I find the deals
I source notes through my network of sellers, brokers, and referral partners. You don't chase leads or sit through pitches.
For passive real estate investors
You bring the capital.
I do the work.
I find, grade, and oversee first mortgage notes in Ohio, Indiana, and Michigan. You get real estate behind your money without finding deals, managing tenants, or chasing payments.
All investing has risk, including loss of principal.
How I size up a note
Illustration- Home value
- $150,000
- Borrower still owes
- $100,000
- Price paid for the note
- $85,000
- Investment-to-value
- 56.7%
Investing in real estate since 2006First-lien notes in Ohio, Indiana, and MichiganAuthor of Mailbox Money RetirementLive every Friday on YouTube
You stay hands-off.
I handle the rest.
Most people want real estate in their portfolio. Few want the work that comes with it.
I grade every note
Every deal goes through Person, Property, Paperwork before money moves. Most deals don't make the cut.
I handle the problems
A licensed servicer collects the payments. If a borrower falls behind, I work out a plan. You don't take the phone call.
First-lien real estate backs every note I buy. That's a backstop, not a guarantee.
Meet Larry Hoffman
I was a landlord. Now I'd rather own the mortgage.
I've invested in real estate since 2006. I spent years on the landlord side: tenants, repairs, turnovers. Today I buy first mortgage notes instead. The borrower takes care of the house. I focus on the loan.
I have an engineering degree from the University of Cincinnati, so I trust documents over pitches. I wrote Mailbox Money Retirement, host the In The Know podcast, and teach note investing every week.
Read my storyHow I grade a deal
Person. Property. Paperwork.
A good spreadsheet is not enough. Every note I look at goes through the same three checks.
Person
Who is the borrower? What's their payment history? Can they keep paying?
Property
What's it worth? What shape is it in? Are taxes and insurance current?
Paperwork
Is the title clean? Is it a first lien? Are the assignments and servicing records in order?
Free guide, 12 pages
The Passive Investor's Guide to Lending on Mortgage Notes
Including me. These are the questions I'd want answered if I were writing the check.
- The 5 questions to ask, and what a good answer sounds like
- How your loan is secured, strongest to weakest
- A worked example of how one bad valuation turns a profit into a loss
- A document checklist and 12 red flags
- A printable scorecard to bring to any call
Working together
It starts with a conversation, not a commitment.
We talk
Tell me your goals, time frame, and how hands-off you want to be. We'll both know fast if it's a fit.
You review
I walk you through a real deal and the documents. Your attorney or CPA reviews the terms. Ask me anything.
I do the work
Once you're in, I find, buy, and oversee the notes. You get updates on how things are going.
Deal breakdowns
See how I break down a real deal.
Numbers start the conversation. The documents decide it. Here's how I think through deals that cross my desk. Names and addresses are left out.
The $41,000 mobile home note
Getting the offer accepted was the easy part. Here's what I check before I close.
Read the breakdownStill paying after the loan matured
The borrower pays every month. The loan term ran out. Here's why that matters.
Read the breakdownThe book
Mailbox Money Retirement
Turn IOUs into income you can count on.
I wrote this for people who want steady checks backed by real estate, without riding the stock market. It covers how notes work, where the risks are, and how to use them for retirement income.
Stop worrying about Wall Street. Start living on your terms.
Get it on AmazonStraight answers
Questions lenders ask me.
Am I buying a note or lending to LJH?
Those are two different deals. When you lend to LJH, your agreement spells out who owes you, the terms, and what secures your money. I'll walk you through how your loan connects to the notes I buy.
What secures my money?
It depends on the deal, and it's written into your documents. One thing to know up front: the borrower's mortgage doesn't automatically put your name on that property. We'll go over exactly what your collateral is.
What if a borrower stops paying?
It happens. I plan for it. Every deal gets reviewed for servicing, reserves, workout options, and exit paths before I buy. We'll talk through how that affects you.
Can I get my money out early?
Don't assume you can. Your agreement sets the term. Only lend money you won't need before it matures.
Are returns guaranteed?
No. Be careful with anyone who tells you theirs are. Real estate behind a note lowers the risk. It doesn't remove it.
Not looking to lend?
Two other ways to work with me.
Own notes in your name
I find and screen notes that fit your goals. You pick the ones you want and own them.
Talk with LarryLearn to do it yourself
Join The Note Prospectors free. Learn how to find, analyze, and buy your own notes.
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Start at LarryBuysNotes.
Get a fair look at your note and a straight answer.