This is a list of 17 things that note holders have to think about or deal with while maintaining ownership of their note.

I got the list from Kent Anderson’s new home study course which I am currently reviewing.

1. Compliance with Fair Credit Reporting Act
2. Compliance with Truth in Lending Law
3. Collecting payments
4. Principal and Interest breakdowns
5. Default
6. Divorce or Death of Payor
7. Federal Income Tax Reporting
8. Destruction of Property
9. Fire Insurance
10. Bankruptcy of Payor
11. Foreclosure
12. Abandonment of property
13. Payment history
14. Keeping Original Documents Safe
15. Deficiency Judgements
16. IRS Tax liens
17. Payor with Bad Credit

As I’m sure you’re finding out it takes time to develop those leads.  Try
your hardest to talk to the decision-maker, not the office manager. I
certainly understand attorneys are very hard to contact.  Taking them to
lunch might be your best bet. However, that can get expensive.

In regard to title companies.  They see a lot of seller financed paper come
across your desk to closings.  If you can develop a relationship with the
manager of the title company or one or all of the closing agents and asked
them to give out your business card with each closing to sellers who use
purchase money mortgage/seller financing.

They to have office meetings and my bet is they’re looking for guest
speakers as well.  Maybe you could go in and explain a little bit about
seller finance industry in relation to their business and why it is
important to them and their customers.

They would also be able to tell you the Realtors who use seller financing to
close transactions.  Thus generating another lead source to develop and that
would be an easy call to make because you have the name of the title company
officer as a referral.

Be careful not to offer too much of a referral fee because there will not be
that much cash in the transaction.  Besides they’re not looking for cash,
they are looking to set themselves apart from other title companies by
providing services their competitors do not offer.

As you know is the additional service is your ability to buy discounted
notes and mortgages nationwide, right? Lunch at an inexpensive restaurant (I
prefer Wendy’s, which allows you to have offices throughout the entire city)
would make them happy and give you the opportunity to develop the contract.

You most certainly can offer professionalism and satisfied customers because
you know you will perform as promised giving their customers a good
impression of their business just by making a simple referral, you.

Why do I know this is true?  Because my bet is you strap on the armor of God
daily, and we all know the waist belt of truth and integrity leads the Way.
Of course, we need to remember to put on the rest of the armor because those
fiery darts come flying at us as soon as we walked out our front door and
into the World.

How’s that for some preach’n!

Peace be with you all,
Kent
www.notes101.com