Introduction & Course Overview
What this course covers, who it's for, prerequisites, and what you'll be able to do after completing it.
This is the free, comprehensive course on how to invest in mortgage notes. Every lesson, every strategy, every tool recommendation -- it is all here, openly available. There is no paywall gating the information. If you complete this course and apply what you learn, you will have everything you need to start buying notes.
The paid tiers at FIXnotes exist for a different reason: tools that save you time, a marketplace that surfaces deals, a community of active investors, and direct access to experts who have worked thousands of assets. Information is free. Execution support is where the premium lives.
Who This Course Is For
This course is designed for anyone who wants to understand and participate in the secondary mortgage market as a private investor. That includes:
- Real estate investors looking for an asset class that does not require property management, tenants, or rehab crews
- Passive income seekers who want cash-flowing assets secured by real estate
- Career changers exploring a laptop-and-phone business that can be run from anywhere
- Self-directed IRA holders looking for higher-yield alternatives to stocks and bonds
If you have already completed the Mortgage Notes 101 module on this site, you have the foundation. This course builds directly on that knowledge and takes you from "I understand what a note is" to "I know how to find, evaluate, buy, and resolve one."
If you are brand new to note investing, start with Notes 101 first. It covers the core documents (promissory note, mortgage, assignment, allonge), the difference between performing and non-performing loans, and the basic mechanics of how NPL investing works. This course assumes you know those fundamentals.
What You Will Learn
This course is organized into four modules that mirror the actual workflow of a note investing business:
| Module | What It Covers |
|---|---|
| Foundations (you are here) | The history and structure of the opportunity, asset types, investment strategies, and how to set up your business entity |
| Acquisitions | How to find note sellers, build relationships, evaluate loan tapes, submit offers, and negotiate pricing |
| Due Diligence | The complete research process -- title, credit, property valuation, bankruptcy, taxes, and senior lien analysis |
| Resolutions | How to work with borrowers to resolve non-performing loans through modifications, payoffs, short sales, deeds in lieu, and foreclosure |
By the time you finish all four modules, you will be able to:
- Understand the opportunity and speak the language of the secondary mortgage market with confidence
- Find and qualify sellers through direct outreach, broker relationships, and the FIXnotes marketplace
- Research and analyze assets using the due diligence waterfall -- from credit reports to title searches to property valuations
- Negotiate and close deals by understanding market pricing, structuring offers, and executing loan purchase agreements
- Resolve non-performing loans by contacting borrowers, offering creative solutions, and managing the workout process through a licensed loan servicer
Prerequisites
You do not need a real estate license, a finance degree, or hundreds of thousands of dollars. You need three things:
| Requirement | Why |
|---|---|
| A computer with Excel or Google Sheets | Loan tape analysis, deal tracking, and financial modeling are spreadsheet-driven. This is the engine of your business. |
| A phone | Seller relationships, borrower outreach, and vendor coordination happen over the phone. Email alone is not enough. |
| A business entity | You should not buy mortgage notes in your personal name. An LLC or similar entity provides liability protection and credibility with sellers. Lesson 5 of this module walks you through setup. |
Capital requirements depend on your strategy. You can get started analyzing deals and building seller relationships with zero capital. When you are ready to buy, a first deal typically requires $15,000 to $50,000 depending on lien position and asset type. We cover this in detail in the Acquisitions module.
How to Use This Course
Each lesson is written to stand on its own while building on the previous one. The recommended approach:
- Go through each module in order. The lessons are sequenced so that each one builds context for the next.
- Use the FIXnotes encyclopedia. Every lesson links to relevant encyclopedia entries. When you encounter an unfamiliar term, the encyclopedia provides the full definition, context, and related concepts.
- Read the linked blog posts. Many lessons reference deeper analyses, case studies, and market commentary from the FIXnotes blog. These are not required reading, but they add real-world context.
- Join the community. The FIXnotes Skool community is where active and aspiring note investors ask questions, share deals, and learn from each other. The course gives you the knowledge. The community gives you the network.
What Makes Note Investing Different
If you are coming from traditional real estate -- fix and flips, rentals, wholesaling -- note investing will feel fundamentally different. You are not buying properties. You are buying debt secured by properties. Your tenants are borrowers. Your maintenance costs are legal fees and servicer costs. Your renovations are loan modifications and workout agreements.
The daily work is laptop and phone. You are analyzing spreadsheets, pulling credit reports, reviewing title documents, and having conversations with borrowers and their attorneys. There are no contractor bids, no property inspections at 7 AM, and no tenant calls about broken pipes.
The shift in mindset: You are not becoming a landlord. You are becoming the bank. The bank does not fix the roof. The bank collects the payment -- or works with the borrower to find a resolution that works for both sides.
This business rewards analytical thinkers, patient negotiators, and people who can build relationships over the phone. If that sounds like you, you are in the right place.
Let's Get Started
The next lesson covers the life cycle of a mortgage note -- from origination to default to resolution. Understanding this cycle is the foundation for everything else in the course. Once you see how a note moves through the system, every strategy and every decision point will make sense.
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