1st vs 2nd NPN

[Eric Lawson]

Hi all,

I see a lot of people who focus on either 1st or 2nd NPNs, but rarely both. What are the big differences between 1st and 2nd NPNs (other than lien position)? Do 2nd NPN investors just not want to deal with the property if it forecloses? Or is it cause it's cheaper? Or something else that I'm missing? Thanks for any help.