What Is a Welile Promissory Note?
A promissory note is Welile's record of what a partner has committed to contribute. You create it as the Proxy Agent who arranged the commitment.
It is a record of an intention, not money in an account. That distinction runs through everything below.
What a note holds
- The partner — their name, phone number, WhatsApp number and email.
- The amount they have committed.
- Whether it is monthly or one-off, and for a monthly commitment, the day of the month it is collected.
- The support mode — self support or existing support. See the two support modes.
- Any earmarked rent plans or empty houses.
- Its status, and how much has actually been collected against it so far.
Earmarking rent plans or houses
A note can have specific opportunities attached to it: either ready-to-fund tenant rent plans, or verified empty houses.
One kind per note. A note carries rent plans or houses, not a mixture of both.
Earmarking is what turns "somebody will support rent" into "this money is meant for these places", which is why self support requires at least one.
When you attach houses to a note, they are booked for 7 days. That holds them for your partner — and it also takes them out of circulation for everybody else.
Do not earmark houses speculatively. If the commitment does not materialise, you have parked real opportunities for a week for nothing.
What it is not
Not a payment. A note records what somebody said they would do.
Not a portfolio. The portfolio is the partner's record of capital actually working. A note can lead to one; it is not one.
Not an earning. You earn when capital is put to work, not when you create the note. See what you earn.
Not a legal instrument you should describe as one. Call it what Welile calls it — a promissory note recording a commitment — and do not characterise it as a binding financial contract to a partner.
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Contact Welile Support on WhatsApp, call +256 748 747134, or email info@welile.com.
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