Finding Notes

[Andy Bybee]

Any suggestions on marketing, prospecting, & locating owners of seller financed mortgages?

[Bill Gulley]

Hi, the way I read your question, you're looking for note holders willing to sell.

Here is a little known aspect of locating notes:

Contact nursing homes. Many who have sold the farm and carried back the deal often end up qualifying for medicare to pay the nursing homes. They can't have assets in excess of $999.00, which means the market value of the mortgage disqualifies them for benenfits. Since the $650 a month won't cover the nursing home bills, they have to sell the notes to qualify. When they sell, they will have to pay the proceeds of the note sale for expenses until those funds are gone and then they will qualify for assistance.

Another way is to simply contact holders every three months who carried back a note.Usually, the mom and pop types, will have second thoughts about what they did after 6 to 9 payments or around tax time when they try to figure out the 1099 Misc. Good luck, Bill