Just curious if anyone out there is using seller financing to move their properties and then selling the note at the closing table to a note buyer-- OR if anyone out there has experience buying notes like this?
How did you get started doing this? How would you recommend someone start? Is there a min. or a max. amount? What would you read, or who would you listen to on the topic?
Usually a note buyer wants to see some sort of seasoning on the note, so selling the note at closing might not be the best option. And since a note buyer likes to buy at a discount, this might not make it feasible either. There are a lot of factors to consider when using this platform so it is wise to check out all of your options first.
I have brokered simultaneous closings and there is no seasoning required. If you set your note up correctly you can get a nice price for that note. Lots of factors involved…LTV, credit, loan app, property, etc. Pretty much what a bank looks for also a note investor looks for. Good paper is at a premium right now since there is alot of junk out there for notes. I can e-mail you an example that I have off the board if interested. It breaks down that deal and what you need to do to maximize your discount. Continued success,
Nate-WI