Table Funding
Hi,
I was just wondering if anyone had any experience with using double closings using notes. I know what makes notes attractive to end note buyers, from numerous searches here on the sight. What I want to do is sign contracts with the sellers for under mkt. value and bring in the buyers by creating notes.
I want to bring in the note buyers at closing and fund the first transaction with the note from the second transaction.
Again, just wondering if anyone had any experience with this.
Thnx
This is funny. Did you just return from a LaLa Seminar or did you think this up yourself?
These deals are very possible, I have completed several. First off you must have the proper purchase & sales contracts when buying & selling for your protection. You must have a relationship with a note buyer who is familar with the funding of these transactions. You must have a title company who is also familar , most of the time you can have the note buyer brief the title company on the note buyers procedures for funding the deal. Hope this helps...
Keep in mind your cost to purchase hold and resale our also percentages of the sales price..
First, look at the costs that sellers typically pay during an escrow:
1. 6% real estate commission
2. Title insurance
3. Escrow fees
4. Transfer tax
5. Natural hazard report
6. Termite clearance
7. Roof certification
8. Water heater strapping
9. Smoke detectors
10. Repairs to bring to market standards
11. 4 to 6 months holding costs, waiting for it to sell
a. Mortgage payments
b. Property taxes
c. Property insurance
d. Monthly maintenance
12. And the cost no one thinks they pay – loss of time and fear of loss
What I mean by this is that you will be offering them a solution so they can get on with their dreams and goals, or out of this headache, and there is a cost for waiting for someone else to come along and give him what he wants for the house. Maybe they want to buy a certain house but they can’t until this one is sold, and they are afraid someone else will buy it before they can. Fear of loss is a great motivator.
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You rock.
K2K
Check with your local REI club.
They are a great source of referrals from everything to title companys to attorneys.
Did you try the new zillow website. It has many counties connected to it and from what I see and hear it is pretty close to market. You can also contact a few agents and tell them you need comps run and what you are looking for. They may end up getting you some MLS properties to wholesale.
https://fwprodweb1.firstam.com/fastweb/fwlogin.asp
Login itsyournewhome
Password REIUniverse1
email me if you need more help
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Michael,
That site is awesome. Thanks for sharing it. Just a little note. I checked my home and the home I sold before this one and the sales prices was off but showed the correct mortgage amount. Is there a formula to get the actual price or are there just discrepancies in the county records? Thanks again
Thanks for your help, this site is awesome!
v/r
Mickey
Ditto, great site!!! Thanks for sharing.
Bookmarked!
sorry everyone but the password will change 3-14-06
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Too many people logging on to your account, Ibuy?
something like that....
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Sorry:-(
dont worry I will figure something out... How many people really want it anyway?
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IBuy,
I would like to check that site out and use it, if that in not a problem?
I am definitely interested in it!
Looks like I got here a little too late.
got busted on that huh. lol just read it today and thought wow will that get restricted fast...
zillow should work for quick comps and when u get down to business, call your investor friendly investor
loandudefromsac-
I only get tax value my area, do you get FMV listed? For www.Zillow.com, that is.[ Edited by d_random on Date 03/15/2006 ]
Well I happen to be a Realtor who is very good at comping a property...
Everyone, Realtors, Investors, Buyers and Appraisers should all take into consideration economical and functional obsolescence.
But to say that all Realtors are unable to comp structure is unfounded and prejudice to say the least.
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Here we go again...
http://www.thecreativeinvestor.com/residential/modules.php?op=modload&name=Forum&file=viewtopic&mode=viewtopic&topic=53676&forum=20&start=0
Comping a property accurately is essential for a realtor in getting a property listed and sold...educated buyers have their own realtors and aresenal of knowledge..if a property isnt priced correctly by a listing realtor then its not going to sell..
Sham718
Biased Realtor
I could not find anything on property on Zillow. Just looking at a couple homes of family members in my city and came up with no home found. It was useless to me. I put in only Jefferson City, Missouri (pop. 40,000) and only 2 homes showed up.[ Edited by Linhardt on Date 03/15/2006 ]
Theres articles of investors conspiring with local county officials to get public info before its released, that doesnt mean all investors names should be dragged through the mud..whats your point lagoon?
Quote:
On 2006-03-14 19:13, IBuyHousesInc wrote:
dont worry I will figure something out... How many people really want it anyway?
I would LOVE to look at it...