Beginning NoteBuying
Hello experienced investors...I have been reading threads and have a 101 knowledge of notebuying from other short teachings but still need a great teacher. I want to buy non-performing notes from smaller banks on SFR, 1st lien positions and either renegotiate the note for the homeowner, or obtain a DIL to sell to an end buyer.
My 1st question is: In negotiating from the bank, what is the best offer structure so that you get them interested and find success? What if I want to buy the note at 50% FMV of the home? Is there a certain quantity of notes to buy to be able to offer this figure or is that an unreasonable percentage to even go for?
Also, is it ever successful if you have a homeowner with an underwater home/lis pendens who would want you to buy the note from the bank and it just being one note, they agree to sell to you at a discount? thank you for all insight.