BiggerPockets

I have seen some, but not lately, and they all were a gimmick of selling memberships, or making you think you were a broker, etc. but they simply turned you into a birddog saying they would "help" you with the bidding or closings, etc.

Buying a note is really a pretty easy thing to do. Now, with the SAFE Act, you need to watch what you're buying, since a note illegally originated could be unenforceable and if you foreclosed, it could be worthless!

Best thing to do is to look at underwriting requirements, say for Fannie Mae, which are on line and go through the processing information. That will get you feet wet as to what to look for in a good note.

There are lots of ways to locate notes, so that's not a hill to climb.

Unless you're buying institutional notes and getting a loan file, you'll need to do some due diligence. Copy of the sale contract and closing docs (HUD-1), copy of the note and security agreement, name, address and amounts with terms of other financing involved, at least pictures of the property, appraisal if there was one, tax statement and title check. On the borrower, if you can, credit report and supporting docs, employment verification or w-2s/tax returns and as much history as you can get on who the borrowe is. All of this is contained in the Fannie Mae underwriting standards.

Make sure you give notice to the borrower as may be required by law, it varies state to state, I usually did at least thirty days. Giving them the new address and information to make payments. A nice letter expalining that the note is being sold is a good thing. I liked to follow up with a phone call to explain things and develop repore, puts people at ease....

I'd suggest you do some reading here, check out the groups, and you should pick up what you need to know without spending big bucks on some program! Good luck...