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If you’ve sold real estate and are keeping the mortgage your self, you’ve developed a cash flow for yourself which may be a outstanding thing. On the other hand, you also have responsibilities, more than 15 that I recognise of. Here are the firstborn 5:
1. You must abide by the rules and report in accordance with the Compliance with Fair Credit Reporting Act (FCRA)
2. You must be in compliance with the Truth in Lending Law.
3. You have to gather the on a monthly basis mortgage payments yourself and maintain records of the necessary and interest breakdowns (or recompense someone to do it for you)
4. There is the danger of default or bankruptcy on the part of the buyer; an even more outstanding possibleness for the duration of this time of economic crisis.
5. Potentials of destruction of your property either by the buyer, through vandalism, fire, weather related occurrences, etc.
And there are assorted other things that you are in all likelihood conscious of in addition to the above (I may think of at least 10).
So what choices do you have? If you need the income from the mortgage note, then keep it and make sure you are conscious of all the things brought up above and stay on top of your investment. Remember, until the buyer remunerate off the note in full, YOU still are the owner and that property is an investment.
On the other hand, if you may live without the regularly every month income, at least for a few years, and you could use a heap of cash for something else, you could consider syndication a part of the note. Actually, you don’t trade “part” of the note; you trade the per month income for a pre-determined number of months.
Take a hypothetical example: You have a $300,000 note on which you receive $1,500.00 in per month payments. You would like $50,000 to invest in something, or to meet galore unexpected medical payments, or aid a child recompense off college debts. You could contract with an capitalist who might agree to give you the $50K in interchange for the right to say, 38 regularly every month payments (hypothetical!).
You receive the $50,000 without delay after the contract is signed and when the 38 months is over, the per month payments revert back to you. In a market where the value of the house is rising, you might end up making way more than you expected in the long run plus you’ve had the use of a great deal of of your equity WITHOUT borrowing versus it.
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Review
If you don’t read another business book this year, read Fast Cash. — Jerry W. James, attorney
Lorelei’s book is a compelling, absorbing read. — George Rosenberg, publisher, NoteWorthy Newsletter
[Lorelei Stevens] has a knack for making sense out of the once in a while difficult world of note buying. — W. J. Mencarow, editor, The Paper Source Journal
About the Author
Lorelei Stevens is President of Wall Street Brokers, Inc., a Seattle, Washington-based firm nationally known for it is skillfulness in note buying. She has negotiated millions of dollars worth of notes, written extensively, and taught a good deal of seminars. She’s been written up in Newsweek, The Wall Street Journal, The Washington Post and The San Francisco Chronicle.
How Lorelei Stevens made a fortune buying notes – and how you may too! She’s one of America’s premier career note buyers. In the pages of Fast Cash she immerses you in the business through absorbing stories of how it’s genuinely done, one note at a time. The unexpected result is a masterwork of humane interest writing. It follows the dreams and desperation of people who’ve sold their real estate, furnished the sale with a note, and later found themselves in need of Fast Cash. That’s where the note buyer steps in – and that’s where you step into Lorelei Stevens’ arousing and attention holding world of Fast Cash.
Product Details
- Amazon Sales Rank: #328059 in Books
- Published on: 2004-06
- Original language: English
- Number of items: 1
- Dimensions: .78″ h x 5.54″ w x 8.48″ l, .94 pounds
- Binding: Paperback
- 300 pages
Reviews
34 of 37 people found the following review helpful.
My Rating is One Star Too Many
By Bookworm
This book is a waste. I got a library edition thank God! Why did the publisher let the author write it as a story with infinite quotes. Probably because if it were written in the traditional way it could be reduced to < 50 pages. If you want to part with your money give it to your local library. It would serve a better purpose. By all means do not purchase the book and then donate it to the library. Libraries already have enough worthless books.
16 of 16 people found the following review helpful.Just the facts madam.
By DAI88
I read this type of book for the facts, not to be entertained with war stories. This book is all stories that adds up to less than a page of facts. Read the preview, that is what the whole book is like.
10 of 10 people found the following review helpful.
No Facts
By N. Eldred
I found this book to be interesting an easy read, but I learned very little. Like everyone else has stated its nothing more than her personal stories. If you want to learn about brokering notes then your out of luck. It’s about being a note buyer and forking out money to attorneys, appraisers, title companies. There’s not even much insight on this either.
See all 9 customer reviews…