Bids on non-performing notes

[James Kramer]

So I have been in the note business for a year now and having trouble purchasing notes. I am throwing many bids out there, but many are getting rejected because many of these providers seem to want too much. After talking with one provider, they said I should base my bid off of the BPO provided around 50-60% of the home value. So far I am basing my bids based on UPB because I want to work with the current borrower. I understand if I was a fix and flipper to base off of the value of the actual home, but there are so many factors that come into play that I think basing a bid off of the UPB would be the best. Any suggestions or guidance is appreciated.

Thank you