Note Business Tip of the Month 

June 2009

 

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This year we have added a Question of the month to this regularly scheduled "Tip of The Month" e-letter. If you have a question you would like to see answered in this newsletter just email Jeff!

*Tip of the Month: 

       Did you know....

                A lot of note brokers are so busy trying to learn the tricks of the trade, that they neglect to actually learn the trade.

         

*Quote of the Month:

         People seldom improve when they have no other model but themselves to copy after.

                            - Goldsmith

 

*Question of the Month:

 

Q - Hello Jeff!  Do you of anyone doing Simultaneous Closing these days? What are note investors looking for these days as far as mortgage notes are concerned? Please advise.

                        - Marcus M.
 

A - Hi, thanks for the question! Unfortunately, with the real estate market the way it is I do not know of anyone that is doing simultaneous closings at this time.  Sorry I couldn't be of more help on that.  In answer to the second part of your question I will try to keep it short.  Note investors today are looking for performing (buyer is current on payments) first position seller financed notes secured by residential, commercial and land types of properties. (Although there are very few note investors for land notes and they are the toughest to do but they can still be done.) As long as the seller of the property owned the property for at least a year before it was sold and the note was carried back investors will have an interest in the note. For example, if mom and pop owned a property for 10 years and sold it with a seller carry back note we could buy the note after only one month of seasoning.

However, as a general rule the Rehabber/Flipper/Real Estate Investor/Wholesaler notes that we all did so much of in the past now must have been owned OR seasoned for 12 months before note investors are willing to buy the note. What does that mean? That means if the seller of the property bought the property in January and sold it in March with a Seller Financed note the seller will have to collect 12 payments before the note could be sold.  Some of the exceptions might be a property that was inherited, gifted or any extenuating circumstance came up that made them sell the property before they held it for a year. Hope this helps!

TWITA!

 

*Highlight of the Month:

 

   I do not think this will shock anyone, I’ve know it for years, but did you know that the author of Think and Grow Rich, Napoleon Hill himself, died almost broke?  Napoleon Hill was just a reporter who interviewed the likes of Andrew Carnegie, Thomas Edison and Henry Ford (among others) to try to figure out the formula on how they got rich and he subsequently uncovered the secret and steps to becoming wealthy in his book.  However, Napoleon Hill never implemented what he learned from these interviews.  In his book he gave us the roadmap to success yet he never followed it himself.  Are you making the same mistake that Napoleon Hill made? click here for more...

 

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Jeff Armstrong is President of Armstrong Capital. He is a member of the Million-Dollar Club, a Master Broker, visiting instructor for the American Cash Flow Institute, instructor for Nouveau Riche and the author of several best selling industry books. He can be reached by calling 800-845-3055, faxing 818-865-2323, e-mail jeff@armstrongcapital.com, or visit www.armstrongcapital.com and click on "Note Brokers" for answers, articles and information about his Master Broker services and how Armstrong Capital can help you succeed.

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