He found a private investor, Mrs. Gable, who had lent $50,000 to a fix-and-flip artist three years ago. The flipper had vanished, the house was rotting, and Mrs. Gable was tired of the taxes. She held a "performing note" that had gone "non-performing."
He secured an option to buy her note for $30,000 (a discount, since it was non-performing). He gave her $10—literally a ten-dollar bill—as "earnest money" to make the contract legal. how to buy notes with no money
Elias had exactly $42 in his bank account. To buy a note, he didn't need cash; he needed a and a wealthy partner . He found a private investor, Mrs
The mailbox was full of final notices, but Elias wasn't looking at his own mail. He was looking at a spreadsheet of "zombie" properties—homes where the owners had disappeared, leaving the bank or private lenders holding a piece of paper that wasn't paying a dime. Gable was tired of the taxes