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Owner Financing Scam That Wipes Out Your Seller Carry Note |
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Should I Get Into the Note Business With All the New Laws Going Into Effect? |
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| A lot of people want to know if the note business is right for them, as indicated by this recent email:
“As a new note broker that wants to get started with all these laws going into effect, is this a career path that will you recommend?” - Josephina
Hi Josephina,
Like with anything, only go into the note business [...] |
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HR 4173 - Another Round of Threats Aimed at Owner Financing and the Note Business |
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| ***
[watch video] Help protect your personal property rights: the ability to use owner financing to sell your property, the ability to buy a property without needing to qualify for new bank financing, your ability to defer capital gains and enjoy cash flow for retirement by carrying paper.
If HR 4173 goes through unamended, it will greatly [...] |
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High End Luxury Homes Falling in Value, Agents Looking for Creative Solutions |
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| Diana Olick over at CNBC puts out a lot of relevant data. Jumbos are really making the news these days. (You saw my last related post, right?)
“It seems that while the middle and lower end of the market was seeing real price recovery this Spring, the high end, which was pretty flat all fall, started [...] |
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California Jumbo Loans at a Standstill Highlighting Opportunity for Title Holding Trusts and Owner Financing |
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| This post explains why, if you own a high-end home, you shouldn’t necessarily “wait for the economy to recover” so you can get your price, unless you’re prepared to wait a very long time.
Keith Jurow over at the Real Estate Channel recently wrote a compelling article that relates specifically to everything I’ve been talking about [...] |
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Private Ethical Soft Money for Southern California Real Estate Loans |
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| If you’re getting this in your email, click here to watch the video.
When banks say NO, I say YES!
Share This |
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Me and Lisa Nichols Being Interviewed Today on CNN 650 Talk Radio |
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Hey, just a quick note to let you know that after Raven (Careers from the Kitchen Table, and Women Power Radio) interviews Lisa Nichols from the movie “The Secret,” she’ll be talking to me for about 15 minutes . . .
I guess if Lisa has a secret, then I should think of one . . [...]
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Note Queen Owner Financing Jump Start Mentoring Experiment |
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| My online training course is only a few weeks away from being ready to launch, but because I feel there are just too many juicy opportunities lying around, and because so many people have asked me to help them figure out how to take advantage of them, I’m going to do something I’ve never done [...] |
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Do You Feel SAFE Now? The Fair Mortgage Act Not so Fair for Owner Financing |
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| Well, those regulators should feel proud of themselves . . . do you think they just have to make it look like they’re justifying a paycheck or something? (SAFE pdf)
Perhaps there is some good that will come out of the SAFE Mortgage Licensing Act , but the inclusion of owner financing in an effort to [...] |
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I Want You to “Like” Me . . . My Bribe is a Free Owner Financing Video |
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| Hey . . . sometimes you have to buy votes :) I’m going to send a gift to everyone who “likes” my new page by tomorrow night (Tuesday, May 18, 2010):
Facebook Page
You can also just scroll down a bit and click on the Facebook Badge on the left of this site… right under the last [...] |
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Government Loans Expected to Fall - Hedge Funds and Owner Financing Can Help Bridge the Gap |
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| In Q1 2010, Fannie, Freddie and FHA backed 96.5% of all home loans . . . government backed loans are expected to decrease by 17.2%, because even taxpayers can’t be soaked to stop losses forever.
The government is having a hard time stopping the bleeding:
Alt-A - 12.84% delinquency rate
Interest Only - 18.5% delinquency rate
Option Arm - [...] |
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Why Owner Financing, Title Holding Trusts and Other Asset Preservation Techniques are Critical to Your Survival |
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Watch CBS News Videos Online
This is a very well-written post by Tim and Julie Harris. I read every line and watched every video. I’m not surprised by any of it . . . go read it when you have a second.
Don’t get freaked out, just be prepared and stabilize yourself mentally. There’s a lot of [...]
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Using the Title Holding (Land) Trust to Rescue Jumbo Sellers |
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| A coaching client of mine, Brian Gibbons, turned me onto an article in USA Today that I hadn’t seen when it first came out:
Upscale Home Sales Lag as Jumbo Loans are Hard to Get
The Title Holding (Land) Trust is really saving these desperate sellers (and buyers!) Recently we put together a deal that:
preserved $400,000 of [...] |
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Talking Owner Financing to Real Estate Agents at Keller Williams in Studio City |
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| When banks say NO, I say YES!
