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.

We're running our final Note Buying Challenge cohort today - https://fixnotes.com/challenge Get in while you can! This is the last challenge cohort of the summer (and foreseeable future). Stay tuned for next week - we'll be unveiling a brand new Workshop!

Got this feedback and thought I would share.. Any feedback from experience please share. For Michigan, the SOL on a note is six years from the date of maturity, or if the note has been accelerated, six years from the date of acceleration. If you are acquiring notes that are in default, it is important to know whether any prior holder accelerated the loan. In addition to the six-year period, there is an additional provision that the note cannot be enforced if no principal or interest payment has been made for a continuous period of ten years. If your note is secured by a mortgage, you can still enforce that lien for up to 15 years from the date of maturity or last payment, whichever is LATER. Note, however, that any payments more than 15 years past due cannot be collected.

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Hello everyone, I'm glad to be in the room.