Even if OP can complete a purchase in Cleveland with $23K, aside from valid concerns others noted about reserves, is the risky asset in a distant market really the best place to invest?

Totally agree, they are terrible.I will be reporting them to the governing department.Feel free to reach out and compare notes.

Hello BP investors, Has anyone heard of or taken Daphne’s Note Newbie workshop? 

But, the note doesn’t have to be in default for the note holder to engage in actively “managing” the note.  

It should be noted that this is a coastal town with a high appreciation rate. 

Personally I wouldn't invest in these in today's market as you can get higher rates of return elsewhere like mortgage notes that are even more passive and have no capital calls. 

That's great that the bank who currently holds the note wants you on 20 year or 15 year amortization, they view you as a captive customer, they don't have to earn your business any more, as far as they are concerned. 

I'll update the postProperty value is $125k  means % return for the investor a Savvy land note buyer will want a 20 to 30% apr return on land only notes. 

It should also be noted that there is often a difference between the borrower and the guarantor.If the loan is made to an entity (LLC, corporation, trust, etc.)

Investment Info:Small multi-family (2-4 units) note investment investment.