I am a real estate investor. I buy houses, fix and flip them and sometimes carry the note...

Q: Will you buy this type of Note?

A: Nope. I am not interested in buying "flipper" notes. 5 years ago, there
where about 8-9 other note buying companies that loved to buy these "flipper"
deals.

The usual scenario in this type of "flipper" deal is as follows:

1. Investor buys house at foreclosure or tax sale for $20,000.
2. Investor paints house and puts new front door on.
3. Investor re-sells house for $130,000 to person with a "good" credit score but
has no job or no income.
4. Sale of house is usually a nothing down transaction.
5. Investor now tries to sell the seller financed note to a note buyer.
6. Note buyer buys the note for $100,000.
7. Person who bought the house (payor on the note) defaults after 1 payment to
Note buyer.
8. Note buyer has to foreclose.
9. House only worth about $40,000.

All of the note buying companies that used to buy this type of "flipper" note deals
are no longer in business.

I don't buy this type of note on this type of scenario.