The Paper Trail
Welcome to The Paper Trail, where we follow the journey—my journey—through the world of mortgage note investing. I'm Chris Seveney, and after years of buying, managing, and selling notes with 7e Investments, I'm here to share the real stories behind the deals—what went right, what went wrong, and what I wish I knew earlier. From non-performing loans to seller financing to private lending, this show is about more than strategies—it’s about learning to follow the paper trail and doing the due diligence that separates the pros from the rest. Let's hit the trail.
Episodes
In this episode of The Paper Trail, host Chris Seveney breaks down the “double squeeze” currently pressuring real estate construction from two directions at once: rising tariffs on building materials and a tightening construction labor market. Drawing from nearly 30 years of experience in construction and development, Chris explains how these forces are changing the economics of new development and why passive investors should pay ...
In this episode of the Paper Trail Podcast, Chris Seveney breaks down how real estate syndication returns change once taxes, fees, and deal structure are fully accounted for.
Rather than focusing on headline IRR, the discussion centers on what investors actually keep after understanding their position in the capital stack, the tax implications of debt versus equity, and the impact of layered fee structures.
Chris also highlights reti...
In this episode of the Paper Trail Podcast, Chris Seveney takes a practical look at how AI is shaping real estate and mortgage note investing today.
Moving past the hype, he outlines where AI is already improving underwriting and valuation, where it may be narrowing investor advantage, and what structural risks are often overlooked as these tools become more embedded in the market.
Episode Timeline
00:00 AI Wake-Up Call
00:56 The Good...
In this new episode of the Paper Trail Podcast, Chris Seveney breaks down the growing stress in private credit and draws a clear distinction between corporate direct lending and asset-backed mortgage note investing.
Chris Seveney walks through what is actually happening beneath the headlines, why parts of the market are showing strain, and how structural differences in collateral, underwriting, and resolution paths can lead to very ...
The easy part of a credit cycle is when rising home prices hide mistakes. That phase appears to be ending.
In this episode of the Paper Trail podcast, Chris Seveney, CEO of 7e Investments, shares a grounded view of where the mortgage note market sits today and how his firm is adjusting its strategy for 2026. Drawing on direct asset management experience across performing and non-performing loans, Chris explains why today’s environme...
In this episode of the Paper Trail podcast, Chris Seveney, CEO of 7e Investments, breaks down a long-term historical comparison of renting versus owning from 1970 through 2026 and explains why today’s cost imbalance matters for mortgage note investors.
Rather than focusing on headlines, Chris walks through decades of data to show how housing costs and rent tend to revert toward historical norms after periods of distortion. The core ...
In this episode of the Paper Trail podcast, Chris breaks down three major political and policy developments being discussed right now and what they could really mean for homeowners, investors, and the non-performing mortgage note space. No political spin, just practical analysis.
- 00:00 — Intro About Chris & 7E Investments
In this episode of the Paper Trail podcast, Chris discusses themes related to note investing with a focus on foreclosure trends. With 10 years of experience in mortgage notes and 25 years in real estate, Chris provides insights into the state of the foreclosure market post-COVID, contrasting it with the 2008 financial crisis.
Key topics include foreclosure statistics from 2006 to 2025, varying foreclosure timelines by state, and the...
In this episode of the Paper Trail podcast, Chris delves into the intricacies of title insurance, emphasizing its significance for mortgage note investors.
Chris discusses the roles of owner's policies and lender's policies, presents real-life case studies of title claims, and highlights the pitfalls of neglecting title insurance.
He also shares insights from Marco Bario's valuable article on the subject, stressing the growing import...
In this episode of the Paper Trail Podcast, host Chris Seveney delves into the common mistakes investors make when bidding on note investments.
He breaks down a top 10 list of these errors, highlighting the complexities of foreclosure processes, especially in non-judicial states.
Chris provides valuable examples and insights, stressing the importance of thorough due diligence, understanding potential delays, and realistic financial ...
2026 Real Estate and Non-Performing Notes Predictions
In this episode of the Paper Trail Podcast, Chris shares his top 10 predictions for the real estate and lending markets in 2026. He discusses tighter lending standards, rising defaults, and the importance of being a disciplined operator. Key trends include the tightening of investor space lending conditions, challenges in the multifamily sector, struggles for sponsors operating o...
In this episode of the Paper Trail podcast, Chris reviews his 2025 predictions and evaluates his accuracy, covering essential aspects such as interest rates, home prices, mortgage defaults, and the overall economy. He reflects on the media's portrayal of real estate, assesses the impact of interest rates and home pricing, and provides an in-depth analysis of mortgage defaults and delinquencies. The episode also predicts future mark...
In this episode of the Paper Trail Podcast, Chris Seveney breaks down the most common misconceptions surrounding DSCR (Debt Service Coverage Ratio) loans. Whether you’re a first-time real estate investor or looking to scale your portfolio, this no-fluff episode is packed with insights that could save you time, money, and frustration.
00:00 Introduction and Overview
01:04 Understanding DSCR Loans
01:55 Myth 1: Credit Sco...
Understanding Recent Changes in Credit Scores and Mortgage Terms
In this episode of the Paper Trail podcast, Chris discusses two significant topics affecting the note investing space: the potential for 50-year mortgages and changes in the Fannie Mae and Freddie Mac credit score requirements. The host explains how the removal of the 620 credit score floor could impact loan qualification and why the idea of 50-year mortgages may not g...
In this episode of the Paper Trail Podcast, host Chris shares insightful stories from his years of experience in note investing. He reflects on his journey since rebranding from the Good Deeds Note Investing Podcast and delves into two detailed case studies involving complex loan situations.
Chris discusses the importance of patience, direct involvement, and the value of understanding both consumer and investor laws. He also emphas...
In this episode of The Paper Trail Podcast, Chris shares what he calls the biggest mistake of his note investing career: buying a 0% interest loan. Despite acquiring it at a steep discount, the loan turned into a frustrating and time-consuming challenge. Chris breaks down what went wrong—from unpredictable borrower behavior and high servicing fees to the illusion of “cheap” deals that aren’t worth the effort.
He explains how low mon...
In this episode of The Paper Trail Podcast, Chris breaks down one of the most overlooked mistakes in pricing non-performing loans—underestimating the risk of reinstatement on low-interest loans. He shares how even experienced investors can misprice assets by focusing too heavily on foreclosure-based models without considering what happens if a borrower resumes payments.
Chris also offers a real-world update from 7e Investments’ reco...
In this episode, Chris breaks down one of the most misunderstood aspects of mortgage note investing—how to price non-performing loans correctly. Drawing from real case studies, he explains why assuming a fast foreclosure timeline can lead to major miscalculations, how borrower behavior (like filing for bankruptcy) impacts your timeline and return, and why the biggest risks often come from what you can’t predict.
Chris also shares ho...
In this episode of The Paper Trail Podcast, Chris recaps the recent Paper Trail Conference and the intentional decision to keep sessions unrecorded for candid discussions. He then dives into the latest foreclosure and REO data from ATTOM and USFN, comparing national trends with the 7e Investments portfolio. Foreclosure activity is climbing, REOs are surging, and certain markets like Florida, Nevada, and South Carolina are experienc...
A casual chit-chat unfolds as George and Chris dive into the coffee-fueled world of commercial real estate. They kick things off with some light banter about their coffee preferences—George's straight black versus Chris's adventurous mushroom blend, a nod to the quirky side of their industry. From there, George shares his unexpected journey into the realm of real estate, which started as a part-time gig just after college and spira...
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