All Forum Posts by: Christopher Winkler

Some seller carryback names from Dataquick gave me over 10% return. It starts adding up if you send something that stands out from the crowd so it does not get pitched upon receipt, like most worthless carp that ends up in my mailbox.

Great thread, when we are selling we want the most we can get and when we are buying we want it for as low as possible. This is when the REAL selling starts, and its called NEGOTIATION!

James, did you even bother to counter slightly lower than your original price? 

I found it might be less expensive to send a post card to the list at first to see how many bounce, then scrub them and spend the money on letters & bulky mail. I wasted a lot on a expensive mailer this way and it won't happen again. The post card is less than 50 cents to see if its a good address...

Welcome to BP & Good luck with your license test. Having passed 3 securities & 1 insurance test, now studying for my license, just remember to read the test questions fully, as if you read half and think you know the answer, you might get it wrong.  While they are not trick questions, they are designed to make you think about what the question really says. 

All good info above on checking county records, BKY, and the O&E report. I found https://www.cscglobal.com and they charge $75 for the O&E; if you want to dig deeper, a title report on the current owner, or digging deeper, all the way back in time is typically $150-350+++. Good luck!

Welcome Jay, you will find a ton of good info here on exactly what you are trying to do. Good luck!

Welcome Bogdan, lots of great people and info here!

Would like to meet private investors who are interested in making 18-24 month loans to help us acquire defaulted 1st position notes on a very select group of occupied properties, with pride of ownership, little to no property taxes owed, in nonjudicial states with quick foreclosure laws, that are eligible for hardest hit funds, and no snow to stop us in the winter.

Notes would be assigned to both of us, with a 12-18 month exit strategy.

Please contact me to discuss further, business plan ready.

Christopher Winkler
Silverwood Capital, LLC
1-714-474-8116

 In my best Robert De Niro impersonation; You talking to me?

I am referring to the seller of the note selling it, NOT the borrower. You can nip any borrower sale in the bud with a due-on-sale clause if they do try to sell the home.

As long as there is a Sale of Note, Change of Loan Servicer clause, you sure can sell that note without prior notice to the borrower. The seller can sell all or part of it any time they want. They created it, so they can sell it.

A fully amortized $100,000 note for 30 years with $804.62 a month will return $290,468.76. Not too shabby! They just gotta make the payments, though by 5-7 years, they typically can qualify for a lower rate loan from a bank.

Keeping it 10% or less avoids usury laws. Of course, a loan servicer licensed in that state is also mandatory now. You call your shots on interest, so you can make it whatever you want. Again, if they can get a regular loan at 4%, great! If not, they are a risk and deserve to be charged a higher interest rate & a higher down payment of 10-20%.

No interest loans are dumb, unless you are independently wealthy or selling to family members or close friends. Just don't expect to get anywhere near what you want for it if you need cash and are forced to sell it.

You too!

 The whole reason for Seller Financing in modern times is a way for a property owner to sell to a person who can not get a conventional loan from a bank. If they can get a loan, great, you are paid off, and that's it. 

By offering seller financing on free & clear property, you can sell more homes to people who appear to be a good risk, just check them out thoroughly. It is also an excellent strategy to get 2-3 times the cost of the home over the lifetime of the loan due to the amortized interest included in the payments. Banks do it because its extremely lucrative, and now you can also be the bank.

Also, you really should be charging 7-10% interest and not what banks are charging. Two reasons: #1, they are going to have to pay more for the loan, since they could not qualify for a low interest rate loan, and #2, it gives you a better structured note that will get top dollar should you decide to sell it in the future. You will get a much lower price with a zero or 2-3% interest note vs a 7-9% note. 

Just make sure you are using a licensed RMLO in the state you are selling the note. Good luck!