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The Stepwise Tutorial to Tx Ownership Form

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Guidelines with regard toTx Ownership Form

hey good morning everybody it's Ron with.propely Oh today we've got Kristen Gertz.in the studio from Capricorn and I'm not.centered I feel like I'm so far away.from you today we're going to be do some.special Kristen was did a couple of our.presentations at it come over our events.and everybody's like we want more we.want more we look more so here's more so.with further ado what are we talking.about we are talking about an exit.strategy for when you set up your owner.finance mortgage notes and everybody if.you're a real estate investor out there.yes I know we all want to keep every.rental we pick up and every owner.finance note but you never know what's.going to happen down the road okay and.so you might need to sell your note and.so what I'm teaching you as a strategy.to actually be able to pick up as many.of these notes as possible with no debt.and keep cash flow and your down.payments so to be clear though it's not.gonna be I do this I do that sell sell.sell it's you could do this too by using.the strategy correct correct because we.at propel yo are passionate about.knowing that not anything that it's not.rocket science it's you know I teach.people how to do this because I would.love to have an army of owner finance.investors out there you know bringing me.these if in case they ever wanted to.sell a note seer motivation in teaching.people how to do this is hey bring me.deals yeah I would love to have them.creating out there creating product for.me so basically what I'm hearing is if.you're turning in for the very first.time if you've got notes and you want to.sell them Kristin Gertz is your your gal.I'm your guy okay let's dig into it so.you've got a presentation here it's only.seven slides so I feel like we have a.lot of room to we do plays what we do.and if anybody has any questions you.know bring them in at any time totally.good with that is this first slide up.now it is now so we're gonna go ahead.and start with how to create the best.note possible before we get too far yeah.can we define note just because do you.have intermediate we do i do have brand.new people have no clue right when you.are creating an owner finance mortgage.note this is where you're gonna buy a.property you are going to fix it up and.instead of selling it on the retail.market you are gonna go find a buyer and.you're going to sell it on on terms so.you're gonna take a down payment and.you're gonna take monthly payments for.however long you decide mm-hmm.we're good with that yeah yeah yeah yeah.yeah all right so when we're starting.out you are going to have when you're.creating the best note possible number.one thing number one thing you're gonna.do is have a minimum of 10% down okay so.why I'm in a moment 10% minimum of 10%.down shows that your buyer has skin in.the game I have done it over the past 10.years I've originated hundreds of notes.personally and when I started out I.thought okay I'm you know it's gonna be.hard to get somebody who has ten or.twenty thousand dollars so I was taking.people that had basically a rental.deposit with 1500 and inevitably the.majority of those defaulted but when you.take somebody who has 10% down this is.this is something that they've been.saving for most of their lives and the.likelihood is is that that note will.continue performing and you will not get.it back so basically it's the whole skin.in the game type skin in the game.because if they get skin in the game.they don't want to that's true they're.not gonna lose it they're not gonna give.up the game exactly they're not gonna.risk not paying their mortgage and being.foreclosed on okay so the next one is.low loan-to-value do not over sell this.house okay that is and I know that goes.and goes in the face of every other.owner finance guru out there teaching.you never want to over sell the house.because.say 6 months or 12 months down the road.you decide you need to sell this thing.if you need to sell this thing it can't.be at a hundred percent of value because.the collateral for that mortgage note.the collateral for that mortgage note.would would not be enough if the note.goes bad you could couldn't sell that.house and if you take back the house.after the note goes bad you couldn't.sell that house and get back the money.that you paid for the note so again you.need to make sure that your LTV or.loan-to-value is sitting at a max of.about 80 for what you would sell okay.real quick just because I like to be.stupid loan-to-value 5-second because.like everybody knows what it is but I.make sure.so obviously loan or your mortgage note.so when you're sitting with your.mortgage note value okay.the value of the asset that that loan is.on let's say that that house is worth.$100,000 then you want a good loan to.value which would be maybe max 80% or.max $80,000 on the face of that note.right so that would be loan to value.would be 80% LTV would be $80,000 on a.hundred thousand dollar house what.here's the thing is like and maybe I'm.skipping ahead maybe I'm falling.backwards maybe I wasn't paying.attention at all I know one of your.strategies not to give you a pitch but.I'm gonna like you're like I can pay.more than anybody up hey not happy 95%.like how is that why is that because if.you're throwing out 80% obviously maybe.that's an industry standard for know or.what is the industry stand.so the way I buy notes is I will buy one.or forty or however many from individual.investors then I package those up and I.sell them to hedge funds my fun buyers.they know that the max they want to see.on an LTV is 80% anything less than 80%.completely see I still have to start.discounting that note so yeah right now.I'm paying and I try to always pay 88 to.92 percent of that face value of the.note but you.we start to go into oh it's an 85.percent LTV now I'm gonna take off a.point for every bit that it's over 80 if.we hit.if we hit actually hit a hundred percent.of LTV I'm not buying it I will just.pass on it for the hundred percent yeah.anyway and I've had I've had notes in.the past six months that I've seen one.hundred and sixty-seven percent when I.got an appraisal on it people have you.know no shame in selling a house for.literally twice as what it's worth on oh.yeah so what you're saying is like when.you so if the house is really worth a.hundred there's that sketch game of oh.well I can get twenty thousand because.yes they can't they can't they can't go.out and they can't go just buy any house.they want they gotta buy what I have so.I'm gonna sell it for twenty thousand.dollars more they're gonna give me.$20,000 down well that note now is.sitting at a hundred percent loan to.value right also I mean most people.don't realize this but to sell a house.even if you're the homeowner it's gonna.cost you eight to ten percent so anytime.you move it costs you about ten percent.so if you have a house that you owe a.hundred percent of its value on that you.can sell it for let's say it's in.perfect condition.you're still gonna write a check for ten.percent mm-hmm at the closing table and.a lot of people can't do that so so it.if I hear this right as a note buyer and.when and I'm not saying everybody does.this but you hear people talk about.doing this little time where like with.that example we're just talking about.where the house is worth a hundred but.they can sell it for a hundred and.twenty to get the twenty down the note.is four hundred but yet the houses were.totally unaware the honey yeah and as a.note buyer you still got to have because.the skin in the game has already been.given away to somebody else correct so.if I'm buying that note the most the.most I'm still going to back pay for it.is 90 percent of 80% LTV so you know.you're it wants to decide a hundred.percent I usually just pass because I'm.like well that's going to fail and I.don't want something that fails right.I'm not in the business of holding.property I'm.the business of lending money so I have.a horrible habit of taking a tangent and.going so far away but I know we have.slides so so let's go back to the slides.and then also if you have questions this.is a live stream so please feel free to.jump in this is much different than like.when we do it on stage yeah because you.do have opportunity to ask questions and.whatnot.so and they only give me seven minutes.on stage and I usually go over that I.steal from other people.Shh okay I hate this computer so now.that we're uh yeah so good down payment.low LTV again another way because once.the homeowner finds out oh my gosh I.paid way too much for this house people.just walk away from that stuff you know.I sometimes they just don't pay for six.months and then they stick the keys in.the mailbox and they're gone high.interest rate nine to eleven percent I.was on the phone with my good friend.Sarah Montez over it takes pride lending.yeah she is an are mellow we will talk.about that in a few minutes but I asked.her hey I'm going on propely oh what's.Prime at this morning and she said for.30 years prime is it four and a half she.goes for fifteen years.prime is at four and I said this is in.the this is why you use an R mellow for.these things your are mellow will get.you the highest interest rate possible.so that means that you're going to add.six and a half points or six and a half.percent to that prime rate and that is.the highest you can go for a qualified.mortgage in what's interesting that that.is like you call up stare and she can.pull out that information really quickly.yeah and me I'd be like okay Google.where yeah I love it I love it I get.around the phone this morning first.thing and I'm like what's prime what's.prime at today right what can these.things be sold at this is important.because your loan when when your armello.does this they will lock in your.borrower at a specific rate and they.will get you the highest to keep it a.qualified mortgage.I don't want to buy non qualified.mortgages those and there's a whole.other you know can of worms that opens.up when you go above what your armello.says you can it.becomes a hope loan you have to send the.borrower word credit counseling they get.told 20 billion times don't do this.because you know you're paying way too.much for this loan but I want a house.but I want a house so high interest rate.right now is nine to eleven percent.eleven percent would be today so you've.got four and a half on a 30-year fixed.mortgage you're gonna add six and a half.to that that tells you that the max for.a qualified mortgage at today's rate is.eleven percent you know and there's a.lot of people out there going oh my god.I can't believe anyone would pay eleven.anything less than nine right now and.for the money I borrow I'm I'm prime.plus one I know that by the end of the.year I'm gonna be up at I'm gonna be up.at you know six seven percent if we go.into interest rates if you do a.historical interest rate search back in.the early 2000s we were up at eight and.nine percent for the prime first worth.for the heart prime and then what was on.top of that high on top of that would be.six point five so I mean you're talking.about June 14 15 percent loans which.people say is hard money I remember back.when seven percent was free money right.that was free money and people are all.bent out of shape about you know oh my.god I can't ever charge my bro or nine.percent if you come