Real Estate Investor · San Diego , CA · Member since 2008 · 40 posts · 0 votes
Has anyone read the book. If so i have a question regarding chapter 16. my question is when you sell the private mortgage note how do you put your name in it so you can get your check from escrow? or do you put your name in it. Has anyone done what the chapter told you to do?
I am a voracious reader and I have to commend you for reading that far. Unfortunately, I Wasnt Patient Enough to Get Through That Crap. (The title of my next book, LOL.) I made it through Chapter One -- maybe -- before tossing the book aside. Okay. Enough potshots. But I really hated the book...
Re: The Note. Is this hypothetical at this point? If so, when you create the note, you can put the property in a land trust and make yourself trustee or have your company be the trustee.
If the note is already in existence, I would probably need a little more info on it.
My bottom line suggestion: Read a better book. Start with John Schaubs Building Wealth One House at a Time. It is a classic. Also, dont go paying some book and tape guru $5,000 for a bootcamp until you have looked around for a while. You can pick up a lot of courses on ebay and other sites like that for much less.
Thanks Barbara for the reply. I have John's audio book I have not listent o it yet. I will listen to it. We brought Rich Dad Course. for About 30,000 I wish I had Done My research Before I brought it. But now its to late. I trying really hard to pay my Cards back Again thanks for the info.
Okay Pamela -- I actually wrote a book for women called Dont Make Me Slap You. It doesnt have to do with real estate but, and not to make you feel bad about that 30k you gave to Kiyosaki but... YIKES.
People, the guys selling the books and tapes for ten, twenty, SIXTY grand learned from a bunch of guys who learned the hard way. And those old guys dont charge that kind of money. You want to look into John Schaub, Jack Miller, Peter Fortunato, Jay Turner, the late Warren Harding. They arent slick and glossy and internet savvy. They just know, live and breathe real estate. They have been through market downturns and know how to handle them. And they dont charge you an arm and a leg.
Dont feel bad Pamela. I like Kiyosakis stuff. I just read the books. He doesnt need my money. Do me a huge favor. Read/listen to Johns book first. But dont leave the kiyosaki material sitting on the shelf. Go through everything. Learn as much as you can. And apply it. But before you buy any real estate, always ask yourself, What is my exit strategy for this property. If you cant get out of it profitably, dont get into it.
You have to make an agreement with the investor buying the mortgage note saying that if the note is worth say $90,000 he is buying it for $75,000 plus your finder fee of we'll pretend $5,000
When all the paper work is going through then you give it to escrow so his total payment would be 80k
Thanks Barbara and Dustin for the replies, barbara I can;t find anything on Jay Turner. Dustin I went down to the tax office. i found 30 names of private mortgages holders when i got home i tried to look them up. I only found one. The problem is most of the names are common,so there is more than one person with that name. do you know another way to find and sell notes