AJ,
Thanks for your post. Yeah - let me guess, OK and POlK Co. FL - similar cut of cloth.
But my thoughts were more directed towards the use, for example, of paper to purchase property … using a note purchased at a discount on a ‘third-party’ piece of property in lieu of having a note secured by the property the guy is selling, and some of the more ‘interesting’ strategies John tantalizes us with in his materials!
But, maybe I’m just being a snob - or don’t give myself enough credit for being able to explain things simply… we’ll see.
Again, thanks for the post.
Carol
I know the answer to my own question - nonetheless, I’m going to pose it. The answer is, no doubt, try it and see for yourself.
The question is, how amenable to the various ‘paper techniques’ are Mr and Mrs Seller, un sophisiticated, and probably suspicious.
John, I know you spend some time on the Paper Trilogy tapes talking about making it simple, un-scary for sellers.
You folks with some experience under your belts, comfort me in that this CAN be done in middle/ backwater USA, where an ARM is something you use to 'rassle with!
Re: middle America - or lower… - Posted by AJ - Oklahoma
Posted by AJ - Oklahoma on March 23, 1999 at 12:35:38:
No offense to any fellow okies out there, but you can’t get much more middle/backwater than Oklahoma (per capita income is right at $20,000). But I find that once folks realize that they can sell that note for CASH they understand. The discount bothers most. The ones who really want the money say, “okay, give me the cash”. The ones who refuse to take a discount just don’t want the money that bad. I always get a few calls when I run an ad that says “Receiving payments on a 1st or 2nd mortgage? Wish you had all the cash now? I can help.”
I’ve yet to find a person who did not understand, at least on a basic level, what I meant when I explained how their note could be sold.
So your answer is, yes, it can be done, even in our country’s most rural, most simple and least sophisticated areas.
I’m just a new guy at this but remember - the people you will be buying from have already taken back the note - so the concept of owner cary back financing is not totally foreign to them. The part that will be scary for them is they will have to take 60-75% of face value for it.
For Mr. and Mrs. Seller, it will be easy - you will be paying cash for all or part of their note.
The real creative techniques, IMO, happen after you own the paper and you attempt to improve it.