20:00 | Fannie Mae announces sale of non-performing loans. Both Fannie Mae and Freddy Mac are moving delinquent loans out of their portfolios.

23:10 | Forbearances plans are expiring, and are below 1.6 million for the first time since March, 2020.

24:05 | FHFA extends multifamily forbearance indefinitely, which brings no one any comfort level. Joe reminds you to read the entire article, not just the headline, because there are eligibility requirements.

27:00 | Mortgage Monitor Black Knight report says 1.5 million mortgages are not in a forbearance plan, but remain 90+ days behind. Foreclosures are expected to increase soon. Delinquency rates vary by market. We’re reaching the end of the maximum 18-month available forbearance period.

32:00 | Bob closes by saying by proactive and make your voices heard with your congressional reps. And he’s also looking forward to NoteExpo coming up in November (voted the #1 expo in the industry).

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