Have The Seller Refinance, Get Their Cash, Then Sell To You Subject - To The Loan - Street Smart Cash Flow Accelerator #21
How does that work? Well, let's say that you go to the house, and in one of my other tips I said that we go through a presentation with our sellers. When we're going through the presentation, we do something called the cost to sell worksheet. We get down to a final number that shows the seller their equity. Now let's say that our seller was insisting really did need cash. Okay, how can we get them their cash and how can we stay out of the bank and not qualify for a loan? I love that part. I've never been to the bank. I've never qualified for a loan on a single family or small multifamily property. Now if I can do it, I know you can do it. One of the ways I've done that in the past is the seller says, let's say that their equity in that property is $20,000. Okay, great. Then we have the seller go ahead and apply for and get a new loan on the property. They get the money from that new loan. Then we take over the payments on that brand new loan, so we bought the property subject to the existing financing. When we use that cost to sell worksheet, just know that property has not been financed up to 100% of the property. It's been financed significantly lower than the value of that property, so it's easy for them to be able to qualify for a new loan because there's so much equity in the property and if they have a good relationship with their local bank, they might be able to easily get that loan. There's other ways that we can do this and I love sharing them with you. I've found 37 different ways that we can structure transactions. I even have a full-blown training on this called millionaire dealmaker. It's a four-day event. Just on the topic of creating deals and I need you to master transaction engineering, master deal structuring because that's where the money is. One of the things I teach you is that you make your money going in, you realize your money while you own it and when you sell it, but you make your money going in. So you got to master structuring deals and millionaire dealmaker is where we do that. You can learn more about that in my Buying Volume One and you can also learn that and millionaire dealmaker, the live training. So if you are interested in the system that we use the printed system, then you'd go to streetsmartinvestor.com and look under tools. If you're interested in the training, go to a millionairedealmaker.com .
To watch the next part of the video go to: When Optioning to buy or buying on Agreement for Deed, have the seller place their deed in escrow. https://youtu.be/AgqhHPG4_Yw
Investors have long regarded Lou’s training, systems and forms as the best in the industry. He has been quoted as an expert by many publications including The Wall Street Journal and Smart Money Magazine.
Lou draws from his wide and varied background as a real estate investor. Having bought property since 1977, he has invested in single-family homes, apartments, hotels and developed subdivisions, as well as building and renovating homes and apartments. These experiences have given him a proving ground for the most cutting-edge concepts in the real estate investment industry today.