Read updated and expanded info on Title Holding (Land) Trusts
Wanna do what I do? Check out 1 on 1 coaching
Sign up for Seller Financing on Steroids
Don’t miss a post, sign up for the feed!
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Buy Low With Cash, Flip With Owner Financing and Sell the Note |
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| Just wanted to let you know that instead of the usual FAQ call this Thursday (April 1st), I’m going to be doing a class on buying with owner financing, and how the note business can fit into the equation.
To register for the call, send an email to:
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
I’ve been getting a lot of questions from investors [...] |
Where are you?!
I don’t mean the exact location (although that can be pretty important too), but are you giving attention to where you are, what you’re doing, what you’re thinking and feeling?
If you’re strolling in the park, don’t be at the office. If you’re washing dishes, don’t be writing a letter in your head… wash [...]
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When Someone Wants to Sell a Business Note, Look for These 5 Things |
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| Just a few days ago, I had another note broker (who has been a hard money lender for years) call me with a note that wasn’t secured by real estate . . . it was secured by a dental practice.
“Can you do anything with a note that’s not secured by real property?”
The answer is, “Maybe.”
With [...] |
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National Real Estate CyberConvention & Expo - Talking with Realtors About Notes and Owner Financing |
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Sheesh… annoyingly long title. Wonder what Google thinks about it
This is my first ever trade show, and my first ever CYBER trade show… it’s quite an interesting concept, and I didn’t know about such a thing until Bill Exeter turned me onto it earlier this year.
Check out my cyber booth:
Weird, huh?
Let’s see if [...]
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Deadline Extended for Comment on the Safe Mortgage Act Affecting Seller Financing |
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OK . . . we have a breather, but if you haven’t acted already, it’s time to put in your two cents.
I copied this mostly from David Butler’s posts over on CRE online. Gotta tune in, folks:
Perhaps due to the efforts of those who have responded to the HUD request for comments on proposed rules, [...]
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Market Visionary: Texas Note Guy Robert Young - Creating and Selling Owner Financed Notes |
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| Some people just have a way of inspiring you . . .
If the Safe Mortgage Act isn’t preparing to destroy his business model as we speak, then Robert Young, owner of Texas Note Company, is the kind of visionary that will turn this market around, or at least keep the cogs greased until things get [...] |
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HR 4173 Safe Mortgage Licensing Threatening to Kill Owner Financing |
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| You need to act now.
It’s an unfathomable attack on personal property rights, and will literally shut down entire sections of the real estate market . . . like we need that.
The government is poised to restrict our rights and damage an already injured economy, all in the name of ‘protecting’ us. Right. They just [...] |
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Free Teleseminar Tomorrow: Defer Capital Gains Without an Exchange (With Bill Exeter) |
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| Hey, you might want to listen in on this call tomorrow . . . I highly respect and admire both Bill’s knowledge and integrity, so I’m really pleased that he’ll let me interview him about this very important topic.
With the economy the way it is, and the government policies coming down the pipeline, we need [...] |
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Owner Financing is Great, But the Buyer’s Low Credit Score Can Wipe Out Opportunities |
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| I’m just about to close a note deal where the Buyer’s/Payor’s credit score is below 600. Why can I even work with this thing? Because there was 10% down, there is almost 3 years of seasoning, and we’re only buying a partial, which keeps the risk acceptably low.
What if the Payors had credit scores over [...] |
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Banks Accused of Short Sale Fraud - Another Reason I Love Doing Deals Without Them |
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| No wonder I love putting real estate transactions together without ever having to deal with a bank . . .
Jeremy Brandt is the CEO of companies like 1800CashOffer, HomeFlux.com and FastHomeOffer.com . . . all companies that bring lots of distressed sellers, investors and short sale agents together.
Check out this recording and transcript!
Over the [...] |
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Free FAQ Teleseminar About Real Estate, Notes, Owner Financing, and Stuff I’m Not Even Sure of Yet . . . |
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| Just a quickie blog post about my first ever teleseminar I’m hosting this Thursday evening . . . I’m taking some of the Questions that people Frequently Ask me and turning it into an event.
There a couple ways you can get the call-in info . . .
