We pay cash for your mortgage or other real estate contract!
Mr. Terry Preuit, President of Cash For Contracts, Inc., used to refer to himself as the C.W.O. -- Chief Working Officer -- and jokingly explains that "if any work gets done around this office, I have to do it". However, he finally hired a part-time college student to do the data entry, make deposits, write checks, and do other clerical chores. He reports that this was one of the smartest decisions he ever made and wishes he'd done it sooner.
Terry is a native New Mexican, who grew up in Southeastern New Mexico. He moved to Las Cruces in 1967 to attend New Mexico State University. He graduated in 1972 (B.S. in Mathematics, with honors). At that time, there was no demand for mathematicians unless they had a Master's, or a heavy minor in computer science, or wanted to teach. He elected to go to work for a consumer finance company, with plans to continue his formal education later.
However that plan has yet to materialize. He worked in consumer finance until early 1975, when he was employed by The Federal Land Bank, originally stationed in Roswell, New Mexico. During his nine years with the FLB, he was involved in most every aspect of commercial, agricultural mortgage loan originations/servicing, including loan applications, credit/financial analysis, real estate appraisals, loan closings, collections, partial releases, assumptions and other loan servicing activities, even some foreclosures and sales of repos.
The Preuits also began investing in residential rental real estate in the mid-seventies. In 1977, he transferred back to Las Cruces and continued employment with the FLB and real estate investing until 1984. He became self-employed in 1984 as a real estate agent and investor. He was originally affiliated with a Century 21 office, which was later bought out by an ERA franchise. Later he obtained his Broker's license and opened his own real estate office. After selling some of his rental properties and carrying owner financing, he realized that he would rather work with contracts than with tenants. He began buying real estate contracts in 1988, and formed Cash For Contracts, Inc. in 1992.
Terry is also a certified Mortgage Appraiser and sometimes writes written fee appraisals of notes, mortgages, or real estate contracts for estate valuations, divorce settlements, and the like. "Ever since I graduated from NMSU, my work experiences have been preparing me for this business, although one should never stop learning", states Mr. Preuit. Investing in real estate contracts, notes, and mortgages is commonly referred to as the 'paper business'. Mr. Preuit also quips, "I've worked for a couple of lending institutions, been a property owner, been a real estate agent and broker, but I just want to be a paper buyer when I grow up".