Did You Know Can You Turn Your Commissions Into Notes?

Summary

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Podcast Summary: Owner Financing & Note Investing Podcast with Dawn Rickabaugh

Episode: Did You Know Can You Turn Your Commissions Into Notes?
Date: July 27, 2026
Host: Dawn Rickabaugh (filled in by Dave)
Panelists/Guests: Ben Parman, Jay Davis, Marianne, Amy

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Episode Overview

This episode dives deep into innovative approaches within real estate investing, focusing on how real estate agents and investors can creatively structure deals—specifically, turning real estate commissions into notes. The discussion explores seller financing, contract-for-deed versus notes, short-term and midterm rental strategies, challenges with lead generation for note investing, market cycles, and the benefits and mindsets required to succeed in the note business. Real-world experiences and candid advice from experienced investors are woven throughout, making complex concepts accessible for both novices and seasoned professionals.

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Key Discussion Points & Insights

1. Turning Real Estate Commissions into Notes (Main Theme)

• Key Insight: Agents can take commissions as a note (rather than cash), aligning their interests with investors and allowing for unique financing solutions, especially when cash conservation is key.
  • This method involves assigning the agent's commission as a note, often collateralized by the seller-financed notes already inherent in the transaction.
  • Example: On a $500,000 building sale with $15,000 commission, the commission is paid out of the seller financing stream as the seller is paid.
  • Dave: “He [the buyer] had his qualifying question as to picking an agent, and that was, ‘Are you willing to take your commission as a note?’ And I said sure, because I understood notes. Every other place he had gone, the answer was no, my broker won’t allow it.” [00:00, 25:58]

2. From Agent to Note Investor: Career Evolution

• Dave’s Journey: Starting as an agent after the Air Force, moving into note investing and real estate brokerage over decades, ultimately favoring passive income via notes and rentals.
  • “I made my living frankly as a real estate broker. But in that industry, opportunities pop up and so it’s worked out, you know, quite well for me and my family… I’m just a young 82 and mostly dealing in owning rental properties and notes.” [02:09]

3. Contracts for Deed vs. Notes and Deeds of Trust

• Ben Parman: Discusses doing contract-for-deed “wraps” instead of traditional note and trust deed sales, primarily due to smaller down payments and easier retention of title, but remains open to adopting notes and deeds of trust.
  • “[Contracts for deed] is just how I learned to do it, so I continued to do it that way though I’m very interested in changing.” [06:29]
  • Discusses risks (being on title increases liability) and the practicalities in various states (Missouri, Illinois, Indiana, Michigan). [07:00]

4. Market Challenges: Foreclosure and State Regulations

• California vs. Midwest States: Complexities and legal liabilities for title-holders differ by state. California is tough on sellers in court.
  • “It’s actually malpractice for an attorney to not name a party in a lawsuit who might be tangentially involved. So to leave you out is actually malpractice.” —Dave on California legal climate [05:19]

5. Lead Generation in the Note Business

• Current Strategies: Jay Davis relies on direct mail and networking with investors, rather than expensive, broad outreach.
  • “All we do is I work with a couple of investors… and we sell them as seller finance after they’ve gone through and been able to get some depreciation off the first couple of years after renovation and then sell them with seller financing and carry those notes.” [17:09]
• General Frustration: Difficulty in finding reliable, affordable sources for note leads; most panelists create notes rather than purchase them.

6. Rental Strategies: Short-Term, Midterm, Long-Term

• Marianne’s Experience: Shifted from short-term (Airbnb) to midterm rentals (insurance placements, traveling professionals—30+ day stays), especially in markets with eviction concerns and regulatory crackdowns.
  • “If you have to get somebody out, especially in some cities… it can take months. Ask me how I know.” [12:11]
• Blend of Uses: Dave discusses partnership on a mixed-use multifamily (St. Joe, Missouri)—some long-term, some STRs, including innovative unit configuration to increase occupancy flexibility and profitability. [09:34]
• Regulations: Local permitting and community resistance to STRs are major considerations (e.g., South Lake Tahoe, Colorado’s resort towns).

