I totally Agree with you sentiment on the big banks.. non personal  out to fee you to death etc.I pay zero fees on anything I do save wires..

Totally new to this one.

They then take those notes and package them with others from similar purchases and sell them along with their analysis to private investment funds.This leaves 45 notes from a package of 1,000 that three professional investment funds, doing intensive analysis by highly trained MBAs, have determined cannot yield even a minimal investment return.These are then offered to the individual investor, who according to those in the industry “with something to sell” (the leftover NPNs and/or “training”) can profit enormously by (1) making them re-performing notes or (2) foreclosing and selling the property for large profits.The pitch from those “with something to sell” is twofold: (1) “There is plenty of meat left on the bone” (actual quote), and (2) if you send the borrower a complete package of all docs, weighing, say, five pounds you will “shock and awe” him into paying on the note.I highly doubt either of these claims have even a micron of validity.The parties with a financial interest in you buying into this will cite isolated instances of great success, never mentioning the all-more-frequent instances of total failure.So at the end of the day the training promoters have collected up to $30,000 per person for their NPN “mentoring”/”coaching” program, the retail asset disposer has made 50% to 100% profit on their inventory, private middlemen have turned a $2,500 investment in a note into $16,000, and my sister-in-law who purchased 5 NPNs over three years ago and has spent large amounts on attorneys, taxes, and brokers has yet to see a penny in return.To paraphrase, if you don’t know who the sucker is in any ultra-high profit promise situation, it’s you.

At that price, plus needing to spend more on updates and repairs, I have to ask what the total monthly rent will be?

Total rent should be $800-900/month.After inspection major issues we found were:-gutters/downs need replaced, drainage run away from home (water in basement)-chimney needs tuck point at minimum, bricks falling off-mold growing in basement (big chunks of white growth along all wood)-cosmetic work about $2k to upper unitSeller wanted $14k, we offered $10k due to the amount of work we need to put in.

Total crap.....the lender/original seller doesn’t need to “find the note”, it has nothing to do with closing.

Or am I just being a total newb in some area?

This way your total income would be approx $79,472 if you are willing to wait for that tail income when you get the loan reassigned to you in month 121.Bob

to be an actual fix and flip investor / business  its quite capital intensive.. and just a down payment is just a drop in the bucket of the capital required.your best bet is to put a little private network together if you really want to do this.or get your license and specialize in finding these types of properties for fix and flippers.. make a commish selling it for them.. and then the list back.. that's what agents in our market here do and they will knock down 250 to 500k a year no sweat in commish with no risks of borrowing money or a flip that did not work.

Here are the numbers:Appraised Value $80,000.00Loan Amount: $60,000.00Monthly P&I: $490.25Interest Rate: 5.5%Amortized Over: 15 yearsVacancy $43.75 (5%) Repairs $87.50 (10%)Insurance $61.25 (7%) Management $61.25 (7%)P&I $490.25 (56%) Property Taxes $61.25 (7%)Total $813.75 (93%)Thanks,JT