Buying a note on a specific property

Foreclosures, Short Sales, Tax Foreclosures
1

Does anyone know of a way to buy a note on a specific property? I’ve been told that it is nearly impossible to do so, and that notes can only be purchased in bulk from institutional investors.

I guess that if the note is held by a private lender then it will be easier to locate the owner and make an offer. But most are under a loan servicer or major institution. Many times notes are assigned over and over too so it makes it even more difficult.

Calling the lender directly won’t work because they will only speak to the borrower.

I’ve seen a online course being promoted called “real estate back flips” which appears to be similar to what I’m looking for. The are looking for 1st position notes of $500k or more that are not in default.

http://www.realestatebackflips.com/category/real-estate-back-flips/

Let me know your thoughts about this course or if you have an experience doing something like this.

thanks,
Richard from FL

2

I am mostly successful at buying notes with smaller banks and credit unions (portfolio lenders.)
The best way to do it is not concentrating all your efforts in buying notes: concentrate on buying preforeclosures (short sales) and then when you stumble across a property with a loan with a portfolio lender, than you approach the lender in selling the note instead of a short sale.
Most of the preforeclosures will still be short sales, but 1 or 2 out of 10 can be “note buying.”