to me with a loan.less than nine percent right now I've.got to discount it because eight percent.8 percent in very short amount of time.will probably be actually below prime or.right at prime and at that point you.might as well just be you know a bank.versus an owner finance that's correct.now it still doesn't mean that it's a.bad investment I mean we all want to get.you know eight nine ten percent is.inflation is five six percent or.whatever it is nowadays yeah I have no.clue but years ago when I was an.economics class there's six percent and.if you're getting some percent.technically you're making money you're.you really are I mean and so it's not it.doesn't become a bad investment right.but at the same time you know the way I.borrow money to buy.this stuff is that it's always.fluctuating well and then also it's the.whole the whole point of doing owner.finance is and the reason you're able to.and this is obvious bear with me here.it's like the whole reason you are.finance and the reason there's a mark.for that is because it's a higher risk.asset correct therefore you can price in.for that higher risk and that's why you.and I and I hate saying this but I mean.owner finance and industry we were the.answer to subprime subprime went away.those subprime loans you hear them you.know in basically when I'm buying this.stuff yeah you know it's it's MBS it's.mortgage-backed securities basically.what this is so none of that ever went.away but you know I believe that you.know funds and banks have got a lot.savvy er than they were 10 years ago and.you know having the higher interest rate.really makes it worthwhile you know if.you're sitting at a 4% interest rate you.know who wants to buy that mm-hmm.well I think I finally figured out this.can be here good well that's about time.I'm like why won't it do it anyhow you.you know 15 minutes ok so uh next one.realistic piti piti I'm gonna go for it.please do yes piti stands for principle.interest taxes and insurance and.everyone in there dogs know that by now.but you know what I'm gonna do every.time it comes up you're gonna ask I'm.gonna point it out yeah yeah yeah yeah I.knew you would so in this good because I.usually I use all of these little things.all the time and I think people know.what real estate is you go to a.networking event you watch a propely a.video you have a conversation.everybody knows the acronyms everybody.knows the lingo but then you have that.one person who's knew the group who may.they may have all the money but they.don't want to say anything and they.don't want to do the deal because they.look stupid.right and it's not like I mean it's not.like I'm sitting up here talking about.points and and basis points and you know.all of that which is totally gonna lose.points people immediately assume you at.the - excuse me talk about but.all it is another fraction of a percent.of a point yeah yeah sort of a.percentage there's your nugget for the.day yeah.so realistic piti that is the complete.monthly payment I also like to throw an.HOA if there's an HOA payment there I'm.throwing that into piti as well the.reason for that is one always collect.your escrows a lot of you know a lot of.investors owner finance investors.they're like oh I don't want to I don't.want to deal with that I get it but if.the loan goes bad it's nice to know that.you have an account that has all of the.property taxes and insurance money.so when you say collect escrows you mean.yeah have a separate account where all.that money goes to that separate where.it's correct utilize for that separate.whatever and you're your third party or.your third party license note servicer.will take care of that.so you're saying August Aria okay I'll.get started I will do that for I do I do.love a me stay over at August story I.gotta give another show but she never.says hi anymore.oh my gosh probably listening right now.maybe hey Amy if you're watching her now.drop a link to your company or whatever.so people can reach out to you bad that.would be great so she is my she is my.all time I think she's in the DFW area.she's everybody's go-to um and she.should be because I've tried five.different servicers before her and this.is I mean we're talking back in 2012 and.she's begging me for she's like why.don't you give me your loans to service.and finally I just dropped every single.file on her desk and went to Europe for.six weeks like two days later and I just.said here handle this it's yours and.hands down the best business decision.I've ever made because all of a sudden I.realized I don't have anything to do so.the negative air is whether your the.depth of market or any other market make.sure you rely on a quality good service.er yes.let them go to how would you vet one I.mean just because this is a neutral.conversation for us we don't care so.there's a lot of them out there right.one go to go to the licensing website.and make sure that they're licensed.they're not all licensed there's people.out there just collect and pay me I mean.I got a new work.did you say who's good like yeah.seriously and this is for anybody if.you're you know you're picking out a.license third party no service or go go.go see if they're licensed you would be.shocked there's some operating in DFW.right now that aren't licensed but like.okay so say I'm in Omaha how other than.just checking to see if they have a.license and there's five couples have.license how do I mean it's just so.reputation there's a reputation yes and.some of these companies have been around.for years some people will tell you fee.wise I can tell you August seems a.little more expensive up front but.they're my pimples you know my I think.their overall default rate which don't.quote me on this because I haven't asked.for I don't know a couple months I think.it's one point eight six percent that is.their default rate that means that.somebody missed a thirty like is thirty.days late out of I don't know what.they've got under under management and.they're managing probably several.thousand loans right and their default.rate is one point eight six percent.that's extraordinary.so that sounds good so you know ask what.their default rate is hmm make sure.they're licensed and look at look at.what you get so very few of them report.to credit mmm-hmm.August REI reports to credit which is.rare they also will make phone calls all.the time you don't pay for that they'll.send out twenty day notices mmm you know.all of these things that other companies.will make it nickel and dime you for.Thank You Daniel he dropped a link to.August and then he pointed out that they.are nationals so if you are watching.national reach out to them they can yeah.and they're not in every state but if.you make it worth their while they will.get licensed in that state they'll get.registered I know that they just picked.up Florida I think I don't know.I forget what she said my name is so.realistic piti we'll get back to that.yeah let's get back to this get back to.get back to the slides so realistic piti.should be close to whatever the rent is.so remember you're taking these buyers.out of the rental market and they can't.they know what their neighbor's house is.renting for all of a sudden a house.three doors down.which is almost identical to theirs is.going to come on if they have piti at.1500 bucks a month and they find out.that they can rent a house for $1,000 a.month right that's gonna make him think.why am i doing all this and paying for.repairs you know and you know it seems.like you know I'm just overpaid for this.thing so these are all the ways to you.know the things you should be looking at.when the note is created to make sure.that it continues to perform right and.then real quick this is a side tangent.but just because some people don't know.about it the whole 1% rule when you're.talking about rentals I know this has.nothing to do with this topic but the.other day somebody had no it was on a.Facebook thing yeah 1% rule when you're.doing when your landlord or rentals is.basically if you're looking at doing a.rental your rental should be 1% of what.they are V is in a quick way to figure.out what the ARV is is 1 whatever your.rent is that should be 1% overview so if.your house is rinse for $1,000 a month.$100,000 house if it's a hard thousand.long house it should rent for $1,000.so quick sidenote ya know and it's a.good side note yeah although I remember.the days when it was like you know more.it was more was like 120 back when you.were 12.yeah well you know been doing it for a.while alright so today's transaction.example we have got a sales price.100,000 so easy math everybody can do it.hey down payment $10,000.usually it's a minimum of 10% okay so.that's why we're saying 10 that I could.also put in my first and second lien.which is what I'm talking about today.can you get 20 20% down yes.and if you can get 20% down get 20% down.you know you're basically walking with.all of your cash upfront which is always.a good thing.leaving financed $90,000 so with our.rule that we can only go to 80 percent.for an exit strategy all right so this.is do you have to sell your notes no if.you want to keep them all and you have.the ability to do that keep your notes.one thing that I'm telling these really.work for if you're using.money if it's not your own money and.you're borrowing money to do this money.is finite so you've got to sell it fast.pay it off and turn it in us so if you.can keep turning that capital that.you're borrowing right your investors.are gonna love you any of them well you.will be able to do more loans faster.and you still are accumulating cashflow.and we'll show that in a few minutes so.at the 8080 20 or 80 10 10 model your.first lien is gonna go to 75,000 why did.I pick 75,000 and makes it even more.attractive okay in this case didn't need.to go all the way to 80 75 percent is.even better most of the stuff that I buy.and that I see it's been around for five.years so my LTVs are great you know.they're 50 and 60 percent LTV does that.mean you're gonna get a higher price for.your note no because there's not really.if I'm already paying you know 88 to 92.percent there's not really much room for.me to go because my margins are so small.but it will you know you can't go over.and have a really bad LTV but as far.under as you can we'll make that note.more desirable because the risk is less.if it defaults so at 9% interest and yes.I'm using nine percent because nine.percent is still common but it's way low.for today yeah I was gonna say okay for.how old are these slides these are not.very old but you just do nine percent I.do nine percent I you know most of what.I've sold even in the last year has been.at 10 percent we're now up at 11 percent.I use nine percent to show because still.be done it can still be done you can.still make money at this and I can I can.still pay 88 to 92 percent for nine.percent loans do I anticipate that in a.year probably but it's gonna be tight.you know it might go to nine and a half.or nine point nine before you know you.have to start taking discounts so but.again I do I do the numbers at nine just.so people can see that it does.in fact work right so your first lien.75,000 at 9% for 30 years gives you six.hundred and three dollars forty seven.cents a month principal and interest.this does not include taxes insurance.because your taxes insurance are a cost.that's not anything to do with your cash.flow or your profit you never see that.so the second lien then is fifteen.thousand at nine percent