: The Latest Teleseminar Is Posted
Published: Fri, 02/15/13
In case you missed it or want to hear it again, last week's
teleseminar with Dave Krunic of Reliant Financial
(www.ReliantFinancial.com) is posted at
www.papersourceseminars.com Scroll down to Dave's bio
and click on the video screen.
Dave explained hybrid notes, creative partial offers and working
with investors, among other topics. He really knows what he
is talking about, and I think you will profit from it.
Below is an article on a source of funding real estate
purchases that you may not have heard about.
Cheers,
Bill
W. J. Mencarow
The Paper Source, Inc.
P. S. Have you signed up for the new PAPER SOURCE UNIVERSITY?
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A LITTLE-KNOWN SOURCE OF REAL ESTATE LOANS
by W. J. Mencarow, www.PaperSourceOnline.com
Land is notoriously difficult to finance without seller
participation. Unless you have some connection
with agriculture you probably haven't heard of the Farm Credit
System. But you don't have to know a cow from a plow to
qualify for their loans.
If you buy real estate, even if just for your own home,
you ought to know about this.
The Farm Credit System backs loans made by their
member co-ops. They raise capital through bonds; no tax
money or federal guarantees are involved. They loan
on rural property, construction and improvements.
"Rural" is property outside city limits.
You have to become a member of the co-op, which means you buy
$1,000 of stock. Your dividend should effectively reimburse
you for half a point of the interest on your loan.
Unlike many other lenders, they don't care if you live on the
land or what you do with it. If you subdivide they want you
to pay off the portion of the land you are going to develop;
in other words, they don't want to have a security interest in
non-contiguous parcels. (Anyone thinking "land contract"?)
You could buy land with a Farm Credit loan, subdivide it,
pay off the loan as you sell lots, making the rest of your
land free and clear, then create notes on the rest.
Find your closest Farm Credit office at www.farmcreditnetwork.com/
Speaking of real estate, I've been dealing with agents on and
off for some 30 years, hundreds of them by now. For the most
part they are a sorry collection of losers. What an embarrassment
they must be to the professionals in that business. Sure, I've
found a few competent ones, and a few real pros, but the vast
majority are empty suits (or dresses). They can't seem to handle
the basics of the business.
Example (one of many): A friend of mine flew halfway across the
country to see a property. When he arrived for his appointment
the agent was nowhere to be found. He had to call her at home and
wake her up.
I can't tell you the number of times agents have told me they
don't show any listings but their own, or refused to present my
offer because it would "insult the seller." Have you ever been
told that by a real estate agent?
My good friend Pete Fortunato (www.peterfortunato.com) told me his
reply to that: Making an offer is not insulting the seller.
The people who insult the seller are the ones who look at the
property and don't make an offer. They are saying it's not
worth buying at any price.
Here are some rules for achievement and getting respect: Show up on
time, ignore office politics and gossip, return calls/e-mails/texts,
work until the job is done, keep your promises It's amazing
what simply following those rules will do for your career.
**********************************************
Discover how to find, buy and broker "under the radar" cash flows
-- and create multiple streams of income -- at this all-new boutique
event: The Paper Source Symposium -- CA$H FLOW PROFITS!
www.PaperSourceSeminars.com