Posted by akachan on March 15, 2000 at 21:20:18:
nt
Keeping tabs on a ton of notes… - Posted by akachan
Posted by akachan on March 15, 2000 at 05:01:27:
An easy question, but one that has been bothering me. Let’s say you own 12 notes. So how do you keep track of what’s been paid on each note. I know I’m really displaying my ignorance here, but how do I know if I’m not buying a note that only has two $150 payments left? And as always, thank you for your wisdom and inspiration.
Re: Keeping tabs on a ton of notes… - Posted by John Behle
Posted by John Behle on March 15, 2000 at 13:18:07:
Keeping track of the notes is simple. You lay it out in a computer program like “Notesmith” that is built for collections. It’s at www.notesmith.com
As far as knowing what you are buying, that is a detailed process of due-diligence. In addition to payment histories, amortization schedules and the original note, you will usually get an “Estoppel” signed by both payor and note seller. That is just a simple agreement/affidavit as to the balance and terms of the note. I have my “Estoppel” for the seller of the note built right into my option to purchase. It also gives me an out if the terms are not as he represented them when I verify them.