Every foreclosure you've ever seen started as a non-performing note. You were looking at the property. A note investor was looking at the paper — months earlier, at a better price, with more options. Every seller-finance deal you've ever done created a note. That note has a market value you could sell for cash tomorrow. Most people holding paper right now have no idea. When institutional capital "buys up housing" — a huge share of it isn't buying houses. It's buying the debt on houses. The note market isn't a niche inside real estate. It's the layer underneath all of it. The houses are the collateral. The notes are the asset. I put this all together in a new video — the mechanics, the pricing, and a real deal from this January with full numbers. Watch it here: https://youtu.be/_K5nd3nHENE 👉 One question for the group: when did it click for you that notes were the asset and the property was just the collateral? Drop it below.

One of the most interesting transactions we've seen involved a borrower who purchased their own promissory note. The borrower owed $93,000 and initially called to negotiate a discounted settlement. They had $40,000 available -- roughly 42.6 percent of the principal balance. Rather than settling the debt at a discount, the borrower made a strategic decision to buy the loan outright. This is an unusual move that a more financially savvy borrower might pursue for several reasons: - Tax advantages. A discounted payoff can trigger taxable income for the borrower equal to the forgiven amount. If you owe $93,000 and settle for $40,000, the IRS may treat the remaining $53,000 as cancellation-of-debt income. Buying the note outright avoids that tax event entirely because no debt has been forgiven -- it has simply been transferred. - Speed of execution. The borrower funded before the end of February, which was part of the negotiation. A fast close benefited both sides: the seller received proceeds before month-end, and the borrower locked in the $40,000 price. Had the deal slipped into March, the price would have been higher. - Control. Once the borrower owns their own note, they control the debt instrument. They can satisfy it, hold it, or handle it however they choose. There is no more lender to manage, no more servicer contact, no more collection activity. The fee on this deal was the highest percentage of that quarter at roughly 13 percent. Under the consulting agreement with the portfolio management client, the fee percentage scales with the profitability of the trade. More profitable sales earn higher fees, with a floor of 3 percent and a ceiling of 8 percent on standard transactions. This particular deal exceeded the standard range because of the unique circumstances and the value added in negotiating the borrower buyback. Read the full article for more info and tips: https://fixnotes.com/blog/how-much-did-we-earn-from-q1-npl-sales

This headline came pretty timely after I spoke with @Ryan O'Callaghan regarding chattel paper. He's thinking of a strategy is similar to this (paraphrasing): Ryan's team buys mobile homes for $4–6K, puts ~$10K into renovations, and instead of just flipping them, seller-finances the sale to create a note. They then either borrow against that note immediately (hypothecation) to pull equity out fast, or hold it for 12–24 months and sell it once it has a clean payment history. The big-picture play is partnering with mobile home park owners to scale this into a repeatable model, renovate, seller-finance, monetize the note. As note investors, do you think there's opportunity in the manufactured home note space in the coming years? https://www.nationalmortgagenews.com/news/manufactured-homes-market-set-to-hit-42-7-billion-by-2031?utm_campaign=NL_NMN_Origination_Bulletin_05042026&position=1&utm_source=newsletter&utm_medium=email&campaignname=NL_NMN_Origination_Bulletin_05042026&oly_enc_id=7998C3329067D2B

A lot of investors are consuming endless information: - planning uplift - sourcing - funding - valuations - JV structures …but still struggling to take real action confidently. So here’s a simple framework that genuinely helps👇 1. Stop trying to learn everything at once Pick ONE skill and improve it consistently for 30 days. 2. Turn learning into action quickly Analyze deals. Speak to agents. Ask questions. Make offers. Confidence comes from repetition, not theory. 3. Build relationships inside the community Property moves faster when you stop trying to do everything alone. 4. Remove financial pressure where possible When one deal has to “save” you, decision-making becomes emotional instead of strategic. 5. Focus on systems, not motivation Simple daily habits outperform random bursts of motivation every time. Most people don’t fail because opportunities aren’t there. They fail because they become overwhelmed, inconsistent, or isolated before momentum finally kicks in. The people who usually win in this space are simply the ones who stay consistent long enough. Curious, Which do you think slows most investors down the most right now:Clarity, confidence, cashflow, or consistency?

This tape was originally offered in December 2024, and a fund purchased the entire pool. (Discouragement on my part) At the time, I urged caution. The asset had a critical issue: delinquent property taxes with a hard deadline. If not addressed, the property could be lost to tax sale, with payment required by March 31.(the son in the home ended up paying the 2022 taxes) The small UPB assets were later broken out and re-marketed. They were purchased AGAIN; this time by a different fund. (Irritation only part) In December 2025, while discussing unrelated assets with that second fund, I asked a simple question: “Do you happen to still have that small Michigan asset?” (Bulldog mentality on my part… never give up) They did! I was able to purchase it AT my original bid. Initial Situation - Deceased borrower - Multiple heirs (2 daughters, 2 sons) - No probate opened - One son living in the property - ~$6,000 unpaid mortgage balance to - ~$2,000/year property taxes ($6000 total) - Risk of tax sale looming - The mortgage had matured! On January 22, I reached out to the family. One daughter responded. The son living in the home was difficult to reach. (Actually, I never connected with him) The Real Problem (Not the Mortgage) This was not a financial problem. This was: - Grief (loss of multiple family members) - Family tension between siblings - No legal authority (no probate) - Emotional overwhelm - Fear of losing the home The mortgage was only $6,000. The complexity was everything else. Negotiation Approach Instead of pushing for payment, the approach was: 1. Label emotions “It sounds like keeping your mother’s home is very important to you.” 2. Slow everything down - Removed urgency language - Allowed space for grief - Let them “control” timing Structuring the Deal Rather than forcing one path, three options were presented: 1. Incentivized Payoff (discount for speed) $1000 down payment and for every additional $1000 payment I would credit $1200 to the UPB. 2. Traditional Payment Plan - $1000 down payment with monthly payment of about $300 per month until paid. 3. Long-term property structure (tax + probate relief) - the lender would pay for probate, acquire a “ladybird” deed and pay ALL taxes (past and future) for a negotiated time.