7. Real Estate Mindset vs. Investor Mindset

• Notable Quote: “The mindset of a real estate agent is not the mindset of an investor in real estate. Agents are notorious for not buying and investing in real estate.” —Dave [25:58]
• Encouragement: Listeners are invited to think creatively and become “solution-bringers” rather than simply transactors.

8. Market Cycles & A Pragmatic View on Wall Street

• Stock Market Parallels: Anecdotes about the cyclical nature of stock and real estate markets; skepticism about the sustainability and control of stock investments.
  • “Warren Buffett described the stock market as a combination church and casino.” —Dave [20:09]
  • “You go into one of them and you put your money down in the casino and then you go to the other one and pray.” —Dave [20:10]
  • “I just like something more tangible. I can feel a property, I can go to the doorknob and walk inside.” —Marianne [23:27]

9. Community & Continuous Learning

• Acknowledgment: The panelists express admiration for Dawn Rickabaugh’s practical, creative approach to note investing, as well as the collaborative nature of the “Property and Paper” community.
  • “Every time I talk to Dawn or listen to one of the podcasts, I’m just blown away. Why didn’t I think of that?” —Jay Davis [18:45]

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Notable Quotes & Memorable Moments

• On Taking Commission as Notes:
  “Are you willing to take your commission as a note? And I said sure, because I understood notes… Every other place he had gone, the answer was no, my broker won’t allow it.” —Dave [00:00, 25:58]
• On California Lawsuits:
  “It’s actually malpractice for an attorney to not name a party in a lawsuit who might be tangentially involved.” —Dave [05:19]
• On the Agent/Investor Divide:
  “The mindset of a real estate agent is not the mindset of an investor in real estate. Agents are notorious for not buying and investing in real estate.” —Dave [25:58]
• On Market Cycles:
  “Warren Buffett described the stock market as a combination church and casino…you put your money down on in the casino and then you go to the other one and pray.” —Dave [20:09]
• On Real Estate Tangibility:
  “I just like something more tangible. I can feel a property, I can go to the doorknob and walk inside, you know.” —Marianne [23:27]

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Timestamps for Key Segments

• 00:00–02:30 — Story of taking commission as a note; Dave’s background
• 03:50–07:00 — Ben Parman on contract-for-deed vs. note and trust deed
• 07:35–09:12 — Market and property sourcing in the Midwest
• 12:01–14:09 — Rental strategies: midterm/STR tips and eviction challenges
• 17:04–17:38 — Jay Davis on practical note investing and deal structure
• 20:09–21:33 — Discussion on market cycles; Buffett’s “church and casino” quote
• 25:58–26:58 — Recap: taking commission as a note revisited
• Throughout — Panelist introductions, mindsets, partnership stories

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Conclusion

This episode is an invaluable resource for real estate professionals and note investors interested in more creative, flexible ways to structure deals and grow wealth. The conversation not only demystifies advanced topics (like commission notes and wrap contracts) but also places a spotlight on the psychological, regulatory, and practical realities of the business—delivered with wit, candor, and mutual respect.

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For more:

• Join the Property and Paper community at citizensoftherealm.com
• Learn directly from Dawn Rickabaugh at notequeen.com
• Schedule one-on-one consultations at notequeandeepdive.com

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Summary by an expert podcast summarizer — structured for clarity, insight, and real-world application.

Transcript

[Dave]

You know, like, like with you, Ben, or whatever is finding an agent who understands what you're doing and is willing to work with you. And I had a guy walk in 1983 and interesting character comes in in a black car, wearing a black tuxedo, without, without the tie and totally dressed in black. And he walks in 7:30 in the morning, says I'm buying a house from anybody willing to work this early. Well, I proceeded to sell him a house, nine apartment buildings resold. The eight apartment building him manage about $2 million. And he let me stay on his houseboat in Amsterdam. But it was interesting because I didn't learn till later he had his qualifying question as to picking an agent. And that was, are you willing to take your commission as a note? And I said sure, because I understood notes. Every other place he had gone, the answer was no, my broker won't allow it.

[Jay Davis]

What?

