In this episode of the Real Estate Notes Show, hosts Dave Putz (JKP Holdings) and Nathan Turner (Earnest Investing) sit down with veteran investor William Tingle (26+ years in the trenches) to bridge the gap between seller finance and note buying. From vocabulary clashes to court-tested strategies, William breaks down why he buys Subject-To, sells on contract for deed (not wraps), and how he engineers cash flow without predatory tactics. If you create notes, buy notes, or want safer, scalable deals, this one’s a masterclass.

• 🧠 Terms decoded: Seller finance vs. owner finance, UPB, wraps vs. CFD—and why it matters.

• 🧱 Risk-proofing: Keep part of the down payment in reserves; plan for judges, feelings, and facts.

• 🧮 Deal math: Cash flow targets, interest-rate strategy, and the crucial Plan B (rent test).

• 🧰 Operations: Radio + foreclosure door-knocking, Dodd-Frank screening, family-first buyer avatar.

• 🧯 Pitfalls to avoid: Lease-option myths, underwater “appreciation plays,” sloppy collateral.

[00:00:00] Show Intro and Guest Update
[00:03:01] Squatter Nightmare in Chicago
[00:05:02] Why We Interview Experts
[00:06:45] William Tingle Joins the Show
[00:08:57] First Subject-To Deal Explained
[00:11:00] Land Contracts vs. Wrap Notes
[00:14:02] Real Stories Behind Subject-To
[00:16:17] $100K Wholesale from Radio Lead
[00:18:01] Lease Options: Harsh Lessons
[00:21:19] Judges Now Rule by Emotion
[00:24:49] Where We Find Motivated Sellers
[00:27:00] Avoiding Overpaying for Subject-To
[00:30:26] Real Estate Market Red Flags
[00:32:20] Why Old School Still Works
[00:35:00] How We Find Note Buyers
[00:37:27] Ideal Seller Finance Borrowers
[00:39:56] How We Structure Our Loans
[00:42:20] Scaling Slowly, Not Overnight
[00:45:06] Market Forecast: 2025 and Beyond
[00:47:12] Final Thoughts and Sign-Off