It’s not very often that I have the opportunity to promote people I trust in the business with such enthusiasm. What’s really happening in the note industry? How much longer will NPN investing be a going concern? How has Dodd-Frank changed the landscape? Why is it more important than ever to make sure that you have licensing in place? My interview with Ron Happe addresses all of these questions.

NPNs have been quite the sexy thing the last few years. Some investors have made a lot of money, others have had a rough time of it. It’s a very information and labor intensive business, and if you don’t get the workouts processed, you don’t have the cash flow. And sadly, it can be hard to find a good servicer, who is also good at workouts. Main Street Capital is filling this niche. They have to figure this all out just to manage their own impressive portfolio of non-performing notes, so they are leveraging their knowledge and infrastructure into a business to help others.

They are also teaching others everything they need to know to buy and manage their own portfolios at their Note Mogul events, but afterwards, many people reali When they are fully set up across the country, I will board all of my owner occupied notes with them. And when my notes have hiccups, as they do every now and then, I have the best work out team in the county right there to help me, and to help struggling homeowners with resources that I simply don’t have time to keep up on. I am delighted to introduce and endorse Ron Happe and his top notch team at Note Mogul and Main Street Capital. Hope you enjoy and share the info with anyone else you know in the note industry. I will be at the Note Mogul event in July in San Francisco this year.

If you plan to attend any of the events (which I highly recommend) get $500 off when you use Discount Code: DAWN

OFC members-only chat:

Original recorded interview with Ron:

My guest, Keith, is someone I’ve met as I’ve traveled about with Walter & Quincy… the networking on these trips is more than worth the time and expense. I want to be like Keith when I grow up… living 100% tax free out of my Roth IRA. Keith (and others I’ve talked with) have found mobile homes on land to produce 20%+ returns, often over 30%. They buy with all cash, then sell with owner financing to someone who would otherwise never have a chance at home ownership. They can own their own home in less than 10 years, usually.

What a great win-win, huh? I’ll be looking at mobiles on and in my new area here in northwestern Nevada. I’m happy to be able to share some of the profound relationships I have made with you, hope you get some meaningful perspective out of it:

This is a ‘must watch’ presentation. Walter keeps my head spinning as he describes several ways to create passive income through wrapping underlying financing, whether it’s existing bank financing, or a private loan, or the use of options. He is a seller financing expert. One of my best friends in the industry, he and Quincy Long of Quest IRA (where I have my various self-directed accounts) host the IRA Fun Cruise that I am so fond of going on.

Prepare for a brain stretch…

The exit strategy for many real estate investors has had to change. How does an investor sell with owner financing, but walk away with the cash to do the next deal? One of our members gets specific guidance on just how such a transaction could be engineered in his area of the country. He is looking to get his seed capital back out so he can buy more property, but he will leave most of his profit on the back side. That way he has cash flow stacking up, waiting to pour in 3, 4, 5 years down the road, and he can attract note investors to buy his ‘green’ note.

I’ve known Henry (Buddy) Broome for about five years now, and he’s one of my all-time favorite friends and clients. For this month’s Club Call, he agreed to talk about his first owner carry purchase, and how he is transitioning more and more out of his attorney work. He bought a 5-unit apartment building with 5% down, and the sellers (who owned the property free and clear) carried a note at 4.75% amortized over 50 years to get the P&I payment to make sense from a cash flow perspective for Buddy and his wife, Tina.

Buddy’s not a professional guru, although he is turning increasingly into someone who is cultivating a following. He is generous with and supportive of others who are trying to learn and engage the real estate market as investors. I appreciate him taking the time to share his down home, real life experience. We both trust that you will gain valuable insights from his story.