[Dave]

The company won't allow it. So what we did, whenever he would say, because he was trying to conserve cash. And so what we did in the transactions, you know, he would buy a building, for argument's sake, $500,000. And my commission would have been, you know, 15,000 for discussion. And all these buildings had seller financing on them. They were multiple unit buildings. And this is when rates were 10, 11% and so on. And so the sellers would carry back a note and we would take back a collateral assignment on that note. So as the seller got paid, we got paid. All right, well, anyway, welcome aboard. This is Property and Paper live with Dawn Rickabaugh and she is tied up today, so she asked me to fill in. So I thought I might just give you a little background of myself. I met, I actually met dawn in pre Covid. She was running a in person type meetups in Carson City, Nevada. And I attended and really appreciated the way she approached note investing, real estate and so on. Her, you know, one mom and pop at a time concept that it's not really rocket science. Interestingly, I got lucky when I first came to Lake Tahoe in 1972. I started out as a real estate agent just getting out of the Air Force. And fortunately I went to work for a broker who made the comment, do you really want to sell houses all your life? That really stuck with me because the job of a real estate agent was to get fired. You do your job, you get fired, and then hopefully you get some repeat business. So the idea of note investing was really kind of, kind of appealing. In that particular real estate company, they were, they were fixing and flipping houses and that's where I really got started in it. But I think, I think I'm kind of one of the few note people whose career started out as an agent and then evolved into the note business. You know, long story short, I made my living frankly as a real estate broker. But in that industry, obviously opportunities pop up and so it's worked out, you know, quite well for me and my family. And so, you know, I'm pretty much out of the real estate business now. I'm just a young 82 and mostly dealing in owning rental properties and notes. But I'm not selling real estate anymore. So that's how I got where I am. Does anybody else want to chime in on how you got in into notes?

[Ben Parman]

Hey David.

[Dave]

Yeah, hi.

[Jay Davis]

Hey.

[Dave]

You are, you are.

[Ben Parman]

I'm Ben Parman, I live in Northern Colorado. Yeah, I was just gonna say I, I got into. I'm not exactly in the note space per se as most people on this call probably are, but over the past three years I've been doing a lot of contract for deed wraps. So I suppose you could say a contract for deed is very similar to a note. But before that I did fix and flips for many years. So I decided I wanted to get away from that and get into something that would provide a little more long term passive income. So that's how I got into this space.

[Dave]

So you're fixing a property and selling it and carrying back a contract.

[Ben Parman]

Yeah.

[Dave]

Why don't you sell them and carry back a note and deed of trust?

[Ben Parman]

Honestly, I would, I would definitely do that. I, I have not been doing this with very high dollar properties and have not usually gotten down payments large enough that I'd be willing to transfer the deed. So that's why I've been doing a contract for deed or land contract where I've, you know, retained title to the property. But I'm not at all opposed to, in fact, I would probably prefer doing it, you know, by actually transferring the deed and carrying back a note or two. So I could sell one note and recapitalize and then maybe hold a second that, you know, cash flow that I'd own free and clear at that point.

[Jay Davis]

Yeah.

[Dave]

All right. Yeah, thanks. The. Personally, I've always avoided contracts and the simple reason is I don't want to be on the title to the property if somebody gets sued.

[Ben Parman]

Yeah, you're good.

[Dave]

You're going to be a defendant in a slip and fall or whatever. And I'm in California now, most of

[Ben Parman]

all in California probably.

[Dave]

Right, right. Well, most of you have probably heard of Jack Miller, kind of the father of single family investing. And I remember at a conference once in the early 90s, I made asked a question and he said, where are you from? He said, I said, California. He said, my condolences. So, you know, this, this is definitely a consumer state and it's actually malpractice for an attorney to not name a party in a lawsuit who might be tangentially involved. So to leave you out is actually malpractice.

[Ben Parman]

That's California, I guess.

[Dave]

Yeah. Yeah. Well, you know, it, it is a consumer state. There's a lot of good things about it. I've only lived here since Uncle Sam put me here in 1968, so I've survived.