If you want to ask a question you would [...] |
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Attorney Works With Agent Who Understands Owner Financing |
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| A note in Alaska, consultation on seller carry backs in Wisconsin and Dallas . . . this is all fabulous, but I really enjoy the opportunity to network with local sellers and real estate professionals when I get the chance.
There’s a real estate broker in Whittier that runs a traditional sales business who recently stumbled [...] |
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Will I Get My Homeowner’s Exemption if I Offer Owner Financing? |
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| Here’s an email that floated in this morning . . .
“Hi, I just did a google search and found your site, so much info! Basically if I’ve owned and lived in my home for 3 years, and now thinking of doing owner finance (still have a mtg), can I still get my $250K exemption with [...] |
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A Tale of Two Business Notes - Which One Would You Buy? |
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| Hey . . . I really should just be wishing everyone a Merry Christmas, or Happy Hanukkah, or some other politically correct thing (and I just might if I come back to my senses by the end of the post) but it’s been kinda odd lately.
I’ve had more business notes cross my desk in the [...] |
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Owner Financing and the Title Holding Trust Helps High End Home Avoid Foreclosure |
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Hey, I just got this audio file put together, and I think anyone interested in preserving their real estate asset by transferring it with the existing financing in place might be interested in listening in. It’s a little long… about 9 minutes or so, but I think it’s worth checking out:
You can read other articles [...]
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Abundance is Right Around the Corner |
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I’m not sure it’s really smart to post videos where I show up with morning face and bedhead, but I’ve never been one to have a keen sense of propriety.
It’s just that this is one of my favorite rituals of the whole year . . . and the timing’s great. I’m sure Santa will be [...]
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Crawling Out From Under a Rock . . . |
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| Ever had so much to do you just shut down and do nothing? I’ve kinda disappeared over the last month, but I’m almost feeling myself again, finally. (It’s pretty lame when I can’t blog a couple times a week . . . if I had an SEO monitor he would definitely take away my hall [...] |
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Getting a Bear Hug Tracking Down Market Leader Active Rain at NAR San Diego 2009 |
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| I really wasn’t prepared for what a gift it would be to meet very Active Brad in person. When I dropped by Saturday morning, he was actively giving out bear hugs and ‘Safe SEO’ advice to anyone who could come up with a good bear story.
You see, when Brad was but a wee lad of [...] |
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Getting Ready for Noteworthy . . . |
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| I’ll be heading down to San Diego tomorrow afternoon for the 23rd annual NoteWorthy Convention at the Hilton Mission Valley . . . who else is coming?!
I’m looking forward to seeing Clint (editor of NoteWorthy Newsletter), Henry (a veteran of the business), David (my mentor and friend), and a bunch of other people, some who [...] |
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Bear Legal Title - a Title Holding (Land) Trust Mini . . . |
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| [Also included below as a random tangent and not related to business at all (except I did make it here to write this post): Bare to Bear - a True Tale of Grim Survival and Wobbly Knees] . . .
A title holding (land) trust is a great way to hold title to property, and personally, [...] |
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My Client Would Like to do a 1031 Exchange, But He Needs to Sell His Commercial Note First . . . |
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| A few days ago I was talking to an agent that was trying to put a commercial real estate transaction together . . .
His client owned a nice free and clear 9,000 sqft commercial property on historic Camino Real Road in Northern California. A couple of years ago, the property would have fetched close to [...] |
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Broke or Broker? Realtors Turned Note Brokers |
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| I had an especially exciting conversation with a Realtor recently . . . one of the few that totally gets how a little knowledge of the discounted note business helps put more real estate transactions together.
Instead of going broke with many of her colleagues, she’s a real estate broker, turning note broker as well.
So here’s [...] |
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This Offer Expires Tonight! Note Brokers, Real Estate Brokers and Investors Need to Be at Noteworthy |
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CONVENTION ODDS AND ENDS
Here’s a webinar with Lisa Moren Bromma of The Entrust Group and Clint Hinman of NoteWorthy. Clicking the link below will allow you to listen to the recording and follow along with the slideshow part of the presentation.
https://cc.readytalk.com/play?id=fsy2la
The current offer of 30% off the normal registration rate for the convention ends tonight, September 30th at [...]
