Geographical Preference for NPN's

[Andy Mirza]

For those of you that are buying pools of NPN's, which states do you prefer to buy in and why? Are there some states with difficult laws/regulations that are better to avoid?

I assume that non-judicial FC states would be preferable to judicial ones. I also assume that the difficulty in one's ability to FC would affect what one would be willing to bid on notes from a particular state i.e. if it's more difficult to do business in state "X," the investor would require a greater discount on any notes he buys in that state.

I'm researching my own state (California) first, seems like a good place to start. I have experience buying at trustee sales but I know I have a lot more to learn from the "other side" since notes are not RE. The notes in CA tend to require a lot more capital so I'm interested in expanding my research to a couple of more states, especially ones where foreclosing/modifying isn't as difficult and the cost of acquisition per note is less. I'm interested in what the experienced guys here on BP suggest.