[Ben Parman]

I. One other comment I would say just on you asked me why I'm doing contracts versus transferring title. I guess a plain and simple answer would probably be also that's just how I learned to do it. So I continued to do it that way though. I'm very interested in changing.

[Dave]

And a question in Colorado, if you want to, I don't know what the term is, foreclose on a contract, call the contract whatever term they have. Is it the same process as a real estate foreclosure?

[Ben Parman]

That's a great question. And I actually have not done any of these in Colorado. I am doing this all out in Midwest states. So that said, there are some states where you do need to foreclose regardless of whether it's a contract for deed or, or if you transfer title. But you know, there's others where you don't or, you know, some do once the buyer has, you know, there's rules like if they've been in the property for five plus years or have and, or I should say have, you know, 20% or more equity in the property, but haven't run into any issues with that personally.

[Dave]

And what states are you doing this in?

[Ben Parman]

Missouri, Illinois, Indiana and Michigan.

[Dave]

And what part? What part of Missouri? Because they're doing stuff there too.

[Ben Parman]

Greater St. Louis area. Okay, so and then got some properties across the river in Granite City, Cahokia, Decatur.

[Dave]

And it's out of curiosity, how do you find these?

[Ben Parman]

I've found a lot on Facebook, Marketplace. I found some on the mls. I've done some direct outreach to sellers that have properties that were expired listings. I just bought one a couple weeks ago like that. I bought that one subject to the existing loan. It was one where the owner got married, bought another house with her husband, put this one on the market, listed a little bit too High sat vacant over winter. Pipes froze, flooded the basement. No way that they were going to be able to sell that property as it was. So.

[Dave]

With an indoor skating rink.

[Ben Parman]

Exactly. Yeah. Yeah. But that was a pretty easy fix, honestly. I just basically offered them debt relief. So I had to pay closing costs, but took over the property, replaced the furnace water heater, tore out a bunch of moldy sheetrock, replaced that. Just about to get that one back on the market now. But it's actually a really nice house.

[Dave]

Do you have to go back there and do it yourself or do you have a crew?

[Ben Parman]

Yeah, I've got a crew.

[Dave]

That helps.

[Ben Parman]

Yeah. Yeah. No, I definitely don't want to be doing any of that stuff myself.

[Dave]

Yeah. Have you met or seen on these meetups, Pat Jackson, he's from Reno, but he does. But he fixes and flips houses in more around St. Joe and that part of Missouri.

[Ben Parman]

I don't believe I have.

[Dave]

Okay. Yeah, I was doing a lot of what you're doing.

[Ben Parman]

Okay. Interesting. Pat Jackson and he's in this group, did you say?

[Dave]

Yeah.

[Ben Parman]

Okay.

[Dave]

I'm, I'm actually partners with him in, in a few properties in Missouri.

[Ben Parman]

Oh, very cool.

[Dave]

Yeah, he, he, he's very good at the Airbnb model. That's what he's really working on.

[Ben Parman]

Got it.

[Dave]

And in fact, we just did an interesting transaction. I had a, I sold a property out here and did a 10:30, one with. Into a few properties and one was a, a fourplex in St. Louis and in Afton, which I guess is a pretty good area. And, and then I saw how much the prices had jumped, so I sold it and I was looking for a replacement property. Bought a six plex in, in St. Joe. So we bought a six plex and, and right now we're operating it as two permanents and four short term rentals as a mixed use. And he's in the short term rental business. I'm in the old passive investor mode. And so theoretically this will work. We've owned it for about a year and when he books it, it books pretty well. And he actually got involved with. There's a, even a whole class on how to set them up. If you've got multiple units so that you can rent them as a two bedroom or a four bedroom, you can take different size groups and shift how your rooms are rented because normally if you're a single family dwelling, it'll take X amount of people.

[Ben Parman]

Yeah.

[Dave]

But if you have other available units that are literally, you know, one, one second away, you can actually Accommodate, you know, whether it's a soccer team or, you know, whatever, whatever it is, you can accommodate a bigger group or shift down to three smaller groups or whatever.

[Ben Parman]

Okay.

