Have not really seen any shifts in the market performing notes continue to sell at 8-12% yield to investor based on the borrower and collateral. 

When you move out and start depreciating the cost of the asset you start depreciating the improvements at the time of conversion.

Quote from @Richard Dickson: For those of you who have sold performing first position notes — what pushed you to finally let them go?

Life happens in ways that no RMLO will be able to predict so to me, the past payment behavior is the best indicator.I own loans that are performing, but the borrower is always 5-10 days late. 

I’ve been exploring performing real estate notes lately — consistent monthly income without the typical landlord headaches.I’m wondering how others analyze these deals and what kind of returns you aim for?

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For example, if the improvements don't meet code, he shouldn't expect to be repaid the $200k he paid to make the improvements. 

The asset was already stabilized, but we saw clear potential to push rents, improve tenant experience, and increase overall performance with some targeted improvements.Rather than a heavy lift, this was more of a “tune-up” play: updating select units, reducing operational waste, and tightening up management systems.🏆 Current estimated value: $3.1M, with strong cash flow and long-term upside.Highlights:Located in a quiet, high-demand rental pocketStable occupancy with low turnoverLight value-add strategy—small updates, big impactSteady performer in our Cleveland-area portfolioThis property was a great example of finding hidden value in an already decent building—and letting good management do the heavy lifting.

Hi all,I’m an active buyer of residential non-performing notes and always looking to learn from and connect with others in this space.

We improved operations, updated units as they turned, and tightened expenses.