Posted by Terry Y. on October 11, 2003 at 21:36:26:
Is there anyone who knows of a course on buying bad paper? I am interested in this area, so any info. would be greatly appreciated.
Terry Y. P.A.
buy non performing paper from banks for 25 cents? - Posted by charlie
Posted by charlie on August 26, 2003 at 18:45:35:
is it possible to buy non performing paper from banks for 25 cents on the dollar?
Re: buy non performing paper… - Posted by Scott
Posted by Scott on August 27, 2003 at 24:01:05:
Dear Charlie,
People who do buy notes for $0.25 want to tell you no
to your question. Banks want to tell you that they
don’t sell notes. And I want to tell you that this
type of investing doesn’t work in my area. 
Well, that all would be a fib though. The answer is
YES!
Re: buy non performing paper… - Posted by charlie
Posted by charlie on August 27, 2003 at 12:23:39:
well how do i begin? just walk into a bank and say i want to buy non performing paper.
Re: buy non performing paper… - Posted by Scott
Posted by Scott on August 28, 2003 at 24:28:21:
Well, I work it backwards. I find a property that I
know is a deal, and then contact the bank about the
note(s).
You can also connect with other investors who flip
notes and buy them for yourself that way. This forum
is great for that.
I would have to say that contacting any bank by going
up to them and saying, “sell me your notes” might not
be the most effective way. I’ve had to build up a
relationship with banks before they would sell me
anything as there could be a lot of liability in
getting rid of a note for the bank. Believe me,
they’ve been sued before when an investor looses his
shirt because he screwed up. You can bet that’s the
last note they sell to that investor, as well as
others for a while. So don’t mess it up for us! Haha.
Good luck!
Scott