* Land Contract Goldmine * - Posted by andyofindy

Real Estate Investing
1

Posted by Michael Morrongiello on October 10, 2003 at 17:37:59:

Andy:
Follow the 3 P’s processs;

  1. 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.)

  2. Then obtain details surrouding the PROPERTY?
    (where is it located?, what type of property and occupancy?, # of bedrooms/ bathrooms, square footage, etc.)

  3. 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,
Michael Morrongiello

2
  • Land Contract Goldmine * - Posted by andyofindy

Posted by andyofindy on October 08, 2003 at 18:05:15:

I live in a small town of about 10K in Indiana, and I have a friend who has about 15 houses, and sold them on land contract. He has mentioned to me in the past that he needs some cash (has 4 young daughters), and I was thinking that if I could help him liquidate some of those land contracts, I could not only help him, but help myself!

Also, the guy he buys his houses from, has other investors he finds houses for, and then they sell on land contract as well. If I could help Charlie (my friend), that could open the door to all these people, right?

Anyway, I’m interested in helping these people get cash for their land contracts, but I need to know the EXACT STEPS TO TAKE to help these people out. I’m familiar with Winning in the Cashflow Business, but I have more respect for those of you on this board who are in the trenches everyday doing the actual note investing.

I don’t currently have the cash to invest in these notes myself, so I’d like to start out brokering these notes until I do have the cash to invest for myself. So if any of you have some tips for making this all come to fruition, I’d appreciate it, and remember… I never forget those who go out of their way to help me.

Feel free to email me any time (or reply to this post).

Thanks!!