Intermediate experienced advice. You can probably try to find available notes online like through Ebay and Craigslist but you will need to do your research to make sure your not buying your way into a problem. A better option may be to try some small banks, REO agents, for inventory or to see if they can point you in the right direction. The best way is if you can find a company that buys notes on the secondary market form larger pools that were brought by larger hedge funds that sell of their lower priced assets. Key fact to know is that you are buying the debt not the property. If you have to take on the property you may be taking on any debt that is attached with it unless you foreclose on the property. Even then you can't escape property taxes. Performing: Borrower is making on time payments Non performing: The borrower is delinquent on payments Newly originated: may mean a loan that was just created. 1st, 2nd, and 3rd position refers to the order of who gets paid. When a loan is paid off your lien position states your order of importance for disbursement of funds. Which is best to buy depends on how much you want to invest and your personal strategy. The closer you are to 1st position the more you usually pay. When you buy a note you own it immediately. To take possession of the actual property is a process though. Owning the property may not be an option if the borrower can catch up on their outstanding delinquent payments. Hope that helps.
