But it depends on what kind of note it is, commercial RE, with or without inventory or business assets, residential, 1st, 2nds, performing, non-performing, slow pays, guarantors of any kind, cash loans or funded with equity based on a sale.Notes are more involved than RE, RE is only part of notes as the collateral.

Atlanta had incredibly low prices and high inventory here for a short time.

., and remember you need to have some reserves, but taking the $30k and buying 2-$50k houses is possible, but that is pushing it.This would also mean you have $0 for rehab if your going straight to conventional financing.You can utilize hard money to help conserve capital IF your buying and rehabbing the houses and still your "all in" well under the appraised value when your finishing (ARV).

This woul also provide you with some inventory for you to work with.

Very tough to do if the buyer is getting financing especially FHA,VA or USDA and even most Conventional lenders as the buyers lender is going to view it as a flip and either want seasoning, multiple appraisals or both.

Unless you are willing to live I the property for a year and "flip slowly" conventional financing might be hard.

However, when I sent the contract over to my lender, he informed me that there were some changes coming from Fannie in 2014 that will make it more difficult to go with a conventional loan with 5% down on an owner occupant duplex.So my question for the BP community is, what do you know about the changes coming in 2014 and what effects will it have on a young investor like me who wants to start with an owner occupied duplex?

I've seen REO's listed for $30k more than a ready to move in house down the street,,either the agent was crazy or the bank calculated value by what was owed on it.The bank has to realize the loss on its books when the sale occurs, until then they still have an asset, and they are putting down what they think its worth,,,if they aren't ready to realize the loss, they may keep a higher value, then reduce it over time to keep from taking too much of a loss at one time (another reason they sit on inventory so long, they don't want to sell too many at once)andy

States with non-judicial foreclosure processes have had remarkable success in clearing out the inventory of distressed properties, which is one of the factors driving the housing rebound in states like California and Arizona."

That almost always means getting the seller to accept a significant discount of what they might get if they sold the property conventionally.