In this episode, we delve into a cautionary tale from the world of note investing, specifically focusing on a unique situation involving a contract for deed in Pennsylvania. We explore the challenges one of my coaching students faced when purchasing a performing contract for deed, only to discover it violated obscure state lending laws. Learn from this real-life experience and gain valuable insights into the importance of due diligence and understanding state-specific regulations when investing in notes.
Key Points Covered:
- The Pennsylvania Lending Law Trap: Discover how a little-known law can impact contracts for deed with balances below $50,000.
- The Importance of Due Diligence: Understand the critical need to thoroughly research state laws and regulations before investing in notes.
- Servicing Company Hiccups: Learn how issues with servicing transfers can lead to borrower complaints and legal challenges.
- The Cost of Non-Responsiveness: See how a seller's lack of communication can exacerbate problems and create headaches for the buyer.
- Navigating Legal Challenges: Explore potential solutions and strategies for resolving legal issues related to contract for deed violations.
Conclusion:
Investing in notes can be a lucrative venture, but it's crucial to be aware of the potential pitfalls and challenges that can arise. This episode serves as a valuable lesson in the importance of due diligence, understanding state-specific laws, and being prepared to navigate unexpected legal hurdles. By learning from this cautionary tale, you can protect your investments and avoid costly mistakes in the world of note investing.
Watch the original VIDEO HERE!
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