Raw Data Processing: Identifying Entities

If the County saves both individual owner names as well as entities under a single Property Owner field then one of the data processing steps you will need to conduct is to programmatically identify these entities and move them to the ‘Company’ column within your list. You will also need to indicate under the ‘Type’ field that these records are companies by entering the value of ‘Company’ for these records.

Below is a list of common keywords that would indicate that the owner is not an individual but rather a company or entity:


acquisition
aka
assoc
associa
association
bank
benefactor
beneficiary
business
c/o
care of
church
city
club
county
dept
develop
eastern
es
est
estate
et al
family
firm
foundation
holding
inc
invest
ira
land
llc
lp
ltd
northern
of
owner
ownership
partner
property
school
service
southern
st
state
tenant
tr
trs
trust
univ
us
western

Raw data lists also contain multipart names or prefixes and suffixes that need to be identified and properly formatted into the ‘First Name’ and ‘Last Name’ columns in the case of ‘Individual’ records and should not be treated as companies simply because they contain multiple spaces. You can also use this list to distinguish between common multipart names and middle initials that the county may also include in the raw data and which should be removed.

Below is a list of common multipart names, prefixes, and suffixes that you should account for in your data processing scripts:

Atty
Da
De
Del
Della
Des
Di
Dr
Du
Esq
Et Al
I
II
III
IV
Jr
La
Le
Mac
Mc
MD
Mr
Mrs
O
PhD
Prof
Ret
Rev
Sir
Sr
Von

Below is an example macro that you can use (and adjust as needed) that identifies companies or multipart names based on keywords lists like the ones posted above. We use similar scripts to identify the Companies in a list and move the company name to the ‘Company’ column in our list.

First, create a workbook with 3 sheets:

    Set InfoWs = Sheets("info")
    Set Kw = Sheets("keywords")
    Set SmpleWs = Sheets("sample")

Then add and run this macro to identify records based on the keywords listed in your “keywords” sheet:

Private Sub GetCompanies_Individuals()
    Dim wrdLRow As Long
    Dim wrdLp As Long
    Dim OwnersLrow As Long
    Dim OwnersLp As Long
    Dim fndWord As Long
    Dim InfoWs As Worksheet
    Dim Kw As Worksheet
    Dim SmpleWs As Worksheet
    Dim names() As String
    Dim pctCompl As Single

    On Error Resume Next

    'Define worksheet that has data on it....
    Set InfoWs = Sheets("info")
    Set Kw = Sheets("keywords")
    Set SmpleWs = Sheets("sample")

    'Get last row for keywords based on column A
    wrdLRow = Kw.Cells(Rows.Count, "A").End(xlUp).Row
    
    'Get last row for owners based on column A
    OwnersLrow = InfoWs.Cells(Rows.Count, "A").End(xlUp).Row

    'Loop through lists and find matches....
    progress 0, OwnersLrow - 1
    For OwnersLp = 2 To OwnersLrow
        fndWord = 0
        For wrdLp = 1 To wrdLRow

            'Look for word...
            fndWord = Application.WorksheetFunction.Search(Kw.Cells(wrdLp, "A"), InfoWs.Cells(OwnersLp, "A"))
            'If we found the word....then
            If fndWord > 0 Then
                    SmpleWs.Cells(OwnersLp, "A") = "Company"
                    SmpleWs.Cells(OwnersLp, "D") = WorksheetFunction.Proper(InfoWs.Cells(OwnersLp, "A"))
                    'fndWord = 0
                Exit For
            End If
        Next wrdLp
        
        If fndWord = 0 Then
            names = VBA.Split(InfoWs.Cells(OwnersLp, "A"), " ")
            SmpleWs.Cells(OwnersLp, "A") = "Individual"
            SmpleWs.Cells(OwnersLp, "B") = WorksheetFunction.Proper(names(0))
            SmpleWs.Cells(OwnersLp, "C") = WorksheetFunction.Proper(names(1))
        End If

    Next OwnersLp
End Sub

NOTE: If you are not familiar with creating macros, data processing software, data processing techniques, and best practices then we highly suggest you hire a professional data processor to filter and process your raw data lists to be used for import. This article explains how you can easily outsource this step to a highly qualified professional.

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Notes: How To Attach A Property To A Note

There are two ways you can attach a property, or properties to a seller financing Note:

  1. If you create the Note from the ‘Land>Options>Payment Calculator> Create New Loan‘ or ‘Land>Options>Payment Calculator> Create New Lease Purchase‘ then the system will attach the property record that you were on when you opened the Payment Calculator to the New Note record.
  2. If you create the Note from the ‘Notes> New Note‘ screen, then under the ‘Property Information‘ section you will need to manually select the property or properties that you want to attach to the Note.

NOTE: In order to attach a property record to a Note record the Land Record must be in the ‘Complete/ Ready To Sell‘, or ‘SOLD‘ Status.

NOTE: Multiple properties can be attached to a single Note record.

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The Status of a Note and How To Update It

The Status of a Note is important because it is what controls the overall state of the Note is as well as properly indexes your records for accurate reporting.

