All Forum Posts by: Sylvia Spallinger

Thank you @Lauren Sanford for the recommendation, @Robert Hytha. The last thing I want to do is risk my retirement due to a lack of information and understand.

0 Votes

Fort Lauderdale, Florida

Hi Chris.

I am sorry, I did not give you enough information. I was told that the biggest risk with buying in the 2nd position was Chapter 13 and Chapter 7 foreclosures, and the risk could be lessen by Due Diligences.

You do bring up some points that wasn't mentioned. Thank you for the recommendation

0 Votes

Fort Lauderdale, Florida

Quote from @Chris Seveney:

Quote from @Sylvia Spallinger:

I took a class called Mortgage Note Investing: Distressed Second Mortgages

I was educated that: It was a great way to create passive income without the risk that comes with investing in the 1st position. The UPB is usually lower which make it more affordable to the average person.

I chose non-performing 2nd position mainly because that what was presented to me at the time. I looked into it. There seemed to be more pros than cons. The mentor seemed to be doing well, so I dived it.

Now that I am in the water, things appear a little different than stated, however, I have three years before retirement and is welling to give it a try

Sylvia

Whoever is teaching that investing in non performing 2nds without the risk that comes with investing in firsts is really trying to sell someone something I will say. While the UPB is lower, in our current economic environment of inflated home prices and more debt, your chances of losing your entire investment are significantly higher.

Non performing seconds are extremely risky (especially compared to firsts). I personally would not trust anyone who says investing in notes is not risky. Been doing it for a long time and there is significant risk in this space - of course there are ways to mitigate it but i would not be putting money into non performing seconds if I was getting ready to retire as your returns will be up and down.

I know one investor who just bought 3 seconds and two of them went to zero, lost tens of thousands on those two. Will make money on the third but will not end up doing well at all.

If you want a good class on notes, check out fred and tracy rewey - they do performing but have great content.

0 Votes

Fort Lauderdale, Florida

I took a class called Mortgage Note Investing: Distressed Second Mortgages

Now that I am in the water, things appear a little different than stated, however, I have three years before retirement and is welling to give it a try

0 Votes

Fort Lauderdale, Florida

Hi Everyone!

Note Newbie here. After completing a Note class, I have come to realize, in 2 seconds flat, that I have a lot to learn. I am glad to be here and I am looking forward to making new friends, and business connections.

I am looking to buy 2nd position, non-performing notes. If anyone have a Tape list I can join, please add me. Or point me in the right direction. Thanks

0 Votes

Fort Lauderdale, Florida

All Forum Posts by: Sylvia Spallinger

Sylvia Spallinger has started 1 posts and replied 5 times.

Post: Note Newbie looking for Investment Opportunities.

Post: Note Newbie looking for Investment Opportunities.

Post: Note Newbie looking for Investment Opportunities.

Post: Note Newbie looking for Investment Opportunities.

Post: Note Newbie looking for Investment Opportunities.