How to start investing in discount notes?

[Nick B.]

Hello there!

I am considering investing in discounted notes and I need some advice and directions.

I got inspired by several articles written by Jeff Brown (AKA The Bawld Guy) where he explained in great details how notes are supposed to work while glossing over the most important topic: where to find them.

Hence my question to the notes investors out there: where do you get them from?

What I am looking for is a note with 50-60% LTV that pays 12% or more based on the price I would pay for it. For example, if the property has a FMV of 200K and outstanding loan of 200K at 6% APR, I'd like to buy it for 100K. This would satisfy my LTV requirement as well as interest rate (6% on 200K is 12% on 100K).

Is this example realistic? If not, what is a realistic one?

I signed up with the PPR Notes company hoping that they have a few notes to choose from but found out they sell 2nd position notes with almost no equity in them.

Thanks

Nick