Here is a brief explanation of the built-in Note Statuses and what they mean:

  • Preview: Initially when you create a new Note record from the Payment Calculator the default status of the Note is set to ‘Preview‘ which is a way for you to review and refine the settings of the Note before you actually go live.
  • Open: To active a Note you need to change the status to ‘Open‘.
  • Delinquent: When a Note becomes delinquent the Status changes to ‘Delinquent‘ and then back to ‘Open‘ once the Buyer gets caught back up.
  • Pre-Foreclosure: When you are in the process of taking the property back due to non-payment you can manually move a Note into the ‘Pre-Foreclosure‘ Status.
  • Complete: When a Note term has completed the status of the Note can be updated to the ‘Complete‘ status.
  • Canceled: If someone cancels a Note prior to the term ending, you can update the Status to ‘Canceled‘ which saves the record and payment history of the Note but deactivates in the system.

How To Change The Status of A Note

In order to change the Status of a Note you must first click on the ‘Edit‘ link to the right of the Note record in the Notes overview table that you want to update.

Next, click the ‘Edit Record‘ button located to the top right of the record to open edit mode.

Under the ‘Status‘ field select the status that you would like to move the record into.

NOTE: Selecting the ‘Open‘ status will trigger the system to generate any payments due between the current date and the Note’s origination date so you’ll want to confirm what you have entered under the ‘Origination Date‘ field prior to saving this change.

Click the ‘Save Changes‘ button to save your updates.

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Terminology Changes for 2020

We have made some changes to the system in terms of what we call things to help clarify their function and allow for more space in the design so that we can add all the new features we are planning in 2020. Here are the terms that changed in the January 2020 update:

  • Land Deals‘ changed to ‘Land
  • House Deals‘ changed to ‘Houses
  • Buyers List‘ changed to ‘Marketing
  • Customize Site‘ changed to ‘Customize
  • My Sites‘ changed to ‘Websites
  • My Team‘ changed to ‘Team
  • My Profile‘ changed to ‘Profile
  • The bulk ‘Generate Documents‘ changed to ‘Campaigns‘.
    NOTE: The select ‘Generate Documents‘ option stayed the same.
  • We added a new tab called ‘Notes‘ for seller financing.
  • We removed the ‘Customer Care and Training‘ box from the Dashboard and replaced it with a new Notes section.
    NOTE: You can still access the customer care and training under the ‘Help‘ tab of the menu.
  • We added a new section under ‘Customize> Note Settings‘.

NOTE: We will be updating the user guide articles over time to reflect these changes; however, until they are updated you may see the old terminology referenced in the article content, screenshots, and attached training videos.

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How To Delete A Note (Loan/ Lease Purchase)

IMPORTANT: Before you delete a Note we highly recommend that you export both the Note and the payment data to your local machine as deleting the Note will also delete the attached payment history for that Note.

To Delete A Note:

  1. Click on the ‘Notes‘ Tab.
  2. Click the ‘Edit‘ link next to the Note that you would like to delete.
  3. Click the ‘Edit Record‘ button located at the top right of the record.
  4. Under the ‘Loan Information‘ or ‘Lease Purchase Information‘ section click the ‘Delete Note‘ button.
  5. A warning message will appear asking you if you want to delete the Note and the attached payment history.
  6. Click ‘Yes – Delete‘ to continue.
  7. You will see a confirmation message once the Note has been successfully removed.
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Notes: How To Link Buyers To a Loan or Lease Purchase Record

To link buyer(s) to a Loan or Lease Purchase Note first click the ‘Edit‘ link to the right of the Note record that you want to update:

Click the ‘Edit Record‘ option to the top right of the screen:

Navigate to the ‘Buyer Information‘ section and under the ‘Primary Buyer‘ field select a Buyer Contact that you want to attach to the loan.

NOTE: The contact must be entered under the ‘Marketing‘ tab as a ‘Buyer’ record in order to be attached to a Note.

NOTE: You can also attach additional Buyers to the Note under the ‘Secondary Buyer(s)‘ field.

All the buyers that are referenced under the ‘Buyer Information‘ area will be referenced in Note Documents that you generate from the system regarding the Note.

Click the ‘Save Changes‘ at the top right of the record to apply the changes.

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Notes: How To Log A Received Loan Payment

When your Buyer sends you a loan payment each month you’ll need to manually log that payment into the system so that the system can properly calculate the remaining balance of the loan as well as your property tax and HOA/POA escrow account.

  1. To log a loan payment first click on the ‘Edit‘ link next to the loan Note you would like to apply the payment to.
  2. Under the ‘New Payment‘ section fill out the form and click the blue ‘Log Payment‘ button to record the payment. The form contains the following elements and below is a brief description of each means and how the system uses the information entered under these sections:
    • Type: This is where you can select how the payment should be applied.
      • Loan Payment: This is a regular monthly payment that includes an interest payment, a principal payment, a tax and HOA/POA impound amount, and your loan servicing charge.
      • Principal Only Payment: This is a payment applied directly to the principal of the loan only.
      • Fee Payment: This is applied to a pending Late or Returned Check Fee payment.
    • Method: Select the payment method that the Buyer sent the funds to you with. Additional Payment Methods can be added to the system under ‘Customize> Notes Settings> Accepted Payment Method‘.