My guests this month were Mark Stein and Terry Lewis of Seller Finance Consultants. They have been developing a service that fills a huge gap in the market. Until recently, it was VERY difficult to find a licensed mortgage originator who would accept the liability inherent in underwriting a seller-financed transaction. Because Dodd-Frank includes owner-will-carry sellers in the definition of a “Loan Originator”, many ‘mom and pop’ sellers and small time investors are all of a sudden worried about complying with this onerous legislation. On the forums and in real estate investment clubs around the country, people just said, “Dodd-Frank is no problem… if you’re going to carry the paper for a consumer, an owner occupant, then just hire a LMO to put the paperwork together for you.”

Seller Finance Consultants is coming online to fill the gap. They have a long history in the traditional mortgage business, and are now positioning themselves as the ‘go-to’ Dodd-Frank compliant company for putting owner-financed transactions together. They have several ways they can work with clients across the country. At the very least, go over to their site, and download the free reports they have put together. Be sure to get a copy of a very nice   Dodd-Frank Seller Finance Disclosure you can use when you put your owner financing deals together to document that you are exempt from Dodd-Frank (if indeed you are, as are most mom-n’-pops who only do one seller financed deal their whole lives). It’s very possible that down the road, it may be hard to sell an owner carry note if it wasn’t put together in accordance with Dodd-Frank, or if you can’t prove that you were exempt.

For more on Dodd-Frank, read this post:   https://notequeen.customerhub.net/dodd-frank-enstein-safe-act-for-seller-carry-owner-financing-a-conversation

I hope you enjoy this interview with Mark and Terry as much as I did.

How can you buy houses cheap, offer seller financing to get your price, and then sell the note, getting out with all your cash? What’s reasonable to expect? What about Dodd-Frank? Walter has created a system that works in his town, and the same or a similar program will probably work in yours, too. I am grateful to consider Walter Wofford a friend and colleague in the industry. He is an important thought leader and connector, and he always makes me laugh (*high value right there). Join us on the next IRA Fun Cruise in January!

Travis is one of the few note brokers I will work with, and I think you should understand how our relationship works. Of course he can’t give you every detail of how he sources his deals, he’s developed his own tricks of the trade, but the mental perspective he drops is invaluable if you are really going to make a go of it in this business. He makes my life easy, and as busy as I am, I really appreciate that, and… we trust and enjoy each other.

Kevin and Kyle of    InADayDevelopment created the iPhone and desktop app for the financial calculator that I love to use in my business, and for demonstration/educational purposes. In this meeting, they show us some of the cool features of the program, and some practical ways to use it in everyday life. Thanks, guys, you are amazing!!

Quincy is the one who finally got me to pull the trigger on setting up my first Self-Directed retirement account. I plan on buying partials and options in order to explode a small initial deposit into a respectable balance within a couple of years. But ‘prohibited transactions’ have to be avoided like the plague! Quincy is extremely knowledgeable and works very hard to provide responsive, responsible and timely service. I highly recommend you consider opening an account with his company: Quest IRA

There has been great concern about the new Dodd-Frank regulations going into effect January 10, 2014. Many have worried that it might be the death of the note business as we know it. It can dampen some aspects of the owner-financed world (and the notes created therefrom), but I believe there is still a lot of business to be had and solutions to be created, it’s just that we need to have our wits about us, good counsel and several tools at our disposal.

I am pleased that California attorney, Tyler Happe of Happe Reid, PC, Attorneys at Law, agreed to be interviewed and help us distill a lot of the information that is out there right now. He is well qualified to speak to the subject, as he and his father, Ronald Happe, an investor and LMO (licensed mortgage originator), have been active in all types of property and paper investments, and are currently involved in hard money lending, participating in the creation of owner carry notes for immediate sale (simultaneous note sales), and NPN notes of all types (1sts, junior liens, etc.). They are also familiar with land trusts, which is a huge bonus.