interest for.fifteen years.why did I switch that up for fifteen to.thirty because literally you can do you.can do anything you want here right and.one thing before you even explain what's.going on with this is I love the fact.that you're pointing out that you could.take you know your owner finance know.and then turn it into two liens correct.and I'm assuming what you're gonna do.with this situation is sell that first.lane - Capricorn mortgage Capricorn.where is investors.yeah but then hold on that second lien.correct because then you're just getting.why not kill the little money off your.work yes you made you made the probably.the bulk of your investment back on the.down payment itself and then that second.is just gravy.correct or whipped cream we're cherry or.whatever act absolutely and so that's.what I love to teach investors.especially new investors on really the.investment of one investor maybe he'll.in that you'll invest with you a couple.hundred thousand dollars you couldn't.get that rolling and have an enormous.amount of cash flow in really a year.right.because yeah a hundred and fifty two.dollars doesn't sound once you know it's.gonna cover you know most people.Starbucks budgets but when you multiply.that by ten right or twenty you know.three thousand dollars a month that's a.lot and that's not even taking a cut.place the down payment now took or what.you actually sold the second the first.lien correct you do 20 of these well.that's two hundred thousand dollars in.cash plus.overthrew yeah that's you know couple.hundred thousand dollars in cash plus.three thousand dollars a month and three.thousand dollars a month you know that.would be enables somebody that maybe.I mean I know without I know yet whether.slides but on a first lien 75 percent.note at 9% for 30 years what are you.buying that at on the first lien.sure on something like that I'm gonna.pay 90% 90% of the 75,000 so was it like.68 I think it's six to seven point five.oh no it comes up on a slide oh yeah you.know you're getting ahead that's all.good I do so legal aspects um use.professionals yeah you have to in in.really in if you're if you have an idea.that this is the math you know you want.to use this method okay I need to see an.RM ello packet if you don't use an r ml.oh because you decide you know it's too.expensive and for whatever reason guess.what the borrower pays for it there's no.reason not to use it so if you don't use.it oh yeah I'm gonna discount so you're.not gonna get ninety you might have.gotten ninety but now you're gonna get.88 attorney close with a title company.there are horror stories but people.doing this by themselves they don't run.title and I'm coming what do you do in.so we've had notes that we've had to.walk away from at the table because we.couldn't get title clear on him like you.know they've had this there was a lien.from a city there was this one it was.less fall a lien from a city that.originally 15 years ago was I don't know.five or six hundred dollars but with all.the compounded interest and fees and not.paying it it was something like twelve.thousand dollars and there wasn't enough.in there and the guys like okay I'm just.gonna keep this right you know still bad.for the homeowner and the city could.come in and take that but you know real.quick just because we're talking about.professionals and you can apply that to.the entire gambit of real estate.investing because your job as real.estate investors should be to find more.deals find money for those deals and.spend time fishing with your kids yeah.absolutely so in there running your he.ABS not collecting rent not kicking.people out hire other people to do that.for you yeah absolutely and people.people you know.when they get into this that they've got.to be like laying tile and stuff and I.and by the way I'm guilty too I did.I can I can refinished hardwood floors.I've done that yeah like if your first.step after buying a house is gonna.Walmart and buying some overalls yeah no.no no your money back.yeah don't put the overalls on yeah yeah.an investor if you're an investor being.invest right you know do I have Realtors.yes.I'm not a licensed realtor I you know I.use I use professional yeah we had I.mean almost a year ago we had Blake.Johnson in here from finishing touches.what did his things was you know one of.his we did a video pro tip he's like if.you're gonna be an investor being an.investor you know leave it to other.people to do those so again I know.that's a little side topic but it's.really not so use professional it's.great like on this when you're doing the.owner the notes use the RM ll use the.attorneys use the note servicers so um.an attorneys you know I love my attorney.I used Teresa Myers over at the title.company in Garland she is phenomenal and.I use her for notes and oh and you know.if I buy something she's getting that.now too but I mean she's awesome.not all attorneys are created equal and.owner financed stocks everybody needs to.learn how to read a closing statement.and if you don't know how to read a.closing statement ask ask anybody call.me you know and I'll help you go through.it you would be surprised at all of the.errors that are on these loan documents.you know and I'm not getting I'm not.gonna badmouth any attorneys around out.around DFW but we've had I've seen some.stuff the most egregious error and I.love telling people this story was in.the main block of a note so this is this.is this is the thing this is the thing.that you're selling this is your you.know this is the most valuable piece of.paper and in the block of a note that.explains exactly when it when the.payments start when they stop and how.much they are per month the principal.and interest payments are per month the.amount was one zero zero two dot zero.zero seven I want to know how you get.three numbers to the right of that.decimal point.and nobody catches it yeah because if.you know go to school in a comma are.different meanings in numerical I don't.even know how you get that you're what.we were talking thousandth of a.thousandth of a dollar so I said oh I.said $100,000 if I'm at a hundred.dollars uh hundred no no no this was the.monthly payment Oh 1,000 two dollars and.seven thousands of dollars they're doing.the gas-station math yeah literally and.I don't know how nobody cash is that.plus when it was written out was eight.hundred and twenty four dollars.regardless if you're hiring a.professional and you know a couple.shoutouts to the people in the in that.we like we like the matinee we.like to Scott horns that's Arisa Teresa.Meyers Rhys Meyers loser three owner.finance note attorneys is trust but.verify it's like you can trust that they.are doing their job but read the docs.right I will have to say I I really do.love the stuff coming out of Scott horn.I do love his documents these documents.are his documents are really great but.but again though like at the title.company on all your hubs whether you're.doing a fix and flip whether you're.doing a wholesale whether you're doing a.note you might use the same title person.the same attorneys the same everything.all the time yeah and you can trust them.and you can love them but you need a.verified and just readers they might.just mess up you never know um I've seen.deeds of trust that were you know.supposed to be sixty seven thousand and.they were six hundred and sixty seven.thousand okay that stuff has to be.corrected right we have to do affidavits.we have to check we have to trek down.borrowers because remember this stuff.was closed two three five years earlier.right nobody's caught this stuff and now.I want to buy it well I have to go.through every line which I do I have a.legal assistant who does this for me.because I always hire a professional but.you know you have to read through every.line of these documents and fix any of.these Corrections on there and I will.say this and that costs money everything.cause money if I see a bunch of garbage.documents I mean I'm gonna that's going.down you should always trust but verify.and then here's the cool thing about.doing that when you catch your your.buddy attorney your buddy title come to.your buddy whatever.where they made an accident where they.made air and you don't hold them to the.fire and you don't sue them and you.don't do all these things and you just.subtly pointed out hey you missed this.lien on the closing but it's okay we'll.figure it out right they're gonna love.you more no and that's what you want you.want this as a relationship game you.want the love yeah absolutely.and anybody who does business with me I.mean be cool I mean there's no reason to.be a jerk so ever I got a mess up your.your video that she wants later the key.thing is don't be a dick you know in.this industry you got to be nice you got.to be sweet yes you can be firm and but.it is such a reputation based thing that.don't be a dick because if you are and.you're addicted the wrong person you're.gonna be skewered alive quick tangent.there was a guy yesterday who called out.will Crozier for you know screw you blah.blah blah blah and we'll post it up he.immediately cuz he had like I don't know.several hundred mutual friends all of.them started trolling this guy and his.profile went from public to private very.quick really only because he pissed off.didn't even piss him off he just said.some about the wrong guy so if you.just don't be a dick yeah this.reputation is again fine it is and it's.a small world.I mean Dallas Fort Worth oh my gosh yeah.gets around really fast and you know.yeah exactly Miranda word-of-mouth will.kill a business faster than anything.yeah don't really um so attorney make.sure and read your closing documents.it's just good business anytime whether.you're buying a house that you're going.to or setting up your owner finance.transaction the attorney by the way.everybody asked me well how do I set up.two notes you hire an attorney and you.go this is what I want done yeah you.don't know how to do again in in real.estate especially new because we do our.mass reminds me more advanced people.like how do I do this out of this I'm.like I don't know I just know it gets.done and then I hire a Kristen I hire a.named Yahaira scott ira matt to do it.for me correct absolutely yes and then.third party notes servicer this is.really important these do-it-yourselfers.that is the most ridiculous thing you.can possibly do because i guarantee you.i don't care who it is i don't care how.long they've been doing it.they're doing it wrong right you have to.send out mortgage statements once a.month are you doing that are you doing.your IRS reporting in January I doubt it.in the day it's like if when you hire.somebody else to do it for you if.there's ever a case to be sued guess.who's getting sued they are not you not.use so again it take the liability off.yourself not to mention you know do I.love August REI I love August REI.because I know I send them an email they.hit one button and they give me this.part these professional reports come out.you know that would be one thing that.you would do if you're trying to vet a.note servicer because some of the.reports that I get from these other ones.I'm like what is this you just are you.doing this on Excel you know and so a.lot of these bigger ones like August.there's a couple out of Houston San.Antonio they use and I know that this.the software's like fifty thousand.dollars you know that's an investment.into these into these companies and they.you know they're doing good business.today when