QUESTION:
Good Day Adam. Can I do promissory notes with an LOA? Can you give me an example of how I should split the payments up for the promissory note?
ANSWER:
Look at that manual in the Advanced section. There’s a few examples that start on page 78. It’s the same for almost any deal.
Adam
MORE INFO:
In the CP Stripped manual, it shows how to create a promissory note if the tenant/buyer can’t put their entire consideration amount down, or if you sell the property for much more than you have it optioned for. Then magic with the cooperative purchase is that it shows you how to create a note, assign the deal, STILL leverage the property and collect on the note over time. There’s several ways to doing it, but this is a massively useful technique in being resourceful on the deals.
RESPONSE:
Oh, Ok. Thanks. I had read over that section before but didn’ t dissect it because it said advanced I was going to dissect it later after I got a clear understanding of the simpler techniques. I see where it fits in now. Thanks
ADAM RESPONSE:
Awesome. Promissory notes are easy to do but usually difficult to collect on. You have to really stay persistent with getting your payments.
They can be as simple or as complex as you wish them to be.
I’m here if you need anymore help.
Adam