Posted by John Behle on February 26, 1999 at 13:40:25:
Here’s the address of J.P.'s article I mentioned. It’s at: http://www.creonline.com/articl13.htm
Structuring a Note WITHOUT selling the property - Posted by Andre(NC)
Posted by Andre(NC) on February 25, 1999 at 14:04:38:
How do I structure a note to myself on a property that I have purchased with owner financing? I was reading John Butler’s “My Second Success” where he had purchased a property with owner financing with plans to refinance in 90 days. His refinance plans fell through so he created a note own the property and sold it to an investor. I guess a better way to ask this question would be “How do I create a note on a property I own without selling the property?” I hope this makes sense. I have a deal which this will work perfectly on, so thanks in advance for your response.
Just find the buyer - Posted by John Behle
Posted by John Behle on February 26, 1999 at 13:31:54:
Local buyers will buy “Created Notes” at times, yet will probably want a say in how it is structured. Call around to the local buyers you can find and see what they will do. Some may have the note created direct to them. Some will just do a “hard money” loan. Others may buy a note that is created from you to another entity - like your corporation. Some will buy a note after it has been seasoned for a while.
You can always “self season” a note by actually creating it to your corporation or a friend and then actually making payments for a while.
One technique is the “Swap Paper with a Friend” technique I detail in “The Paper Game” book. I’ll see if I can find it on disk to email or post.
J.P. Vaughn also wrote a helpful article in the “How to Articles” section on how to create a note that you should read.