Orlando, Florida - Luke Amoresano in the house! 9 posts by 3 users

Posted: 07/10/2008 at 06:01PM

Bigger Pockets Members,

8 years ago I became a licensed real estate salesperson in Florida, while working as the general manager of a health and fitness club. Although I was motivated and interested in real estate, things at the time didn't click for me.

Instead, I became heavily involved in e-commerce, internet sales and marketing, and the pharmaceutical industry.

Well, I've come back to real estate but in a different arena - buying and selling paper (Seller Financing Carry Backs and NPN/REO bulk transactions)
I am green, yet ripening like a piece of fruit in a paper bag overnight. This field gets me juiced up and it's just the type of thrilling work I was searching for.

My respect goes out to the moderator of this forum and to all the members. I think this may become a second home for me. Hopefully, I can build fun and fortune filled relationships with some of you.

Posted: 07/11/2008 at 07:18AM

Michael,

It's pretty strange really.

I had been considering the possibility of opening an aircraft parts export business after discussing it with an ex-politician friend of mine. In the process, people were asking me if I could find someone to buy their seller financed aircraft paper at a discount and what would the discount be.

This motivated me to understand how this was done. Once I contacted companies who orchestrated such transactions, I was further educated about how broad the note purchasing market is and that most outfits are more interested in notes backed by real estate.

So, I guess this is the opposite of what we were all taught. I started off flying and found my feet on the ground - so to speak.

Thanks for asking,

Posted: 07/11/2008 at 07:45AM

Mike,

Thank you for welcoming me. Certainly, I will ask questions - sometimes at rapid fire when I really going.

I'll be in and out of here, grabbing a meal and taking off again.

Truly happy to be part of this,

Luke

Posted: 07/11/2008 at 09:04AM

Michael,

I like it!!

That's what I'm expecting and exactly why I've offered some instruction on my website about how the seller can structured their creative financing with the intention of cashing out the note.

Those seller who really never want to use creative financing buy were forced, as per your example, can now look to a simultaneous closing of their home and the note they create. This allows them to get the cash they wanted and while conveniently selling their home.

Personally, I love it. It is rewarding to make a living helping people get what they want. Thanks for the feedback based on your recent experience. Those are the boosts we all need. Hey, are you a therapist too? lol

Posted: 07/11/2008 at 09:23AM

That is the right question!

" how does that affect the marketability of the paper, if any? Are you having any problems in this area? "

Yes, it affects marketability.... an appraisal is part of the underwriting criteria when purchasing a note. On a submittal for an offer, often the " Sale Price" is used as the determining factor buy the seller for " Market Value" . Eventually, all comes to the surface and the accurate yield for the investors is offered.

Am " I" having a problem with this? No, right now nearly all note sellers coming to me have already created there own note without guidance and understand what the true market value of their note is. I screen them on the initial interview and make it clear what their expectations should really be. This education is appreciated by them. At that very moment, it becomes evident how motivated they are to sell their note.

If more people starting asking for help prior to creating the seller financed note, I will gladly report if I'm having difficulties with such. For me, I will still work hard with these people because, at the end of the day, my service is still excellent - it's the market that stinks.

You see, it's really about a clients " need" for cash. It just happens that most of the time people are inquiring because they need the money.