A good resource on second lien investing?

Question

So far I have been looking exclusively into 1st liens (mostly non-performing), started to think about checking out 2nds as well. Is there a good resource that focuses just on this topic that someone can recommend? Can be a book, workshop, virtual training.

Charles Campbell · Answer

There are many successful note investors in 2nds here on BP.

@Martin Saenz is well known and offers training and mentoring specifically for 2nds.

Gil Ganz · Answer

Tried chrome/firefox, 4 completely different networks so far, same thing.

Bob Malecki · Answer

Hi @Gil Ganz which browser do you use? Have you tried from a different computer? I just checked the url and all pages are resolving.

Bob

Martin Saenz · Answer

Thanks Charles, for the shout out.  I don't so much look at myself as a 2nd's guy as much as I do a cash flow guy. I buy notes with a comprehensive understanding of the borrower and their ability to pay on an ongoing basis.I conduct a 3 round due diligence process with round 1 focused on the property, the 2nd round focused on the borrower, and the 3rd round focused on a projected cash on cash return. This past week, I modified a 2nd that I had in foreclosure that had no equity + was a BK7 discharged. My focus is solely on buying non-performing notes that will deliver long term cash flow via loan modifications and I don’t shy away from situations most consider too hairy. There are plenty of good folks out there that focus on the property and repositioning of it, but long term rehabs/rentals is not my idea of fun. Wish you the very best!

Gil Ganz · Answer

Hey Bob, thank you but looks like this site is not working, getting ERR_TOO_MANY_REDIRECTS error (not just on this URL, any on this domain).

Gil Ganz · Answer

Thank you Charles, I will look into this.

Bob Malecki · Answer

My my partner in the notable capital fund, Josh Andrews has extensive experience in buying second position mortgage debt. actually 90% of our current portfolio is comprised of second position non-performing loans. Feel free to reach out to Josh at the link below.

http://notablefund.com/consultation/

***please know that I am a partner in the notable capital fund and posting the link above for the benefit of the original poster on this discussion

A good resource on second lien investing?

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