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.

This non-performing second mortgage was purchased in February of 2026, in Stanhope, NJ on a single family home. This loan was purchased in a pool of 10 loans. The property is valued at $300k, with a current 1st mortgage of $168k. Shortly after the loan was purchased we had an attorney send out a legal demand letter. This was another good one, with a fast resolution. The borrower reached out during the 30-day demand period and wanted to payoff the loan in full before the demand letter expired. The 2nd mortgage unpaid principal loan balance purchased was $19,120.57, plus they owed us another $265.00 in lender recoverable expenses. The total 2nd mortgage payoff amount was $19,385.57. So there was plenty of equity in the deal covering our mortgage. Here are the Deal Numbers: - Purchase Price: $4,401.00 - Lawyer/Management Fees: $265.00 (Recoverable Expenses) - Total Costs Paid: $4,666.00 2nd Mortgage Loan Payoff: $19,475.57 (included a $90 fee to record the mortgage release) Non-Mastermind Accelerator members → Apply for a 1:1 Strategy Session [free] We’ll review your goals, deal criteria, and show you how to get deals like this done. ➡️ Book a Free Strategy Session

I put an offer on an asset and should hear back tomorrow. It’s a bridge loan and I’m planning ahead… in case I find documents that I’ve never seen before even though I’m relatively familiar with bridge default and personal guarantees… I sent the following email to Tony, and now I’m wondering where everyone might get collateral review… “However, we don’t normally do collateral reviews any longer. I believe investors are finding dramatically less expensive options for collateral reviews from non-law firms elsewhere.”

Raise Money or Flip Notes to Existing Note Investors You can go out to ABC Hedge Fund and tell them exactly what you are looking for. They send a list of 20 notes, and each asset is $50k totalling $1M. Now that’s face value. That’s what’s called the unpaid principal balance (UPB) of a million dollars. Usually we’re not going to pay a million dollars for that, because that’s no fun! Say that you can pay 20 cents on the dollar for those assets. $1M time 0.2 equals $200k. When you bring an investor in to buy this $200k package of notes, it’s not going to be $200k. It’s going to be $220k. That’s the conversation that to have from day one with the new investor. You say that you just found a million dollars worth of notes for 22 cents on the dollar. That’s normal terminology when you’re talking to a bank and when you’re talking to an investor. “How much are we paying for these things? We’re paying 22 cents.” So, that two cents is yours. That’s for all of the hassle of going out, and finding the hedge fund. All the work put in is worth the $20k. Now ABC Hedge Fund Company is doing business with you. They may know that you’re bringing in another investor, that’s fine. Their relationship is with you! All of the conversations are yours. Your end investor doesn’t even know that it’s ABC Hedge Fund Company that is the source until after the closing. Any questions that the investor has you relay back to ABC Hedge Fund Company and get those questions answered. That’s the job as a note broker. How to make sure you get paid At this point, when you are presenting your offer and they accept it at an agreed price, they send you a prepared document called a purchase and sale agreement (PSA). What you would ask for is one in PDF format which you can actually sign. A hard copy that’s an un-editable document. You also want a copy of it in Word, which is an editable document you can go in there and use that same document, change out the names from ABC Hedge Fund to yours. Then go and change the amount from $200k to $220k when relaying the same document out to investors. That way you are protected from the left side and to the right side when it passes through to the end buyer.

I’m thrifty and I like to set things up as efficiently as possible. I chose to create multiple email addresses to keep things separate and that might’ve been a bad choice but it’s work for the last decade. I’ve been using a free Zoho plan, but my primary account is nearly out of space. Many services are $6 to $7 per user. I could continue with Zoho I could switch to Google, or Microsoft 365 business basic. With either of these options, I would convert my three alternate email addresses to aliases use filters. Any preference or suggestion? I am looking at go high level, I’m not certain yet if they bundle an email platform in their ecosystem.