Free E-Book on Seller Financing

[4Rmgt 0]

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

 

_____________________________

[Adam King (MI) 1]

Ryan,

Freebies are always nice. Thanks for the opportunity to check out the ebook.

I'll let you know what I think if you're interested in an opinion.

Regards,

Adam