Module 10 Note Investment Mentoring [9/10]

So here's a couple more deals. $550,000 fair market value. The first was 555. So this is underwater. There is no equity in that property. $98,000 non performing junior lien that we purchased for $13,400. We did the notice of default. It turned into a payment plan. They're going to be paying us 450amonth for 30 years. And here's back to this acquisition strategy which I touched on a minute ago. When you foreclose from second position. This was an executive home guard gated golf course home with a fair market value today of about 285. There's a first on it for $210,000. The first. We own this property now. We bought the second, actually bought the second and third. If you go down to line four right there for $11,000. We bought the second and third non performing loans and foreclosed. We now own this property. Now it's subject to the first, who's not being paid by anybody and hasn't been paid for years. They're not foreclosing. I call them lost in space. And it's made me what I call that guy. That guy is the guy out there who has not paid his loan for three years. We are not paying on that loan, but it's not in our name and nobody's foreclosing. And in Las Vegas, people haven't foreclosed for a long time. That's where this home is. So I'm now sitting on that property. We're going to start renting it here soon and you know, plan a long term hold. It's a beautiful house and I might create a new first trustee with an investor on it for say the $210,000 plus cost. I might give them a 10 year, 5% interest only and maybe 25% appreciation split. Or I could flip it. Once again, the house is worth 285. There's a first for 210. I've got some costs. I, I could make money on that. So either way, it's an acquisition from junior position. We've talked about these real deals, every flavor of the workout process. Payment plans, discounted payoffs, trustee sales, short sales, acquisitions.