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Eric's explanation makes sense, i.e. the folks or "market" bid down the yield to an acceptable risk/reward ratio based on the property.
If there were truly a guaranteed return of 16%, money would flow to it like a pack of wild dogs to a three legged cat (thanks to Mike, IROC, for that quote!).
I bet the high yield properties are the worst and the trophies are the lowest yield. So, buying these liens is not some magical money pot, just another business like so many others.
All, IMHO.
Best,
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