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Finding and Buying Second Mortgage Loans with Daphne Wilson, Episode 116

August 27, 2019

 

Mortgage note investing is one of the more intriguing passive real estate strategies for investors.  Daphne Wilson is a pro at finding and buying second mortgage loans. She’s devised a strategy that allows her to buy for pennies on the dollar and create a win-win situation for borrowers. She is the founder of Bell Financial and on this episode, she shares her strategies to find and buy notes and get a delinquent borrower current on their payments.

 

PartnerDownload a Free Sample Apartment Deal Package

 

 

Key Insights

  • Mortgage note investing is real estate without property management

  • Home owner pays the investor instead of the bank

  • Notes are available through note exchanges, note brokers, and organizations

  • Where to find notes to purchase: LoanMLS and ExchangeLoans

  • First position loans are senior liens

  • Second position loans are junior liens, usually less than the senior loan

  • Buys second mortgages, these are typically for home renovation loans

  • Spends $2,000 to $8,000 per asset

  • Unpaid principle of $25-$60k for non-performing notes

  • Banks would rather have bad loans off their books than try to collect the full amount owed

  • Strategy: Buys delinquent 2nd mortgage behind a current 1st mortgage

  • To get borrowers current on their mortgage, create a solution about the borrower

  • Use the arrears to create leverage

  • Spend 4-5 hours per month on note investing business

  • When purchasing a non-performing asset, you build a relationship

  • Arrears are the amounts that have accumulated because of missed payments 

  • The 2008 market correction fueled the second mortgage investing space

 

Partner: Check out the Northstar Real Estate Conference on Sept. 21 and 22
 

 

Bull’s Eye Tips:

Winning Your Market: Engaging with other investors
 

Tracking Market Changes: Reaching out and interacting


Daily Habit: Meditation

 

Resources:

LoanMLS.com

ExchangeLoans.com


 

Digital Resources:

Note Dashboard
 

Tweet This:

“In 4 years I have never had to foreclose on a buyer”

 

 

Places to Grab a Bite:

West Palm Beach - Darbster
 

Connect with Daphne:

Instagram: daphnerwilson

Website: Mortgagenoteinvesting.info
 

Leave us a review and rating on Apple Podcasts or Stitcher. Be sure to check out more info at TargetMarketInsights.com.

 

 

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