The Paper Trail

In this episode of the Paper Trail podcast, Chris delves into the intricacies of title insurance, emphasizing its significance for mortgage note investors.Chris discusses the roles of owner's policies and lender's policies, presents real-life case studies of title claims, and highlights the pitfalls of neglecting title insurance.He also shares insights from Marco Bario's valuable article on the subject, stressing the growing importance of due diligence amid increasing fraud in the industry.Chris wraps up by providing tips on assessing title policies when acquiring notes and underscores the necessity of title insurance for every originator.00:00 Introduction to the Paper Trail00:41 Today's Topic: Title Insurance00:55 Insights from Marco Bario03:00 The Importance of Title Insurance05:24 Understanding Title Insurance Policies09:25 Common Title Insurance Issues13:27 Case Studies and Real-Life Examples18:45 Final Thoughts and Recommendations24:30 Conclusion and Farewell

In this episode of the Paper Trail Podcast, host Chris Seveney delves into the common mistakes investors make when bidding on note investments.He breaks down a top 10 list of these errors, highlighting the complexities of foreclosure processes, especially in non-judicial states. Chris provides valuable examples and insights, stressing the importance of thorough due diligence, understanding potential delays, and realistic financial modeling.The episode is a must-listen for both active and passive investors looking to deepen their understanding of the mortgage note investment space.00:00 Introduction to Note Investing01:01 Top 10 Mistakes in Bidding on Assets02:39 Case Study: Borrower A vs. Borrower B04:11 Challenges in Foreclosure and Bankruptcy09:17 Real-Life Examples and Investor Pitfalls20:03 Understanding Non-Judicial vs. Judicial States21:24 Conclusion and Resources

2026 Real Estate and Non-Performing Notes PredictionsIn this episode of the Paper Trail Podcast, Chris shares his top 10 predictions for the real estate and lending markets in 2026. He discusses tighter lending standards, rising defaults, and the importance of being a disciplined operator. Key trends include the tightening of investor space lending conditions, challenges in the multifamily sector, struggles for sponsors operating outside their expertise, a slowdown in fix-and-flip activity, the rise of build-to-rent, increased defaults on investor loans, the complexities of judicial foreclosures, potential declines in home prices in booming states like Florida and Texas, and the predicted growth of 7E Investments. Chris emphasizes the necessity for consistency, strategic focus, and disciplined underwriting in navigating the year ahead.00:00 Introduction and Recap00:12 2026 Real Estate Predictions Overview01:05 Trend 1: Tightening Lending Conditions04:07 Trend 2: Multifamily Market Challenges05:42 Trend 3: Struggles of Inexperienced Sponsors09:01 Trend 4: Decline in Fix and Flip Activity10:15 Trend 5: Build to Rent Opportunities13:31 Trend 6: Rising Defaults on Investor Loans15:59 Trend 7: Owner-Occupied Market Insights19:10 Trend 8: Judicial Foreclosure Challenges23:52 Trend 9: Home Price Declines in Key States26:18 Trend 10: Growth Projections for 202627:47 Conclusion and Final Thoughts

In this episode of the Paper Trail podcast, Chris reviews his 2025 predictions and evaluates his accuracy, covering essential aspects such as interest rates, home prices, mortgage defaults, and the overall economy. He reflects on the media's portrayal of real estate, assesses the impact of interest rates and home pricing, and provides an in-depth analysis of mortgage defaults and delinquencies. The episode also predicts future market trends and emphasizes the importance of real estate experience. Additionally, Chris touches on short-term rentals, multifamily properties, seller financing, and the economic pressures facing households. This reflective analysis sets the stage for understanding current market dynamics and future forecasts in real estate.00:00 Introduction and Episode Overview00:42 Reflecting on 2025 Predictions02:01 Interest Rates Analysis04:08 Home Prices Trends07:38 Mortgage Defaults and Delinquencies11:41 Economic Pressures and Household Impact15:58 Short-Term Rentals and Market Shifts23:34 Fix and Flip Investor Loans27:24 Macro Observations and Real Estate Trends31:43 Conclusion and Future Predictions

In this episode of the Paper Trail Podcast, Chris Seveney breaks down the most common misconceptions surrounding DSCR (Debt Service Coverage Ratio) loans. Whether you’re a first-time real estate investor or looking to scale your portfolio, this no-fluff episode is packed with insights that could save you time, money, and frustration.00:00 Introduction and Overview01:04 Understanding DSCR Loans01:55 Myth 1: Credit Score Doesn't Matter04:13 Myth 2: 100% Financing05:56 Myth 3: Only for Commercial Properties07:55 Myth 4: No Documentation Required10:06 Myth 5: Funding Rehabs or Fix and Flips11:59 Myth 6: Quick Closures13:31 Myth 7: Prepayment Penalties18:11 Conclusion and Final Thoughts

