Discover Rick’s worst note buy and the lessons he learned from the experience in this revealing episode of the Paperstac podcast!

Join hosts Rick Allen and Brett Burky as they dive deep into the murky waters of note buying.

With years of note investing experience under his belt, Rick shares his own story of a real estate note deal gone awry, detailing the frustrations and challenges encountered. Every real estate professional has their story of a deal gone awry, and today, Rick shares his.


Rick recounts his experience of buying a note in Louisville, Kentucky that quickly spiraled into an ordeal filled with bankruptcy filings and legal obstacles, all stemming from a seemingly perfect property. He also shares another harrowing experience of buying a note in Cook County, complicated by COVID-19 related court closures and unexpected delays.

The conversation is a candid discussion on the perils of smaller balance notes, property maintenance woes, and the importance of learning from these setbacks to mitigate future losses. The episode wraps up with Rick and Brett reflecting on the inherent challenges of the note buying business, emphasizing the need to become adept problem solvers.

Whether you're a seasoned investor or new to the world of mortgage notes, this episode is packed with valuable insights and cautionary tales that underscore the importance of due diligence, understanding legal intricacies, and preparing for the unexpected.

Don't forget to like, share, and subscribe for more episodes, and drop your questions or stories in the comments below for a chance to be featured in future discussions.

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🎧 Chapters:

00:00 Introduction
00:17 The Worst Note Buy
01:59 Bankruptcy Battles and Legal Challenges
04:13 The Long Road to Resolution
05:53 Another Challenging Note Buy in Cook County
07:43 Learning from Note Investing Mistakes
09:18 Final Thoughts and Takeaways

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