Robin Carriger wrote:Hey Kevin,
Could you give us a list of specific services that would be included in your business of converting rentals to owner-financed notes?
Thanks,
Robin Carriger
President
DFW REI Club
(817) 300-1132
Robin@DFWREIClub.com
Howdy Robin, long time no see!
Services would include...
Onboarding - Walking landlords through the process to ensure total understanding on both ends as well as making sure note origination is in the landlord's best financial interest. We would sign PPMs and whatnot here to CBOA (Cover Both Our Asses).
Paperwork - Deeds, notes, deeds of trust, mortgages, allonges, owner financing packages, and anything special to the situation that comes up
Buyer/Borrower Sourcing - We would do all the work and partner with local agents to market for, find, and vet highly qualified borrowers. We would be able to find qualified borrowers willing to pay high interest rates to buy their new home. Vetting would use RMLO qualification metrics to ensure high quality borrowers are placed into the home.
Servicing Setup - After the sale and paperwork is complete, we'd be able to easily setup an extremely low hassle and minimum effort payment servicing to where all y'all would have to worry about is checking your bank account once a month.
Additional Services - I was also thinking about including some sort forclosure insurance in the plan so clients would have zero worry about their financial stability in the investment. This would mean we cover all costs in the case that the homeowner defaults (which is rare when originating notes).
