What is the best way to find discounted notes?

[Phillip Gainey]

I bought a land contract on a property in Metro Detroit three months ago. It was a performing 8 year note with 7 payments made to date. Original loan was for 40k. I bought for 23k. 10% note with payments of $600. Owner occupied. My current yield is 15%. CMV is around 32k.

I thoroughly enjoy walking to my mail box each month to pick up the $564 check (svc fee is $36) without having to deal with tenants, toilets, and tranquilizers! I'd like to find more like this.

What is the best way to find similar notes?

I'd also like to look into selling notes like the above at a lower yield and pocket the profit.

PG

[Loc R.]

1. Develop relationships with the investors who are creating them.
2. Develop relationships with legitimate brokers.

It shouldn't be too hard to find Michigan LCs for sale.