Bought first note

[Chase Gochnauer]

Hey all,
Just pulled the trigger on my first note from FCI. I expect the assignment to happen this coming week. After reading everything, I figured the best learning experience is just to DO it. Pardon any of my terminology but you should get the jist from my explanation below.

My first "deal":
- Re-performing 2nd mortgage in California
- Has been re-performing almost 2 years, one 30 day late with every other payment being within 3 days of due date.
- ~$23,600 principal balance with rate of 9%, modification reduced from around $35k
- Bought at 60% of UPB, after costs, about $15k into it or 63.5% UPB. This gives me around a 14.1% interest.

We'll see how it goes. I understand the risk of 2nd mortgages, but wanted to start with something re-performing to get an idea of the process of servicing a loan.