Re: Recent purchase of second TD

You didn’t answer my questions, so we’re in the dark as to any potential equity. Even if you were spot on all your assumptions, the wild card are the late fees and collection costs, which can run up faster than a NYC taxicab meter. Here’s where I feel faint. Most HO & investors over estimate equity due to incomplete or faulty data, unseen repairs, and an acute case of optimism. Inexperience really. I can understand taking a flyer looking at it as an option, but seconds don’t go to the energy and expense of foreclosing in hopes of taking the few hundred or thousand dollars to make the risk reward factor livable. They’re thinking bigger $$ or some unsophisticated investor doing something stupid (not a bad bet really). You’re best option now might be bidding at the first’s foreclosure. Of course, you could have done that anyway without buying the second. That could make owning the second more of a liability than a plus. The larger you paid for the second makes it harder psychologically to walk away. Leave your emotions and ego at home when you go to the trustee’s sale. You've seen it many times. The most disciplined investors are the most successful, and the winners aren't always the winning bidder.