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We’d Like to Sell Our Real Estate Note - Are You a Note Buyer? |
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| As a mater of fact, I would like to buy your note, or find the best buyer for your note (broker it), depending on where it’s located. This note seller doesn’t happen all that far from me . . .
“Hi Dawn,
I hope this day finds you well. I found your web site by searching [...] |
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Oops! Whaddaya Think of My Spify Graphics? Sorry, my Header is Under Construction |
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| Just a quick FYI that my site usually doesn’t look like this. I’m trying to quickly coordinate (and rather unsuccessfully) my designer and the techy coding guys . . . sorry for the inconvenience.
If you sign up for Seller Financing on Steroids above, it’ll redirect you to another opt in page so I can gather [...] |
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Tsunami of Foreclosures - Will You Be Collecting Shells When It Hits the Beach? |
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I’ve never witnessed a tsunami first hand, but I’ve been told that before the devastating wall of water devours everything in it’s path, like a hungry sea beast coming in for a glorious feast, there are a few moments in time that seem quite magical to the innocent and unsuspecting.
The water line temporarily recedes, making [...]
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When Your Soul is On Fire - the Station Fire, Chantry Flats, Sturtevant Camp and the Big Santa Anita Canyon |
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Perhaps our souls are burning along with the forest as we experience the shock, sadness, anger, fear and confusion of watching the mountains, once rich with life, turn desolate moonscape.
In a stupor of smoke, we watch homes evaporate, and wonder if ours might be next. With ravaged hearts, we mourn brave heroes, and imagine the [...]
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REOWN.com - Filtering creative real estate news -- getting the juice!
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Help Me Create a Good Commercial Note - Published in the Pasadena Independent, and the Monrovia, Sierra Madre and Arcadia Weeklies |
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| Many sellers of commercial properties and high end homes are turning to seller financing in today’s market. The financing just isn’t as available for these properties the way it used to be.
Here is a recent email I received:
“Dear Dawn,
My name is John, and I believe what I am attempting to do is over my head. [...] |
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Take Over My Payments - Published in the Pasadena Independent, and the Monrovia, Sierra Madre and Arcadia Weeklies |
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| “We just don’t want our property any more . . . it’s too much stress. We’re tired of being soaked by the bank, and we’re not going to send them another dime.”
This frustrated woman and her husband bought a penthouse condo in Pasadena just above Cal Tech for $510,000 2-3 years ago. It’s in a [...] |
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I Need to Fire My Realtor, She Doesn’t Know Anything About Seller Financing - Published in the Pasadena Independent, and the Monrovia, Sierra Madre and Arcadia Weeklies |
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| Knowing about, and being comfortable with, seller financing is increasingly becoming an important skill set for real estate professionals.
Here’s an email I received and responded to recently:
Dawn,
I would like to carry up to 90% of the loan on my property and be the banker. My property is currently listed at $1,547,000, and I have [...] |
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Strategic Default - Does it Make Sense to Stop Paying? Published in the Pasadena Independent, and the Monrovia, Sierra Madre and Arcadia Weeklies |
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| “We’re going to quit making our mortgage payments . . .”
I’ve heard that from more than one acquaintance in the last few weeks. It’s not because they’ve lost a job, or had a medical emergency, it’s just that it doesn’t make sound financial sense to keep making the payments anymore.
Defaulting on a mortgage or credit [...] |
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When Escrow is Falling Apart - Published in the Temple City Tribune |
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| This week I got a call from a woman and her husband out in Palm Springs. Her 60 day escrow was turning into a 90 day escrow, and there were still no assurances that the deal was going to close.
And she needed it to close. They were running out of money to make the [...] |
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FSBO - For Sale By Owner - Asked to Carry a Note |
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| This is a typical scenario for FSBO’s and if they’re willing to be flexible, they can often create a winning transaction in today’s market:
Hi, Dawn:
Thank you for the wealth of information in your website. I’ve learned a lot, but I still have so many questions.
I’ve been trying to sell my rental property in California for [...] |
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Owner Will Carry - Published in the Pasadena Independent, and the Monrovia, Sierra Madre and Arcadia Weeklies |
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| I just got back from Seattle. A client of mine decided to pay for a ‘platinum’ consultation, my plane ticket, and excellent wine.
Why?
