Looking back, what’s one thing you wish you had known before buying or selling your first real estate note?
Notes are a promise to pay. If the don't pay, you have to foreclose, perhaps the toughest part of investing. Therefore I don't invest in notes, I invest in something solid, real estate.
Lender · Tampa, FL · Member since 2013 · 2k+ posts · 2k+ votes
8mo
That BPOs aren't worth the paper they're printed on. We learned that quickly. Agents often filch old pics from the MLS. I remember several years ago visiting holdings in STL when I visited a vacant lot from a house that burned down years before, but the recent BPO showed the house still standing. Don't trust ANYTHING you're presented in the file...verify everything.