Creating a Note?

[Scott Williams]

My understanding of note buying and selling is very vague.

I would like help in understanding if a note could be a vehicle for us to get some cash out of a house without selling or refinancing it.

I understand a note is basically a mortgage or land contract that someone is making payments on, and is bought at a discount for the value of the payments or the property.

We do not have a note to sell as such but do have a property with no lein holders on it.

Here is my situation. My girlfriend and I decided we wanted to go to school and do something different, and we were going to fix up and sell this house to help pay for our career change.

The problem is we got 90% done and we really like the house and neighborhood, and decided not to sell it.

We are both in school full time and not working now, so there is no way we can get a mortgage on the house. Our credit is not great either, so conventional financing will not work for us.

We don't owe any money on the house, and taxes and insurance are up to date. The property is worth around 50k, houses are pretty cheap in this area(Michigan).

We would like to get 10-15k and have the payments spread out over 10 years.

Is there a way we can make this happen(or should I get busy looking for a part time job :lol:)

Thanks, Scott