"Nonperforming Notes and Sovereign States"
Real Estate Investing Expert
Episode 57: "Bad Beats"
Listen to the Podcast Here:
In todays episode of “Real Estate Nerds”, the Scotts (Smith and Carson) meet together to talk about a ‘Bad Beat’ S. Carson encountered earlier in his career. Scott Carson has been actively buying notes on residential and commercial properties since 2005 but this one stood out as a particularly tough deal.
Nonperforming Notes and Sovereign States
Introduction and Scott Carson’s background
[3:00] Intro to the ‘Bad Beat’ featuring 11 notes in Chicago.
[5:10] Scott Carson talks about the trouble he had with evictions, including:
- A gun being pulled on a process server.
- A tenant declaring his dwelling a ‘sovereign state’
- $250,000 in attorney fees
[9:13] Scott Carson talks about the lengthy legal proceedings involved with this deal.
[12:15] Scott Carson talks about how to maintain good relationships with investors and what repayment of investors looked like.
[16:00] Scott Carson talks about his 5 cornerstones of conducting business:
- Buying first lien only
- Below market value
- Insuring the property
- Proper paperwork/Legal assistance
- Wire to a bank not to you directly
[17:38] Scott Carson talks about what his drive for wealth accumulation is and his passion for educating others
[19:35] Scott Carson talks about his goal to educate and create 10,000 note investors over the next 5 years.
[23:57] Lesson Learned
Thank you for joining us on today’s episode of the Real Estate Nerds Podcast. For even more free educational resources on real estate investing and the law, check out the Royal Legal Solutions blog. You can also reach our host Scott Smith directly, connect with him on LinkedIn, subscribe to the Royal Legal Solutions YouTube channel, or join our investor community on Facebook.
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Hosted by Scott Smith, Lead Attorney and Founder of Royal Legal Solutions
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