Because, despite the fact that the real estate market in King County is stronger than most, values have fallen for the upper end properties. It’s hard to move a property that’s listed above [...] |
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Best Financing - Small Down Payment - for Canadians Looking to Buy U.S. Real Estate |
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| Seller financing strategies work especially well for non-U.S. residents wanting to buy property here. I recently received this email:
“Hello,
We’re Canadians interested to purchase residential and/or commercial properties in the US (Florida - Kissimme/Orlando/Ft. Lauderdale or Boston areas) with the least down payment. We’re looking for the best financing option. We’re based in Toronto.
We’d appreciate it [...] |
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Seller Uses Seller Financing to Sell Quickly for the Highest Possible Price |
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| Here’s a short clip of a recent conversation with one of my clients:
To hear the entire recording, be sure to sign up for
Seller Financing on Steroids
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Owner Will Carry - Seattle - Woodinville Estate for Sale |
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| View the internet flyer.
Be sure to sign up! (you’ll get the inside scoop)
When you opt in to ‘Seller Financing on Steroids,’ you get a Decision-Making Guide for FREE!
Share This |
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When You Can’t Sell Your Note, Do a Little Rain Dance - Published in the Temple City Tribune |
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| As a note broker, I’ve had my share of notes that I simply couldn’t do anything with. Here’s one I was presented with recently:
A delinquent seller carry back note secured by commercial property in West Palm Beach, Florida.
The original deal looked like this:
Purchase price: $510,000
Down payment: $76,500
1st TD: $433,500
Interest rate: 7.5%
I/O monthly payment: $2,709.38
Due in: [...] |
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Simultaneous Clothes - the Simultaneous Note Sale for Real Estate Investors - Published in the Pasadena Independent, etc. |
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| It’s hard to keep covered against the chill winds of the market sometimes. Perhaps it’s possible to get a nice, thick sheepskin warming the front half of your body, but investors, builders and developers are increasingly finding their backsides completely exposed to the elements . . . brrrr!
If you’re a real estate investor, investing in [...] |
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Seller Financing on Steroids & the Seller Financing Decision Making Guide |
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| I’ve been working on developing an ezine (’Seller Financing on Steroids’) as well as a simple decision making guide for people to use. I finally got the first draft up, and I’d really appreciate any feedback, especially on how I can improve the Decision Making Guide.
The reason I started developing it was because I was [...] |
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Rabies in the Park - Published in the Temple City Tribune |
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Have you noticed the banners across Las Tunas between Kauffman and Golden West? There are two, side-by-side:
‘Wednesday Concerts in the Park,’ and
‘Rabies Clinic.’
Isn’t it great that you can go to the park and get bitten by some random rabid dog on Wednesday, and then go for your rabies shot on Saturday?
That is some [...]
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REOWN.com - Filtering creative real estate news -- getting the juice!
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‘Seller Financing on Steroids’ - Published in the Pasadena Independent & the Arcadia, Monrovia and Sierra Madre Weekly |
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| Does seller financing give you the willies? There are usually a couple of reasons the average seller (or even real estate professional) is uncomfortable when it comes to seller financing.
In fact, many react as if the concept is not only marginal, but borderline illegal.
I’m always a bit confused by this, as seller financing has been [...] |
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I’m Into Seller Financing, and I’m Also Into Health - the Alkaline Revolution |
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| This one of those random posts that doesn’t have anything to do with creative financing.
Creative real estate strategies empower you to achieve desired benefits regardless of market conditions, and being alkaline in an increasingly acidic world will empower you to preserve and improve health regardless of environmental conditions.
I like to align my natural passions with [...] |
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Canadians Buying US Property Have Financing Options - Even With REO’s |
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| Seller financing is a great way for foreigners to pick up property in the U.S., as getting a traditional loan can be even tougher for them than us nationals. Usually seller financing is only applied to non-corporate owned properties (i.e. anything besides short sales or REOs), but there are some options when it comes to [...] |
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Should We Sell Now or Next Year? When Even ‘Free and Clear’ is Too Much |
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| I recently received this email:
“Dear Dawn,
I saw your recommendations in the Tribune article on waiting for Recovery. My question to you is should we sell our home now or next year?
