4Rmgt 0 Report post Posted July 25, 2004 All, In coordination with some partners, we have developed a terrific e-book that tells you the ins/outs of all facets when it comes to taking back financing on a property you own. The book is in PDF format and comes with several forms you will need along the way. To get the e-book for FREE for users of this forum go to http://www.streetwisesellerfinancing.com/ Click on Have Access Code Enter 2070 Enjoy the reading!!! Here is a sample of the first page of the table of contents: Table of Contents Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Part i: Homework Before the Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Should I Owner-Finance? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 The Application . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Employment Section . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Rental History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Reference Verification . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Credit Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Understanding the Credit Score . . . . . . . . . . . . . 10 Public Record Information . . . . . . . . . . . . . . . . . 12 Trades Information . . . . . . . . . . . . . . . . . . . . . . . 12 Sources of Public Records . . . . . . . . . . . . . . . . . . . . . . . 13 Common Sense Underwriting . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Underwriting Food for Thought . . . . . . . . . . . . . . . . . . . 13 Calculating Ability to Pay . . . . . . . . . . . . . . . . . . . . . . . . 15 The 5 C’s of Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Part ii: Structuring the Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 The Credit Score and Loan to Value . . . . . . . . . . . . . . . 19 The Property Type and Loan to Value . . . . . . . . . . . . . . 20 A Word About Interest Rates – . . . . . . . . . . . . . . . . . . . . 20 What is the “Right” Structure for my Note? . . . . . . . . . . 21 Why Loan to Value is Important . . . . . . . . . . . . . . . . . . 22 Legal Requirements for Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Real Estate Settlement Practices Act (RESPA) . . . . . . . 23 Truth in Lending Act (TILA) . . . . . . . . . . . . . . . . . . . . . 24 Equal Opportunity Credit Act . . . . . . . . . . . . . . . . . . . . . 26 Home Mortgage Disclosure Act . . . . . . . . . . . . . . . . . . . 29 Gramm-Leach-Bliley Act . . . . . . . . . . . . . . . . . . . . . . . . 29 Fair Credit Reporting Act . . . . . . . . . . . . . . . . . . . . . . . . 30 State Laws . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Texas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 California . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Other states . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 A Word on Late Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 http://www.streetwisesellerfinancing.com Access Code: 2070 _____________________________ Share this post Link to post Share on other sites
mpine 0 Report post Posted February 13, 2006 Great book, Thanks I appreciate it. Mike Share this post Link to post Share on other sites
4Rmgt 0 Report post Posted May 16, 2006 Mike, No problem on the book. Plenty of free copies left. As a matter of fact, the Author, Eddie Speed, is coming to my home town of Chicago on June 17th. He will be talking about how to utilize seller financing for investors, from the buy side, to sell side as well as making money brokering, buying or selling notes. His bio can be found here http://www.wcrt.org/?Link=wealth Share this post Link to post Share on other sites