it comes to the reputation.side of things think of like Yelp when.when people get on Yelp they don't go on.Yelp she's like oh my god this was an.amazing place to eat they get on you up.to say this is a shitty-ass XYZ you.never go there again so same thing with.my sailor mouth is gonna come out here's.really so yeah yeah no but my point.being is if you've got people talking.good about people for zero benefit it's.not like I get anything from saying hey.go go see August ra other than them.still not sponsoring our event yeah.silence anyway what did we get we got it.or not I love a third party nobody would.be is if you're gonna it's not good that.means there's something to be said there.is zero it again of saying recommending.yeah then you know it's a genuine yeah.it is yeah go check him out so those are.those are the three that I really need.to see um or anybody you know if you're.gonna sell your note or you want to have.a good product make sure that you're.using these three that's a good question.David fair are you telling the bar that.you are doing two notes with two.different amortization schedules upfront.when your cell.sure absolutely there's no reason not to.you know again this goes back to the.whole thing oh I can charge them twenty.thousand dollars over the actual price.of this house because they're desperate.you know when when you're negotiating.these deals with them why did I do you.know thirty years and then 15 years on.the second you can do thirty and thirty.you know I like to have if you're gonna.hold on to that second per cashflow I.like to have a higher dollar amount.there but maybe that that doesn't work.in with where the rental or where their.payment needs to be again when you're.setting up these owner finance.transactions you can do you can set it.up any way you like you can change the.term right and you know please don't go.over 30 years and you know sir I've seen.them at 35 and 40 we did something video.where Grant pulled out to be do calico.it cut to later calculator calculator.that one way and just to show how you.should pick where you're at will tag it.one of these days yeah if we can find it.but yeah don't be absurd yeah can you do.it of course you can do a 40-year note.um but can you be defaulted on that too.yeah I mean but forty years it's not.it's not bad I mean it's not bad it's.just it it's just stay with the industry.standard 15 20 30 do I see some that.come in and they're like 16 years and.I'm like why did they pick this weird 16.year mark I mean make it 15 or 20 right.it just throws people for a loop and it.kind of makes it go you does this person.know what they're doing so within the.norm yeah I mean if you're planning on.keeping this thing for 30 years great.you know but things happen and you might.want to sell it so don't look like an.idiot right if you do what's normal you.will look like an idiot again you can do.anything and set it up however you want.title policies get your title policies.that protects everybody like I get that.you can do your own kind of work and you.can get a boost you know sell a house in.the back of a but why why would you do.this why I the title policy protects.yourself protects your.borrower which you Nonna finance your.borrower becomes kind of like your.partner right you want them to succeed.in this I know the business model you.know where people are basically setting.them up to fail so that they can just.keep taking that house back and getting.another $10,000 but it's not a good.business if you use a title policy it's.almost like having a third party report.card on what you're doing because if.you're ever looking for private capital.if you're ever looking to expand your.business have JV partners first thing.they're gonna say is what have you done.like well I've done this I've done that.here's my rental Lambo they're gonna be.like okay well show me a HUD they're.like well I don't have I didn't get a.here's the Burger King bag but if you.could show HUDs that's like that's like.a almost like a third party report card.well yeah because the HUD is gonna be.sent the HUD goes to the government so.yes you want to definitely have closing.statements on all of this but title the.policies a lot of people in I should.also say this if you don't have that.title policy that's the attorney that.closed the deal that you paid for that.title policy mm-hmm make sure that it.exists because you're gonna want that.down the road and if it was never been I.just know because I've had a couple.investors run into this where that title.policy there was a commitment but the.policy was never purchased when I buy.these things the majority of them don't.have title bono C's on them but the.seller of the note has to purchase title.if you do it at the beginning with your.owner finance transaction you can have.the borrower pay for it you know and.even if they don't have enough cash to.come to closing you can roll that into.the loan if you want to so always make.sure in the mortgagee of course I'm.looking for a mortgagee title policy not.just the borrower's title policy so.mortgagee title policy will transfer.with the loan sweet very nice goes with.a loan you had me at used it out a.couple to get it out of policy I know.well.I feel like I have to say it to.everybody cuz nobody nobody likes doing.it who are these nobody I everybody I.know does it not for owner to finance.transactions they're like oh we don't.need it what you need it yeah.record the warranty deed in trade of.deed of trust mhm okay there's no reason.in Scott horn will tell you this cuz I.listened to him talk about this tons he.said if you're gonna foreclose on them.you still have to go through the.foreclosure process once you have.created a deed of trust in warranty deed.because just because it's not recorded.does not mean that oh I can now just go.with victim like they were a bad renter.right okay you don't have a lease you.have a deed of trust and a warranty deed.just which shows that they own it just.gonna be all backroom doesn't mean you.can be all back yeah yeah yeah so go.ahead and record them um you know people.are always worried about the due on sale.clause and that's why they don't record.a warranty deed for everybody who.doesn't know a due on sale clause let's.say you have a loan with I don't know.chase right are they still doing loans I.don't know who are Wells Fargo you was.doing a bunch of them so let's say one.there's a bank one yeah yeah any of.those big banks what is out then they go.to business like ten years ago.pattern anyway I'm not doing anymore so.anyways so let's say you've got a.mortgage with Wells Fargo and any of.those big banks are going to have.written into it do on sale so that means.if you transfer warranty deed warranty.deed shows your ownership deed of trust.shows who owns the debt so if you.transfer warranty deed into the name of.your borrower they have the option not.the obligation but the option to do the.due on sale club in literally hundreds.of these things that I've been involved.with I have never seen it happen and I.did I wrapped one of my own with bank.bank of America got a call one day with.bake of America and they said we noticed.you don't own this house anymore and I.go no I don't and I was like okay here.it comes.here it comes you know they're gonna.call my no.2 and they basically just.said are you gonna keep making your.payments and I'm like yeah yeah yeah and.they go okay and that was the.conversation with bank of it and this is.Bank of America you know they don't care.they want their money.Daniel had he had a good because people.ask that question what do you do what do.you do what'd he do okay there's a way.there's a way to save it so your deal.doesn't die just because of that yeah.Daniel's gone through it two or three.times and he's way better but I'll.paraphrase but basically you have a.straight-up conversation with them back.saying hey when I got this know the.house was crappy the hell out the thing.was falling apart blah blah blah if you.like I've put them out of money into.this property if you want to do ensue.sale clause that's fine but I'm gonna go.to the house and I'm gonna strip out.every single bed of material that I put.in this house to get to its current.value and then when you do your due on.sale clause you're gonna get exactly the.property it was when I got it if you.would like to proceed let's do that you.know so so he's holding the house.basically I don't want to say he's yeah.blackmailing what are you totally black.but he's basically saying look you know.I did this to this house for my benefit.and my profit and you're still getting.your what you wanted out of it if you.really want to mess around we can play.that game but I'm gonna get mine right.there that's why I'm like cash for keys.always I'm like okay how much will it.take for you to just you know just go.away go away what everything's super.nice like I will write you a cheese.don't kill my house yeah exactly.so always record your warranty dg2 trust.avoid land trusts avoid these people.people are thinking oh I'm gonna have a.nice little veil here's what happens.when you do owner financed land trusts.mm-hmm you cannot get you cannot.homestead the property so their property.taxes shoot through the roof and you.also can't get a regular insurance.policy on it it has to be a commercial.so it's like four times the cost so real.quick.thirty second what is land roast a land.trust.I don't specifically know it's talking.no no no so a trust.it's a Land Trust is anything that's in.trust we'll have a trustee but basically.what it does is it clouds ownership so.you have a beneficiary of this line.trust but that might not be public.record right so the beneficiary of a.land trust will be the homeowner right.but you have what's public record is.that trust and trustees name I'm sure.somebody'll type in and go you know you.have no idea what you're talking about.but I don't know that's what you have an.attorney exactly but I say avoid up but.here's the I love that you're honest.about that about being an ignorant about.oh yeah yeah yeah and the reason being.is I'm not an attorney what I say all.the time is once in this business you.feel like I know everything about this.business find the closest mirror and.slap the out of yourself because.you don't there's so much you're an.expert in what you do yeah and you yeah.I'm sure your continuing learning but.because there's still so much to learn.and here's the other thing with that and.I I do I love the know-it-all investors.who will come up in and sit there and.tell me what they're doing and then tell.me how it's the only way to be doing.things and I'm like okay okay yeah.you're great what are you like what are.you to you know you just got out of.college awesome good for you good for.you 73 flips putting all your your your.your college courses to work they're.good for you yeah um no but I mean when.you when you're the market is always.evolving and so we're I mean we're.coming into a downturn I think everybody.knows it it's inevitable we're gonna.come into a downturn six twelve months.you know and I've been saying that for a.couple years and again it's at that.point of semantics is it a correction is.it a bubble at the end of day it's like.if prices aren't continually going up it.is what it is it is what it is but we.are going to have to you will evolve at.that point right now I mean basically.anybody can make money in real estate.and I remember when it was like that 11.12 years ago where you know it