One bank recently sent me the following opportunity:- Single blanket note backed by 32 condos units in major metro Texas- 90% occupied; avg $700 monthly rent/unit- Current full retail appraisal $1.4m (bulk appraisal $900K)- Interest, fees and delinquent property tax $170K- NOI $1.47m; 10% cap rate- Unpaid balance $1.165m- Asking $1.2mTo me, this doesn't look like a good deal given (a) the fact the note is backed by condos which some investors consider to be a risky investment (b) there is such a slim LTV margin, especially if one assumes that the appraisal is overstated and (c) if one were to decide to foreclose on the properties, the numbers just don't work.Since I know very little about notes I realize I may be looking at this through the wrong lenses so I'd appreciate any comments/input from BP seasoned notes experts!

You seem to be new at this and operating on a slim budget so you might appear as a target to others.

Slim,You've got the general idea of the 2% and 50% rules.

One word comes to mind "UNREALISTIC".Get these calls multiple times a week.Looking for a new shopping center with a grocery anchor where we can close quick and pay cash and want to buy 50 cents on the dollar for present value.A investor will look all year to MAYBE find that needle in a hay stack ONCE.When they find it multiple offers will come in and the chances are slim to none of them getting it.I don't work with time wasters like this.Think about it this way.If I have hundreds of cash investors waiting to buy for cash at going in CAP rates of 10 to 14 percent then why is a seller going to sell for a 20 to 30 cap going in??

. :)In the areas where my properties are located, the tenant pickins' are slim and Section 8 is really the only way to go.

If not, slim chance.

Your odds of collecting anything are slim.

Keep in mind that title companies are very good at what they do and the odds of this are slim, but it is a possibility.Now, the reason I start title work immediately on every property is because on several occasions I've already had the property sold and I find out there are title issues.

Your odds of successfully pulling it off are slim and none.Find something easy.Updating kitchens and baths is the most expensive thing you could do.

No she is that slim.