Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax Liens & Mortgage Notes
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 16 days ago, 12/07/2024

User Stats

17,246
Posts
14,799
Votes
Chris Seveney
Lender
Pro Member
  • Investor
  • Virginia
14,799
Votes |
17,246
Posts

Note Investing: Like Watching a Jerry Springer Episode Unfold

Chris Seveney
Lender
Pro Member
  • Investor
  • Virginia
ModeratorPosted

In the world of note investing, you never know what you’re going to get. Just when I think I’ve seen it all, a due diligence case like this one lands on my desk. We’re looking at a seven-figure property in Texas, tied to a non-performing loan. Simple enough, right? Think again.

Here’s where it gets interesting: The borrower passed away without a will. Now, two women are vying for the right to be executor of the estate. Why? Because the borrower wasn’t just a property owner but a business owner with millions on the line. The twist? Both claim they were married to the borrower via Texas’s common law marriage rules. Woman #1 was the mother of his two children, though they split five years ago (but during covid she and the two kids were living with him and woman #2...). Woman #2 was his partner for the last three years until his death. Both allege they were his common-law spouse.

I am imagining this playing out like a live Jerry Springer episode, with probate court as the stage and legal claims as the punches. It's a situation where if it was a springer episode each party would have to be separated after the fist fight/hair pulling contest with one getting thrown in the crowd. 

While the circumstances may seem entertaining, the reality is this is not a laughing matter. Delays like this—especially in probate—impact our timelines and profitability. If we buy this loan, we need to have a thorough game plan on how we are going to be resolving this and understanding these dynamics is key to managing expectations and protecting investments.

  • Chris Seveney
business profile image
7e investments
5.0 stars
15 Reviews

Loading replies...