How to Read a Tape: Turning Data into Decisions

### 📋 What We’ll Cover

This month we’re diving into one of the most important skills in note investing: reading a tape.
If you’ve ever received a spreadsheet full of assets and thought, “Now what?” — this is for you.

We’ll cover:
• What a note “tape” actually is
• Where tapes come from
• How to read common columns (UPB, FMV, lien position, occupancy, bankruptcy, etc.)
• The first 5 numbers to review before anything else
• How to quickly screen assets
• Common red flags
• How to decide whether to pass, dig deeper, or make a bid
And we won’t just talk about it...

We’ll be reviewing a real note tape together and walking through actual collateral files so you can see how the spreadsheet connects to the paperwork — including what to look for in the note, mortgage/deed of trust, assignments, and payment history.
We’ll also review a couple real-world examples and open the floor for discussion.

Whether you’re brand new or already reviewing deals, this session will help you move from confusion to clarity — and from theory to execution — when analyzing note opportunities.