If you are an investor selling your house, you may wish to get interest on all or part of the selling price of the home. For example, say you have a home that is worth $150K and you owe the bank $100K. Lets say you want to pay off the bank, and put $15K in your bank account, and you want to invest the rest, which is $35K ($100K paid to bank - $15K cash to your account).

You could take a promissory note on the $35K secured by the real estate you are selling. In other words, you have a lien on the property, just as a bank would, which will ensure that you get your money. Lets say the $35K note is at 8% interest (which is 400% more than you would get in your 2% yielding savings account). You would get a monthly payment on the amount owed including interest. In just the first year, you would get $2800 in interest, not to mention the principle.

Effectively, you are a virtual bank. The process is pretty simple, and a real estate attorney simply files an affidavit with the city, letting the whole world know that you are owed money on the property. It would not be possible to refinance or sell the property until your money is repaid, and the lien is removed.

But what if an unexpected circumstance causes me to need the money that is owed on the promissory note? Well, there are an uncountable number of private real estate investors, as well as companies, that are literally begging to buy your note. So, they will give you cash for the note, on the remaining, unpaid balance. For example, after 3 years, there may be a balance of $30K on the note. If you want that $30K now, you can simply sell the note, in which case, a company would give you $30K cash. Why would they do that? Because now, they have locked in a real estate-secured, high interest yielding return on their investment. This process usually takes about 2 weeks, and those companies should take care of the legal work, so the only thing you have to worry about is endorsing a check for $30,000.

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