Armstrong Capital Newsletter
June 2005
Jeffrey R. Armstrong, President, Armstrong Capital
Wow, it’s June already. Have you been consistent and persistent in your
marketing efforts? Always keep in mind that marketing is a numbers game. The
more you can get your name out there, the more likely it is that a potential
deal will come your way. When that potential transaction does present itself and
you present the offers to the note holder, sooner or later the note holder is
going to accept one of your offers. At that point you will ask the seller for
some copies of documents, make a nice package of all of the pertinent
information and send it to the funding source to start the due diligence
process. So what is in that package? A list of the items requested (that you
will ask the seller for) follows:
Necessary items:
____ Copy of the RECORDED Deed of Trust or Mortgage
____ Copy of the signed Promissory Note
____ Copy of the Closing Statement
____ Copy of the Title Insurance Policy
____ Copy of the Hazard/Fire Insurance
____ Copy of the Payment Record
____ Social Security Number(s) of the Payor(s)
Items we would like to have if available:
____ Copy of the Grant or Warranty Deed
____ Pictures of the property (if available)
____ Complete address of the property with name of nearest cross street
____ Copy of Junior mortgage, if any
____ If a wrap around mortgage, Copy of the underlying mortgage(s)
____ If a junior mortgage, Copy of the Superior Mortgage(s)
____ If a mobile home, Copy of the mobile home title or proof of affixture
____ If commercial, Copy of all leases
____ If condo, HOA (Home Owner’s Association) info
So, when that note holder says “YES” you now have a complete list of the items
that are needed to send to the funding source to start the due diligence
process. Sometimes the note holder will not have all of the information (like a
title policy or settlement statement) and if that is the case just send in a
package that is as complete as possible with a note saying that you were unable
to get the missing items.
Again, this is the list of documents to get from the note holder AFTER they say
yes. We DO NOT need all of this information to give prices and options that is
what the worksheet is used for.
Next month we will discuss some negotiating techniques that could help you get
to a “yes” faster.
Have a great month. Keep on marketing!
Jeff
For more great strategies, don't
forget to check out Jeff's informative cash flow books for Scripts, Tips,
Marketing ideas and more! Click
here today!
http://www.armstrongcapital.com/AC Products.htm
Jeff's Newest Book,
Personal Cash Flow Prosperity:
How I Successfully Run My One-Man Note Business
with Tail Ends: How To Keep A Piece Of The Action
is available online for only $67.75 at http://www.armstrongcapital.com/ or by clicking on the "buy now" button below
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Also, be sure to purchase Jeff's book combo package which includes his marketing book "Every Single Profitable Note Marketing Idea In The World (almost)" and "Scripts & Tips" for ONLY $75.00 by clicking on the "Buy Now" button below
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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, and the author of two best selling books. He can be reached by calling 818-884-2322, faxing 818-884-1723, e-mail jeff@armstrongcapital.com, or visit http://www.armstrongcapital.com and click on "Note Brokers" for questions and information about his Master Broker services, Mentorship program how Armstrong Capital can help you succeed.
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