Welcome to BP John, you have found an excellent real estate investing resource.

However, the relationship between Lender to Fannie/Freddie has representations and warrants which are made and deal with buyback clauses where a lender may send a loan to Fannie/Freddie but upon their review they can reject the loan and the lender must buy the loan back.

I can say from personal experience that Dave Van Horne and PPR provide great training and are an excellent resource to learn what I call the "collection "model.Buying individual notes, one offs or cherry picking direct from banks is not a good use of time and unrealistic for the most part.

Brandon, your site is excellent, I read it from end-to-end before making the leap to BP!!!

Jon is absolutely right.I would establish a relationship with a private lender and structure a line of credit.

Excellent returns for the buy and hold investor and has been very well taken care of.

Around me I have a fairly good relationship with a Realtor, Mobile Home Investor, Landlord, Rehabber, and I am starting a REIA to seek out a wholesaler.

I am a long term relationship believer.

Sam Parkins great response, excellent information for me here.

So i guess it was a good deal and i will keep a good relationship with this manager.