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Tip of the Week
Did you know....
One of the secrets to longevity
in the note business is the note
broker's and note investor's
ability to keep up with the
changes. Go to workshops,
attend classes, read books and
associate with people in the
business.
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TODAY!
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Upcoming Events
TBD 2012
Los Angeles, CA
Secrets of Paper
June 2012
Sacramento, CA
RE and Note Intensive
September 2012
Chicago, IL
Secrets of Paper
Fall 2012
San Antonio, TX
Note Symposium
Ask Jeff to come and speak
or teach to your group or at
your event!
Coming Soon
Exclusive
Note-able
Membership
with Videos,
Notes for Sale,
Training,
Tools
and Support! |
For Discounts of up to 50% on selected AC
and SOP Products check out our
2012 Spring Specials!
Quote
of the Week
"Leaders are visionaries with a poorly
developed sense of fear and no concept of
the odds against them." ~ Robert Jarvik
 President's
Corner
How often during the course of
the day do you put off doing
things - calling old friends,
apologizing for errors made in
judgment, following up on an
idea? Usually, I am pretty
good at such things.
A few months ago, a former
associate from the early days of
my career told me of a mutual
friend who had worked with us
and she was dying from cancer.
I immediately made a note to
give her a call.
Periodically, I would think of
calling, but unfortunately I
never did.
Today, I called and got her
voice mail. I then called
another friend who had worked
with us, and during the course
of our conversation he told me
that she had passed away a few
weeks ago. The news left
me with an empty, sad feeling; I
wish I had called. My call
would not have saved her life,
but maybe I could have made her
laugh or just given her a good
feeling. The call would
have given me a good memory, and
the feeling of having done a
good deed.
Never put off till later what
you can do now. Do it now
or it might be too late. As W.
Clement Stone said, "Do it now!"
You can never turn back the
hands of time. Responding
to life in the present will
prevent regrets down the road of
life. It means living your
life with the feeling that each
second is complete - no
unfinished business. Peace
of mind is never having to say,
"I wish I had."
Do you have some unfinished
business? Do it now! Whether it
is a phone call, an email, a
letter or a cup of tea with a
friend. Live as if every
breath is your last.
Remember, Success Demands
Action! Keep on marketing, it’s
going to work! TWITA!
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Feature Article
Don't Hide The Facts
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During the due
diligence process
you, as a note
broker/consultant,
have a
responsibility, no a
duty, to provide
your funding sources
with all of the
information that you
receive from the
note holder.
Whether the
information is good
or bad, positive or
negative,
inconsequential or
notable you must
pass it on to the
funding source.
Last month I was
assisting a new
broker in the
industry with his
first transaction.
The price was
accepted and the
broker collected the
appropriate copies
of documents and
information.
Everything looked
satisfactory, the
funding source gave
their preliminary
approval and due
diligence was
started...
Read More... |
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Question of
the Week
Q
- Hi Jeff, I haven't dealt with privately held notes in quite some time. Can
you update me on the basic parameters given today's climate:
1)How many months seasoning required?
2)How much equity required? Last I dealt with this, 20% required, with the seller having to take back a 2nd note for 10%.
Anything else I should consider before collecting all the data? No sense in collecting data if the seller will be unwilling to carry the note for "x" months, whatever the criteria may be. If it looks like he will be okay with the basics, then we can go ahead and structure a sale so it benefits all parties involved and is attractive to note buyers.
- Richard A.
A
-
Hello! Thanks for the questions. First, know that
there is a note buyer for just about
any first position note secured by any type of real estate, the question is,
will the seller accept the discount. We can buy a note with as little as one month of
seasoning with no equity if that is what the seller has. But again, will they
accept the discount or the terms of our offers (full, partial, split, etc.)?
With that said I can give you suggestions for what a good note is on a
residential property. On residential property we would `like to see':
10% CASH down payment /
Amortized for 30 years /
Balloon in 7 years /
9% interest rate or higher /
650+ credit score of the payor /
1 months of seasoning
How often do we see what we `like to see', rarely. So again, this would be the ideal note just keep in mind that even if the note does
not have these terms we will still consider buying all or part of it. Good question, hope
this helps! Hope this
helps! TWITA!
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For Discounts of up to 50% on selected AC
and SOP Products check out our
2012 Spring Specials!
So you want to invest in or broker
notes?
Been trying for awhile with limited
or no results?
Check out the most talked about, current and innovative educational tools,
training, mentoring, assistance and support services in the industry! Updated for
2012, click here to start growing your note business today!
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