Re: Selling a note on property that I own??

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Posted by Michael Morrongiello on October 30, 2001 at 22:04:18:

In Reply to: Selling a note on property that I own?? posted by Ray on October 29, 2001 at 10:08:49:

Ray:
While in theory it is certainly possible to do what you have indicated (create a note on property you already own & then sell it to raise cash).... from a practical standpoint, most Note funders will look at this type of a transaction and not being entirely "squeaky clean"....

The question which begs for an answer is WHY not simply refinance the property instead of orchestrating this elaborate Scheme (for lack of a better word) so that you can "crank" some of your equity out of a property.

Most Note funders want to invest in Seller financed Notes, that is private Notes that were created as the result of the SALE of a property where the property owner took back the financing.

To your success,
Michael Morrongiello

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