was super.easy any of about any of us who survived.Oh eight you know and survived it.survived it well you know and made it.through to the.side you know we can tell you I I'm not.gonna I'm not gonna be sitting yeah all.Mountain a debt and on that note again a.quick tangent if you're buying property.whether it be a note whether you're.doing a fix and flip where they doing a.wholesale or whether you're doing a.rental hold if your strategy if your.main strategy is speculation on.appreciation you're going to destroy.your business you should be buying.property because it's a good deal at.that point in time you should have a.worst case and okay in a best-case.scenario in your head obviously you.would love to exceed your best case but.if you're buying purely on speculation.of the appreciation your goal you may.have success in the short term but.you're gonna literally had this.conversation with you know Joe Peyton.mmm yeah shout out to Joe Peyton if.you're hi Joe if you're if you're.watching he owns with Gene genius stand.down and de belem yeah we had like a.45-minute conversation yeah good guy.really great guy and he and I had this.conversation around two three days ago.and he's passionate about this he is he.is very very passionate he just said he.goes I know you can pay more for it he.goes but you gotta be prepared he goes.the drop in the markets coming or he.goes what if you need to sell that he.goes great and in that is what I tell.everybody I'm like you've got to set.everything up for exit strategy great.that that's your plan but there's a lot.of things that can go wrong so this is a.great time to segue into a subtle plug.for propely o because you've got to know.your numbers for paleo we give you.access to MLS true emilie's comps off.market leadless and websites so if you.need an investor website if you need.access to MLS comps and you need off.market leads check up or paleo comm if.you don't currently like propely o on.facebook give us a like turn on the.notifications for when we go live if.you're watching this on youtube click.subscribe click on the notifications.that we go upload something but you know.we're here to give you as much.information for free as possible but we.do want you to like and share and in.actually pay attention to what we do I.always tell people find find an.experienced real estate investor who.is willing to take you out take you to.lunch and talk to you and just tell you.how to do this or explain things you.don't need to go spend thousands of.dollar of 10 20 I've heard some that.have spent $25,000 for a mentorship.which in my opinion is ridiculous you.need you need to be able to have access.to comps Pelley it was an awesome way to.do that.I mean you sign up for your monthly.membership yeah and now you've got you.don't only have access to comps but you.also have you've got this you've got.leave lifts so I'm not in it and again.I'm of the difference opinion I think.mentors are good mentors are good but.you know what at the same time yeah I.get what you're saying it's the people.who you know you're gonna go you hear.them pitch right they come on a show.like this and they go ok give you not.here and not at the REI social club.either I mean that was why I started the.REI Social Club was to get Auto Plus.that'll plug August 22nd next one.anyways uh you know I cuz I was so sick.of listening to all those guys stand up.and tell you how awesome they were how.much money they're making you know and.they're making gobs of money and then.they give you like three little nuggets.and then they say if you want the rest.of the Nuggets you've gotta pay you you.know usually it's $5,000 but tonight.just for you it's 1990 so so before we.get back to more Nuggets I do want to.say like because this happened like two.days ago I was looking at a house with.somebody and we were walking the house.and I was trying to after the way into.the house we'd Starbucks and trying to.put you know giving her about 30 45.minute class and the wholesaling.and she want to give me like $100 for my.time and I'm like I want the deal I'm.with the house you can keep your hundred.dollars I want the house later I was.like why don't I take her no no but I.mean that being said if you need help.reach out and ask people for help yeah.they're either gonna give it or they.don't it's it's all good and you helped.right which I get calls.I could call yesterday from from a brand.new investor and you know she's learning.how to wholesale and she she introduced.she'll close a note broker which I found.and she's never broke her to know we're.actually tried or taking a class but I.sat there and talk to her for probably.half an hour answered all of our.questions but you talk I to loves a talk.which is why we worked so well together.except we're like fighting let's get.back to actual nuggets so we don't like.so this is the dropping people like no.no no anyway.alright so most important part of this.presentation so your sales price if.you're going to sell your note is based.on the note value not your ARV so you're.going to sell at ninety percent does.that fluctuate yeah you know I don't.know really what my competitors are.paying but they're paying a lot less I'm.at 88 to 92 and I try to I try to do.that and stay there based on a max LTV.of 80% we did that $100,000 with 10%.down so here it we're right back at the.original thing you've got your first in.your second you're gonna sell the first.lien for sixty seven thousand five.hundred that pays off your underlying.debt which could be in the form of a sub.two mortgage it could be in the form of.hard hard money so it's your purchase.and your rehab purchase and Rehab money.so sixty seventy five yes that means you.have to be all in on that hundred five.hundred thousand dollar house at sixty.seven five which isn't a hundred percent.possible now with all the competition.you know but if you're looking at this.you took ten thousand down so if you're.all-in it's a sixty nine thousand you.gotta throw an extra fifteen hundred.into that from your down payment you're.still walking with you know you know.what seventy five hundred is a power.8500 as opposed to the ten but you're.also going to keep the second lien which.that is the gold that's gonna get you.out of your nine to five job faster is.that long-term cash flow and so you want.to get as many of those as you possibly.can people always ask me when they're.doing this do I buy seconds I do but I.pay like thirty cents on the dollar form.thirty percent because there is inherit.risk right with your second in this case.it's less risk to the people who are.creating these owner finance notes.because it's sheer profit right because.on that I was you you have is sure.profit because if you've already taken.this in person.you actually were able to sell the note.to where the first lien to where you.actually cover the underlying day right.and then you take a little off the top.so you've got your just your nugget and.then your cash flow yes it's a second so.there is that that risk but it's like.it's like when you went up and always.getting absolutely no no and the seconds.perform it's not like you know that.seconds it's not your job in the first.if your are mlo did their job you're.gonna get paid yes and your attorney so.there is a clause that you can put in to.first lien deed of trust saying that the.second lien holder has the first right.to like let's say that the first lien.doesn't perform unfortunately if you go.to foreclosure why second star risky is.because it's the first if the first gets.foreclosed on your second swiped out but.you have can have put into the deed of.trust on that first that you have the.first right to cure title and so I.recommend that's everybody in there also.and I know you're not an attorney but in.there's also language where where if.there is a case where the first is going.to go into foreclosure that the second.has the right to take over or something.yeah yeah then that's basically what I'm.saying oh yeah yeah yeah second has a.right to but I mean it's first you know.they have the first right of refusal.right they might not have the capital at.that time to do it but they do have the.ability so again but the you know the.number one important thing here is that.cash flow because that's on your ten.thousand dollar profit in this do you.have a calculator what's what's what.1:52 fort what's this number 152 and.fourteen cents fifty to fourteen cents x.12 x 12 x 10 x 10 years mm-hmm.King brings you your $10,000 turned into.actually that's about 15 oh yeah you.messed up yeah do that again 12 times.fifteen twenty seven thousand three.hundred eighty-five dollars.so you're ten thousand dollars now.became twenty seven thousand three.hundred eighty-five dollars which is a.huge right in Austin again that's just.that's just gravy that's just correct.extras yeah I mean when you're talking.about what is that two hundred and fifty.percent and we want to be fifty percent.and again we talk about all the time.here and not to go moto on anybody but.it's like doing if you're doing this.full-time and you're doing one a month.and you're making the downpayment once a.month and then you're adding another 150.$100 cash flow once a month eventually.it's gonna get real fun within within.two years you're out of your job right.for some people I mean if you're making.if you're making three grand a year it's.the bar they get into this and they're.supplementing their income and I don't.want to take too much of a tangent but.you gotta know your why and and once you.figure you know and then go for it.absolutely well don't quit your day job.before you have cash flow right and you.know and a lot of people say and a lot.of wholesalers will go do something.silly like that they'll make their first.huge check and they're like okay I'm out.I'm done and I'm like no no no you go.get a boat so no buyers look for high.high interest rate remember today it's.11% low loan-to-value max eighty most of.what I see is in 60s mm-hmm good Tom.payment minimum 10% 20% always better or.more get what you can.seasoning you know mores better.I'm not buying at the table I get at.questions on that all the time so that's.interesting because cuz we do we do talk.about notes a lot with Grant with owner.finance side and when you look at an.amortization schedule when you look at.how much money's getting paid on the up.front front front up front yeah charts.like you're making most your interest.the first two years but for you you're.like that's cool and all but I want the.stability is that what your back on I.think you're okay with that the original.I bought one I bought one last week that.was fourteen years old because you were.teen into a twenty year know.so again you're buying cash flow now.your monthly cash flow is gonna stay the.same your principal and interest payment.never changes for a mortgage right but.if you look at the way an amortization.table works those first five years are.primarily interest right that is your.profit you do not pay taxes though on.principle reduction so once you let's.say that you don't want to pay taxes or.you want something that is you're still.going to have that cash flow you want to.buy an older note because if you buy.something let's say ten years old and.it's performing beautifully well.majority of that payment is principal.reduction got it so your taxes on that.are extremely low so so on one hand yes.if I'm the original no creator phone or.whatever yes I get a larger upfront cost.but there's a higher