Purchasing Performing Notes with my self directed IRA

[Dan Shoemaker]

Hi, A prominent local investor recently sent out a list of performing notes he has available for purchase. The information he provided includes the following information:

Address, City, State, Loan Date, Rate, Term, Last Payment, and Balance as of 04/30/13.

They are accepting offers on the notes. So, I'm looking for some guidance on how to evaluate each property and what a reasonable offer might be. I've started reading some of the links from previous threads but most refers to purchasing NPN's (which looks really cool too!)

The note I am particularly interested in has the following numbers:
Loan date: 3/3/11
Rate: 9.25%
Term (or maturity, I'm guessing in this case) 4/1/16
Balance as of 4/30/13 - $48,743

I don't normally use websites like Zillow or Trulia to get an opinion of value, but I don't have access to the MLS where this property is located here in Texas. So in this case, I did look the property up on Zillow. There is is valued at $137,992.

I'm really looking to understand the way in which note purchases should be evaluated and would love to speak with someone here on BP over the phone about it.

Thanks!