Possible Note For Sale?
Guys, I am not experienced in note selling, so I am going to throw this out there, and ask for ideas and suggestions. I have a 1,800,000.00 note on a 144 space mobile home park that I sold about 5 years ago. Financed for 25 years at 8%. Pmts are 13,983 per month. The park is full, with a waiting list. The thing is a tremendous cash cow. No problems at all. The guy has never been late. I have known him many years, he worked for me and ran the park before I sold it to him. I just sold it on a simple "contract for deed". I put a 5 year call in the contract, so I could re-negotiate the terms or call it due. The guys credit is excellent and so is his wife's, and she would be willing to sign also, but I doubt he could do anything now as tight as the banks are.
I am looking for a way for him to cash me out.
Where are the best places to sell a note, or maybe a better question is how is the best way to sell a note?
I don't have to sell it, and I am happy the get the 8% on my money, but here is the "fly in the ointment". My basis in the park was very low, so I am paying 15% capital gains now. As you know, that will go back to at least 28% next year, and I suspect probably higher. I hate the thoughts of giving the government that kind of money, I would just like to cash out now, pay my 15% and move on. Any ideas,,,,,Like I say, the 5 year date is up so we could re do the note pretty much any way to suite any one. The guy has no problem re- financing and cashing some one out, I just think it would be hard to do right now.