Doug Foster, the commissioner of the Texas Department of Savings and Mortgage Lending, has delayed the implementation of the SAFE Act requirement for licensure in seller carryback transactions in Texas until August 31. The law requiring a Texas seller to have a license to do more than five seller carrybacks in a consecutive 12-month period …
by W. J. Mencarow, editor of THE PAPER SOURCE JOURNAL “I saw your ad. What do you mean you buy cash flow notes (or mortgages, structured settlements, etc.)?” Your best strategy is to ignore the question and ask one of your own: “Are you receiving payments on a mortgage now?” (Or structured settlement or whatever …
How To Answer Cash Flow Note Holders’ Favorite Questions Read More »
This evening Alison and I attended a meeting with Doug Foster, the head of the agency that enforces the SAFE Act in Texas. Veteran real estate and note investor (and long-time PAPER SOURCE JOURNAL subscriber) Tom Henderson also spoke at the meeting, spiritedly representing sellers who carry back notes. Most of what Mr. Foster said …
SAFE Act: Meeting With A State Regulator Who Should Be Cloned Read More »
The IRS claims that that Americans owe $345 BILLION in unpaid taxes. Bob Bauman (www.sovereignsociety.com) makes the obvious point: “If they’re unpaid, how can the IRS know what they owe?” Just before April 15 each year the IRS attacks anything that sounds like a tax shelter. And the press dutifully reports it. Back on the …
BY TOBIAS PRESTON “You can shear a sheep every year but you can only skin it once.” M. S. Garrison, Utah real estate investor “He who has the gold makes the rules.” Unknown Part One of a Two Part Series-Overview of Private Investors. I’m Tobias (Toby) Preston, President of McKinley Mortgage (MMC) www.mckinleymortgage.com and the …
Using Private Investors To Fund Your Cash Flow Note Business, Pt. I Read More »
http://www.familysecuritymatters.org/publications/id.6141/pub_detail.asp
by John W. Moren The seller-financed mortgage industry (a.k.a. the cash flow business) is again at a crossroad. Twenty years ago the business was a cottage industry dominated by broker-investors with real estate backgrounds working from home offices. John Behle (jbehle@papergame.com) taught how to run a profitable mortgage business using private investor money. A few years …
Brokers at the Crossroad: The Return of the Private Investor Read More »
How many “bad debt accounts” do you have? How many of these do you expect to ever finally collect? Actually, the reason most “bad debts” are never collected is because the holder of the bad debt eventually forgets about them because of the collection effort, or else simply writes them off as another income tax …
by Lorelei Stevens As a buyer of seller financed notes, you should have each transaction examined by a qualified attorney. But who is qualified? When you look for a lawyer to give counsel on your note deals, the best rule to follow is: Choose an attorney that buys notes with their own money. I am …
I just found Sherman Skolnick’s website. I became friends with him when I did a radio show in Chicago in the 70s. Sherman was one of my most frequent guests. He spent all of his time digging up truths that politicians wanted to keep buried. He’d then do everything he could to publicize his findings. …
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