Remember the movie Dumb and Dumber?
In one scene, Jim Carey finds a suitcase full of cash … every time he takes money out to splurge on something, he replaces it with an IOU …
… “it’s as good as cash”: until the guy who ‘lost’ the suitcase come to get it back!
Isn’t that how we live life?
That sounds a lot like writing someone a “note” – which I am not familiar with, but am hearing more about as one way to make a real estate deal. The seller takes back a ‘note’ which is not much more than an IOU it seems. I am not sure how to make one a “legal document” or how to actually propose it to someone who knows even less about “notes” than I do. Any other comments on “notes” and other forms of “IOUs”? Would handwriting (experts’ testimony) be able to transform Jim Carrey’s IOU into the legal document it is?
@ Di – Maybe, but I wouldn’t want to chance it … I’m sure that it is a standard legal document that any real-estate attorney (practicing in the state that the property that you want to acquire is in) … everything you wanted to know about using Notes but were too afraid to ask is answered here:
[Note: This is NOT an Affiliate Link; and there were only two USED / no NEW copies left on Amazon when I last looked … a must have for anybody truly interested in Real-Estate investing].