Armstrong Capital Newsletter

Summer is winding down but it’s not over yet. Why not meet me in Vegas and have one last summer blowout weekend of fun and learning September 21-24^th. If you are into the private mortgage note niche or are interested in it, whether you have closed transactions yet or not, I would like you to consider attending the 20^th annual NoteWorthy Convention in Las Vegas with me September 21-24^th at the Tuscany Suites Hotel and Casino. It is a tight knit group of about 200-300 of the top real estate note investors and note brokers in the nation. For more details and to register, just go to http://www.noteworthyusa.com/conventions.html. Hope to see you there!

Last month, we talked about the “No Note, No Quote” philosophy that some brokers and funding sources use and why. For the next few months we are going to cover the different property types that notes are secured by, different situations and the additional information that would be nice to know for the funding source to initially give you accurate pricing.

As you are talking to the note holder you will come across many types of properties and situations. Following are some good questions to ask and answers to get in addition to the information on your mortgage worksheet.

- When did you (the seller and now note holder) purchase the property and for how much?

- Did you get Title Insurance when you SOLD the property and carried back the note?

- If I was standing on the front porch and looking across the street what would I see? (Also, to the left, right and behind the property?)

What we are trying to do while completing the worksheet, in addition to gathering the pertinent numbers and information, is to get the story behind the note. The more information we get up front the more likely the prices we get from the funding sources will not be cut later on down the road during the due diligence process. You will save yourself and the funding source lots of time and wasted effort by just asking a few pointed questions. Next Month we will look at some key questions to ask when the note is secured by a mobile home with land.

PS – Keep a lookout for an email about another possible Power of Paper Workshop at the end of October!

Armstrong Capital
800-845-3055
fax 818-865-2323
PO BOX 6517
Westlake Village, CA 91359
visit our website at www.armstrongcapital.com

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Jeff Armstrong is president of Armstrong Capital and Editor of the NoteWorthy Newsletter, www.noteworthyusa.com. He is a member of the Million-Dollar Club, a Master Broker, visiting instructor for the American Cash Flow Institute, and the author of three best selling 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 questions and information about his Master Broker services, Mentorship program how Armstrong Capital can help you succeed.