Re: A cookie Cutter approach to Use

[ Follow Ups ] [ Post Followup ] [ CREOnline Cash Flow Q&A ]

Posted by Chris Hackett on October 22, 2006 at 20:10:45:

In Reply to: A cookie Cutter approach to Use posted by Michasel Morrongiello on October 22, 2006 at 18:18:28:

Thanks for the informative and encouraging reply.

I feel confident in my ability to locate, negotiate, and contract the acquisition of these properties, but clearly don't have the experience creating paper with the intention of selling it.

I also am failry confident in my ability to locate, install, and season a buyer.

I definitely don't have the experience of creating the paper and documenting the payment history for seasoning.

One quick question with regards to using owner-financing as a marketing tool. Clearly with sub-prime borrowers, the pitch is easy. "Come let me write a mortgage for you when the banks and lenders won't .. I'll give you a chance when no-one else will." Often those are my typical buyers. I'm very cautious to stay away from "D" credit buyers and folks who clearly have a track record of poor financial decisions. But I try and sell to folks that have what I would characterize as "situational" based credit issues. Recent job change, death, divorce, failed entrepreneurial venture (I have a real soft spot for these).

I guess I'd like to hear some folks articulate the "pitch" for owner financing to someone that has a 600 credit score and has 5% cash to put down. Seems there are mortgage brokers everywhere that are claiming they can finance just about anyone with a pulse, often at 100% and often with middle scores as low as 580.

What is the profile of a buyer that's a good candidate for this type of owner financing?

Thanks so much for the information. I'm very enouraged and motivated to put together a note deal.

Chris Hackett


Follow Ups:


Post a Followup

Name    : 
E-Mail  : 
Subject : 

Comments:

[ Follow Ups ] [ Post Followup ] [ CREOnline Cash Flow Q&A ]

CRE Online, Inc. © 2006, All Rights Reserved.
creonline.com