Total newbie to notes

[Doug Fluckiger]

I have a couple of STRs generating good cash flow but am looking down the road and have been reading about investing in notes. I have one question that might be blindingly obvious to you but is not to me: Must I already have the cash in hand in order to invest in notes? That is, if I buy a note worth $100k so that the mortgage holder now makes payments to me, I must have $100k in cash lying around to buy the note in the first place—it's not something that can be financed, like an investment property. Correct?