Avoid the 7 Deadly Mistakes Sellers Make When They Carry Paper (IV of VII)
Deadly Mistake #4: Make the interest rate on the note nice and low It’s tempting to offer a low interest rate to entice a buyer to give you a fat, juicy price for your property. It’s OK if that gets the job done and you’re happy with it, but you just have to know that [...]
Lack of Financing #1 Barrier to Recovery
According to a poll released recently by LoopNet, an online commercial real estate marketplace, 46% of commercial real estate professionals say the commercial RE market will not rebound until 2011. Fifty-three percent (53%) expect further price declines of 11% or more. “Lack of access to debt financing” was the No. 1 cited barrier to recovery. [...]
Deadly Mistake #4: Make the Interest Rate on the Note Nice and Low
It’s tempting to offer a low interest rate to entice a buyer to give you a fat, juicy price for your property. It’s OK if that gets the job done and you’re happy with it, but you just have to know that you’re writing in the discount you will ultimately take on your note. Don’t [...]
Avoid the 7 Deadly Mistakes Sellers Make When They Carry Paper (II of VII)
Last week’s #1 Deadly Mistake was to take a small down payment. This week we’ll talk about Deadly Mistake #2: Don’t ask for the buyer’s SS# and don’t run a credit report, (or, if you’ve actually done these things, try to lose the credit application and report so it’s unavailable to give a prospective note [...]
Avoid the 7 Deadly Mistakes Sellers Make When They Carry Paper (I of VII)
Deadly Mistake #1: Take a small down payment, or none at all Gosh, isn’t it amazing the price you can get for your property if you don’t ask for a down payment? You can make owning a home cheaper than renting if you want to! It’s OK with me if you take a small down [...]
Avoid the 7 Deadly Mistakes Sellers Make When They Carry Paper (III of VII)
Deadly Mistake #3: Lose the original note The original note is the “green stuff,” it’s the currency, it’s “the thing you’re selling;” it’s a negotiable instrument. A copy just won’t do! The original John Henry (signature) of the Buyer/Payor, even if it’s not very attractive, fluid or sophisticated, is the silver lining in your paper. [...]
We Need to Dump Our Owner Financed Note!
If you see tornado clouds forming on the horizon, chances are you’re going to grab a flashlight and a box of crackers, (and some wine and cheese to go with) and head for the cellar. That is, unless you’re like Dorothy in the Wizard of Oz, who peddles along absolutely clueless, but with a nice [...]
Indecent Exposure
“Get your clothes on, Ethel!” I’m wanting to say that line came from a song inspired by the streaking culture in the ’70s. I’m sure many people were offended by the 500 nude participants at the University of Maryland in 1973 that started the whole phenomenon, and the rash of streaking incidents that followed. In [...]
Collecting Shells Before a Tsunami
I’ve never witnessed a tsunami first hand, but I’ve been told that before the devastating wall of water devours everything in it’s path, like a hungry sea beast charging in for a glorious feast, there are a few moments in time that seem quite magical to the innocent and unsuspecting. The water line temporarily recedes, [...]
