Promissory note question - Posted by Rodney (AZ)

Posted by Rodney (AZ) on January 17, 1999 at 17:17:23:

I’m getting started doing Lonnie deals in Arizona. My question concerns the Promisorry Note. Is it advisable to get the note “notarized” (sounds logical!)? How about the purchase agreement? I am really unclear as to the legal document requirements for a Lonnie deal in AZ. Any help would be great…



P.S. - I’ve been doing things “by the book” (Lonnie’s, of course). I placed a “test” ad in the local Pennysaver rag, and got a great response! I was able to start a list of potential buyers from this ad. And it was real interesting that NOBODY asked “how long” or “what’s the interest rate”. Just “how much down” and “how much a month”! Just like Mr. Scruggs said. Oh yeah, I heard some real tear-jerkin’ stories, too! Just thought I’d mention this in case there are any other newbies out there that have read Lonnie’s books and are wondering if it is all possible. So far, he is right on the mark as far as my personal experience goes.