You bet!

My bet is more toward case #1.

I recommend Phoenix as a safe bet for real estate since it is one of the fastest growing cities here in the US and doesn't have as much red tape as in California.Good luck!

My perspective on leverage, since I am in the business of leverage (broker/mortgage originator) is if I can reasonably control the down side and maximize the upside with the terms/rate/cost at which I am borrowing at, such as using a fixed 30 year, limited or no prepays, lower margins, non recourse, caps on adjustment periods, risk/equity share, etc I am okay with leveraging near maximum.For me it comes down to terms and cash flow as long as the risks can be minimized and the cash flow profit spread is high enough and stable enough even with stress tests (market drops rents go down XX%, business income goes down XX% or my personal income goes down XX% can I still debt service?)

I think my best bet would probably be to go after agents with smaller brokers, but I don't want to limit myself to just those individuals if I don't have to.Do any of you have any experience or insight on pursuing this?

@Marshall Ryan  if you're looking for a specific lender you will need to post in the Marketplace.Hard money is your best bet. 

Bet Brian didn't think I'd be up so early!

Some markets are ballon markets and some markets will fully amortize but float/adjust after the fixed rate period.

If I decide to teach a class on buying non performing notes, I bet I would have a full house of new comers everyday, and all would be willing to drop $3000 each to hear me speak about notes and teach them things that they never heard before on how the note business will make them money...Joe Gore

Going from salary to 100% commission was a big adjustment.