Structured deal for a WIN - WIN - WIN

congrats on selling your House creatively,
everyone WINS. There is a place you can
list your notes for sale, called
Winning in the cashflow business,
may have to be a member to post?
not sure George41

Way to go' I have a house that I need to sell asap. This was my first deal that I did about 6 months ago and it hasn't flipped. Tried to refi no good, not even the bank who gave me the loan would refi even after they said they would once I finished rehabbing.
I need help fast, maybe this might be away to get some much needed cash. More info on how you did this deal would be a blessing to me.
Thanks Mike

Looks like a Win to me! I hope all the closing details go smoothly for you and congrats on the sale!

Rick888

I too would like some info on selling yor note and to whom and how did you sell your note especially with the tennant having credit problems?

I would love to have more details, Thx

Javron

Congrads on the deal...

Serena

Congratulations on your deal. I always believe a great deal is a win-win deal. So your win-win-win deal is awesome! Keep up the good work and continued success on all your future real estate deals. Believe and Achieve! - Joe

Nice deal, structured nice. I see you are a pro at this and it should be somewhat of a walk in the park!!! RIGHT? I am curious though, do you have a person lined up to buy the note??....Jan

on getting your home sold AND for doing it so creatively.

Lea
SPR Property Solutions, LLC

Im under the impression that you own the home free and clear. Good job REvans, but can you please provide more details? Why not just take out a HELOC or 1st mortgage and hold on to the property until the market picks back up since you already have renters in there?Is this possible if there is a mortgage on the property?

I'll try to answer all the questions.

Yes, the property is free and clear - no mortgages.

Why not HELOC? I tried to and was approved for one. Went through everything the bank said I needed to do: elevation certificate, changed the name from my business name to my personal name, etc.

When I had completed everything (and I had good credit) the bank said the rules had changed and they would not honor their previous offer. This was in late 2007. So, I rented the property for a positive cash flow for a year. Fixed it back up after the tenant was gone, put it back on the market for almost a year. Still nothing. I decided to get creative. I tried advertising it on Craigslist as a property that would qualify for the SHIP program. I had a lot of people interested in it but the money didn't come through for the SHIP program.

Back to the drawing board. I knew it was a great house but with so many on the market and the only ones selling (here) are the REOs or short sales. The retail market has all but dried up. Knowing that I was in the unique position of owning the property out right 100% I decided to price the property so that selling the note would not hurt the pocketbook too much and market it "owner financing". There are a lot of people out there that have some money but their credit is not great.

As for selling the note: There is a local businessman that owns a used car lot that also holds notes on property. I plan on approaching him once the deal is sealed. I appreciate the response received and will also check into the sites you have suggested on selling the note.

As for as negotiating the deal: We are still in the negotiating stage. The original deal I offered had a payment of just under $1000 per month. He said he would be more comfortable with $900 to $950. And, he only had $21,000 right now to put down.

My new proposal is $22,000 down, (closing will not be until March, he has good income and will not have a problem coming up with $1,000 more down). I reduced the amount financed by $7,000, which brought his payment down to $951 per month. Now, if you do the math you would think I had dropped my price by $10,000. I am holding a 2nd for $10,000 payable twice a year for six years at 7%. He had told me he has a new vehicle that he is selling before moving down to Florida. When he sells the vehicle he can pay off the 2nd note. It is structured so that if he sells the vehicle before September then he will pay off the 2nd without having made a payment.

That is all I have to say. SWEET!!! Let us kow how it works out, and I am confident it will work out for you.I like how you strucured the deal. Might have to get in on negotiations for me. LOL.... Sweet deal though. Keep going now!!!

Sound like a great deal to move the property,and to pull cash now. This is one of my plan to move property as well.I meet a person that buy paper at a realestate meeting just the other day and he mention that he is able to buy paper. If you want more infomation let me know. He's also a investor buying property . Good luck to you.

What a motivator! Great "out of the box" thinking! Good luck to you I hope everything works out well....Julie

I have a note on a property I have in Alabama but I still have a mortgage so I'm paying the mortgage $437/month taxes and insurance included and I receive $750/month from buyer. Can you let me know how you do with your note I will be interested on selling it to cash out.
Thanks.
Daniel