Thank you, Tyler:

Other resources:

Clint Coons, attorney: https://s3.amazonaws.com/NQwebinars/ClintCoons.mov

Bill Bronchick, attorney: http://legalwiz.com/owner-financing-dodd-frank-safe-act/

Mark Torok, attorney: http://reiretirementblueprint.com/dodd-frank-webinar/

CFPB: http://www.consumerfinance.gov/

Article by Ric Thom (see below) www.securityescrownews.com

The Heritage Foundation: Predatory Regulators

Ric Thom is one of the leading authorities in seller carryback real estate contracts. He presented a legislative update at the April, 2013 PAPER SOURCE NOTE SYMPOSIUM that answered everyone’s questions. The article below originally appeared in Bill Mencarow’s Paper Source Journal, and he and Ric have generously granted permission for me to use the article on this site.

Ric Thom owns Security Escrow in Albuquerque, New Mexico. He has served as a director and the president of Valencia County Board of Realtors. He also served as a director of the Albuquerque Board of Realtors as well as a director of the Realtors Association of New Mexico. Ric was recently named Affiliate Of The Year of the Albuquerque Board of Realtors. He is a certified instructor for the New Mexico Real Estate Commission’s continuing education program. He teaches the course “Practical Application of Real Estate Contracts,” which he created.

GET READY TO CHANGE HOW YOU CREATE, BUY & SELL NOTES

by Ric Thom

SETTING THE STAGE
First, none of what follows affects anyone today. It all applies to transactions on or after January 1, 2014. Further, none of it applies to any seller-carryback transactions where the buyer will not use the property as their personal residence.

When Dodd-Frank (“The Dodd-Frank Wall Street Reform and Consumer Protection Act”) was enacted into law on July 21, 2010, it said that you could only do three seller carryback transactions a year, and those transactions had to meet certain requirements:

• The note could not have a balloon.
• It had to have a fixed interest rate for five years, then it could adjust.
• You had to prove and document the buyer’s “ability to repay” in accordance with the Qualified Mortgage Rule (QM), which is quite restrictive. That’s the same rule that banks have to use if they want a safe harbor and not get sued for making a loan that didn’t fit the QM.

Because so many people wrote comments to the CFPB — and THE PAPER SOURCE took the lead — the bureau relaxed the seller financing restrictions. They came out with something that was a lot more relaxed than the Dodd-Frank law was originally.

The CFPB subsequently issued the following regulations. They apply to seller carryback notes created on or after January 1, 2014.

THE ONE PER YEAR CATEGORY
The CFPB broke seller financing into two different categories. One category is for those individuals, trusts or estates who do just one seller carryback transaction a year on a property that has a dwelling that the buyer will use as their primary residence.

Let me repeat that, because there has been so much misinformation circulated about it: this category is for those individuals, trusts or estates who do just one seller carryback transaction a year on a property that has a dwelling that the buyer will use as their primary residence. For them:

You do NOT have to prove or document their ability to repay. You CAN have a balloon in your note with the buyer. The note must have a fixed interest rate for five years, and at the end of five years the interest rate can increase no more than two points per year with a cap of six points above whatever you started at. You have to tie it to an index like a T-bill or the prime rate in the beginning.

That’s probably going to affect all but three to five percent of individuals who carry back notes.

Remember that these restrictions only apply to seller-carryback transactions on properties that have a dwelling that the buyer will use as their primary residence. A transaction on a lot or vacant land is exempt, even if the buyer plans to build a primary residence.

If the property has a dwelling,but the buyer is not going to use it as their primary residence — say they’re going to rent it or use it as a second home — then none of this applies, and you can offer seller financing with no restrictions.

Commercial property and multifamily that is five units or larger is also exempt from the restrictions.

Once again — the one seller carryback transaction per year category applies to individuals, trusts and estates. It does NOT apply to corporations, LLCs, partnerships or other legal entities. In that case the second category applies, which I will discuss below.

And again, these rules only apply to what the CFPB refers to as a residential mortgage loan where the note is secured by a dwelling or residential real property that includes a dwelling. Most people only carry back a note once in their lifetime, when they sell the big house, retire and move somewhere else. Some might do it a few more times. Even many real estate investors only do it once a year. These regulations are not a huge change for most people.

THE MORE THAN ONE PER YEAR CATEGORY
The second category applies to individuals, trusts and estates that do more than one seller carryback transaction per year when the buyer will use the dwelling as their primary residence.

