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How to Invest Like a Bank with Notes – Featuring Dan Deppen
If you’ve ever wanted to invest in real estate without becoming a landlord, this episode is for you.
I sat down with Dan Deppen, founder of Call the Underwriter, to dive into one of the most overlooked but powerful strategies in real estate—note investing. Dan is a former aerospace engineer who transitioned into tech, and eventually found financial freedom by buying mortgage notes and creating seller-financed deals.
💡 What Are Notes, and Why Should You Care?
Mortgage notes are the debt behind real estate—not the property itself. When you buy a note, you’re essentially stepping into the role of the bank. That means monthly cash flow, fewer headaches, and a whole lot of control.
“With notes, you become the bank. You’re buying the debt—not the property—and that gives you powerful control.” — Dan Deppen
We covered the difference between performing and non-performing notes, and how Dan has successfully worked out deals where he bought loans at a discount, helped the borrower get back on track, and then either held or resold the note for a strong profit.
📈 Why Now Is the Time
In today’s high-interest rate market, many investors are sitting on the sidelines. But as we discussed, this is actually the perfect time to be the bank. With rates up and affordability down, seller financing is making a big comeback. Investors can create win-win deals while staying compliant with regulations like Dodd-Frank and TRID—something Dan and his company specialize in.
🔄 Creative Strategies That Work
We also explored:
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Subject-to deals: Take over low-interest mortgages from sellers
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Wrap mortgages: Create spreads between old and new loan terms
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Partials: Sell a portion of the note and keep the rest
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Installment sales: Sell rental properties and avoid large upfront tax hits
Whether you’re a hands-off investor looking for passive income or a seasoned real estate pro ready to scale creatively, this episode is packed with value.
Contact the Guest:
Website: https://calltheunderwriter.com/
🎁 Grab Your Free Gift – Real Estate Investing Resources That Work
As a special thank you for tuning in, I’m giving away exclusive resources to help you grow your real estate investing game—totally free.
Whether you’re just getting started with note investing or you’re looking to scale your portfolio with advanced strategies like seller financing and subject-to deals, these tools will help you take the next step.
👉 Click here to claim your free investor toolkit
Includes guides, checklists, and bonus content from past guests of the Next Level Income Show.
Don’t miss this—these are the exact tools many of our listeners have used to start earning real cash flow and investing like pros.
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To learn more about Dr. Ryan Smolarz’s work, explore his resources, or join his growing community of like-minded professionals, visit www.themedicineandmoneyshow.com or medmoneyshow.com. You’ll find episodes of The Medicine and Money Show, insights from his Liftoff Now framework, and updates on his upcoming book Heal Thy Wallet.
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Christopher Larsen is the founder and Managing Partner of Next-Level Income. Since “retiring” after 18 years in the medical device industry he dedicates his time to helping others become financially independent through education and investment opportunities. Chris has been investing in and managing real estate for over 20 years.
While completing his degree in Biomechanical Engineering and M.B.A. in Finance at Virginia Tech, he bought his first single-family rental at age 21. Chris expanded into development, private-lending, buying distressed debt as well as commercial office, and ultimately syndicating multifamily properties. He began syndicating deals in 2016 and has been actively involved in over $500M of real estate acquisitions.
In addition to real estate, Chris has invested in equities, oil & gas, and small business lending, as well as being active in Venture South, one of the nation’s Top 10 Angel Investing groups. Chris lives with his wife and two boys (and Viszla, Lucy!) in Asheville, NC where he loves spending time with them in the outdoors and enjoying the food and culture that the region has to offer.
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