Posted by Adam on June 16, 1999 at 18:19:39:
I heard JimNC who wrote ,"$1,000,000 Worth Of Homes With No Money "was doing realy well with the concept with Real Estate agents,
Only thing is he’s seemed to have dissapeared.Anyone
know were he went?
For Note Buyers/Sellers/Creators - Posted by Sheik
Posted by Sheik on June 16, 1999 at 08:03:35:
Does anyone here actively flip properties via the
note creation technique…like the Ben(IN) deal.
Ex. Contract property at about 85% of FMV - flip to a
retail buyer by creating a 1st for about 80% of
FMV and a 2nd for 10% of FMV with 10% down. Sell the
discounted first to fund the deal - keep the 2nd for profit.
I have never done one of these yet but after studying the
concept it seems like the best thing since slice bread.
Depending on the investor’s purchase price, the investor
could get CASH at closing and CASHFLOW (from the 2nd) as
well.
Frankly, I am a bit skeptical to do one because of some of
the horror stories I hear about note buyers promising to
purchase these simultaneous notes if they are structured
right - then they fail to produce when presented with a
deal. I would hate to run around town tying up properties
and not be able to sell any of the created 1st mortgages.
I would appreciate comments/advice from those of you who
have done these types of deals - the pros as well as the cons. Thanks.
Sheik
Re: For Note Buyers/Sellers/Creators - Posted by MarkNC
Posted by MarkNC on June 16, 1999 at 21:07:42:
Yes I average about 3 per month. Once you know exactly how to set up the notes and qualify your buyers it becomes second natrure and you can make a very comfortable living doing this without any of the so called horror stories you hear about the deals not being funded. If you want more information contact me at 704 483 8505
RESPONSE- For Note Buyers/Sellers/Creators - Posted by Mike Morrongiello American Note
Posted by Mike Morrongiello American Note on June 16, 1999 at 18:37:03:
Sheik:
We would love to work with you to perfect this concept. Please call me @ 800-659-2274 or click on our American Note banner ad above.
Michael Morrongiello
Re: For Note Buyers/Sellers/Creators - Posted by Bob-MD
Posted by Bob-MD on June 16, 1999 at 08:53:24:
Sheik:
Contact Jerry Hofrock, Capital Capital, corporation in Austin, TX at NoteBanker@aol.com (512-266-2822). I met him at the Atlanta financing conference and this is exactly what he specializes in.
Bob