It also applies to any seller-carryback transaction — even one– where the seller is a corporation, LLC, partnership or other legal entity and when the buyers will use the dwelling as their primary residence.

• The note cannot have a balloon.
• The note must have a fixed interest rate for five years, and at the end of five years the interest rate can increase no more than two points per year after the fifth year with a cap of six points above whatever you started at. You have to tie it to an index like a T-bill or the prime rate in the beginning. This is the same restriction as the first category.
• You must determine the buyer’s ability to repay.
• If you do no more than three seller-financed transactions per year you do not have to become a Mortgage Loan Originator (MLO).
• If you do more than three you must become an MLO — or find an MLO who is willing to be the go- between.

Just as in the “one per year” category, these restrictions only apply to seller-carryback transactions on properties that have a dwelling that the buyer will use as their primary residence.

If you have a rental house and the renters want to buy the house to use as their primary residence, and you want to carry back a note with a balloon (and you don’t do more than one seller carryback transaction per year), and that rental property is in a corporation, LLC, partnership or other legal entity, you’re going to have to move the property into a trust or into your personal name. Otherwise, you’re going to fall into the second category which says you cannot have a balloon unless you are an individual, trust or estate.

If you think about it, not having a balloon but being able to do an adjustable rate almost serves the same purpose. Let’s say you start out with an interest rate of 6% on the note and then after five years it goes to 8%, then it goes to 10% and then it goes to 12%. That’s a huge incentive for the buyer to refinance out of the property and pay you off. If they don’t, then you’re rewarded for your risk in carrying that paper; you’re now getting 12% for holding that paper, and there is no balloon.

ABILITY TO REPAY
The second category requires you to determine the buyer’s ability to repay, but the rules and the regs don’t specify any standards for doing it (such as the qualified mortgage standard, a 43% debt to income ratio, etc.). You don’t have to do any of that; you can just ask them if they have a job, can you see a paystub, can you see their tax return (which they may or may not give to you). All you are required to do is to make some good-faith determination that they’re able to afford that payment, and you do not have to document it.

It would be prudent to have some documentation in case there’s a default and the buyer’s attorney says “where’s the documentation?” and tries to create a legal defense against paying you. But there is no requirement that you have to document. All it says is that you should determine the buyer’s ability to repay.

I asked an attorney at the CFPB about how one should determine the buyer’s ability to repay. He said that if you fall under category two you have to determine the ability to repay, but he admitted that there are no set guidelines. You just have to show that you used good faith in determining, for example, that the buyer has a job, his rent was $1,000 per month, but the payment on the note is $900 a month and you think in good faith he can afford this property because he could afford the rental house he was in before.

WHEN YOU’RE BUYING A NOTE CREATED ON OR AFTER JAN. 1, 2014…
You’re going to be able to tell from the note if the mortgagee is a private individual or an entity. If it is a private individual, trust, or estate, then ask them to sign an affidavit saying that they have not done more than three of these in a 12-month period and how many of them had balloons. If it’s an entity, an LLC, or a corporation, etc., ask for an affidavit saying how many it has done and how many of them had balloons.

If there is a balloon in that note that you’re buying from an LLC, corporation or partnership, etc., you know there’s not supposed to be one (again, if that note was created on or after January 1, 2014). You’ll have to have the note modified to remove the balloon before you buy it. Otherwise at some point the mortgagor could use the fact that the note was not in compliance when it was written as a defense against paying the debt or foreclosure.

One more thing — I want to thank Bill Mencarow and PAPER SOURCE subscribers for getting the word out there, because, honest to God, without those comments we would be stuck with the original statute — which would have killed seller carrybacks. In the Federal Register the CFPB wrote that they relaxed the rules on seller financing because of the numerous comments they received.

Ric’s website is: www.securityescrownews.com

David Phelps expertly articulates why we should be doing deals with each other instead of the banks. David is a dentist who built a successful practice, but always made more of his wealth in real estate, and now teaches other professionals how to escape the rat race. See DiscoverFreedomHere.com.

