Your description is right on.

There are a lot of factors going into this type of bidding BUT when you buy from a servicer like I mentioned above you don’t always have to bid on large tapes and you can buy individual quality loans in your local geographic area.With all of that in mind I personally DO think it’s possible to start out buying non-performing notes.

Closing date is getting near and I'm getting nervous, but if I don't close it will be the first time.Bill Gulley - I don't put addresses on my bandit signs, just description of house and phone number.

Warren Buffet said it best in an interview when he said its impossible to purchase such a large quantity of homes, and place proper teams to manage the rehab, sale, and property management needed to make such a large quantity of homes perform to their potential, over such a large geographical area such as the United States.

You didn't mention what year the home is but based on your description and that similar homes sell for $7k, I'm guessing it's a late 70s or early 80s.

You'll find that more people are likely to jump in to respond when you have a thread with a descriptive title.Thanks and good luck!

David, your description of the deal left me very confused.

I am also an active board member in my condominium, managing the $2mm+ budget, negotiations with vendors and communications with unit owners and investors.My goal is to create an investment partnership through which to raise equity to grow a portfolio of multi-family and mixed use properties across a diversity of geographic domestic markets.

Funds are paid, representations and agreements are signed and the note is assigned with an endorsement and filed.Usually a buyer will ask for a package of documents, I'd want to see;Copy of the note and deed of trust, Commercial deal, a copy of the settlement for the transactionA list of inventory collateralized and copies of the UCC filingsA copy of the first lien as filed with terms and payment requiredPayment history of the note, with verification of receipt/depositsCopies of any loan modifications or extensionsAppraisal on the property at sale on RE and equipment if anyA letter simply desiring the intent to sell with a description of the note with the book and page county as filed.

I just keep expanding geographical territory and look a little harder for deals.