Updated about 9 years ago on . Most recent reply
Taking Action - Questions on Note Position & Gotchas
In order to get started, I've decided to move forward as an investor with a contractor that I know. After doing my due diligence, I will be investing and taking a 1st position note on the property in exchange for a nice rate. This will help me build some additional capital for my longer term buy and hold strategy.
Given that my questions are note related, I thought that this would be the best place to post them. 1) What wording will I be looking for or what will be the confirmation from the attorney/closing company that my note is in 1st position?
2) Any other issues or gotchas that I should be aware of or ask about (title, liens, etc.)