Owner Financing

[megabucks41 0]

Well as I keep trying to put a CA in place with these sellers here in my local area of Miami I keep hitting a wall of no's and that ok because in this game everything is a numbers game. I will say some of the area websites like Craigslist has been over taken by real estate agents disguise as FSBO so now searching for FSBO's is getting tougher and tougher, And of course we call on FSBR but heck this is their time rents are going up all over so they don't want to give up the cash cow right now, There are some but not many.

 

Anyhow my question is can we provide help to the FSBO by helping them set up Owner financing? It would seem to me that if sellers are having problems finding people to buy their homes that can't find financing because of what ever reason then perhaps if they were to be able to offer them owner finacning they could sell faster. Now you could work with anyone who wants to sell their home.

 

Now question is has anyone ever done this before? What is the best way to set it up? what are the forms needed? What is the time frame to to close? And most important what is the best way to get paid on providing this service?

 

Thanks all for the help

[MichaelC 160]

Ernie, what service exactly would you be providing that a homeowner would pay you for? Providing some paperwork? They can get that from their attorney or a title company. I don't see a fit here for what you're suggesting.

[megabucks41 0]

Ernie, what service exactly would you be providing that a homeowner would pay you for? Providing some paperwork? They can get that from their attorney or a title company. I don't see a fit here for what you're suggesting.

 

 

 

I am talking about setting up the owning financing, Once there is a note how does the seller get's his money now he has to know where to take that note in order for him to get paid.

[Jason (AL) 1]

Are you talking about letting the note run its full course?

 

or

 

Are you talking about the seller converting their newly created

not into cash?

 

If the second, this is possible...albeit at a discount.

You can get paid for putting the deal together

from the sale of the paper...not the sale of the property.

Michael Morrongiello is the guy's brains you wanna pick

for this.

[megabucks41 0]

Are you talking about letting the note run its full course?

 

or

 

Are you talking about the seller converting their newly created

not into cash?

 

If the second, this is possible...albeit at a discount.

You can get paid for putting the deal together

from the sale of the paper...not the sale of the property.

Michael Morrongiello is the guy's brains you wanna pick

for this.

 

 

 

OK let me ty again. seller wants to sell fast so he offers owner financing well he not a bank so here he is with a buyer that is willing to pay a higher interest rate with little down and no bank financing the seller wants his cash so let say that the property is worth $350K he owes $150K he is going to sell for $300K with interest of say 11% for 30 years to the buyer now he has two choices either he keeps the mortgage himself or he sell the note to a note buyer let say $245K that's money right now he then pays what he owes and keeps a profit of say $95K everybody wins. Can this be done

what is the pros and cons

[Guest Diver]

Megabucks I could write a whole book on this and then I'd have to confer with Mike as Jason said. You can reach him at sunvestinc. He's one of the very best in this area and could help you structure a valuable note for more profit. He can also do a simultaneous closing for you and maybe a partial sale of the note for cash now and some on the back end.

Jason did you have to look up the spelling on his last name, I do.

Thanks, Diver

[megabucks41 0]

Are you talking about letting the note run its full course?

 

or

 

Are you talking about the seller converting their newly created

not into cash?

 

If the second, this is possible...albeit at a discount.

You can get paid for putting the deal together

from the sale of the paper...not the sale of the property.

Michael Morrongiello is the guy's brains you wanna pick

for this.

 

 

 

Does this person have a website or way for me to get in touch with him? Thanks for the help guys

[Guest Diver]

Megabucks, I just told ya. www.sunvestinc.com

I'm suffering from Dain Bramage, can't reply on this post for nothin.

Diver

[Jason (AL) 1]

Jason did you have to look up the spelling on his last name, I do.

 

Haha.

No.

Spelin' is my fortay and also, I'm in cool with the Italian folk.

[megabucks41 0]

Thanks for the help Diver, but for the money he is asking for his course John Alexsander has something a bit more interesting with less head achs. Check out the site

 

 

 

[Jonathan RexfordFL 8]

The truth about discounted notes are that the discount is probably too steep for it to make sense for most people. If you have a seller with lots of equity then why not go ahead and structure a 70/25 note and let the buyer get a 70% note and move on with the second as income. With all the note brokers there are only a few real buyers that are not institutional buyers. Mike is a real buyer. But if you look at the ITV (investment to value) requirements you maybe better off getting the buyer a conventional. Doing a tote the note transcation is just a tool in the tool box. If you have good credit and a local bank you can even use the note yourself to bring cash to the table to pay off the seller.

 

Just a few words.

[Guest Diver]

Megabucks I didn't suggest you take his course, just learn from the man. You can go to creoline.com get on the Cash Flow Discussion Forum and learn tons from 3 of the best in the game. Dave, John & Mike. And do use their search archives feature, its all free to. Diver

[megabucks41 0]

Megabucks I didn't suggest you take his course, just learn from the man. You can go to creoline.com get on the Cash Flow Discussion Forum and learn tons from 3 of the best in the game. Dave, John & Mike. And do use their search archives feature, its all free to. Diver

 

Kool once again thanks you have been helpful