MEET THE TEAM

Dawn Rickabaugh, Broker
When banks say NO, I say YES!
Owner Financing Coach
support@notequeen.com
P.(626)292-1875
F.(626)451-0454



Archive for the 'Seller Financing' Category

If You’re Thinking of Selling Any Time in the Next 10 Years, Don’t Wait Another Minute

[Watch video]Selling now and offering terms (owner financing) will probably get the retired owners of a 37 unit apartment building what they want… much more so than refinancing and managing for another 10+ years.

Recent email from someone looking for a refinance (from a commercial hedge fund… Chase won’t refinance for them… they just want their $1,157,000 balloon payment):

“Dawn,

You have us thinking.  We would like to sell anytime between now and 5 years.  What we would like out of a transaction is $100,000 a year for 20 years.  Is that doable?  Otherwise, it will pay to keep the building.

Meanwhile we are all proceeding to have a loan in place by 10/15.  Loan is uppermost in our mind, but thought I’d give you something to think about–for us.”

Yes, great to be thinking… Just off the top of my head…

Installment Sale


Installment Sale


Use a Title Holding Trust instead


Sell to conventional buyer, cash or cash-to-new-loan and use Deferred Sales Trust

Of course, these numbers are based upon your opinion of value at $3,500,000.
Selling now will get you…

  1. A simpler life… no management to deal with
  2. You are buffered against downturns in the market in the next 10 years (very likely)
  3. You are buffered against major improvements that need to be done, like new roof, etc., new plumbing or electrical… catastrophic events

If you’re thinking of selling any time in the next 10 years,

THE SOONER THE BETTER!!!

Don’t waste another minute.  Things are stacking up to get more ‘interesting’, not less.  What you need to think about is quality of life, which of course is influenced by monthly cash flow, but also stress level, and how hard you have to work to manage the property, and what you could do with your time if you weren’t managing.  Wanting to travel more?  Visit family?  Take up basket weaving?

If you decide to sell, I would recommend that I co-list the property with an expert in apartment buildings (I know some), and I have the expertise in owner financing strategies and private money solutions that most agents lack.  If I am not co-listing the property I will need to charge you an up front deposit for consulting that will be refunded to you at close of escrow when we have the buyer bring in my fees as part of their closing costs.

Anyhow, we’ll talk soon!

Dawn

P.S.  Ask questions, make comments and connect on my Facebook Page!

P.P.S.  My real live book is available at last: “Seller Financing on Steroids: Pumping Paper for Power, Peace and Profits“  Book purchase includes a complimentary 30 minute consultation, so save the receipt!

Spoken by Dawn Rickabaugh | Discussion: No Comments »

Owner Financing Scam That Wipes Out Your Seller Carry Note

OK, so here’s a minority trend in the realm of seller financing that I’ve recently heard about, and it majorly offends me…

The perfect set up:

I know… you’re thinking,

“So what’s the problem???  That’s a 60% down payment for cryin’ out loud!!! I’d take that in a heart beat!  There’s $300,000 of protective equity on this deal!  I HOPE they default so I can take the property back and sell it again for full value!”

Not so fast…

The $300,000 that the Seller received at close of escrow was a loan from the Buyer’s Private Money Buddy, and the seller carry back loan was in 2nd position.

THERE WAS NO DOWN PAYMENT!!! 

Zip, zero, nada.  No “skin in the game”.  And there’s no problem if the buyer is 100% ethical and lives by the Golden Rule or the Golden Fleece or Fibonacci’s Golden Mean… but if the Buyer only lives for GOLD, here’s what they do…

They tell their Private Money Buddy,

“Hey Dude, I’m not going to pay you according to the terms of the note, so… you might as well foreclose on me, right?” (wink wink, nudge nudge)

The sellers/note holders (holding that 2nd lien note), if they’re not sophisticated and don’t take precise and definitive action, they’ll get wiped out at the Trustee Sale, and the Buyer and his Buddy get the property for a total investment of $300,000 plus foreclosure costs.

Sweet, huh?  I thought you’d like it.

So how to avoid it:

Owner financing is an effective and powerful tool when used

Wishing you the best!

Dawn

Spoken by Dawn Rickabaugh | Discussion: No Comments »

HR 4173 - Another Round of Threats Aimed at Owner Financing and the Note Business

***

[watch video] Help protect your personal property rights: the ability to use owner financing to sell your property, the ability to buy a property without needing to qualify for new bank financing, your ability to defer capital gains and enjoy cash flow for retirement by carrying paper.

If HR 4173 goes through unamended, it will greatly harm the real estate industry and the private note business.  Thank you, Eddie Speed, for sending around this email:

Dear Friend and Colleague:

With HR 4173 moving forward in conference, we need to contact the Representatives and Senators listed below, as they are Conferees and will have final decision as to the inclusion of Section 1073 and 1074.  Please review the draft letter (ready to be cut and pasted to your letterhead) and the attached fact sheet.  Both items should be e-mailed or faxed to your Congressman.  (Sending to Congressmen outside your area will have little to no impact.)  The 5th paragraph has a bolded sentence where you MUST personalize or remove the sentence.

Who is your Congressman?

Contact a Senator from your state, or in state where you do business. Contact a Representative if you have property or do business in their
district.  If you are not sure check this site:

Please contact your Senator or Representative if they are on this list.

List of Conferees on HR 4173:

House Democrats:


House Republicans:

Senate Democrats:

Senate Republicans:

Donations to support this effort of a $100 or more would be appreciated, and may be sent to:

National Association to Protect Private Property Rights
1725 east South Lake Blvd. Ste. #102
South Lake, TX 76092

Don’t forget, here is the customizable letter to email or fax to your representative, and the fact sheet to attach to it:

  1. Sample letter
  2. Fact sheet

When banks say NO, I say YES!

Spoken by Dawn Rickabaugh | Discussion: 3 Comments »

« Previous Entries

Copyright © 2007 Note Queen | Seller Owner Financing | Buyer Blog | Land Trusts | Real Estate     Agent Login     Design by Real Estate Tomato     Powered by Tomato Blogs

ActiveRain Real Estate Add to Technorati Favorites Blog Directory