If it sounds too good to be true… - Posted by Michael Morrongiello
Posted by Michael Morrongiello on November 16, 2000 at 11:22:52:
Tim is right, if this deal does CHECK out to be a $7,003 1st lien on a house worth $144K + with a juinor lender behind it, where is the RISK here?
A word of caution, Make SURE that the note you are buying is truly IN a 1st lien position and did continue to subordinate when the refinancing took place. Otherwise you might finding out that you are really buying a HIGH RISK smaller 2nd lien sitting behind a much larger underlying 1st lien.
PS. if you want to simply “broker” this deal and make a few $$$ for doing so rather than taking on the actual investment yourself, call me, I’ll write you a check for around $6K and close this baby FAST.
To your success,