Posted by Michael Morrongiello on October 10, 2003 at 17:37:59:
Follow the 3 P’s processs;
Obtain Information on the PAYORS who are making the payments under the land contract? (how are they paying?, what do they do for a living?, what is their credit like if known?, are their SS#'s available, etc.)
Then obtain details surrouding the PROPERTY?
(where is it located?, what type of property and occupancy?, # of bedrooms/ bathrooms, square footage, etc.)
The 3rd “P” and perhaps the MOST important step is to see if he would be willing to provide you with some basic rudimentary documentation or relevant PAPERWORK that surrounds one of the properties he sold where he took back a land contract.
This information will provide YOU and more importantly the Note or “paper” investor with most of the facts surrounding the property, sale and repayment terms, who signed, etc.
Gather all of this information together and discuss it with a Note funder or investor (like Sunvest). They should be able to quickly ascertain what you have and assist you in pricing the deal(s)…
To your success,