Latest / Real Estate Note Investing
Episode 5: Lien Position - 1st vs 2nd Explained
Not all mortgage notes are created equal — lien position makes all the difference.
In this episode, we break down the difference between 1st and 2nd lien mortgage notes, and how each position changes your strategy, your risk, and your potential return.
Learn how the lien stack works, what happens in foreclosure, and why smart investors don’t always chase the top position.
✅ What “lien position” actually means
✅ Risks and rewards of 1st vs. 2nd liens
✅ How equity protects (or hurts) your investment
✅ When seconds outperform firsts
Most investors ignore 2nds — until they see the upside. Ready…
The skinny
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