OfflineI was hoping that someone may be able to help out. I read Dean's deal on pg 244 of this book, and understand how he got the lien in New York on that property for $12,500 from the bank that had the lien at $145,000. What i'm not understanding is Dean says he was owed the full amount of the debt. If he purchased the lien for $12,500 did he get the deed and title to the house at that time? Also, isn't the $145,000 wiped off the books at the bank that sold him the note? Thanks for your response.
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it's page 235.
i apologize but i don't think i understand your question. but you know the fam will be here soon. lol....
happy investing
walt
the question is basically asking what Dean says when he was owed the $145,000 even though he bought the lien from the bank for $12,500. I don't understand how he says he was owed that money??? Did he get title to the house and deed once he got the lien? It was a short sale in his book that he talks about that he did in New York by a school and got to the property before it went into auction by the bank. He bought the lien for $12,500, but still says he was owed $145,000. I'm not understanding that. thanks for your help