Why does someone sell his note?
The simple answer is “I need the cash.” Understandable. But, why do you need the cash? I always ask this question. Sometimes a life event has been forced upon you. Sometimes, it is a willful choice. Sometimes, an opportunity has presented itself and you must take advantage while the taking is good.
Maybe you are in this situation, maybe not. But if you are curious, here are the Top Ten reasons, in no particular order, people have given me over the years:
- Buy a business
- Pay off a mortgage
- Help elderly parents
- Pay a big tax bill
- Buy a new home
- Move out of state, start a new life
- Simplify life, lower risk
- Make better investment with a higher return
- Pay cash for a new car
- Pay college expenses for a child or grandchild
The “simplify life” motivation is one I am hearing more and more , especially from men in their 50’s and 60’s. Typically, the man may own a business or perhaps have a few income properties. He has adult children who are doing their own thing and have NO interest in being involved with Dad’s businesses. So, Dad reaches a point where he asks himself “Who am I doing this for?” If the answer is “Looks like I am doing this for myself,” he may not like the answer, and his decision becomes to liquidate, move on, and simplify his life.
If you hold a note and have reached a point where you are asking yourself questions, call me. Let’s get a price for your note and you can then weigh your options and make a decision that is best for you.
