The Note Closers Show - The #1 Podcast for Note Investing Reverse Mortgage Investing: Turn Distressed Properties into Cash with This Strategy
Hey, Note Closers! In this episode of The Note Closer Show, Scott Carson dives deep into the world of reverse mortgages and how to potentially profit from them! Scott walks through the process of evaluating a tape of 52 reverse mortgages, offering insights into identifying deals, assessing property values, and understanding the foreclosure process in different states. Learn how to analyze potential profits, estimate rehab costs, and navigate the complexities of HUD and BPOs. Whether you're a seasoned note investor or just starting out, this episode is packed with actionable information to help you make informed decisions.
Here's What You'll Discover:
- Reverse Mortgage Overview: Understand the basics of reverse mortgages, including how they work, why they default, and the potential equity involved.
- Tape Analysis: Learn how to analyze a tape of reverse mortgages, including key data points like BPO, estimated full payoff, and foreclosure status.
- State-Specific Foreclosure Processes: Discover the differences in foreclosure timelines between states like Oklahoma and North Carolina and how that impacts your investment strategy.
- Valuation & Rehab: Strategies for evaluating property values, estimating rehab costs, and determining if a property is worth foreclosing on vs. selling as-is.
- BPO & Due Diligence: The importance of obtaining Broker Price Opinions (BPOs) and conducting thorough due diligence, including title reports and interior inspections.
- Profit Calculation: Walk through calculating potential profits, considering factors like money costs, closing costs, and potential returns at foreclosure auctions.
- Property Examples: Review of real property examples, including analysis of estimated values and rehab estimates
- The 8-9 reverse mortgages that look attractive.
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Conclusion:
Evaluating reverse mortgages can be overwhelming. In this episode, Scott breaks it all down to make it manageable. Make sure to perform the due diligence to determine a property's real potential!
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