bad notes - Posted by Wilton

Posted by Bernie on June 22, 2003 at 24:36:16:

PaulJ would you tell me more about this procedure?


bad notes - Posted by Wilton

Posted by Wilton on August 15, 2002 at 13:07:00:

I have invested in real estate for years, and it has been kind to me. I still buy for cash, subject to or whatever is the best arrangement for the given situation.
The cash that i have gained thru the years, i now want to invest. Presently I am earning very skinny return in money market account. Would buying notes be a SAFE investment?
I have seen MANY 2nd mtgs. and other notes created on property that were not worth the paper they were printed on…
Often, when people realize that you have some money to invest…“man, do i have a deal for you”. yeah, well I not a smart guy, but i can see thru some of these “opportunities”.
I know there are no cradle to the grave guarantees, but at this point, i dont need to be making mistakes.
If i can loan 60K on a 100k first…FINE
The purpose of this message …I dont want to be SO conservative that I dont get anything done.
You folks who invest in notes WITH YOUR OWN MONEY, do you have a loss percentage ?
Thanks for any comments.

Re: bad notes - Posted by rhonda

Posted by rhonda on August 17, 2002 at 14:00:09:

It may be easier than you think. There are a lot of investors like me who love to sell off the first part of a mortgage to clean up credit line but want to keep the second for cash flow. This puts the risk on me as being the holder of the second, but I check my buyers pretty well. I’m sure there is someone who does the same thing that I do in your area.

Re: bad notes - Posted by PaulJ

Posted by PaulJ on August 15, 2002 at 14:06:43:

The easiest way to get a safe return is to buy properties at a foreclosure auction. Buy 1st notes only and you will be OK. After all 99% of those get redeemed so it is a super safe investment and we average 7% to 9% returns consistently with 100% safety. If you want more info let me know.