In low tones, almost embarrassed to say it, Wendy confessed that she is making more this year in real estate than ever before. Several rehab flips pepper the landscape of her long term lease option strategies, and it’s going really, really well… for now. We shared some concerns about how quickly the climate could change, and how she’s taking the profits from the flips to soak into investments that will cash flow through any market.  I hope you enjoy this interview as much as I did. She shares the wisdom imparted to some of her own private coaching students:

This was a fantastic interview with Ric Thom of Security Escrow in New Mexico, who took us through the progression of the SAFE Act and Dodd-Frank provisions that were very scary for seller financing, and updated us with the latest from the CFPB (consumer financial protection bureau).  There’s a lot to be desired still… frankly, they’re all over the place, but it looks like most of the seller-financed transactions that have fed the note business for years will not have to comply with the onerous regulations.

This was an absolutely amazing interview with Vena.  She demonstrated how she’s making 30% yields (or more!) on performing, first position notes (or land contracts, depending). This is a great way to work “the note business”. And… because she’s doing so many deals a year, she’s opted to have one of her salaried employees become a Licensed Mortgage Originator, just to be safe, with all the crazy Dodd-Frank stuff flying around.

Some people mistakenly approach ‘the note business’ as if it’s not really a REAL business, but instead a nice little get-rich-quick idea… a magical boon for those desperately wanting or needing to be rescued from the economic devastation caused by globalization, etc. There is incredible opportunity when you understand notes and learn to empower yourselves and each other through community-style investing, but you need to be realistic. Listen in as Jeff and I have an authentic chat about where you find notes, and what it takes to succeed in creating a real business for yourself in the world of private, performing, seller carry back discounted notes.

Find Jeff at Armstrong Capital, and if you can, join us in Las Vegas for the Cash Flow Profits Symposium April 26-27, 2013!  And here’s the direct link to the book on marketing for notes that I suggest you invest in: “Every Single Profitable Note Marketing Idea in the World (almost)“

I loved several things about this interview, and one of them is the reality check on what investors are looking for.  He eloquently describes why “rehab” or “flipper” paper is relatively unattractive when compared to Mom n’ Pop paper… why the seasoning requirements are more stringent. For those notes where the Payor has a 700+ credit score, then you can probably find institutional buyers that will accept 9% – 10% yields, but most private investors are looking for anywhere between 14% – 18%, which is the minimum I aim for when I’m getting a note under contract.

Besides regaling us with what he thinks the implications of California’s new Home Owner’s Bill of Rights are, Gordon took us through an eye-opening journey into the private life of a NPN buyer. Even if half of his notes never re-perform as hoped, his returns are still through the roof.  His perspective is a real head-tipper, for sure!  But if you know how to navigate his world, you’ll never ever worry about any of your notes defaulting… it just won’t be all that scary, even if you don’t buy non-performing notes on purpose.

And… if he’ll put his sister in a re-performing junior lien for a 20%+ yield in exchange for turkey at Thanksgiving dinner, I wonder what can I get for some mashed potatoes and gravy? 

Gordon’s the real deal, check him out at RealEstateandNoteInvesting.com

But do yourself (and him) a favor… please watch all his videos and read all his free articles before you call or email him with questions.

Clint has been in the private, seller carry back, discounted note business for over 2 decades, and now shares his reasons for switching to bulk REOs and non-performing institutional notes.  Expanding the due diligence you usually do for notes is key, AND… developing your own relationships. The people selling off paper to you have been the highest bidders at an auction, just remember that!  You can lose your shirt if you’re not careful.  If you know what you’re doing, check out some of the returns he’s making!

LINK TO MOBILE VERSION

I will definitely want to have Jeremy back to go deeper into these subjects, because we were only able to scratch the surface.  What I think was clear in abundance is that it is possible to leave the corporate world, and become a full-time cash flow investor… Jeremy is living proof.