[Dave]

Yeah. So he's, he's kind of trying to set up, you know, an income stream out of those as opposed to just the fixing and flipping.

[Ben Parman]

When you've got a blend like that within a multifamily unit where some are, you know, long term rentals and some are short term, do you have to get individual permits for each unit to do short term rental or could you convert or I guess just rent out some of the others as short term rentals as well? If there's enough demand for that.

[Dave]

To be honest, I'm leaving that to him. And at least in that city, the permit system is pretty loosey goosey.

[Ben Parman]

Okay.

[Dave]

So. But I think other communities like South Lake Tahoe, where I am, you'd have hell to pay for trying to do that.

[Ben Parman]

Yeah, yeah. It's the same way here in a lot of the resort towns in Colorado.

[Dave]

Right. Definitely become a problem. Yeah, my kids are up.

[Marianne]

You have to move rentals where they, the areas that are difficult in the short term. You move to midterm rentals.

[Jay Davis]

Right.

[Marianne]

Insurance rentals if you, if you want, if you don't want to just do a regular long term. Because the problem I personally have with long term is the idea is if you have to get somebody out, especially in some, you know, cities where I tend to be like Chicago in la, it's really hard to get somebody bad out. It can take months. Ask me how I know

[Dave]

the voice of experience.

[Marianne]

So the midterm rentals work out pretty, pretty good. I'm doing midterm rentals and two apartments.

[Dave]

When you say midterm, are you talking about traveling nurses and so on?

[Marianne]

Yeah, it's like a 30 day, it's basically like a 30 day minimum third or.

[Dave]

Okay.

[Marianne]

But it's, it's not even just traveling nurses. It's just people that might want to go for a longer time. I mean, I just had somebody come in for months and they want now another almost two months in the winter. And then they were talking about long term and I'm like, well, these guys, I probably do long term because I like them, you know, and I think they're, they're cool. I, I know them before. I've rented to them, you know.

[Dave]

Yeah, yeah. Pat Jackson is, is, you know, that's, I think where he's going to spend most of his time is as you say, the midterm or whatever the exact terminology is. Anything over 30 days.

[Marianne]

Yeah. And then you're not turning over. I mean, I started short term rentals before Airbnb actually saved my house, in what with the big crash of 2, 8, 9, 10, 11. I don't know when that was exactly. Yeah. And I, I couldn't afford to pay my mortgage, but I did have a second home. So an agent friend of mine said try short term rentals. And I did that for Airbnb in LA until basically made it impossible to do short term rentals.

[Dave]

I've noticed that more and more condominiums are starting to put limits on those things.

[Marianne]

Well, you know, condominiums I would think too, as opposed to if you own the property yourself. I, the one I have here is a 2, 2 flat and I own the whole building. But condominiums. You have so many people there that are likely to be annoyed. Same thing happened in, in California. People took advantage of it. Somebody would rent a really big house up in the hills and throw an obnoxious party with lions and tigers and bears and God knows what. And then it just.

[Dave]

You've been to our town

[Marianne]

anyway. But you know, if you're doing rentals, I'm, I'm not as into the long term because again, issue of if you decide you don't like them, how do you get rid of them? Yeah, my humble opinion, they do a

[Dave]

big high school grad night party here. They do it, I think they do it at Heavenly Ski area. But one of the reasons they do it is that the students on grad night, they would, they would fake being somebody else and they would rent a big house, literally and have these massive graduation parties in a vacation rental. Yeah, we, we, we live in a community where that's been an ongoing issue and they were banned and they're now they're back in place and permits and enforcement staffs and so on. But I think, you know, people who find the right market and run these, well, they're pretty profitable.

[Marianne]

Yeah, they're, they're not bad. Hi, by the way, Marianne.

[Dave]

And where are you located, Marianne?

[Marianne]

Right now I'm in Chicago, but I'm a permanent resident of California. I have a house in Hollywood that I'm doing sort of a midterm, like six months rental and a place out in Wrightwood out in the mountains that is sort of less, more or less my permanent location. But I'm in Chicago doing some work and into midterm rentals.