interest not.interested there's a tax element to that.there is but on the backside yes you're.making less but at the same time there's.no tax there's no tax right now so then.win it's a win-win yeah so six months is.you know I love six months I can do it.with three and in real quick just.because I've been doing to this all day.seasoning would be seasoning is how old.that noticed I need to see a good.mortgage payment industry it's basically.a track record yeah yeah so I mean if.you're gonna bring me there's a whole.there's a whole other you know market.for non-performing mortgage notes.I don't purchase those you know could I.yeah but I mean look I think people.don't pay very much for those at all.right and for me you know I'm like hey.go foreclose on that guy you know redo.the house or just sell it and take your.profit and go um you know for performers.that's what I'm looking for and that's.what my clients look for we want.something that's not going to fail cool.yeah next I think we're done over done.okay so if you have questions please.drop them in we're just about an hour so.we'll stick around for as long as we've.got questions and interaction any any.thoughts any what are the most common.questions you get at these presentations.from people.usually it's like well how do I do that.because they didn't know that they could.set up a they could break a mortgage.into a first and second and a lot of.times they do have some type of mortgage.underneath it so that's called the.wraparound mortgage you know and they're.like oh so is is it really like I've got.a mortgage on this and then it becomes a.second and a third no you can do that.but that is not really a wraparound.mortgage for those people out there who.don't know this one you know you choose.a wraparound mortgage because let's say.you have this and I do it with you know.a fist you've got this mortgage you know.in it's $60,000 in you're paying 5%.interest on it and then you're gonna.wrap around it with an additional.$20,000 that's yours right but the.twenty thousand you're getting ten.percent interest on and that bottom.sixty thousand because you've wrapped it.now you're also getting five percent.interest on money that was never yours.to begin with so basically you're.creating money out of thin air.by choosing to do a wraparound mortgage.as opposed to up and hopefully you saw.what she just did or what she just.talked about is and let's just recap for.us layman original note 5 percent on.whatever doesn't matter what the price.is but then you add a wrap and then say.this is 10 percent not only you're.getting 10 percent of whatever you added.which is 20 you're not just getting 10.percent on 20 and then say this is 50.you're also getting 5 percent on that 50.correct so you're getting 10 percent on.25 percent on 20 on 50 which again is.just you're creating money out of thin.air so and people ask me all the time.why are people selling their notes well.I can tell you why I sold a bunch of.mine I sold anything that had underlying.debt you know because when that when the.market does slow or stop or god forbid.fall you know you don't want to be.holding a bunch of strange debt yeah if.it's just your cash flow and it's you've.got you've got notes that are a hundred.percent owned by you and you have no.underlying debt to them you're in a very.very good position even if the market.goes down a little bit you've got a good.LTV hopefully the way you create.it you know and if that one happens to.default you're not on the hook for four.or five six months because you know.that's the one thing you have to.remember these people are borrowing.money well this is the sector that's.gonna get hit first with you know if we.lose jobs it's not gonna be you know.college educated folks that are you know.in half million-dollar homes it's going.to be people at a lower end because once.the housing market stalls contractors.you know contractors are gonna have hard.times mm-hmm you know getting work and.so if they start defaulting on these.mortgages yeah you might be able to.handle one but if you've got 10 20 you.know or more and they start to fall ting.at a rapid rate anything where you owe.any other bit of money there you're in.trouble well it's interesting because.when you were talking about earlier.I recently sad to say I just recently.saw it but it was the margin call movie.do you see that yeah well it was a 24.hour period of you know hitting the.fan I just watched it like two nights.ago yeah watch it but anyway but what.points out is is yes they're the big.they're the big huge mortgage not.mortgage they were a big hedge fund and.you know all their people are making.millions on millions of millions but you.know one mess up no big deal no big deal.but then when you have a large majority.of mess-ups it completely wipes out in.that example that was a big bank yeah.that they knew what they were doing.and they saved themselves but they knew.what they were going to create was a.domino effect in right start the.mortgage in the market but they also.took a massive loss in their business to.stay alive oh absolutely but you you.know at that point you know once you.know cuz I remember when oh wait.happened and I kept by it I mean I was.buying buy and buy and buy and I'm you.know and then when everything when the.music stopped I'm sitting there with you.know eight flips right and I'm like oh.no you know so going back to you why.would somebody do this or why would.somebody sell them.there's a there's a huge there's there's.maybe a little Billy needs new kidney.that's jokey but at the same time it's.true maybe there's medical costs maybe.there's a bigger badder investment.around town that you need capital for.and you're like that's cool that I've.got ten fifteen of these that all make.me one hundred and fifty dollars each or.I could cash out and buy this mega thing.where I can you know there might be an.opportunity and I do I have investors.you know if I had one less fob brought.me fifty some right you know what did.they want to do they wanted to get.invested in this large multifamily and.they needed a buy-in for that and they.said how much money can you get us.because we need a couple million for.that yeah it's just it's just for.whatever the reason being it's basically.and I don't know if it's quick I mean if.you're working with Kristen how much if.you had a portfolio when you and they.wanted to liquefy liquify sure and.they're like hey Kristen buy all my.properties yeah like what's what's that.property what's that timeline it depends.on where I'm at in a cycle with a buyer.okay so because not all of my funds are.buying 100% of the time so let's say.that I've got something that I'm putting.together for one of them I know what.they're gonna pay so I can start making.offers like right now I'm putting one.together probably I say three weeks but.everything's been closing in ten days.relatively short so if you need to.liquefy and you have a lot of assets.boom that's a good stretch I mean there.is a lot of there's a lot of work that.goes into preparing a file especially.these owner finance files because a lot.of times you know they're missing pieces.or it's not put together correctly and I.have to paper this stuff to look like.bank paper in files and make sure that I.have every single box checked so you.know that takes you know four or five.days and then I present it and then we.negotiate then we close yeah so yeah so.yeah Daniel spoke about raps about Sonja.we talking about raps a lot so if you.check out like the archives and Facebook.live there raps on days on that andre.since it's based on LTV and not a RV you.purchase that note way I should read.that read this purpose scenario question.and you already touched on this but I.didn't quite.get it you have a first Lane in your.name at 80% in RVs sell it at a hundred.thousand with 10% down so the first Lane.is eighty thousand and he wrapped it.with a ninety thousand no I think can I.do to create a first and second or would.or would it be time to sell the note and.still make money on the sale I think the.math is off yeah I'm not really sure.about the math and you have to sit there.because the first.so the first lien is 80 K and you.wrapped it with a 90 k note okay so.you're you're wrapping $10,000 right you.got 10,000 in equity what can I do to.create the first and second lien or okay.is so if you've already created this.thing you can't unwind it I don't know.if that's what he's saying if you first.lean in your name at 80% ARV so say it's.$80,000 and then and you sell it up sell.it at 100k with 10% down payment okay so.it's a 90 mm note so you do want to.break that up you want to break that up.Suey.because if you're talking about a.hundred thousand dollar house and now.you've got this $90,000 no well you've.got one note because I buy when I buy.that wrap note I pay off any underlying.debt I buy the entire thing I don't just.buy somebody's little $10,000 equity.right you know that does me no good.because I don't want anything with.underlying debt either followed it up.with since it's based on LTV and not ARV.you'd purchased a note at nine nine.percent times ninety thousand 81k sure.where are you buying it at 90 percent of.the standard 80% LTV okay so the LTV is.it's more of a it's more of a guideline.I guess you know that doesn't really.affect the price I just can't I can't go.over 80% LTV and give you top dollar for.it you know I can go to 85 I mean even.night I bought them at 90 percent but if.it's 90 percent I'm not gonna pay you 90.cents on the dollar for that I'll pay.you like 75 or 80 cents on.for that so it really the LTV that you.want your loan to value is that you know.mr. mr. Aviles the loan-to-value is to.make sure that there's enough because.investors are always like oh but you.know I've got this great note and pays.all the time right but there's always.that what if what if it goes bad well if.the note goes bad I need to be able to.foreclose on that bar which I'm going to.lose probably six sometimes more if they.file.you know bankruptcy if they file.bankruptcy on me and I have to hire a.federal Attorney for that it could be.nine months that was I had it happen one.time and it took me nine months to get.that house back I have to be able to.sell that house to pay you know pay me.back for my ninety percent of one.whenever that unpaid principal balance.was so that's the 80% of LTV that you're.looking for it's just the security you.know and a lot of it goes back to.summarize what this whole talk was about.was the reason you're structuring it and.reason this whole presentation where it.was was so once you've structured it you.can seek out someone like a Christian in.your network or you can hold this.forever yeah you don't have to sell it.but if you were wanting to cash out you.need to use the RM ellos you need to.have the attorneys you need to have the.title policies you need to have the due.diligence and there's and there's.somebody out there sitting there looking.this going oh but you know what I'm.never gonna want to sell any of these.you know what it's hard to yes if you.want to own the entire DFW Metroplex you.never want to sell something but we were.you know we were jumping into the office.the other day because there was a.property that and I can't I can't.remember the specifics because it was.more like a couple months ago but uh.where Daniel was like the actual he was.the the borrower yeah he was the owner.of financed the owner was giving him pay.awesome by the way knowing