Archive for February, 2010
National Real Estate CyberConvention & Expo - Talking with Realtors About Notes and Owner Financing
February 22nd, 2010 categories: Note Business, Real Estate News, Seller Financing
Sheesh… annoyingly long title. Wonder what Google thinks about it 
This is my first ever trade show, and my first ever CYBER trade show… it’s quite an interesting concept, and I didn’t know about such a thing until Bill Exeter turned me onto it earlier this year.
Check out my cyber booth:
Weird, huh?
Let’s see if we can get some Realtors to wrap (no pun intended . . . you know, like ‘wrap’ underlying financing??? - OK, I killed it) their heads around how to use Owner Financing strategies to close more deals and protect themselves and their clients in the process.
Hope you’re having a great Monday!
P.S. Don’t forget about tonight’s call:
Tonight, Feb 22 at 7:00 pm CST, former SMU law professor and attorney Bryan Dunklin will be discussing the proposed HUD statutes in the Safe Mortgage Act, in a call hosted by long time premier note buyer Eddie Speed of Colonial Funding Group, LLC and the NoteSchool.
Bryan is Colonial’s go-to lawyer for seller financing “legalese.” Known as a fellow who makes sense of the details, Bryan is going to share his perspective of the Safe Mortgage Act and what it means for seller financing.
You can register for the call here.
| Discussion: 1 Comment »
Deadline Extended for Comment on the Safe Mortgage Act Affecting Seller Financing
February 18th, 2010 categories: Real Estate News, Seller Financing
OK . . . we have a breather, but if you haven’t acted already, it’s time to put in your two cents.
I copied this mostly from David Butler’s posts over on CRE online. Gotta tune in, folks:
Perhaps due to the efforts of those who have responded to the HUD request for comments on proposed rules, HUD has extended the period for comments regarding the Safe Mortgage Act (SAFE Mortgage Licensing ACT Rules).
The new deadline to speak up is Friday, March 5th.
A good thing, but there is still much work to do.
On Monday, Feb 22 at 7:00 pm CST, former SMU law professor and attorney Bryan Dunklin will be discussing the proposed HUD statutes in the Safe Mortgage Act, in a call hosted by long time premier note buyer Eddie Speed of Colonial Funding Group, LLC and the NoteSchool.
Bryan is Colonial’s go-to lawyer for seller financing “legalese.” Known as a fellow who makes sense of the details, Bryan is going to share his perspective of the Safe Mortgage Act and what it means for seller financing.
You can register for the call here.
In short:
HUD has proposed to eliminate ALL residential seller financing unless the seller lives in the home or becomes a licensed mortgage originator. Such rules are onerous, and would likely chill the marketplace for seller-financing in one of its most important manifestations - the transaction of non-owner-occupied residential investment properties of 1-4 units - which is a significantly critical tool of many of the most successful and knowledgeable investors, CREI’s and real estate exchangors.
This effort needs all Realtors, REIA members, CREI, Exchangors, private note investors, and note finders/brokers to contribute their articulate reasoning about why the proposed rules regarding seller-financing and loan-origination licensing related thereto is unsound legislation.
For more on HR 4173, click here.
| Discussion: No Comments »
Market Visionary: Texas Note Guy Robert Young - Creating and Selling Owner Financed Notes
February 16th, 2010 categories: Note Business, Seller Financing
Some people just have a way of inspiring you . . .
If the Safe Mortgage Act isn’t preparing to destroy his business model as we speak, then Robert Young, owner of Texas Note Company, is the kind of visionary that will turn this market around, or at least keep the cogs greased until things get ironed out a bit (not personally holding my breath).
He started out learning the note business almost 3 years ago, now he’s got a thriving, growing system that takes care of him, because he takes care of everyone else… sellers, buyers, investors and agents.
I spent almost 45 minutes on the phone with him, and he’s putting deals together that are technically impossible if you ask the seasoned note buyers and brokers out there.
He has an investor that buys property cash or subject to existing financing, then Robert markets the property (he’s not a real estate agent) and gets a finder’s fee when he lands a buyer. When the note is seasoned for 3-4 months, he sells the note (and makes another fee) to a group of local investors who want to use self-directed retirement funds to invest in local paper.
These types of deals are not generally happening out there in the ‘real’ world. What makes it work is Robert’s reputation, his fairness (he’s not greedy), his creative juice, and his profound networking abilities in finding local investors that will do what nationally based companies usually can’t.
When I come across someone like Robert, I like to give him a nice SHOUT OUT!!!
Related Reading:
- Can I Sell My Note Right After I Create It? Reality Check on Simultaneous Closings
- Builders Move New Construction Homes Helping Buyers: Seller Financing Plus Simultaneous Note Sale
- Help Me Create a Note Worth Holding or Selling
| Discussion: 3 Comments »
