Monthly payment coupons? - Posted by Joel

import · January 10, 2003, 7:32am

Posted by Steve-WA on January 10, 2003 at 12:02:54:

if several buyers are making a payment for the same amount, I give them deposit slips with their lot # on it (online, my bank shows me a scan of the slip), or make their payment a different amount than anyone else’s, even by cents.

import · January 10, 2003, 7:32am

Posted by Joel on January 10, 2003 at 08:32:50:

I finished DOW and am 1/4 through Lonies second book…

Question: After you have created your note do you give your buyer anything like a payment coupon book or do you just give them your address tell them to send the payment to it.

Just curious…

Joel

import · January 10, 2003, 8:39am

Re: Monthly payment coupons? - Posted by Jacque - WA

Posted by Jacque - WA on January 10, 2003 at 09:39:58:

Hi Joel,

If you just have a few notes, you can use the computer to generate coupons. I know others use individual checking accounts and it works for them. I currently use a company that collects my payments and sends something similar to a coupon booklet out to my new owners. It?s more efficient for me and I don?t have to worry about numerous checking accounts or checking to see if they?ve paid or not. This company also handles all of my evictions and they do a great job of staying on top of things. They download the payments directly into my account twice a month and I receive updated statements once a week. (The cost is $6.00 for each collection ? a minimal fee for me.)

There is software that will do a good job of printing out coupons. Loan Value, which I believe is still available for a trial download at www.loanvalue.com.

I know that Notesmith has a feature for coupons and amortization schedules as well. There website is: www.notesmith.com

Happy Investing,

Jacque - WA

import · January 10, 2003, 8:26am

Re: Monthly payment coupons? - Posted by Steve-WA

Posted by Steve-WA on January 10, 2003 at 09:26:51:

Joel, I have followed Karl(OH)'s lead and have checking accounts for buyer’s use FOR DEPOSIT ONLY. I give them a book of the deposit slips, and make it a default bullet point in their note to misuse the account or its number.

I also have given them a set number of preaddressed envelopes - they number them backwards.

import · January 10, 2003, 10:44am

Re: Monthly payment coupons? - Posted by Trent

Posted by Trent on January 10, 2003 at 11:44:06:

does the company that you use to collect notes have a website? Can you tell me its name?

Thanks
Trent

import · January 10, 2003, 10:45am

Re: Monthly payment coupons? - Posted by Joel

Posted by Joel on January 10, 2003 at 11:45:47:

So when they deposit it to your account, how do you know how to match the deposits up? My bank just shows deposit amounts and I can’t figure out how you would match the payments up.

Joel

import · January 11, 2003, 12:00pm

Re: Monthly payment coupons? - Posted by Jacque - WA

Posted by Jacque - WA on January 11, 2003 at 13:00:39:

Hi Trent,

I use Alliance and I’m not certain if they have a website or not.

There are several third-party collection agencies around. They provide a service well worth the money. They handle all the collections, tax statements as well as receiving and depositing the monthly prayments. It is especially valuable if you have to go out of town or travel a lot like I do.

Good Luck,

Jacque - WA

import · January 10, 2003, 8:09pm

Re: Monthly payment coupons? - Posted by Karl (Oh)

Posted by Karl (Oh) on January 10, 2003 at 21:09:40:

I have a separate savings account for each payor. Then there’s no question who made the payment.

I use Notesmith, and love it. It has a feature that allows you to print payment coupons for your buyer. And I put the savings account number on each buyer’s coupon.

Karl Kleiner