And his approach is especially eclectic (not epileptic :)). He’s one of the more versatile passive cash flow investors I know, and he’s so gosh-darned smart!  He can easily navigate a 30 -page PPM to sort out which investment opportunities he wants to get involved with.  Also, he is the co-founder of FIBI, For Investors by Investors, a real estate investment club franchise dedicated to educating and networking, and NOT pitching expensive programs and training.

https://s3.amazonaws.com/ownerfinancingclub/ClubCalls/Jeremy-Roll_Oct-2012.mp3

And feel free to contact Jeremy directly and get on his “list” if you want him to keep you apprised of investment opportunities he considers worthy.  He loves to network and talk to other investors:

• Jeremy Roll
• Roll Investment Group
• jroll@rollinvestments.com

What a delight to have Bill as my guest. I always expect these interviews to be good, but I still end up being pleasantly surprised by the nuggets of pure gold you can get from someone who has been in the business for over 30 years. We had a chance to chat a little about the SAFE Act / Dodd Frank and get a "man on the streets" perspective. Bill is also the creator and editor of the last standing newsletter: The Paper Source. If you fancy yourself in the note business, this is the type of material you need to consume, and the types of people you need to rub shoulders with. His Registry of Note Investors is a great resource for brokers.

LINK TO MOBILE VERSION

Even with an economy that is in the process of dramatic and frightening change, there is great opportunity to build long-lasting wealth. We're in a period of consolidation, but those who position themselves now, will be in line to profit handsomely from the next generation of home buyers. In order to begin, however, you have to be willing to courageously face exactly where you're at financially, even when it hurts.

Jed shares his thoughts on how important it is to keep track of income & expenses (profit & loss), assets & liabilities (balance sheet - net worth). You should see yourself as the CEO and CFO of your own financial "company". This concept has brought Jed, and others, massive success in managing asset accumulation and the steady reduction of liabilities. Stay tuned until the end of the call to take a sneak peek into how Craigslist can be used to drum up deals. Jed never uses the MLS, and rarely comes out of pocket more than a few thousand dollars to acquire his cash flowing properties.

Jed has offered support to those looking to add income-producing properties to their own balance sheets, even if you think you're totally down and out. You can take advantage of his generosity by contacting him via email: jed@jedaugust.com.

LINK TO MOBILE VERSION

I always learn so much when I interview people like Gerald... he's almost got me considering investing in NP bank paper. Get this real-life, no-nonsense picture into what it's like to invest in NP notes, and how the business compares to the performing private notes that I regularly participate in. You can find out more about Gerald at http://thenoteguys.com

One of the benefits of being an educator and club host is that you get the opportunity to have a lot of smart people help you out... people who would otherwise be fairly inaccessible. Wendy gave me some great insights that I will use to make my next owner financing offer. Tune in to hear our thought processes out loud. Also, get her take on one of the best niches in coming months.

LINK TO MOBILE VERSION

If you want be learn from the best for lease options and other techniques, visit   Wendy Patton's site.

Wow... I expected this interview to be good, but not that good.  It's really amazing when you get not only the mind, but the heart and soul of the interviewer.  There were more than the usual and customary golden nuggets in this recording, and, I'm very anxious to see what Bruce will come up with for his April report: "All in or Fold", where he'll let us know what he'll be doing with his own dollars.

LINK TO MOBILE VERSION

If you're looking for a great place to put your money, check out his private money loans at 9%, 60% LTV for 8 years.  CA collateral only.  With a minimum $50,000 you can invest with him.  My discounted note purchases offer similar returns, but are all over the country, and stay below 50% ITV (investment-to-value).

A couple takeaways...

• Short sales will become an increasingly good investment strategy
• Watch "Pawn Stars" (a cable show)
• Swim with dolphins

LINK TO MOBILE VERSION

LINK TO MOBILE VERSION

Email me at dawn@notequeen.com when you're ready for a personal introduction to Jay to start investing in this wonderful "Toofer" opportunity.