We bought this home 7/2007 for $950,000. We have spent $150,000 plus. The last project is to have the outside of the house painted, which [...] |
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Are There Sellers Offering Seller Financing in my Area? I Only Need Them to Carry for a Year |
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| As good as the financing can be these days, there are still good buyers who fall through the cracks. Here is an email from one:
“Dear Dawn –
We are looking to buy a modest property in Evansville, IN (about $100-120K). We have a 10% down payment, a solid income, and have been told that our credit [...] |
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Can I Sell a Business Note? |
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| Yes! It’s very common for business owners to carry a portion of the sale when selling a business, and frequently, the note can be sold after 6 months of seasoning (this can be less in certain circumstances).
People selling business notes need to understand that typically, there are significant discounts involved, so if you’re not prepared [...] |
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I Have a Mobile Home on Land, Will the Title Holding (Land) Trust Work For Me? |
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| I recently received this email from someone who saw a post from last year: Seller Financing and Mobile Homes in Parks, and wanted to know if her mobile on 2 acres of land might be eligible for the land trust transfer technique:
Hi!
I have two acres with a mobile home on it in Perris, California, not [...] |
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To Sell or Not to Sell - The Recovery Game |
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| I recently consulted with a couple who are renting a home in Pasadena. They own a home in Tujunga, but instead of selling it when they moved last year, they decided to rent it out, even though it represented a negative cash flow of $500/month.
Why not wait to sell until the market ‘recovers?’
Their loan broker [...] |
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I’m New to the Note Business - How Can I Find Notes to Broker? |
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| There’s been a lot more interest in seller financing and the discounted note business these days, but people generally tend to feel kind of lost, even after taking a course or two . . . and I was one of them 5 years ago. Here’s a couple of emails I’ve received recently:
“Dawn,
I am very new [...] |
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Are Cheap Mortgages Disappearing? |
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| Lots of buyers have been waiting on the sidelines . . . waiting for prices and interest rates to drop. Have they missed the sweet spot?
The yield on a 30-year fixed jumped from 5% last week to as high as 5.45 %, the highest level since February. Guess the Chinese are getting a bit [...] |
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Seller Financing Helps Move Commercial Property |
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| Buying my first commercial building from an owner offering terms several years ago made me an instant fan.
I was reminded that the technique is still alive and well.
Just a few months ago, 5828 Temple City Blvd. sold for near asking in less than 60 days. The listing description went something like this:
“Commercial building for sale. [...] |
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Can I Defer Capital Gains Without an Exchange? |
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| I recently got a call from a gentleman who is selling a duplex here in Temple City, and the first words out of his mouth were,
“I want to defer capital gains without an exchange, and it says right here in your ad that you can help me do that.”
The 1031 exchange (IRC section 1031) has [...] |
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Builders Move New Construction Homes Helping Buyers: Seller Financing Plus Simultaneous Note Sale |
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| This is a post I’ve been wanting to write for a while now, because I get so many questions from investors and builders like the one you’ll see below.
When the financing machine is rusty, we need to look for ways to lubricate the system and get those creaky parts moving. We need to create [...] |
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Opportunity Within Crisis |
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| Someone I’m connected to on Facebook posted this video, and I really loved it. Hope it gives you the same boost it gave me. Thanks, Annie!
If you liked this, why not sign up for the feed?
Join me on Facebook and Twitter!
Share This |
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Got a DUI . . . I’m Ready to Surrender |
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| I’m embarrassed to admit it, but my Driver’s License has been revoked. I’m no longer allowed behind the wheel of my own life.
I was caught speeding along in the fast lane under the influence of my ego, and the Universe pulled me over, shoved me up against the car, stripped me of all [...] |
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Broke: The New American Dream - by Mike Covel |
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| I’m going to be watching for Mike’s new movie . . . the YouTube trailer is below. I was introduced to him in person several years ago when he first started educating people about his money making strategies. I’ve recently stumbled across him again and have been enjoying his blog posts.
Share This |
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Think it’s a Bad Time to Sell? Grabbing Cash From Investment Property When you Can’t Refinance |
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| “Our loan broker suggested we talk to you,” she introduced herself, “he said you would have some interesting ideas about how we could pull cash from our rental house.”
She and her husband initially intended to refinance; however they were dismayed to discover that the interest rates and programs available for investment property were not as [...] |
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Breaking and Entering - New Skill Set for Pasadena Realtors |
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| Creative financing, creative property viewing . . . it’s all good. Realtors need an increasingly diverse skill set to compete in today’s market!
