Hey Reader, A small note does not always mean an easier investment. I recently had a paperwork issue that required an attorney to step in and resolve it. The legal bill was $1,470. That is the part of a small balance note that people do not always think about. Whether the note balance is $20,000 or $80,000, an attorney still has to review the documents, figure out what needs to be corrected, communicate with the right parties, draft or revise documents, and make sure the fix is legally sound....

Hey Reader, If you've ever thought about investing in a private fund or wondered what that even means, this email is for you. It's also why I'm hosting a free live class on Wednesday, October 1st at 4PM CT. On September 16th, the Fed raised rates for the first time since 2023. Same news for everyone. Very different outcomes depending on the fund you're in. First, let me provide context on what a private fund is and why investors choose them. Most of us don't have the time, expertise, or...

Hey Reader, Better Mortgage and Coinbase just made their token-backed mortgage program broadly available. The headline is obviously going to be: “Use Bitcoin to buy a house.” But as a note investor, that is not the part I find most interesting. I’m looking at the debt structure. Here’s what they built. The borrower gets a traditional conforming first mortgage. Then there is a second loan used to fund the down payment. That second loan is secured by the borrower’s pledged Bitcoin and a second...