All Forum Posts by: Michael Spadoni

Goodmorning All,

I have been researching note investing and have a question.

If I purchase a 2nd Lien Performing note and the borrower refinances the 1st Lien does that require them to include the 2nd Lien in that refinance and cash out the 2nd Lien?

Thank you all for any responses.

Good response. This helps @Jay Dewberry. thanks. 

@TJ Peterkin I am located in the same area as you and would like to meet up and discuss not only wholesaling but real estate as well if you have some time. Send me a PM. 

During the recourse of the recession in 2008 I became a new investor in 2010 with my first rental property.

I was mentored on this path very modestly I will say. I had a supervisor at the time recommend buying a multifamily property and living in one side of it. I was planning to stay in the area for a few more years so I figured, why not? My spouse and I at the time started shopping around and interviewing realtors. After finding the right realtor for us we found the right property.

During that time I had no education concerning real estate investing. I simply knew that if I paid X amount on mortgage and earned X amount on rental income then the math after that was simple. I was informed that I must reside in the house for a certain amount of time to ensure that my loan did not become an investment loan.

This turned out to be a great step for my future. The property management agency kept the property occupied for approximately 85% of the time. I make cash flow and chipping away at the principle.

I did not make any other major moves in real estate after that. I actually found real estate again after a six year absence. I am newer to this site and completely obsessed. I will be looking to use the BRRR strategy in the near future to grow rental holdings.

I can say that in the end of this experience for me the best advice is to just take the steps to get informed, and take action one step at a time. No one runs a marathon without training! Thanks and hope you enjoyed my story.

Michael Spadoni