In this article we’re going to talk about selling a promissory note in Louisiana. As an investor you should always be aware of potential opportunities to sell your promissory note. Spotting opportunities will allow you to be more in control when it comes to setting the terms of the sale.
Perhaps you’re already beyond that though now and you know you need to do it. What we want to do is tell you some of your options and some of the benefits and mistakes to selling a promissory note in Louisiana.
First of all know that you can sell the entire note if you want to and not just a portion of it. Because you are in control you can tailor the sale of the note however you want. Of course you need to meet the needs of the buyer
Why would sell a promissory note in Louisiana?
There’s a variety of reasons that include:
– You need money.
– To pay off other debts that are charging a higher interest-rate such as a credit card.
– You want money to invest in something else.
– Maybe you’d like to have some cash on hand to pay for college, buy a car, finish your basement etc.
– You’d like to have one lump sum cash payment as opposed to small monthly income payments you’re getting currently.
– You want to get rid of the note so you don’t have bookkeeping issues.
– You don’t want to pay property taxes or insurance.
– Peace of mind is just one thing to get rid of.
Things To Know
What are some things you need to be aware of when selling a promissory note?
Mistakes that you should avoid include to low of an interest-rate, too long of a loan length, payments are too small, payments are infrequent, there’s no collateral security, not knowing the borrowers credit score, social Security number, or other important financial information.
In Summary: Selling A Promissory Note In Louisiana
The amount of money that you’re going to receive will depend on all of these factors and you should view them as having a complete package of information. If everything appears to be in order documentation wise you’ll receive your cash faster when you sell your promissory note in Louisiana.
This goes back to the benefit of being in control. When you do not have to sell you can be more picky on who you sell too.