Looking to Buy Bank Notes (NPN or PN)

[Account Closed]

Hello Bigger Pockets,

I am looking for more information on how to get started in this. I have done some initial research online while also connecting with people. I have heard a few different things about whether or not one can truly get into this business.

I have two questions. First, is LOAN MLS a legitimate site that sells real notes? Second, I have been approached by various brokers telling me they can get their hands on NPN and PN notes and sell them to me (of course for a fee). In fact, they have sent me excel charts with a list of both NPN and PN. But I'm a bit skeptical because there are a number of places online that say that these notes are only available to the big boys.

Any help, information or direction would be greatly appreciated.

Thanks in Advance

[Patrick Desjardins]

My advice is always the same: narrow down what your goals are and which niche you're targeting, and then drill down from there.

Forget about your current questions as they're irrelevant.

What are your goals? Are you looking for performing or NPNs, and why? What is your strategy for these notes? How are you financing them and in what volume do you intend to buy?

I'm not sure why everyone is starting from Z (where do I buy notes) instead of A (what's my plan?)

If you just want to look at notes and familiarize yourself then sure, look at loan MLS or FCI Xchange. Just keep in mind you need to drill down on what you're trying to achieve.