5 Notes in Ohio (what questions to ask)

[Wendell De Guzman]

I am an absolute newbie with regard to buying notes. I have done over $15M worth of real estate transactions but have yet to do a single note transaction. So...note experts, need your advice. But before I ask for your advice, here are the info I gathered so far:

1. Unpaid Balance: $302,727.55

2. 5 notes on properties in Cincinnati, Dayton and Cleveland OHIO

3. I can buy these notes at 37 cents on the dollar

4. 3 of these notes are on SFHs, 1 is on land and 1 is on a 4-unit building

5. They do not know the occupancy of the 4 properties except the 4-unit building which is occupied (but don't know the exact # of occupants)

6. My concern is that the last time the payments on these notes were received are from several years ago (2011, 2010, 2008 and one note as far back as 2004)

OK...so here are my questions:

1. Based on the facts above, the location of the properties and the purchase price, is this a good deal?

2. If the answer to #1 is NO, it's a bad deal...what is the right price that makes sense and why?

3. If the answer to #1 is IT DEPENDS, what other info do I need to get to make an assessment whether this is a good deal or a bad deal?

4. Does anyone have a contract to purchase notes that one would like to share with me?

5. What is the due diligence that one has to do on purchasing notes?

6. How do I go about making money from these notes?

7. Does anyone have any info or experience about buying notes in Ohio?

I am direct to the asset manager of a small lender (through one of my business partners). Thank you in advance BP nation!