Updated over 9 years ago on . Most recent reply
Selling a Note to a long term investor (IRA,401k)
Hello everyone,
I was talking a deal over with a friend about selling my note and he showed interest in using his IRA to buy my note and collect the interest himself. The more we talked about it the more he thought about buying multiple notes to do this with. I know there are a lot of variations of notes out there and that due diligence is key is qualifying your buyer. What obstacles would we run into and how often are these done in the real estate world?
I figure I would need to find some type of servicing of the note for distribution of funds (escrows, ira deposits, etc). I also know I am missing a lot of other info and things to look for when doing these types of transactions. He offered to pay the note at 95 cents on the dollar which is better than what Note buyers typically offer (60-80) so its kind of hard not to pass up if it works for the both of us.
Located in Texas in case there are any laws that I should be aware of.