Posted by John Behle on November 26, 2008 at 11:05:46:
In Reply to: Does Address Matter posted by Lynn (FL) on November 19, 2008 at 20:31:09:
I am opposed to using a home address just from a safety point of view. You have a couple factors. One is that you are dealing with people and lending money or buying existing notes. Someone might get the idea you have cash or assets at your home address.
Then you have the factor of how it looks one way or another. If it looks rich or impressive, they might see something they would like to have or tell someone else who would. When it comes to paying you, then they can picture you as the fat cat who doesn't really need the money.
If your home doesn't look as impressive, then it goes against the image you might want clients to have that you do have lots of money to loan, invest with or buy notes with.
If you had to foreclose, then they could take retribution on you or your home.
Also, no matter how good of a judge of character you might be or how trusting of others, you never know who you are really dealing with. I went to school with and knew some of the "Smart" family. So, if you remember the girl - Elizabeth - that was kidnapped right out of her bedroom, that struck pretty close to home for me. The kidnapper had been a workman on their home. I don't even like to have employees know where I live.
When I began investing in notes, I used banks, title companies and restaurants a lot. I still meet people at restaurants. Twenty bucks buys a nice office for a short while and even buying someone some eggs makes them feel good and a little bit obligated to you.
If you can use or rent a small office or conference room at a title company that can be great. If you do business with them, they might make one available to you.
One of the best set ups I had was a small office in with some attorneys. A hundred bucks at that time bought me a fully furnished office and a secretary to answer the phone "law office". I didn't go overboard with trying to convince people I wasn't a lawyer. The quick answers to legal questions in the hallway were great too as well as having someone immediately available for any larger problems.
Post a Followup