Understanding Recent Changes in Credit Scores and Mortgage TermsIn this episode of the Paper Trail podcast, Chris discusses two significant topics affecting the note investing space: the potential for 50-year mortgages and changes in the Fannie Mae and Freddie Mac credit score requirements. The host explains how the removal of the 620 credit score floor could impact loan qualification and why the idea of 50-year mortgages may not gain widespread traction. Emphasizing the importance of understanding the 'rules of the game,' the host advises investors to stay focused on their business fundamentals and not get distracted by industry hype and external chatter.00:00 Introduction and Episode Overview01:01 Credit Score Changes and Their Impact03:18 The 50-Year Mortgage: Pros and Cons06:03 Focus: The Key to Successful Investing11:15 Understanding the Rules of the Game19:55 Conclusion and Final Thoughts

In this episode of the Paper Trail Podcast, host Chris shares insightful stories from his years of experience in note investing. He reflects on his journey since rebranding from the Good Deeds Note Investing Podcast and delves into two detailed case studies involving complex loan situations. Chris discusses the importance of patience, direct involvement, and the value of understanding both consumer and investor laws. He also emphasizes the necessity of proactive management and communication with borrowers to protect investment interests. As always, listeners are encouraged to interact and learn more about investment opportunities with 7E Investments.00:00 Introduction and Podcast Rebranding00:29 Early Podcast Days and Lessons Learned01:51 The Slow Pace of Note Investing02:21 Case Study 1: Investor Loans and Extensions09:24 Case Study 2: Builder Loans and Foreclosure12:39 Dealing with Difficult Borrowers18:08 Conclusion and Final Thoughts

In this episode of The Paper Trail Podcast, Chris shares what he calls the biggest mistake of his note investing career: buying a 0% interest loan. Despite acquiring it at a steep discount, the loan turned into a frustrating and time-consuming challenge. Chris breaks down what went wrong—from unpredictable borrower behavior and high servicing fees to the illusion of “cheap” deals that aren’t worth the effort.He explains how low monthly payments can erode returns, why understanding your servicing contract is critical, and how certain borrowers exploit the system. Through this candid story, Chris illustrates the hidden dangers of loans that seem too good to be true and why discipline, due diligence, and realistic pricing matter more than chasing a bargain.This episode is an unfiltered look at the mistakes, frustrations, and lessons that come with real-world note investing—offering valuable takeaways for anyone entering the business or managing a portfolio today.

In this episode of The Paper Trail Podcast, Chris breaks down one of the most overlooked mistakes in pricing non-performing loans—underestimating the risk of reinstatement on low-interest loans. He shares how even experienced investors can misprice assets by focusing too heavily on foreclosure-based models without considering what happens if a borrower resumes payments.Chris also offers a real-world update from 7e Investments’ record-breaking third quarter, previews upcoming educational seminars, and introduces 7e’s new private lending program offering DSCR and fix-and-flip loans. Whether you’re a seasoned note buyer or new to the space, this episode offers practical, experience-based lessons to refine how you analyze loan tapes and avoid common valuation errors.

In this episode, Chris breaks down one of the most misunderstood aspects of mortgage note investing—how to price non-performing loans correctly. Drawing from real case studies, he explains why assuming a fast foreclosure timeline can lead to major miscalculations, how borrower behavior (like filing for bankruptcy) impacts your timeline and return, and why the biggest risks often come from what you can’t predict.Chris also shares how 7e models downside risk using IRR and scenario planning, why adding just one month to your assumptions can save your entire deal, and what to do when legal errors, borrower beliefs, or delays threaten your outcome. This episode is a must-listen for investors who want to move beyond surface-level deal sourcing and understand what it really takes to manage notes profitably.This is part one of a multi-part series on loan pricing fundamentals.

In this episode of The Paper Trail Podcast, Chris recaps the recent Paper Trail Conference and the intentional decision to keep sessions unrecorded for candid discussions. He then dives into the latest foreclosure and REO data from ATTOM and USFN, comparing national trends with the 7e Investments portfolio. Foreclosure activity is climbing, REOs are surging, and certain markets like Florida, Nevada, and South Carolina are experiencing significant distress. Chris explains how these trends affect investors, why understanding local markets matters, and how note buyers should factor price declines and holding costs into bids. He also previews an upcoming 10-part series on bidding strategies for non-performing loans, highlighting the need to look beyond calculators and consider external factors. The episode closes with thoughts on rising non-performing loans in commercial and multifamily sectors and what these shifts mean for upcoming opportunities in distressed debt.

