Can anyone help with some Note Investion 101? I’ve been reading and listening though I feel like there are not a WHOLE lot of resources out there.
Step 1: I have identified a performing note that looks interesting over on LoanMLS.
Selling Price: $41,660
Loan Interest Rate: 9%
Loan Balance: $78,600
Property Value: $89,000
What is Step 2? I'm guessing I need to pull some comps and get an idea of property condition, ARV? What else?
I know ...there’s a lot more. So a good next step or resources would be much appreciated!
I think you missed Step 0. Why does it look interesting to you? Maybe you left out how you evaluated it, but you should have some sort of criteria to filter through assets. What states do you buy in? What value UPBs, population sizes etc. Those should be the first thing to consider when determining whether to move further.
Ha. Thanks @Odie Ayaga . Those are the questions I am looking for. Also reading Dave Van Horns book on Note Investing. Already getting a better handle on what I am looking for.