In this video I am joined by my mentor Dr. Marijo Wilson, and today we will be talking about real estate note investing. In real estate, promissory notes are a legal promise to repay, and we explain how you can do deals using these notes.
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Hi, I’m Chimene Van Gundy, bestselling author and mobile home millionaire and in today’s video, we’re going to talk about what is real estate note investing. And joining me in today’s video is my mentor, Dr Marijo Wilson, who’s actually been training and mentoring in real estate for more than 15 years. If you ever get a chance to talk to this phenomenal lady, I would suggest that you do. So we’re going to talk about what is real estate note investing. So Marijo, what is it will a note is just kind of a short term that real estate investors use, but they’re really talking about promissary notes, a promise to pay. And in fact, in real estate, it’s a legal promise to repay. So when you’re in a mortgage state, so we got about half the states, our mortgage and promissory notes states and the other half are deed of trust states in the mortgage and promissory notes states the mortgage is actually the collateral for lending money, but the promissory note is the promise to repay in a deed of trust state. What happens in that situation. And indeed a trust date, you actually have the terms outlined for the repayment entity a trust. So you need to make sure that you check with each state to see if it’s a promissory note state or a data trust date. What else can we say about real estate note investing? Well, with real estate notes, you can remember, you can be on either side of the transaction, so you can actually be the person who seller financing the real estate and you’re holding that promissory note and the other person has promised to repay you. Or you could be the borrower where you’re on the side of the promissory note where you have to pay that back to the lender or the bank. But Marijo isn’t always better to be the bank, always better to be the bank often. And sometimes we can get into a situation where we’re borrowing. Once we have experience, we can buy various types of real estate through a non-recourse note. And so what exactly is a non-recourse note and non-recourse note or a nonrecourse loan is when that means that they cannot come after your personal assets. And this is actually a huge benefit to non-recourse notes or loans also. And another thing that you can do is Marijo, can we use the strategy and does it take money and credit like brokery notes? Yes. Actually you talked into another one of your videos about ways to get into real estate investing with none of your own money and none of your own credit, right? Right. So by brokering notes you can do the same thing. Have any of you ever heard that gets my money and I want it now? Well, this is exactly what you can do. You can find people who are holding notes and getting a monthly cashflow stream and they want to get a lump sum of money instead of the monthly cashflow stream. And so they sell that note to a note buyer who’s willing to pay them the lump sum in exchange for the monthly cashflow. When you find who wants to sell a note and somebody who wants to buy a note, guess what, you get paid and that big you become a real estate broker of notes and so that would mean that you’re actually a transactional engineer. Again, this is all about making relationships and leveraging those relationships and leveraging things that you have. Also, the final thing that I want to say is this is a great strategy for you to use to be able to get it started in real estate with no money and no credit, so make sure that you do your research and you know which thing that you want to do in real estate investing. But notes is one of my favorite strategies and I hope that this video helps you, has helped you answer any questions that you may have on real estate note investing.
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