that he was.giving the owner payments yeah so but.the funny situation about that was the.the seller didn't use in our home alone.didn't use this didn't use this so the.paper where Daniel whose.fairly successful the paper that note.was on was I when I could say it's.worthless but you would never buy it at.top dollar because that all those things.that Kristin was going through weren't.utilized that's correct so if you want.to get top dollar you got to use top.dollar service use you you know and I.have I do have ways around it but all of.that cost money it's not free right so.you know it depends on who's there.liquidate that's the word I've been.using liquify Jacob I know it seriously.it's you don't have to what I talk to.investors about is exit strategy because.the market is always evolving you do not.know what this market is going to be a.year from now none of us do none of us.has a crystal ball you know and so.protect yourself if you're gonna do.owner financing do it right make a good.paper right and maybe yes you want to.hold on to it but what if you borrowed.from say a family member and they want.to be paid back for whatever you've.wrapped and this happens all the time in.Savannah I had somebody you know calling.me up desperate because they need to.sell their note and they didn't set it.up correctly you know and so now there.have got this high you know LTV on this.thing and I'm like hey I'm sorry I can't.do 90 right and I you know I teach.investors how to do this because I want.to see a bunch of people succeed at this.you know because if everybody's out.there if everybody's out there.succeeding then I've got a lot more.product to buy out there and you know.it's it's good I think it's good.business to help people succeed it's.it's the abundance mentality versus the.competition yeah a butyl was it what was.it a beautiful mind where he said he did.his you know this is a Russell Crowe.movie I know yeah yeah yeah you know.what I'm talking about any and that's.what he said it he expanded on Adam.Smith's you know principle of doing.what's good for yourself but also what's.too good for the group right and so if.you look at it as a whole you can go.okay everybody needs to succeed because.if we are a stronger community.we can all be you know do more Sonia I.love the hash that Ryan gets a free.Pratt Jake it love you too man um real.quick.think of last something your last.thoughts I do want to point out that you.know there are some takeaways that are.go all the time in real estate one is.everything it depends every question.about real estate can be answered with.it depends is it good deal it depends.reputation.always make sure your reputation is.there side note to that is don't be a.dick because if you're if you are and.you are to the wrong person.guess what your reputation gets screwed.very quickly as that guy yesterday found.out that literally like I'll show you.how to laugh your butt off but your.reputation can go away and there are a.you know I always tell people hey use.agreements use contracts okay even.amongst friends even when you know know.what's going on and everything's because.it doesn't there's no confusion going.down the road there's no oh my gosh yeah.we we agreed upon this no we agreed upon.this always use a contract right okay.even if it's just a one-page word doc.you know you both sign it you both have.a copy of it so that you know what was.there don't try to cut anybody out you.know and and I I have to tell people hey.you know what we're gonna have an.agreement I keep track of you know.because I've got a lot of Burt doggers.out there now and I just tell everybody.hey you know what I'm gonna pay bring me.as many notes as you possibly can.because I'm always buying mm-hm.we can he and I go we can do whatever.you feel comfortable with you want to.assign it to me your seller is gonna.know what you're making on it if you.want to do something like we can just do.a separate agreement on the side that.you know my attorney has and you and I.both have then it'll just go on my.closing statement you know and it's kind.of kept secret ice but I I go I will pay.you in perpetuity because this happened.to me before where people have cut me.out of a deal yeah or taken my clients.do that trust but verify and then trust.but verify but but then my last thing is.you know everyone's full of crap so.you know realize that but back to the.trust you know and it's good to be.motivated by people who come up and say.that until you realize that there's. you know what I'm talking about.got her anyways so ya know it's I love.the people and I'm like wow this guy.sounds great great great and then five.minutes into his little talking about.how awesome he is and then all of a.sudden I'm like oh wait a minute now.this guy didn't do any of that I'm like.okay guys well my favorite thing news is.fine if you got a new person to business.and you're talking and talking to.somebody in a thing and they're this.they're that go find yourself who's been.this business for I don't know five plus.years and be like hey what do you think.of Joe Smith I don't know if there is.Joe Smith but a Joe Schmo and if their.face like twitches for a second and.they're like oh you know I don't really.know that person very well they're being.very political and they're trying not to.get in trouble.uh-huh that's so true I mean I mean and.by the way it is a small world and if.you go and try to cut somebody out of a.deal I go they will find out about it oh.yeah so don't do that I mean if you take.somebody's deal or you try to go knock.on the door of the homeowner or whatever.and snake it from him.everybody will know who bought that.house it's a matter of public record.mm-hmm so don't go do something silly.like that.so going back to the note side of things.how can people get a hold of you what.are you looking for what can we do to.help you.etc etc and send me an email I am always.looking to buy notes always they've got.a very lofty goal this year so is many.millions of dollars of notes that I can.buy would be awesome I need closing.documents including HUD ones including.copy of a note warrant EDD to trust in.terms of when you're buying yes okay.because I could say I can give you.closing documents just for the hell of.it yeah that's very good no no if you.want to sell me a note that's what I.need I need closing Docs.I need your armello packet usually the.first thing I ask for mortgage payment.history I just want to see that the.thing is performing mm-hmm.I do have one more quiet well thank you.you go for it for the kind words that we.try kena how important is the borrower.credit info and to you as a note buyer.um so I have buyers who don't care about.it I have fun buyers who don't care.about it I have fun buyers who care a.lot about it I know that I pull credit.by the way on every single No mmm that I.buy I don't say that but I do so I pull.credit and I do a BPO appraisal on every.single note what's that a BPO it's a.broker's price opinion it's basically a.desktop appraisal although they do do.drive-bys so I will get you know.exterior photos of the house obviously.because it's a mortgage note you know if.Bank of America showed up at your front.door and said hi we're gonna sell this.note we'd like to come around and walk.around your house you'd be like get the.hell off my porch what the hell what the.hell what the hell's wrong with you no.you're not coming in my house so and.it's the same deal for me.you know so I don't get see what the.insides of these houses look like they.could be a complete wreck we have no.idea so but as far as borrower credit.yeah I you know have I sold notes that.had a 400 credit score yep I have have I.sold notes that you know had 700 750.I've sold those as well so yes it just.the answer is it depends.and my you see so it if you send that to.me I I've literally gotten top dollar in.both scenarios so that's not going to.that will yeah they don't like my they.don't like my email address yes.your email in the big block to you yeah.I'm actually thinking about like just.I'm like totally revamping my Facebook.actually I I called them thinking they.can't fix it it's up on the screen do we.have this up yeah like you throw down.the screen tree yeah so um.yeah so as far as credit score no don't.worry about that um I do pull it and I'd.like to see you know you don't your DTI.to be it like oh by DTI debt-to-income.you don't want your DTI to be you know.seventy five percent or anything like.that you want it to be somewhere.realistic because it's seventy five.percent you know they're basically.bankrupting right you know and you don't.want anybody to bankrupt so so any more.questions any more thoughts we've been.doing this we could do this all day.because I love chat with you you know we.feel like once every three weeks we jump.on the phone for like a quick two minute.call and turns into to our conversation.yeah you know it's fun get a hold of her.a shooter an email you're looking for.notes you're looking for deals.REI social club is in August August we.second at Fort Worth Ordos Dallas okay.this one's a Dallas it'll be at the.social house in Uptown unless and stay.tuned for it because I might be moving.locales because last time I pulled a.Ryan Harper wasn't as good as a Ryan.Harper but I got over six hundred so you.know registrations there you know so.you've got that August 22nd July 10th.which is Tuesday if you are in the DFW.area if you were in the state of Texas.if you were in New Mexico Oklahoma.Arkansas Louisiana if you're within like.a three to five hour drive come and hang.out with us we've got we'll have four to.six hundred people there and come see me.I'm fine the Capricorn bit like I was.gonna do it for you but you plugged.yourself anyway come say hi if you have.more questions about the content we just.talked about today hit her up there you.can hit her up in the comments or you.can hit her up in person July 10th we've.got a ton of presenters we've got a DJ.we've got live I know it's funny totally.awesome.free booze free food free everything the.events free come and hang out with them.by the way for all vendors who are out.there I got to tell you you're missing.the boat I'm you're missing the boat if.you do not come and sponsor propely oh.that they are they're fun that they're.fun they're great everybody loves them.has a great time hundreds upon hundreds.of people I mean your exposure isn't.what I find it forgive me real quick for.the two people watching this charity but.like you know the whole you can bring a.horse to the trough but you can't get me.drink yeah it's like we're bringing the.ocean to equal oceans batches that's.salt water.we're bringing the lake to the horse you.know horse okay this man does his first.event in Dallas and gets what was over.700 I think.yeah yeah yeah I was ridiculous yeah it.was ridiculous I mean and so when you're.you know and if you're in the event.world if you're in the event world it's.pretty freakin impressive yeah so.basically what she's saying is come the.event well hey I have an event which I'm.like freaking proud of and I'm like um.this man just you know comes in there.you see a team effort anyway we'll see.you Tuesday if you have more questions.if you like what you saw please like it.please comment below please ask those.questions keep the conversation going.hit up Kristen go check out her Facebook.page and that's about it you got.anything else behind nothing cool we'll.see you later guys thank you so much.have a good weekend.

