Posted by Asha on June 13, 2006 at 14:25:03:
Chris,
Thank you so much for being so organized in your response. Thanks for the clarity. What you said made sense. As this is what I thought as well as my father. Ok, we’re good on that.
Greatly Appreciate You,
Asha
It’s so nerve-racking and a bit discouraging… - Posted by Asha
Posted by Asha on June 13, 2006 at 03:43:46:
I was utilizing the search tool to find some answers and just plain browsing. I’ve come across some very useful information for the future, but my gosh the amount of information out there and not just this forum is OVERWHELMING sometimes…that I get discouraged and thinking that I’ll never learn this stuff nor put it to some practice because everytime I come across one thing another topic and issue arises. I do so much better with hands on training. I learn a heck of a lot faster. I feel like I’m never going to be able to get started putting what I’ve learned so far into practice. It’s hard to keep your focus when their is so much that you have to be focused on. But if I just dive in now with some trial and error. Sometimes, I’ve got to be in the situation to understand it in its entirety. And this is one of them.
I don’t want to ask questions because I know how people can get when one person’s question has already been answered. But this forum is not as organized as it could be to make the search tool much more effective in seeking out an answer to a question that has already been asked.
Anyway, if I don’t ask I’ll keep looking only to be taken in another direction away from my question at hand because I still have a lot more to learn, but I first need to get the answers to my focus at hand. Please don’t be mad at me folks. I am really trying to keep myself from giving up on this industry. I had another question, before this one, but all the researching for the answer led me to no answer, instead I got distracted by new information (that I need to know anyway) and have found this forum. I have been doing google searches and cash flow industry forums. I just keep getting re-routed elsewhere. Not finding the answers to my questions at hand.
Structure is discussed here on this forum when working with notes, why can’t there be some structure and organization when posting and using the search tool? It would make it so much easier for one to find answers if you have a certain format for the subjects. Like, if you are needing an answer to how to structure seller financing, the subject should only read “How To Structure Seller Financing” and only one message would read that title and everyone would post to that thread. There’s several ways I can think of that would work for this style and layout of a forum.
I’m used to different forums that are more organized and structured even with advanced search tools to be more user-friendly. The layout is totally different from this one, too. They have Admins, MODs and Supervisors of the forum. This industry is making more money than the forums I’m a member of, can’t there be some better incorporations to help prevent “dead ends,” and people from asking the same questions resulting in some posters saying to use the search tool which is not as user-friendly as it could be? Is money even the issue, probably not. There’s some great companies out there that offer great forum websites and tools. Anway…
I really could use a personal coach to avoid all of this, if I only had the money for Russ Dalbey personal coach program. Because having to go through countless search results only to not find the answer I am seeking seems like a lot of time wasted. But everything is still very useful, but it’s just not answering my initial questions and concerns.
And no, I’m not asking for a personal coach, I’ll figure out some way to pay for Russ Dalbey’s personal coaching program, but in the meantime, I have to stick with searching forums and google for answers.
Ok, I was trying to help my father in selling his house he had built back in 1997. And at first I mentioned to him to do seller-financing. But after reading more and more, that may not be a good idea since his newly created note would be considered “unseasoned”, right? And not too many investors by unseasoned notes, right? I thought about Simult. closings, but I’d have to do more research on the structure and process before presenting it to my father. My father had questions that I really didn’t understand because I’m still learning the terminology of this industry. So, I couldn’t ask them.
But I think I remember him saying that his equity is $100K or so (no more than $150K. His house is worth about $200K or so (no more than $270K). He says he could use his equity to do the seller-finance. Is that correct, is that what people are doing when they seller finance? My father still owes on his house, too. I do understand that he will need to find a buyer after setting up the seller-financing before he can try to sell his note to an investor. But I read on another forum that an owner can get more for what they want if they did simult. closing. So, I should mention this option to my father as well.
Thanks graciously & prosperous regard,
Re: It’s so nerve-racking - Posted by Christopher Lippincott
Posted by Christopher Lippincott on June 13, 2006 at 11:57:07:
(Q) He says he could use his equity to do the seller-finance. Is that correct, is that what people are doing when they seller finance?
(A) You need “equity” to be able to create a seller financed opportunity, yes is the answer
(Q) I do understand that he will need to find a buyer after setting up the seller-financing before he can try to sell his note to an investor.
(A) If you “want to sell” the owner financing (note) you certainly will need to locate a buyer. Finding a buyer ?before? the creation of the note will ensure a value based on down payment, credit, income, interest rate, amortization etc…
Nobody knows better than the buyer how to structure a ?valued note.? Make sure the value is there for you as well,
Making sure you know what is sellable before creating a note is as close as you can get to ?ensuring? a quality return on your investment(s)
DO NOT create a note and then hope it is sellable,
Chris