With the way Washington and Wall Street have set us up, it's increasingly obvious that we need to take charge of our own money, our own investments, our own lives. I believe that buying low investment-to-value notes, secured by strong residential properties in stable markets, is one of the best options available to the average investor in today's market.

In the first two video segments below, you will get club announcements, hear me get to know Kaaren, and see her formal presentation about how to set up and use a Self-Directed IRA, including the things you'll want to watch out for.

In the last two video segments, you'll see my PowerPoint discussing investing in notes, and the paper process I used to close my last note purchase.  If you would like to invest in notes with me, or buy notes from me, please fill out this Note Investment Opportunities form.  Thanks!

Part One:

LINK TO MOBILE VERSION

Wholesaling (buying and flipping) can have it's benefits, but listen to Mathew as he makes a compelling argument for slowly building passive income by holding for rental income, or selling on terms and collecting interest income. Because he's a CPA, and graduated from UC Santa Barbara with a degree in economics, he understands the implications of taxation, and this is critically important for building an investor's long-term net worth.

Even though he's only 33, he can sit down with you and evaluate your situation, and help you decide if you should be investing, and if so, which investments might be best suited for you.

To buy and rehab properties takes a very dedicated, knowledgeable and reliable team, and this is exactly what Mathew has assembled. If you want to Joint Venture with him, I feel confident in recommending him to you. You can put up capital for a 50% - 75% share in the cash flow and appreciation of a property, or you can see if he'll sell you one of his rehabbed, cash-flowing properties on terms.

Additionally, he can help you build up your capital reserves if you're just getting started. If you become part of his affiliate program, he'll pay you a cash bonus for referring other investors that end up becoming his Joint Venture partners... I think this is a fabulous idea... I'll probably start doing something like this, as I am always looking for Joint Venture partners for note purchases.

Don't miss this energizing interview with Mathew Owens:

[S3AUDIO file='ClubCalls/Mathew-Owens.mp3'] Feel free to email: invest@ocgproperties.com, and/or call him at: (424)757-4680 Be sure to visit his site: OCG Properties

My favorite quote from the evening:

"As investors, we can make back everything we've lost in the last 5 years"

It's always wonderful to come away with life-changing "a-ha's", especially when you don't necessarily expect them.  It's not that I think I have nothing left to learn... quite the contrary, but I've spoken to Walter on multiple occasions, so I didn't expect to be blind-sided by core ideas that could very well change the way I put my next deal together. After 30 years of investing in real estate from every possible angle, find out why and how Walter will NEVER PAY CASH or hard money rates ever again.  According to him, if you're paying more than 5% on real estate financing, you need to rethink your game. Another favorite quote:

"Owner financing is a partnership between the lender and the borrower."

Listen below to get Walter's unique view on investing in today's uncertain market:

[S3AUDIO file='ClubCalls/Walter-Wofford.mp3'] Walter talks a lot about his marketing strategies, which you can emulate. Feel free to email him at: walterwofford@gmail.com, and/or call him at: (601)594-8300

I am so pleased to introduce you to Henry Dvorken of Courtman Mortgage, who graciously consented to be my very first guest here at Owner Financing Club. This interview is just replete with examples of how he has personally invested in both property and paper, and illustrates how fluid the process can be.  He also shares the wisdom behind the business that makes for good human beings, as well as good investments.  Email Henry at hdvorken@wf.net if you want to consult with him or purchase his products.  I couldn't recommend him more highly.

Listen below to the interview and get Henry's free contracts for buying notes with other people's money:

[S3AUDIO file='ClubCalls/Henry-Dvorken.mp3']

Here is the contract (and introduction letter) that Henry promised to our callers.   I'm using this contract for the purchase of my next two note deals, and I'm excited to get to keep a piece of them in this way.  It's new for me, hope they work for you!

Introduction Letter: [S3FILE file='ClubCalls/Henry-Dvorken-Letter.rtf']

Loan Agreement: [S3FILE file='ClubCalls/Henry-Dvorken-Loan-Agreement.doc']