[Dave]

Is there anybody on here that. That is in notes?

[Marianne]

Dave, There you are.

[Amy]

It's Amy. I don't see you, but I can hear you guys. Anyway, I buy notes. I buy non performing seconds if I could find them.

[Jay Davis]

And this is Jay Davis, I I notes and, and primarily in, in Georgia because Georgia has a great landlord and mortgage company state. So I have also sold real estate inside IRAs and 401ks using Seller Finance notes.

[Dave]

So I've got a question and that is in terms of lead generation for notes, I mean a lot of people still do it in direct mailing, but what are some of the less expensive ways to do it that still show results?

[Jay Davis]

I'm not your guy, Dave.

[Dave]

Do you, do you do it strictly with mailings?

[Jay Davis]

Yeah, no, I, all we do is I work with a couple investors and so they buy some properties and we provide funding for rehabbing and then we sell them as seller finance after they have gone through and been able to get some depreciation off the first couple of years after renovation and then, and then sell them with seller financing and carry those notes.

[Dave]

Oh, so, so do you go in as a co owner?

[Jay Davis]

Yes, I do. Or as a joint venture? A joint venture, yeah. Because I don't want to co own something with, with, with the tax advantaged account.

[Dave]

Okay. It's interesting that, you know, I mean, I've been in the real estate business for 54 years, but again, mostly on the broker side. And I, you know, even at my age I am learning so much. That's why I really like Dawn. You know, I learned so much from her and you know, in the, and the different conferences and what different people are doing and it, sometimes I have to scratch my head about how creative some people can be in, in doing all of this. And in living in a ski area resort town, it's much more difficult to do any of the kind of deals that one finds at conferences or to meet up like this. I mean, our median price house, we're the poorest part of Lake Tahoe on the South Lake Tahoe, California side. And our median price is 700 and something.

[Jay Davis]

Yeah, well, I've been in the business 14 years less than you, but every, every time I talk to dawn or every time I listen to one of the podcasts, I, I'm just blown away. Well, why didn't I think of that?

[Dave]

So, you know, and I think dawn is unique in that she, you know, left her career, her nursing career. I think she still, she still has her license, but she literally did a complete shift. And, and when you're going to do that and have to do it and survive financially. You learn fast, I guess, because boy, she did. So any. Anyone else that goes out searching for notes and other ways other than mailing?

[Marianne]

I don't actually search for notes. I. This is Marianne. I generally create notes because I work mostly as a flipper, although I have some rentals. And I usually work with private investors that I know through various real estate clubs, generally in a second position note when I need to kind of fill the gap between the first and what we need. So anybody that is interested in that at all and might be looking for notes, let me know. Maybe I can help you, you know.

[Jay Davis]

Okay.

[Marianne]

I'd like to be buying notes, but I think I'm more like, like I say, creating notes. I'm still actively taking, you know, buying properties.

[Dave]

So I think, I think we're going to run into some interesting time right now. I, I think back to the stock market went crazy up to about 1999. People were making a lot of money at it and then that came to a halt and real estate took off. At least in our area. We, we were flat for years and then we took off. That being said, resort areas tend to attract more discretionary money. And then of course, the recession hit and now we're back into the stock market going crazy again. But it was interesting because Warren Buffett yesterday, he described the stock market as a combination church and casino. The current market, you go into one of them and you put your money down on in the casino and then you go to the other one and pray. And even though he's not running Berkshire Hathaway directly anymore, I think, to be honest, I, I think he's absolutely right. There's going to be a lot of people that get hit pretty hard the way they've been chasing the tech stocks, especially the people that made Elon Musk a billionaire in one day. And one third of that's already gone.

[Amy]

I think it was t with a trillion, Dave.

[Dave]

Or excuse me. Yeah, right, you're right. You're right.

[Amy]

Yeah. Billionaires. That was ages ago.

[Dave]

Yeah, right. I forgot that was a slip on my part. But, but yeah, I mean that there's a stock that people chased up to, went public at 135 and they chased it right up to 200 and now it's at about 130. So whoever bought a 200 has lost about almost 40%.

