Posted by Ed Copp (OH) on February 17, 2001 at 20:04:28:
You might create a sellable note for the equity. Lets say that the equity is $20,000. You could create a note for a little more, so that it could be sold for $20,000 perhaps $23,000 (note). So the seller could then discount the note for cash immidiately. How well this works depends on several things. How much the property can be sold for is probably the most important. How much the note can be sold for is also important, and you need to have this figured out before you start. And how well you type…that’s how you get a note you know. Just take a blank note form and roll it into a typewriter, type in all the stuff, roll it out and sign it; that’s it you have a note. Finding a buyer for the note will be a little harder, but can be done.
There is a special (almost secret) rule in effect here, that is; “All rules have exceptions”.