So, here you are with your Filthy Riches Program. You’ve looked for potential properties. You bought your ideal first $30,000 property for $5,000. You’ve marketed the property. Now it’s time to complete the sale… and watch your income start to build. But, how do you really work to sell your house quickly?
Look at it from someone else’s shoes, this is an amazing deal for a lot of people. With the way rent has been going up, more and more people are looking to move. Imagine you are them, paying $600, $700 or more in rent each month.
So, you start driving around your neighborhood to see what else is available and you find a piece of property with an affordable down payment and lower monthly payments than you were paying for rent. And, in ten years, you own the house free and clear! Who wouldn’t jump at a chance like that?
With my Filthy Riches program, this is a piece of property that is valued at $30,000 that you have purchased for $5,000 cash. When you find a buyer who will commit to a $1,000, you only have to recoup another $4,000 to cover all your costs. With an 11% interest rate, the monthly payment is $399.48 a month. In one year’s time, you will have recovered your entire investment. The rest is pure income!
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Sell Your House Quickly
So, how do you sell your house quickly? First of all, it’s important to note that you never even have to leave the comfort of your own office in order to complete the sale. Everything can be done via phone and with the help of an RLMO, mortgage broker and title company.
A mortgage broker is a person or company that works as the middleman between you and your buyer. Traditionally, banks sold their own loans, as did other financial institutions. However, as the market became more competitive, they hire brokers to compete to find buyers. What’s important for you to know is that these mortgage brokers are versed in how to structure mortgages and are licensed to ensure that they are in full compliance with any and all banking and finance laws.
This alone takes a lot of time and pressure off of you, the seller. You don’t have to worry about the intricacies of finance. Simply seek out the right professional who will help complete the transaction and make your investment work for you.
With some of the new laws in place, using an RLMO fulfills the requirements necessary to sell your property with seller financing. Otherwise, you would have to either limit your sales to corporations or LLCs, or you would have to get your own mortgage license. This can take a lot of time and really isn’t practical for the Filthy Riches approach.
A title company is also a handy shortcut to take advantage of in order to speed up transactions. A title company is responsible for doing an “abstract of title” which searches real estate records in order to confirm the property’s owner and reveal any outstanding mortgages, loans or liens against the property. Additionally, a title company will identify any easements or restrictions that may affect the property you are selling. They are responsible for finding any document or record that relates to the past or present ownership of the property. Records searched will include public and court records, property tax records, deeds, mortgages, wills, etc.
Also important for you is the fact that title companies are aware of any legislative acts that might affect the transaction, such as the SAFE Act and the Dodd-Frank act. When you use a title company, ask them if you are in compliance with these legislative acts. This is another level of protection for you.
Another thing I suggest is hiring an answering service to accept all incoming calls. An answering service provides friendly, knowledgeable people who are trained to gather information and ask pertinent questions to get the first steps started in qualifying a buyer.
As your business really takes off, you can consider hiring other professionals to move these transactions along quickly. A closing coordinator can help order title searches and surveys, inspections… pretty much anything to close the deal quickly.
Virtual assistants are popular in growing businesses. A virtual assistant is someone who helps the “small tasks” that eat up your time: answering emails, designing ads, making calls to realtors, etc. There are some great freelancing sites that can help match you up with a virtual assistant.
Working with a realtor can also speed up the process of selling your property. Soliciting the help of a realtor means that you never have to leave your own home in order to put up for sale signs or show the property. This means you can focus on other aspects of your business while someone is hitting the pavement for you to sell your home.
I always suggest that people use docmagic.com as a fast and easy way to prepare all of your loan documents. I personally use this website and strongly suggest that everybody in this business use the tools you will find here. DocMagic, the flagship product of Document Systems, Inc., has become a great tool for the mortgage industry. Made up of mortgage industry professionals and computer experts, DocMagic helps provide a fast and efficient way of creating customized closing loan documents.
Sell Your House Quickly, but Hold Your Note Slowly
After the deal is completed and you are holding the note, you can sell the note immediately to bring in a quicker profit. It’s important to mention that your primary objective should always be to hold onto the note; after all, why sell a note that you are making more than 100% return on? However, when you’re just starting out, there are times that it makes sense to sell your note.
The Filthy Riches program is intended to guide you through the steps of buying properties and selling them quickly. You won’t start seeing an income on your investment until these steps are done, so it often helps to know what services are available to help you sell your house quickly.
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