A casual chit-chat unfolds as George and Chris dive into the coffee-fueled world of commercial real estate. They kick things off with some light banter about their coffee preferences—George's straight black versus Chris's adventurous mushroom blend, a nod to the quirky side of their industry. From there, George shares his unexpected journey into the realm of real estate, which started as a part-time gig just after college and spiraled into a decades-long career. They explore the nuances of commercial brokerage, touching on everything from retail and office spaces to the importance of being adaptable in an ever-changing market. George emphasizes the need for real estate agents to stay educated and embrace new technologies—because in the wild world of commercial real estate, it's survival of the fittest, or in their case, the most adaptable! They tackle the question of what truly adds value to a property, with George sharing some killer insights on how strategic upgrades can lead to significant returns. A highlight of the convo is their take on the current market, aptly dubbed the 'fog of war,' reflecting the uncertainty and myriad influences affecting investors today. Chris and George offer a refreshing take on how to navigate the tricky waters of real estate, blending wisdom with a sprinkle of humor.

n this episode of the Paper Trail Podcast, we speak with Chalea Grant of Mountain West Ranches, a family-owned land investment and note company on the West Coast, and a sponsor of the Paper Trail Note Conference. Chalea shares how his family has been building trust with investors since 1990, using seller financing and a fully in-house process to ensure quality, transparency, and strong returns.From navigating investor concerns and scams to providing recourse guarantees on land notes, Chalea reveals what makes Mountain West Ranches a standout in the land investment space. Investors will learn why having everything in-house, maintaining detailed documentation, and prioritizing long-term relationships leads to a reliable, stress-free investment experience.Resources & Contact:Website: mwranches.com/land-noteEmail: chale@mwranches.comJoin Chalea and other industry leaders at the Paper Trail Note Conference, September 18–20, in Chandler, AZ. Register Here

Episode SummaryIn this episode of the Paper Trail Podcast, we sit down with Nicole Merriman, a top real estate agent with eXp Luxury in Las Vegas, to explore the critical role agents play in the note investing world. Nicole shares her journey from hospitality to real estate, how she navigated unique challenges during COVID, and why she’s committed to helping investors and homeowners achieve success with integrity and creativity.Through real-life stories, including complex foreclosure transactions and unconventional properties, Nicole reveals the importance of responsiveness, common sense, and compassion when managing high-stakes deals. Her hands-on approach, problem-solving skills, and dedication to going above and beyond make her a standout professional in the industry.Whether you’re an investor, lender, or real estate professional, this episode offers actionable insights into navigating tricky properties, working with buyers and sellers, and the value of having a reliable, knowledgeable agent on your team.Resources & Contact:Nicole Merriman – eXp Luxury: Call/Text: 734-512-9324 - Connect with Nicole for expert guidance on Las Vegas luxury and investment propertiesPaper Trail Conference: Join us September 18–20 in Chandler, AZ for more education, networking, and actionable strategies for note investors Register Here

This episode of the Paper Trail is a treasure trove for anyone looking to navigate the wild world of private lending and mortgage notes. He kicks things off with a bang, sharing his own journey as a CEO of a mortgage note fund, and trust me, it's packed with all the juicy details about what went right, what went sideways, and the lessons learned along the way. Chris dives into the nitty-gritty of the industry, from non-performing loans to seller financing, stressing the importance of having a solid exit strategy—because, let’s be real, nobody wants to be stuck in a deal that’s gone south! He also chats with David Cook from Contessa Capital, who brings his 30 years of experience to the table, sprinkling in some sage advice about being a savvy investor and the pitfalls to avoid. So, whether you're a newbie or a seasoned pro, this episode is brimming with insights and laughs that'll keep you entertained and informed.Join Chris and his buddy David as they dive deep into the wild world of mortgage notes, lending, and all things finance! Chris kicks things off with a friendly intro, setting the stage for some serious talk about the journey of a CEO running a mortgage note fund. David, who’s been in the game for over 30 years, spills the beans on how he got into investing and the rollercoaster ride that followed. From the challenges of navigating through market shifts to the ins and outs of private lending, they keep it real and relatable. David shares some juicy tales about what went right—and what went hilariously wrong—offering listeners a front-row seat to the drama and excitement of investing. Throughout their chat, they touch on the importance of having a solid exit strategy before diving into any deal. You know, like that one time David learned the hard way that having a plan is crucial—especially when things get bumpy. He stresses that anyone looking to invest needs to keep their eyes peeled for potential pitfalls and be ready to pivot when the market throws a curveball. Plus, they share advice on starting small, like a side hustle, before taking the plunge full-time. With a sprinkle of humor and a whole lot of wisdom, this episode is a treasure trove for aspiring investors. Chris and David drop knowledge bombs about the key principles of successful investing and how to be a good partner without being a pushover. They wrap up with a friendly nudge to follow the paper trail and trust the process—because in this game, patience is a virtue!Links referenced in this episode:papertrailconference.comCompanies mentioned in this episode: Contessa Capital

