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Hi David
First of all I wanted to thank you for a lot of valuable information you have shared with me. I am very grateful to you.
I wanted to find out what the term " creating a paper portfolio" of second mortgages by buying and selling properties mean?
I have never heard of this term before.
Thanking you kindly,
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david ingram replies
It involves flipping many properties and taking all or part of your profit as a second mortgage. this can create a considerable income stream when you have a lot of mortgages paying monthly payments to you and is very effective while properties are moving up or are at least staying even.
It can disappear in a moment if there is a downturn in the market.
So beware about "aiming" for the paper portfolio because it is a good idea. Cash is sort of nice as well and my rule of thumb is that you want at least a third, if not two thirds of your profit in cash or easily converted paper.
Remember that you can always take a second and then discount it through a broker for cash when the deal is new. If there is a falling market or the mortgagee has defaulted a month or two it is just a piece of worthless paper much, if not "most" of the time.
Thanks for the compliment.
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