Step 1: Finding Notes The vocabulary of buying Sources: banks Reading a data tape Re: brokers Step 2: Determining a Purchase Price What do you have What's your LTV The all-important borrower What's your exit Step 3: Closing on a Note Bids & Stips Best-in-class stips Negotiations Escrow / Title Financing @ the Close File & Service Transfer Step 4: Managing & Exiting Exiting - 4 of 5 Exits Selling to Other Investors Reperformers Refi's and Short Sales Foreclosures - the 5th Exit Deeds in Lieu Third Party Sales REOs Setbacks Calculating Returns Managing & Servicing Servicing Lender's rights Relating to your Borrower