Anyone experienced buying residential distressed debt portfolios?

[Meryl McElwain]

I am considering doing a raise to buy some distressed residential debt portfolios. They are preforeclosure. Well before I run head first into statutory protections. I have no interest in going through the foreclosure process with people. The strategy is buyouts.

Anyone out there have any advice or experience of what I might get sidelined by that I didnt anticipate? I have a lot of experience but as with anything you've never done before there are things you couldn't have thought of.

[David Putz]

Yes we been buying pools of notes since 2010.  What new investors often get confused on is the purchase of debt vs buying the property.   In our space the investment is more about legal than the real estate.  How solid is the collateral file, is there any other liens, what the state laws are on their debt license etc...