Posted by Michael Morrongiello on June 07, 2002 at 22:13:41:
Sharon:
What is sounds like is this “outfit” is wanting to do is to have you troll for potential buyers of homes that have reasonably strong credit, and who themselves might not feel they can their own financing.
So now, once they pass the first screen test, you find a motivated seller and see if you can work a seller financed deal structure with such a motivated seller using these buyers as prescreen “bait” or prospective buyers to get them into the house (assuming they like the house). The resulting seller financed “paper” is then sold to generate CASH to the motivated property seller, which is what they want in the first place.
Will such a methodology work? sure… Is this going to be a lot of trouble, explanation, education, etc. of sellers to accept such a sales scenario? YEP again.
I have found that most of these people behind the infomercials, and other snazzy marketing gizmos, often prey on people wanting to make a quick buck or two. The reality is that this industry does require QUITE a bit of work, education, continue study, and determination in order to earn income on a regular basis.
Many legitimate Note funders or “paper” investors will work with you in a similar fashion.
Hope this helps.
Michael Morrongiello
Does This Progam Sound Legit To You - Posted by Sharon
Posted by Sharon on June 06, 2002 at 19:58:09:
I need advice. Someone contacted me from another state about their owner finance progam where I would be a bird-dog and get paid $500-$1000 where I live to do a deal.
The way they ran it down to me is that I would place a ghost ad in the paper for buyers advertising a house for sale,with 5% down and no bank qualifying. I would then tell them the house is sold, but when I my inventory stocks back up I will give them a call. Then I would proceed to ask them what type of house they are looking for and how much of a down payment they have and blah blah…Then I would have them fill out a 1003 application form and fax it to my notebuyer associate, and he would check them out and give me a green light if everything checks out and they fit the program. Then I would find a motivated FSBO house that meet the criteria the buyer is looking for, and the note buyer would take if from there, and I still would have to go to the FSBO owner house with contracts and deal with the buyer until the deal is complete and get paid.
Has anyone been involved in a program like this before. It sounds like a way to generate some fast cash.
Thanks for responding.
Sharon
Re: Does This Progam Sound Legit To You - Posted by Stuart Halpryn
Posted by Stuart Halpryn on June 09, 2002 at 19:42:44:
Sharon,
Answer your own question and let your conscience be your guide.
Is it morally right to do what you suggest above?
How much are you willing to sell yourself out for?
It’s only hard to resist the first time, each time after that it’s so much easier to take the wrong road.
Deception is deception, whether you ‘think’ it hurts people or not, and the first person that you cheat will be you.
Choose the road that you take carefully, making the right choice becomes easier each time too…
Regards,
Stuart Halpryn
President
The Note Pros