Today, he’s hanging out with the Strategy Ninjas, a crew on a mission to turn bold ideas into real-life action—like turning a light bulb moment into a full-blown disco party! They’re all about giving entrepreneurs the lowdown on how to kick-start their businesses using AI and automation, making it a game-changer in the real estate scene. The trio dives into their AI real estate accelerator course, sharing some of their top-secret frameworks that help folks level up their hustle. He’s super pumped to have them as sponsors for the upcoming Paper Trail Conference, where the fun and knowledge will be flowing like a river of good vibes. So, grab your favorite snack, kick back, and get ready to soak in some seriously cool insights about using tech to make business dreams come true!Companies mentioned in this episode: Strategy Ninjas Paper Trail ChatGPT Grok Claude Gemini Copilot Perplexity Links referenced in this episode:thestrategyninjas.comaccelerator.thestrategyninjas.com

In this episode of the Paper Trail Podcast, part of our Know Your Speaker Series leading up to the Paper Trail Note Conference (PTNC), Chris sits down with Kris Fleming — business strategist, financial expert, real estate investor, and founder of The Genius Network.Kris shares her incredible journey from growing up in poverty to becoming a successful entrepreneur, investor, and coach for women building scalable businesses. With deep experience in banking, commercial and private lending, and real estate, Kris brings a unique blend of empathy, strategy, and financial intelligence to every deal.They discuss creative financing, how to assess borrowers beyond the numbers, and why personal responsibility and kindness are core to her investing approach. Kris also offers a preview of her upcoming talk at The Paper Trail Note Conference, happening September 18–20 in Chandler, Arizona, an event focused on real-world expertise, actionable learning, and community connection.🎟️ Register for the Paper Trail Note Conference: https://papertrailconference.com/registration/

Sponsor Highlight + Know Your Speaker Series: Default Attorney GroupIn this episode, we sit down with Jane and Josh from the Default Attorney Group (DAG) — a coalition of seasoned creditor rights law firms spanning 20+ states — to unpack what really goes on behind the scenes of a foreclosure, bankruptcy, or title claim.Whether you’re a seasoned investor or new to distressed notes, this conversation offers a masterclass in legal landmines — and how to avoid them. Josh, who will also be speaking on-stage at The Paper Trail Note Conference, walks us through critical differences between judicial and non-judicial states, how title defects can sideline a deal for years, and why fast communication with your legal team can be your most valuable asset.Plus, you’ll learn how DAG can serve as your one-stop shop for legal help across the note lifecycle — and why we’re proud to have them as sponsors of the Paper Trail Note Conference.🎧 Tune in to hear:What makes a default attorney indispensableHow to avoid costly mistakes with HELOCs, affidavits, and foreclosure timelinesThe #1 mistake lenders make when trying to save money on legal📍Catch Josh and the DAG team live at Paper Trail, Sept 18–20 in Chandler, AZ.Register here: papertrailconference.com

In this episode, Chris sits down with long-time real estate investor and creative finance educator William Tingle. With 25+ years of experience in the trenches, William shares how he built a real estate portfolio using Subject-To and seller finance strategies, without money, formal education, or a silver spoon.Together, they cover:How William quit his job after buying 24 houses in 12 monthsWhy Subject, To investing isn’t about taking advantage—it’s about helping firstReal examples of win-win deals (including 30% equity on a house with no cash out of pocket)The biggest mistakes new investors make (and how to avoid them)Why counting doors doesn’t equal successWhat William will be bringing to the upcoming Paper Trail ConferenceWhether you're new to creative real estate or looking to scale with integrity, this episode delivers grounded advice and real-life lessons you won’t hear from the “guru crowd.

In this Know Your Speakers edition of the Paper Trail Podcast, Chris sits down with Matt Kelley, a certified foreclosure expert and long-time investor who’s underwritten tens of thousands of loans across California, Arizona, Nevada, and beyond. Known for his no-BS style, Matt shares insights from both sides of the note space—firsts, seconds, courthouse steps, and post-sale acquisitions.They cover:Why underwriting is the true money-maker in note investingRed flags vs. yellow flags (and why the latter are more dangerous)The importance of underwriting sellers, not just borrowersCommon mistakes new investors make—and how to avoid themWhat’s really happening in today’s note market (and why inventory isn’t your biggest problem)Matt is also a featured speaker at the upcoming Paper Trail Conference (Sept 18–20) in Chandler, AZ. Get a preview of what he’ll bring to the stage—and why his sessions are can’t-miss.🎟️ Register at papertrailconference.com