      IMPORTANT NOTE: The “Adjustment” ‘Payment Method‘ allows you to essentially write-off a Payment and mark it as paid without actually collecting the funds.
    • Notes: This is where you can add notes about the payment, or transaction for you to reference in the future.
    • Amount Due: This will show the amount due along with the payment or fee reference number associated with that amount that is due.
      NOTE: The system will by default apply the payment or fee to the first pending payment that has been assessed to the Note. So if there are multiple pending payments the system will apply money received in the order the payments were originally assessed to the account.
    • Amount Received: This is the amount that you have received and that you want to apply to that payment specifically referenced.
    • Apply Entire Amount To Principal: Selecting ‘No‘ will apply a predefined portion of your payment to interest and to your property tax and HOA/POA escrow log. Selecting ‘Yes‘ will apply the entire amount received to the Principal.
    • Ref #: This can be a bank, payment transaction number, or a check number associated with the funds you received from your Buyer.
    • Received On: This is the date the payment was received. NOTE: This date affects whether or not a late charge is assessed to the loan.

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How To Generate A Payoff Amount

If your Buyer wants to pay off their Loan Note early, or Buy a Lease Purchased property prior to the completion of their lease term, then you can generate a payoff amount for them easily in the system.

To access a Note’s ‘Payoff Amount‘ first click the ‘Edit‘ link to the right of the Note record:

Under the ‘Loan Information‘ section scroll down to the ‘Payoff Amount‘ field and reference the amount that the system calculates:

NOTE: The ‘Payoff Amount‘ plus the ‘Principal Paid To Date‘ should equal the ‘Original Loan Amount‘.

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How To Make Changes/Edits To A Loan/ Lease Purchase Note or Logged Payments

To make changes to a Loan or Lease Purchase Note first, click on the ‘Edit‘ link to the right of the record that you want to update.

Next, from the Edit screen, click the ‘Edit Record‘ option located at the top right of the page:

This will allow you to edit and save any portion of the Note except for the payment information. If you would like to make changes to any payments that have been logged under the Note, please refer to the ‘How To Edit Payments‘ section below in this article.

To save your changes click the ‘Save Changes‘ button located at the top right of the page:

How To Edit Payments

To make changes to any payments you must first click the ‘Edit Payments‘ link located above and to the right of the ‘Payments‘ section.

To save your changes click the ‘Save Changes‘ link located above and to the right of the ‘Payments‘ section.

IMPORTANT NOTE: We do not recommend that you make changes to the loan terms after payments have already been logged, as this may affect the repayment schedule substantially. In most cases, it is better to create a new Note entirely that contains the new terms so that the system can calculate the payment schedule properly from the beginning of the Note.

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Notes: The Difference Between Loans and Lease Purchases

There are a few important differences as well as commonalities between a Land Contract, or what we refer to as a Loan in the Investment Dominator and in Land Profit Generator course, and a Lease Purchase Agreement that you should understand:

  • A Loan Note in the system refers to a Land Contract agreement or Installment Sale agreement between you (the Seller/ Payor) and your Buyer/ Payee. The Agreement follows a traditional amortization schedule through the length of the term and the Buyer/Payee can pay down the balance of the loan by making the scheduled predetermined payments each month, or even by making additional principal-only payments at any time throughout the term in order to accelerate the loan.
  • A Lease Purchase is a lease agreement between you (the Seller/Lessor) that states that you are leasing the lot for a set period of time and that each month a portion of the rent received is earned as a “Rent Credit” that the Buyer/Lessee can use to purchase the lot after the lease term has completed. The amount of Rent Credit that is earned depends on if the payment falls within the first half of the term (calculated at 0.75 of the payment amount) or the second half of the term (calculated at 1.25 of the payment amount).
  • A Loan Note has an Interest Rate that determines an interest payment that you charge each month along with a principal payment which gets applied to the balance of the loan.
  • A Lease Purchase does NOT have an interest rate. It only has a monthly lease payment amount.
  • A Loan Note can have a “Down Payment” applied at closing to lower the amount financed.
  • A Lease Purchase can have a “Deposit” that is added in addition to the lease-purchase term and NOT used as additional rent credit.
  • For both it is customary to charge a monthly serving fee which is in addition to the Loan or Lease payment.
  • For both you do collect a monthly prorated amount for both the Property Taxes, as well as any HOA/POA dues of the property so that you (the Seller/ Owner) can pay these on behalf of the buyer.
  • For both title is transferred only after the terms have been satisfied.
  • For both the buyer is restricted from making material improvements to the lot until after title has officially transferred from you (the Seller) to them (the Buyer).

Disclaimer: Please be advised to have any and all documents provided to you in this program reviewed by an attorney for their validity and feasibility for use in any state. No guarantees of any form are being made by Get In Line – Stay In Line, LLC, Jack Bosch or any other DBA that these documents are valid in the state intended by the user of this material.

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