Tag Archives: owner financing

Sallie & Freddie Get Kicked in The Fannie!

Sallie & Freddie Get Kicked in The Fannie!

There is a lot of talk these day about the Federal interest rates.

Are they going up, are they going down, what will happen next?

A lot of investors are wondering, distracted and some just waiting for the market to “cool” down before they get in. But the opposite is true!

Now is the best time, especially with this strategy that I am about to share with you. I have been doing this for years. Recently this method went unnoticed, no one cared, it wasn’t on TV, even investors didn’t talk about it at investment groups. But that didn’t stop me, I guess because I like to do things before the waves form. I look out into the ocean and see what’s coming next and start.

This strategy has gained more popularity and status in the recent years because of the biggest bank crisis ever in US history and I will share it with you here…

Did you know that more millionaires were made after the great depression than any other time in American history until recently?? The numbers are staggering and the tables are being over-turned. Here’s what I mean. In 2008, when the “credit crunch” hit the world, banks froze up so much that it seemed like even oxygen was going to be lost…

Jobs were downsized, businesses forced to close, bankruptcies hit all time highs, and sadly people took their lives because they couldn’t handle the pressure of a shrinking economy and a banking strategy that could no longer be trusted.  And that’s when the government had to step in.

This became the newest and biggest financial collapse the world had ever seen.

However, there was a few investors that looked at “rebuilding the economy” as a rehabber would. Gutting it all out. Putting on protective glasses to see through the dust that has taken years to settle and they went to work on a strategy called Owner Financing. A strategy that allows investors to work directly with homeowners WITHOUT the “big” banks getting in the way with their loopholes and “over extended” ways.

I too had a pair of those protective glasses! Let’s just say I have learned from past experiences that it’s important to come prepared so you see when the going is going to get dusty.

When other investors saw what I was doing and how I was still turning deals in a “tight” financing market they wanted some glasses too. So I showed them how to get them and use them to get great deals during this crisis.

Hey, I hope you like my examples here, but the point I am driving home here is that there is a lot of talk from the media about what could or couldn’t happen with interest rates and the economy but don’t let it stop you from investing. Get started now.

At the link below is a training I put together for you on how you can start using this same strategy that I used while everyone was panicking. I was closing deals and making money.

Here it is: http://filthyriches.com/

After you watch this, let me know what you think okay?

Larry Goins, Author

Are you in over your head?

This student stumped me…

Recently, I finished speaking to a room of Real Estate Investors. Normally, I have a few investors that come up to me asking for additional questions and I share with them answers and tips on how to build their Real Estate business with the strategies that I teach.

But this time was completely different…

I didn’t know how to respond at first because of her tone of voice, I was taken back…

Mary (I changed her name to protect her privacy) stormed to the front of the room, coming towards me with her eyes locked on mine. I knew she had something important to say or she was just mad about something…

“I want to stop learning and start earning!”

I was lost for words.

Not sure what to say I replied, “How do you mean?”

She continued to pour her heart out…how tired she was, staying up late every night to watch videos and listen to trainings…you can tell she was way over her head trying to learn everything from everybody. She was spinning her wheels and on information overload! Mixing one strategy into another. She was confused.

“Where do I begin?” She asked me.

It’s in these moments that I would normally throw out a funny joke to lighten the mood but I knew this woman, who I just met a few minutes earlier, wouldn’t understand my humor right away…so I continued to ask her about her current situation and about what she was trying to accomplish.

I listened.

After she poured out her questions, I gave her a step by step way to help her achieve her goals and I will share these same tips with you here in just a minute.

Today, there is so much education available out there at your finger tips. With the power of the internet, there are more people online sharing how to do this or that with just a few simple steps. But the truth is, which most people find out later, is that it’s not that easy. It takes work and it can be hard at times. Sometimes your will is the only thing that will pull you through, so you will need a strong one.

Listen, I’m not going to say that I have all the answers, because I don’t. What I can tell you is that I have created a fool-proof strategy that a high school kid can use. I say that because I only finished high school and have made millions of dollars using my strategy and have helped others make a lot of money too. There is no doubt in my mind that by using my strategies and following the checklist, step by step, that you can’t help becoming successful.

You know, most of the time I think we over complicate things. Most of the time we think that things are supposed to be harder than they seem. Well, have you ever heard it’s better to work smarter than harder? That’s what I enjoy and that’s the same thing I shared with “Mary” that came up to me asking how to get started.