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How Do I Get Started in the Note Business Without all the ‘Bull?’ |
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| A lot of people are interested in the note business, but are overwhelmed by the choices and often the cost of entry. Anything you do will give you something, so nothing is ever wasted, but you definitely don’t need to spend a fortune (like I did), to learn the business.
In fact, it can be downright [...] |
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What is Seller Financing? It’s Becoming the Bank on Property You Already Own |
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| Sometimes I forget that the concept of seller financing can be confusing to people at first. This is a seller financing 101 spot in under 4 minutes!
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A Note from Henry - Seller Financing Rescues Contract for Deed Castastrophe |
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| Please enjoy this guest post by Henry Dvorken:
In all the deals I’ve done, I’ve had five problem cases. Let me tell you about my 14th street deal.
Minerva Cantu said she needed cash for medical treatments for her daughter. (It turned out she didn’t have a daughter, but that’s another story.) Anyway, I borrowed money and [...] |
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Please Don’t Poo in the Corner if Your Offer Doesn’t Get Accepted |
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| Sometimes buyers are not very good sports when they lose in a multiple counter scenario, but this takes the cake! . . . or should I say ‘people pie!’
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Seller Financing is Not Stupid Financing - Get Socials and Run Credit |
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Too many people fail to get the buyers to fill out a 1003 (loan application) and run their credit. News flash… if you want to sell your note for the best possible price down the road, get social security numbers! Anyone who buys your note is going to want them.
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REOWN.com - Filtering creative real estate news -- getting the juice!
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The iMac Rocks - So Does Putting an Alhambra Property in Escrow at 10% Above Asking |
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12 Steps to Real Estate Recovery |
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| Let’s admit it . . . as a nation we’ve been partying very hard for a very long time, and now, in the midst of our collective hangover, we’re looking for ways to sober up and find serenity. Who better than Bill W. and Dr. Bob to give us a hand?
1. We admitted we were [...] |
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Owner Will Carry - Alhambra Home - Midwick District |
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| Don’t tell me there aren’t owner financing deals in this neighborhood. Granted, FHA (or cash) is hard to beat, but if you can’t quite qualify, or don’t want to, you CAN buy property without getting new bank financing.
The owner of this property (view flyer) is a contractor and has completely rehabbed this house. The previous [...] |
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Avoid the Pitfalls of Lease Options With the Equity Holding Trust |
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| Lots of people are exploring whatever it takes to get their properties sold in today’s market, even considering low down payments, or a small option payment. Lease options/rent-to-owns are popular in part because the property owner/seller can get more up front and each month than if they just did a straight lease.
So, even if the [...] |
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CPA Corner: Real Estate Write Offs and Capital Gains |
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| “I’m proud to pay taxes in the United States; the only thing is, I could be just as proud for half the money.” - Arthur Godfrey
Have you ever heard someone say “I can write this off” or “I’ll just write it off”, and wondered what they were talking about? They were talking about a tax [...] |
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Can I Sell a Second Note and Deed of Trust? The Perils of Subordinate Paper |
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| When most people think of seller financing, they think of carrying a second. Buyer puts down 10% cash, gets a 75% traditional loan, and asks the seller to carry a 15% second. These deals can definitely help get real estate transactions closed and are a great tool for maximizing price point and creating liquidity in [...] |
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West Covina Foreclosure - Not on Market Yet . . . Wanna Buy It? |
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| Once in a while, hard money loans go south, and when they do, the lender ends up owning the property. Such is the case with this West Covina home.
Because the private lenders want to get out as quickly as possible, they’re listing at a great price: $282,900!!!
It’s still being cleaned up and [...] |
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If I Carry Paper, What Happens if the Buyer Quits Making the Payments? |
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Well, the first thing you do is sit down and try to have a friendly conversation, maybe over the drink, or a game of poker. A little diplomacy can go a long way.
If they don’t bring out the briefcase stuffed with greenbacks right away, you could also offer to introduce them to your cousin Al [...]
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Seller Financing on Steroids: Developing Trust |
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| Def.: Trust - confident expectation of something; hope.
Many luxury residential and commercial sellers don’t have a lot of trust in the real estate market. Recently, as if rattling a sordid skeleton, a local high-end Realtor squeamishly confided, “Nothing’s moving right now.”
