Promissory Note as earnest money deposit / DP - Posted by Clarence


#1

Posted by kris on October 29, 1998 at 02:13:58:

Will you have a positive cash flow from it? My problem is that I don’t have money to go into my pocket every month and feed a negative.


#2

Promissory Note as earnest money deposit / DP - Posted by Clarence

Posted by Clarence on October 27, 1998 at 22:40:32:

Has anyone attempted using a promissory note in lieu of cash as down payment as described by Russ Whitney in his book “Building Wealth” ?


#3

Most Recent Deal - Posted by PBoone

Posted by PBoone on October 28, 1998 at 01:34:19:

10 unit bldg
Purchase price - $485,000
1st Mortgage Assumable ( I did )
2nd Mortgage Assumable ( I did )
Balance Note
We split closiing cost, I paid for assumptions of loans
The seller was very motivated, his focus was in another area of the state and wanted to let go of the management.
This deal was a win-win because we both got what we wanted … he got his price I got my terms with a good cash flow.
Pat


#4

Every Transaction - Posted by PBoone

Posted by PBoone on October 27, 1998 at 22:48:35:

We offer a note for every offer presented. Many times we are asked to put cash up many times we say no.
Pat


#5

Re: Every Transaction - Posted by Kris

Posted by Kris on October 28, 1998 at 24:42:21:

Hi Pat,

Has any of your offers, where you offered notes instead of cash down payment, been accepted??


#6

Re: Every Transaction - Posted by Dale(OH)

Posted by Dale(OH) on October 28, 1998 at 17:54:12:

Hi Kris ! I did my first deal and offered a note for the down payment and, it was excepted. I intend to try it again soon.