Posted by JHyre in Ohio on January 11, 2001 at 10:41:35:
from a very experienced investor by the name of Ed Wachsman- all payments beyond the amount due get 110% credit. For example, if the monthly payment is $200 and I get $1000 that month, the extra $800 is treated as a payment of $880. The brighter, more disciplined buyers know that this means much quicker note payoff. I get a little less money, but I get it alot faster to reinvest. Truly win-win.
John Hyre
Tax Season - Posted by Sean
Posted by Sean on January 11, 2001 at 08:48:50:
JHyre’s post below got me thinking of the other concern of tax season – tax refund checks. It can be worth your time to send letters to your payors encouraging them to put their tax return check to good use by paying down/off their obligations. Think of how happy that person will be to know the relief of owning their mobile home free and clear.
Also think of how their early payment will increase your yield and let you do more deals. Some sort of incentive couldn’t hurt either. I did a sweepstakes once with good success, but I don’t do that anymore because there are a lot of laws I know of now that I didn’t know of then!