Though conventional financing is more attractive than ever, jumbos ($625,500+) are sporting a healthy [...] |
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How Much of a Down Payment Should I Ask for When I Carry a Note? |
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| The quick answer to this question is “As much as possible.” The more money someone puts down, the more protective equity you have, and the less likely they are to default. It’s called, “Having some skin in the game.”
There are good buyers out there who do not have 20% or more for a cash down [...] |
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Note Queen’s Dorky Video Debut |
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I won’t even bother to tell you how long it took to finally settle on this clip, which still contains a lot of flaw and faux pas. The thing is, sometimes you just have to break gravity with something and go for it, warts and all.
It’s not really supposed to be a post . . [...]
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I Need to Sell Commercial Property - Can You Help Me Structure Seller Financing? |
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| This seller is representative of many sellers of smaller and mid-sized commercial buildings these days:
“Dear Dawn,
I read with great interest the 10/3/08, Investor’s Business Daily article that featured your information on seller financing.
I personally own a lake front condo office in Stockton. I have it clear of any loans and lost 3 [...] |
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Jumbo Loans Still Hard to Get - Seller Financing Increasingly Popular for Closing Luxury High End Properties |
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| Recently, LA Times writer Peter Hong published an article about the new interest mortgage interest rates:
Mortgage rates fall, but many borrowers will have trouble qualifying - Low seasonal demand and high borrowing standards make a rush of new loans unlikely.
“. . . Jumbo mortgages, those over $729,000, carry interest rates just under 8% and [...] |
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What? You’re Still in Bed?! |
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| Last week I talked about looking for that something that would get me jumping out of bed . . . excited about the day and loving life!
I believe the most important thing you can do is to “find” yourself . . . and then “BE” yourself! Are you even looking for who and what you [...] |
| Last week I talked about looking for that something that would get me jumping out of bed . . . excited about the day and loving life!
I believe the most important thing you can do is to “find” yourself . . . and then “BE” yourself! Are you even looking for who and what [...] |
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Note Pro Rides White Steed Into Pasadena Escrow - Seller Financing Saves the Day |
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| This is the time for note professionals to shine. Our expertise can make a meaningful contribution to the economy.
I got an email from Kay, who found me as a result of an Investor’s Business Daily interview: Seller Financing Can Seal the Deal in Rough Market. She was thrilled, and so was [...] |
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I Forgot to Tell You About the Guest Authors . . . |
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I forgot to mention that I will be having a couple of guest authors from time to time that will make contributions to this blog. The first one came out yesterday, written by Jerry Hannan, a very dear friend of mine.
I’ve been nurtured by the inspirational messages that he sends out every morning to [...]
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What’s Got You Jumping Out of Bed? |
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| Do you even want to?
Or would you rather pull the blankets over your head and forget about facing that big bad world out there?
I used to vote for the second one.
I’ve been in the Real Estate business in various capacities for going on 20 years, and many of you who are involved in the industry [...] |
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OMG . . . First Donation Received on Behalf of the ‘Help Dress the Note Queen Foundation’ |
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Not too long ago I posted a very serious and desperate call for help (When Right Side Up is Inside Out ), and I’m here to tell you that God really does answer prayers.
I just received $10 through Paypal from a very generous woman in Monrovia:
“I am fifty years old with rapidly failing close [...]
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The Land Trust Worked Before, We’d Like to do It Again |
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Dawn
My husband and I sold a home in 1994 using a land trust through a local Realtor. It was a smooth transaction that lasted 9 years. The buyer had a few credit dings and could not get financing approval because of alimony/child support issues. We took a chance and even extended the agreement 4 [...]
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If I Use an Equity Holding Land Trust Can I Still Create and Sell Notes? |
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| Aloha Dawn,
Hope everything is going well for you. I was out yesterday educating Realtors at open houses on non traditional financing, ie Land Trusts. They all seem to recognize that things are different and were open to pursuing the EHLT approach. A couple questions came up and I thought I’d ask you your [...] |
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Canadians Buy U.S. Real Estate Using Seller Financing (No Bank Loans Needed!) |
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| There’s a Canadian buyer I’m working with that has purchased over 30 homes this year alone . . . and he’s never qualified for a single loan. How is he doing it?
He has the sellers carry paper (take back a note, owner finance, etc.)
Seller financing won’t work for short sale or REO properties, but [...] |
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