Posted by Steve–DC on October 22, 2000 at 03:17:44:
I guess I was being a bit naive when thinking it would be so simple to purchase the note(s) and then be able to obtain the property should the payor not perform.
Obtaining the legal help here in the DC area would not be a problem. Heck, we have more lawyers per capita than any place in the world. PAYING for that help is another thing…
I figured that the best place to start doing the paper deals would be right in my local area, especially in the park that I can make my “golden goose” park. This way I would know about some of the potential problems that might be attached to the property–back taxes, rent overdue, etc. I know I would have to do my research but I figured that I this approach would pay off just as well as buying the property. Maybe better. Since the high demand for lower cost housing in my area makes it (so far) seem harder to find those “cheapo” Lonnie deals, I thought it might be easier to find the owner held notes.
I knew that there would be certain things to watch for to make sure that the purchase of the note(s) was not only legitimate but also legally well-protected. What I did not know was what those things were. I figured that having an attorney in on the first several deals would be necessary to make sure all the clauses in the notes kept us (me and my wife) protected. But, after learning more about the different contracts that were out there, I thought it would not always be necessary to have an attorney review the contracts unless there was a clause in the contract that I had not seen before or one that appeared to be worded differently that might cause problems.
Does any of your books or tapes or study courses go into all of this? If so I will make sure and get them. I certainly want to pursue this path if I can make it safe–at least safer–and profitable.
My wife and I will definitely be in Atlanta. We will not be in until late Thursday PM but we will catch up with you sometime over the three days and try to talk a bit more. We are certainly looking forward to your part of the workshop.
Thanks again for the info. It will give me enough info to get started talking with my local attorney. If you have any other criteria that I might need to know about, please post them or email them to me.