[Jay Davis]

It's actually 121 right now.

[Dave]

Okay.

[Jay Davis]

It was up and down today.

[Amy]

That's crazy because then you're talking about the high frequency traders and you know, things that, that don't involve people like us.

[Jay Davis]

Yeah, I sold some at 175. So there you go.

[Dave]

Well, good for you. I, I, I, I bought a little bit of Berkshire Hathaway years ago and that's about my exposure to the market.

[Jay Davis]

Very.

[Amy]

Did you sell yet, Dave?

[Dave]

Nope, never have. No, I don't think I'll ever sell that one. Kids will get it.

[Amy]

Oh, okay.

[Dave]

And it's in a Roth.

[Amy]

Well, you know Abel, the guy who took over.

[Dave]

Right.

[Amy]

Did you hear that he's taking 20 million in CEO salary.

[Dave]

Don't blame him.

[Amy]

Well, Warren always took 125,000.

[Dave]

Right? Right. Yeah. However, he also had 100 billion in stock.

[Amy]

Yeah, of course. But that really changes the dynamic of Berkshire Hathaway.

[Dave]

Yeah, yeah. I mean it isn't a one man run company anymore. And what you have to hope for is the principles that they operated under with Warren Buffett will continue in place.

[Amy]

Well, that's what I'm saying it ha. It's not if he's taking 20 million a year.

[Dave]

Well, I, I'm looking more at the investing principles. Yeah, but we'll see.

[Marianne]

I just like something more tangible. Like you know, I can feel a property, I can go to the doorknob and walk inside, you know.

[Dave]

Right.

[Marianne]

I mean stocks. I did have the opportunity to get into the musk stuff ahead of time and I was like, I don't think I want to do that.

[Dave]

Yeah.

[Marianne]

Now that you guys tell me everything, it's fallen down because I have don't pay much attention. I'm so glad I didn't.

[Dave]

So I want to throw out something that, and something I've talked about before and you know, this could apply to somebody who's doing flipping or whatever is agents carrying commissions as a note. And how do you, how do you pick an agent? And the reason I wanted to bring this up, I, I co owned and then owned myself a brokerage and had four offices and over 100 agents over the years. And it amazed me that I only got two of them interested in investing in real estate out of a hundred. And the, the mindset of a real estate agent is not the mindset of an investor in real estate. Agents are notorious for not buying and investing in real estate. And that being said, at what, you know, what they do, which is being salespeople and selling houses, they're good, they do a very good job. And no, no criticism there at all. But I think the trick is, you know, like, like with you, Ben, or whatever, is finding an agent who understands what you're doing and is willing to work with you. And I had a guy walk in 1983 and interesting character comes in in a black car, wearing a black tuxedo without, without the tie and totally dressed in black. And he walks in 7:30 in the morning, says, I'm buying a house from anybody willing to work this early. Well, I proceeded to sell him a house, nine apartment buildings resold. The eight apartment buildings helped him manage about $2 million. And he let me stay on his houseboat in Amsterdam. But it was interesting because I didn't learn till later he had his qualifying question as to picking an agent. And that was, are you willing to take your commission as a note? And I said sure, because I understood notes. Every other place he had gone, the answer was no, my broker won't allow it. What? The company won't allow it. So what we did, whenever he would say, because he was trying to conserve cash. And so what we did in the transactions, you know, he would buy a building, for argument's sake, $500,000. And my commission would have been, you know, 15,000 for, for discussion. And, and all these buildings had seller financing on them. They were multiple unit buildings. And this is when rates were 10, 11% and so on. And so the sellers would carry back a note and we would take back a collateral assignment on that note. So as the seller got paid, we got paid and it worked out very nicely with every transaction he did was done that way, you know, it, it, the seller got his money, we got an asset for a commission and he got in with the property with a little less down. And the nice thing from. Yeah, go ahead. Yeah, I got it. You said you would take back a collateral assignment. Hey, how's it going? Hi. You said, you said you would take back a collateral assignment on the seller's note or on the, on the seller's note? The. Because the seller carried back.

[Dawn Rickabaugh]

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