Posted by Marty (MO) on June 04, 2007 at 22:17:54:
control your deal. Uness the investor has contracts he wants used, use
paperwork that makes YOU comfortable. We use a simple promissory
note, like the one in DOW.
I don’t think you should tie the home to the deal. It complicates
repossessions… Also, it unnecessarily ties someone into your business.
“But that’s the home I invested in, I think it should get Moen faucets
and hardwood floors…”
Your lien is plenty.
If you don’t have an accounting background, buy John Hyre’s KISS
system. It’ll give you a great business model to deal with taxes and it’ll
give you airtight documentation to show your investors. As investors
get confident in you, you’ll find even more money’s available.
Also, I can’t recommend Jimmy Napier’s Invest in Debt enough. It’ll
teach you how to tweak both your mobile home notes and your
investor notes. You will be an expert. This is the guy who taught
Lonnie how to create notes…
Finding deals is the tough part. Finding money is the second toughest
thing. You’ve already got the book smarts and the money, so you’re
ready to rock!