Discounted Notes - Is this worth trying to find? - Posted by KenH

Real Estate Investing Notes
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Posted by Charina de Vera on May 27, 2005 at 11:18:46:

I asked for a SS number when i applied for an immigrant Visa.I was told that I should get my SSn card w/in 3 weeks after i arrive here in US,and that i shouyld contact SSA if i do not get my card w/in 3 weeks after coming here.Ive been here in the US for exactly 35 days now,I already called SSA and told me to just apply for a new one.But I am wondering,Should i apply for a new SS#?I couldnt get an ID and process my NclexExam and get a job because i have no ss #,and i really need it ASAP.Should i consider my application for SS # when i applied for an immigrant visa lost?Please reply!THanx a lot!God Bless!

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Discounted Notes - Is this worth trying to find? - Posted by KenH

Posted by KenH on September 16, 2004 at 09:29:52:

Do investors reaaly buy these kinds of notes?

I am a Mobile Home Dealer in Houston TX.

I can easily produce 15-30 notes a month once I find investors willing to purchase notes at a discount yielding 15 to 17 percent to the investor.

I primarily sell Brand New single-wide, Vinyl/Comp, Wind Zone 2, 16X80 Mobile Homes to New Immigrants who do not have a credit bureau or Social Security Numbers but good Job time and Job References.

These homes will be placed in Parks with NO LAND involved.

Here is an example of how I see the process working

I would sell a NEW 16X80 for $38,000 on the following terms:

Sale Prices: 38,000
10% down: 3,800
Note value 34,200

Contract Term: 120 months
Contract Rate 12.99%

Contract Payment: 510.44

I would keep the Down Payment and sell the 34,200 note

At 15% yld the 34,200 note would be sold for: $31,638.59

At 17% yld the 34,200 note would be sold for: $29,365.89

For those who can purchase 20 or more Notes at a time we could look at a 18% yield where

At 18% yld the 34,200 note would be sold for: 28,328.69

If you can tell me how to make this type of note transaction work please contact me

Kenneth Hocking
713-910-4663

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Immigrants without social security numbers - Posted by TheTaxTruth

Posted by TheTaxTruth on September 19, 2004 at 24:09:56:

Just an interesting fact.

Immigrants are among the only groups of people that by law need to apply for a SSN…unless they are Illegal immigrants.

Citizen’s of these United States are not required anywhere in the United States Code (laws) to apply or have a SSN.

You can look it up at 42 USC 405(c)(2)(B)(i)

A US Citizen is not in the list of people required to have a SSN.

Interesting, isn’t it!

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Re: Discounted Notes - Posted by Patti

Posted by Patti on September 17, 2004 at 11:26:14:

YES! Email me!

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Re: Discounted Notes - Posted by Chuck

Posted by Chuck on September 16, 2004 at 10:53:25:

It’s called chattel financing… finance the home on rented land… but the fact that your doing this with “New Immigrants who do not have a credit bureau or Social Security Numbers”… is definately a negative factor.

The only way I see this working, is if you fully guarantee the note… that means that you’ll pay the payments or buy it back from the investor or replace it with another of like-value, if the home buyer should default.

You asked, there it is.

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Re: Immigrants without social security numbers - Posted by Charina Lolita T. de Vera

Posted by Charina Lolita T. de Vera on May 20, 2005 at 12:17:09:

Greetings! I just arrived here last April 22 and until now I have not recieved my SS number.I already received my Green card.
I was petitioned by my dad who is a legal permant resident here.PLease reply if u receive my message tnx!

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Re: Immigrants without social security numbers - Posted by TheTaxTruth

Posted by TheTaxTruth on May 26, 2005 at 23:01:09:

Did you apply for your SSN?

If you did, you will get it at some point.