James, I hope I don't come off as a jerk but there are many threads about the subject if you search for 'buying notes' or 'selling notes'. I have not yet ventured into buying/selling notes or I would be happy to offer suggestions.
James, I hope I don't come off as a jerk but there are many threads about the subject if you search for 'buying notes' or 'selling notes'. I have not yet ventured into buying/selling notes or I would be happy to offer suggestions.
Hi James, as Terry pointed out, you need to do some research on BP as it has been well covered. This is a huge subject and to begin to answer your question requires volumes! If you have a specific question, after you do your research, feel free to contact me or any other member. Good Luck, Bill
We buy and trade in pools of notes created and serviced by banks, lenders, mobile home dealers and community owners nation wide.
The steps are to:
1. Sell to an owner that is going to occupy the home.
2. Get a good down payment/at least 10%.
3. Check references and make sure the buyer can afford the monthly payments.
4. Make sure you handle your title work and loan documents legally and correctly.
5. Structure your loan terms so that they are affordable for the buyer and favorable for your note investor.
6. Credit and skin in the game are the two main keys in note pricing.
7. Private investors are your best sources for note buyers. Who do you know that has money sitting aroung that would like to make a 10 or 15% return?
8. Structured correctly, I can get you as much or more than any buyer in the country :)
This should give you a good start. If you have not read Lonnie Scruggs books, you owe to yourself to start off there.......