Sharing the same strategy with you here: http://www.filthyriches.com/

I want you to become as free as you want to be. It’s up to you!

A few weeks after Mary got her copy of my Filthy Riches System she followed the simple step-by-step checklist, she made offers, got one accepted and closed on her first deal, all within 42 days!

This same system that Mary used to get her first deal is what you can use to acquire your next deal.

Go check out this free training that I put together for you and let me know what you think:

http://www.filthyriches.com/

As always, I have Education Advisors standing by to help you get moving! Just call the office Monday – Friday, 9am-5pm EST and ask to speak to one. Our number is 803-831-2858. I’m in the office most days and might even get on the phone with you if I am available!

#Coaching, #FilthyRiches, #LarryGoins, #Mentoring, #OwnerFinancing, #RealEstateInvesting, #SellerFinancing
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Owner Financed Homes – Some Advantages

Why is offering owner financed homes such an attractive option for real estate investors? What are some of the advantages that investors need to be looking to take advantage of?

Be the Bank

Even in the wake of Dodd Frank, offering owner financed homes is well within the reach of even a beginning investor. You do need to get yourself an RLMO, or residential loan mortgage originator, if you are going to sell to owner occupants. There is a rule for small investors that you may not need an RLMO if you only do a deal or two a year, but I would highly recommend that you use one for every one of your owner financed transactions to an owner occupant.

The biggest advantage to offering owner financed homes is that you get to be the bank. You sit back and collect the check. There are no tenants or toilets, unexpected repairs to rental properties, or having to worry about vacancy. When you sell your property with a note, you generate the long term, passive income, without the majority of the long term management.

More Options for the Investor

I’m sure you’ve heard of creative investing, and maybe you never really thought of what it means, or maybe you thought it was just an abstract term. But here is the great thing about offering owner financed homes. You can play with the terms to make the deal work. Down payment, length of the loan, interest rate, it’s all in your power to play with to help you create a win win deal.

Do you normally do deals with 10 year notes? What if that just does not make a certain deal worth it? Well, what do the numbers look like on a 20 year note, or with a small change in interest rate?

We usually try to sell our homes with a monthly price that is line with local rents in the area. If we have to massage the terms of the deal to get it there, we do. This allows us to get more deals, and be more aggressive with our offers in areas the market is strong.

Owner Financed Homes Help Create New HomeOwners

It’s a good feeling helping someone achieve the American Dream, and you can do so by offering owner financed homes.

There are a lot of reasons someone might not be able to get a loan from the bank. Heck, entrepreneurs often have a hard time getting loans from banks because they choose to chase their dreams instead of doing the old nine to five. What we are looking for is a buyer with a good down payment, who we feel is deserving of the loan.

This is where your RLMO comes in. They qualify the buyer for you, and let you know if they have the ability to pay for the loan. They don’t approve or deny a buyer, that decision is ultimately left up to you. But, they do give you all of the information you need to make the correct decision.

Helping someone become a home owner on a 10 or 20 year note, that is what I call a win win. Sure, it may not be their dream house, but it will allow them build equity and own their home sooner than later, while also helping you build long term wealth.

Interested in Owner Financing? You need to check out Nothing But Seller Financing >>.

I want to learn more about Owner Financing

Yes! I want to find out more about Owner Financed Homes.

Take the time today to kick start your real estate business.

Seller Financing a Property with a Mortgage

Bill Fairman from Carolina Hard Money talks with Larry about how you can do seller financing on a property that already has a mortgage.

  • What do you need to look at to offer seller financing?
  • Why does the borrower need the “ability to pay”?
  • Does the borrower have the ability/funds to complete the closing?
  • And most importantly, is the borrower willing to make the mortgage payment?

 

Why is the character of your buyer so important in qualifying them?  And what are you looking for on a credit report?

Find out all the answers on this quick hit segment from Invest in Yourself.

Seller Financing – The Market is Ripe

Paul Olson joins Larry to talk about Seller Financing and how they are using seller financing in their business.

Larry used to do primarily wholesaling, but as the market has turned, Larry has turned to doing more seller financed deals.

Larry talks about how, in the current market, he can earn more money by seller financing. The great thing, is it also allows him to spend more money on the property, even full list price!

Paul talks about a fix and flip is doing on his own right now. He goes into details on the comps, the area and how he measures the value of the property.

Watch the video below to learn more!