Posted by dewCO on November 15, 2000 at 15:37:38:
Check out the note and financing part of this board if you’re interested in that.
NEWBIE - Seller Finan., Inst. Buyers, Note Bus. - Posted by Mark Fabich
Posted by Mark Fabich on November 15, 2000 at 09:37:25:
Hi Everyone!
Please don’t laugh because I think I may have been brainwashed (I went to an AIG seminar last night).
During the seminar, there was a lot of talk about “The Note Business” in real estate. From what I gather you would find a motivated seller, find out what their cash price would be, tell them to find a buyer who will pay what they are asking if they seller finance and get 10% down, when they find a buyer, you use an Inst. buyer to buy their seller financed loan, and you make money on the spread.
Am I on the right track? How do I learn how to do this and find the Inst. Buyers? Should I have spent the $6,000 they wanted to learn how to do this?
I REALLY appreciate your responses.
-Mark Fabich
Re: NEWBIE - Seller Finan., Inst. - Posted by timothy lewis
Posted by timothy lewis on November 15, 2000 at 18:53:43:
No,I would never pay that much. There our companies that will help you set up these kind of deals at no charge to you.
Put your money elsewhere - Posted by Mark-NC
Posted by Mark-NC on November 15, 2000 at 10:56:54:
Mark,
All I can say is, Save your money. You can basicly learn that stuff for alot less or free . Besides, that type of program is outdated, over rated and is not that easy to do any more.
You will also find that institutional Note buyers are getting so tight on requirements it is easier to get a mortgage from a good mortgage broker.
The failure rate for someone trying to make money with that type of program or senario is over 95%.
If you really wanted to spend that kind of money to learn real estate you would be much better off learning the ropes of creative financing, L/O, Subject to, flips, ect. You will come out farther ahead in the long run.
Mark
Re: NEWBIE - Seller Finan., Inst. - Posted by Geoff Thomas
Posted by Geoff Thomas on November 15, 2000 at 21:06:56:
Tim,
Could recommend a company that does these kinds of deals for free?? Do they have a 800 number or website??
Thanks in advance for your help.
Geoff
Re: Put your money elsewhere - Posted by Mark Fabich
Posted by Mark Fabich on November 15, 2000 at 11:07:10:
Hi Mark,
I appreciate the reply. I had been questioning the success rate of the program myself (who whouldn’t when they need $6,000 right now because they’re flying out of town at 6 AM the next morning), but it really puts my mind at ease to hear it from someone else.
Thanks again!
-Mark
Re: NEWBIE - Seller Finan., Inst. - Posted by timothy lewis
Posted by timothy lewis on November 20, 2000 at 08:58:02:
Geoff, there is a funding company (sunrise funding) that can be reached through mac-enterprises.com. Go there and click on the financing button on left side of web page.