I was talking to a Realtor friend and neighbor of mine named Don and I have to say he certainly sounds like a Realtor who knows what he’s doing. It seems that so many Real Estate Agents –like he had mentioned- are flooding the market and if some are making more of their share, than others are dropping out. I’m sure as you know many have dropped out of the business all together and I have seen that happen in my industry as well. I have seen both investors and institutional funding sources fall out of the game all because they didn’t have practices that were diligent enough to keep them afloat in this downward market cycle. As values decline you need good credit scores and good sales prices and down payments to offset the declining values.
Lately I have been working on making good quality Youtube videos to find promissory notes for sale. So many people don’t know how to create a GOOD promissory note that they can actually sell. I have also stumbled upon a new way of presenting the information.
Not only will seller financing sell your property quick, but you’ll most likely start a bidding war in this buyers market because you create a sellers market from all the people who weren’t pre-qualified by the banks. So few people are seller financing and so when somebody DOES- all the banks “rejects” come on buy and make a bid and the best bid is based on asking price + down payment and credit score. And so once the “best note requirements are met which are:
-10% down
-650+ by people agreeing to a
-9% interest rate
-30 year amortization
- and 7 year balloon payment of the remaining balance,
…Then the remaining bidders bid up the price and/or down payment depending on the sellers preference. And the higher the price, down payment and credit score, the more cash they can get from the sale of their promissory note.
But those are NOT my minimum requirements, The lowest terms are 5% down payment, 600 credit, anything less is almost impossible to sell.
That is- IF they decide to sell. Some like the passive income and I show them how to do it too in hopes that if they ever decide to sell, they’ll come to me for pricing.
If you ever have any questions about creating a good promissory note, I’m here to help. I’ve been buying them since 2007 and I work with investors and funding sources that have been buying them for decades, so if I can’t answer your question, I can get an answer.
Have a great day!
Regards,
Andrew Distad
Investor
Cash 4 Promissory Notes
http://www.Cash4PromissoryNotes.com
Andrew@Cash4PromissoryNotes.com
(760)-296-1573 Fax + Office Phone
(503)-990-3044 Cell Phone
P.O. Box 52 La Quinta, CA 92247