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Tx Ownership Form FAQs

Comply with the below common inquries about Tx Ownership Form . Talk to directly if you still have other queries.

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How do you know if you need to fill out a 1099 form?

It can also be that he used the wrong form and will still be deducting taxes as he should be. Using the wrong form and doing the right thing isnt exactly a federal offense

How do I fill out Form 30 for ownership transfer?

It’s a simple procedure, Make sure that you clearly specify as to whom the ownership is being transferred to From whom. The date of transfer must be the date on which you have sold the vehicle to the person. Ensure that you take a xerox copy and the copy of transfer of ownership must remain with both the person who has sold it and the person Newly owning the vehicle. http://www.tn.gov.in/sta/form30.pdf Refer to this form and read the terms and conditions carefully before filling it up to avoid complications. Once the transfer of ownership is submitted the vehicle will legally belong to the new owner Continue Reading

How do I fill out the form of DU CIC? I couldn't find the link to fill out the form.

Just register on the admission portal and during registration you will get an option for the entrance based course. Just register there. There is no separate form for DU CIC.

How can I make it easier for users to fill out a form on mobile apps?

Make it fast. Ask them as few questions as possible (don't collect unnecessary information) and pre-populate as many fields as possible. Don't ask offputting questions where the respondent might have to enter sensitive personal information. If some users see you collecting sensitive information, they might not be ready to share that with you yet based on what you are offering, and they will think twice about completing the form.

How can I fill out Google's intern host matching form to optimize my chances of receiving a match?

I was selected for a summer internship 2016. I tried to be very open while filling the preference form: I choose many products as my favorite products and I said I'm open about the team I want to join. I even was very open in the location and start date to get host matching interviews (I negotiated the start date in the interview until both me and my host were happy.) You could ask your recruiter to review your form (there are very cool and could help you a lot since they have a bigger experience). Do a search on the potential team. Before the interviews, try to find smart question that you are Continue Reading

Do military members have to pay any fee for leave or fiancee forms?

First off there are no fees for leaves or requests for leave in any branch of the United States military. Second there is no such thing as a fiancée form in the U.S. military. There is however a form for applying for a fiancée visa (K-1 Visa)that is available from the Immigration and Customs Service (Fiancé(e) Visas ) which would be processed by the U.S. State Department at a U.S. Consulate or Embassy overseas. However these fiancée visas are for foreigners wishing to enter the United States for the purpose of marriage and are valid for 90 days. They have nothing to do with the military and are Continue Reading

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