T-value - Posted by Glen SoCal

Posted by wwjmaj on October 02, 2003 at 13:36:54:

Lyal, I like your style! My partner and I do exactly that…he is the good guy who sells, screens and runs credit but when they close, they see me and he tells them I am not only an attorney but one big P****…I tell them at closing, after carefully reviewing all paperwork and getting signatures on disclosures that I DO NOT represent them that it is all real simple- as long as they pay on OR BEFORE the due date they have a home but if they are late they WILL pay a late fee and I WILL have their home back!

So far (2 years and counting) we have had 1 late pay which was last month and it was in my office by 5:00 on the second with the late fee and a note of apology. (ALL pays are due on or BEFORE the 1st). We usually have all payments 2-3 days BEFORE the 1st!

T-value - Posted by Glen SoCal

Posted by Glen SoCal on October 02, 2003 at 08:54:55:

Lonnie recommended using T-value software. Does anyone have experience with it?

I’m considering using T-value to create a payment booklet for MH buyers.


Glen SoCal

Re: T-value - Posted by wwjmaj

Posted by wwjmaj on October 02, 2003 at 13:40:22:


We bought T-Value and my partner and our staff LOVE IT. I don’t play with that much because I am more concerned with the notes, security agreements, title apps and legal paper but I wonder why you want to mess with coupon books too. As an attorney the most common “excuse” I hear for the Bankrupt or other dead beat debtor is: “I lost the coupon book so I couldn’t pay” or “They never sent me more coupons”…I don’t want another excuse when we sell on time…I JUST WANT MY MONEY!

Re: T-value - Posted by Paul(TX)

Posted by Paul(TX) on October 02, 2003 at 11:12:56:


You might also check out “Notesmith” (www.notesmith.com) that has a few other features available.


Re: T-value - Posted by Lyal

Posted by Lyal on October 02, 2003 at 10:31:56:

I’ve been using TValue for about 5 yrs and highly recommend it. Not sure it’ll do the “payment book” thing but then again I’m not sure I’d want to. If you forget and they run out of payment stubs, it gives them an excuse to delay payment (“I was waiting for the new payment book”) plus it’s just one more thing to take care of. Once you get rolling, you’ll be way too busy to fool with it and it’s hard do stop once you’ve done it.
I tell my buyers at closing that I DO NOT collect payments(!!). I also don’t provide envelopes, stamps etc. I expect a check or money order to be in my PO Box by the due date. If not, they can expect to pay a late fee and if they default, I WILL take the home back.
All the best, Lyal

Re: T-value - Posted by KenS(WV)

Posted by KenS(WV) on October 02, 2003 at 14:10:33:

I use Notesmith. You might get some differing opinions but I like it. I am not trying to collect late fees and although Lonnie says you can make a lot of money on the same home taking it back, I don’t want to spend my time doing that. I send out monthly statements from Notesmith. Coupons booklets don’t say pay me now like a statement in the mail a week before the end of the month.

Just my 2cents.

Good luck,

Re: T-value - Posted by JDL

Posted by JDL on October 02, 2003 at 13:10:46:

Hi Glen,

You can download excel forms from Microsoft that figure that out for you. I also purchased a Real Estate calc because I wanted to know how it worked and it works, OK.

Lost my marbles - Posted by Glen SoCal

Posted by Glen SoCal on October 02, 2003 at 20:18:12:


I don’t know where I got the payment book idea. I thought it was from Lonnie’s book, DOW. But looking again, it wasn’t there.

Lonnie was referring to a T-Value amortization schedule print-out he furnishes to his buyers so they can follow their payment progress.