How to Seller Finance Real Estate Part 2 of 2

Рет қаралды 29,442

8 жыл бұрын

Part 2 is where we start to connect the dots from signing agreements and finding buyers. I’m going to walk you through the entire process of a pre-foreclosure, how I found it, what I said, how I signed the agreements, rehabbed it, the marketing ad I used to sell it for BIG dollars.
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Chris Goff started Real Estate Investing in 1999. Chris didn't have any money to work with, so he was interested in learning 'no money down' real estate strategies. Since then, Chris has spent the last 2 decades building wealth in real estate along with building the #1 Real Estate Investing Software Program for Real Estate Investors… REIPro.
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Пікірлер: 67

@CharlieL.GrayIIREICREIBF-vu6my 11 ай бұрын

👉🔥OMG! AWESOME 😎 Presentation, Thanks so much... as I watch and rewatch a few times, I believe God will grant me greater clarity, and above set me up for a financial breakthrough. Thank you Father, Thank you all Chris and Many. Respectfully, Clg

@ChrisGoff 11 ай бұрын

You are so welcome and thanks for the message!

@EatOffTop 4 жыл бұрын

As soon as I find an attorney, I'm going with your software. Thanks for the craaaaazy amount of free content.

@ChrisGoff 4 жыл бұрын

Thank you! You can get started before getting an attorney. And you can start with a free trial at: www.myreipro.com. I never used an attorney until my 47th deal.

@Aydenishimgaming 8 ай бұрын

Love your teachings. I am glad I found you on KZfaq . The more videos I watch the more confidence I have, thanks to you! This knowledge is powerful ! Keep doing your purpose it’s helping so many people. No one is is actually giving this information out like this.

@ChrisGoff 8 ай бұрын

Glad they are helpful and please help me spread the word :)

@user22162 7 жыл бұрын

Thank you very much!

@milliontips 5 жыл бұрын

thanks so much for this information! Can you recommend real estate attorneys? It is pretty hard to find a knowledgeable real estate attorney who would know about seller financing. Thank you!

@MiaGaming99_ 5 жыл бұрын

Hey Chris what kind of deal would you offer the owner in this situation (preforclosure) and do I need a license of any kind to seller finance a Pre- foreclosure deal like this?

@indykid811 8 жыл бұрын

Chris your information, by far, is the only information that gives me the confidence to get out and do this. You break it down so easily. I have two potential properties that I can acquire and based on your info on acquisitions and exits, I feel confident that I can acquire both. Dude, stay awesome. This is the type of information I'm more than willing to pay for. However, I'm curious to know what a STRAIGHT OPTION is.

@ChrisGoff 8 жыл бұрын

That's awesome and appreciate your kind words.

@ChrisGoff 8 жыл бұрын

Hey JC, I want you to think about how you would wholesale a deal first. Now, imagine working with nice houses in nice neighborhoods. Houses that do not need repairs and houses that qualified buyers buy. This is a straight option. You need to be good at marketing but everything is handled the same way. Instead of finding investors to buy your distressed home, you'll be marketing qualified buyers and make a small assignment fee. It's what Realtors do but what makes it legal for you to do... just like everything we do, is to have a contract to buy first. Hope this helps!

@indykid811 8 жыл бұрын

Thanks Chris. I just purchased your REI Blueprint Home Study Course. It arrives Saturday so of course I'm super excited. I plan on getting a property under contract this week. Thanks for everything Chris. You are the best. REALLY.

@ChrisGoff 8 жыл бұрын

Awesome, I through in some bonus material just for you. Enjoy!

@indykid811 8 жыл бұрын

WOW. Thanks buddy.

@josecarlybordes78 Жыл бұрын

Hello Chris, I have a potential Seller Finance deal where the seller (Tired Landlord) has unreliable tenants making monthly payments. Should I just make an offer where I will not be assuming current tenants. Seller told me the tenants are on a month to month basis.

@danielzamudio7813 5 жыл бұрын

Chris your videos are by far the best informative and easy to understand. I have a question and excuse my ignorance. when seller financing to someone, how do you determine the mortgage or terms? Meaning the interest rate, the down payment,over how many years ,the monthly payments? Things like that. Thanks.

@ChrisGoff 5 жыл бұрын

Hi Daniel and thanks so much! Seller financing in general you want to go low with the seller and high with the buyer so there are so many ways to structure these deals. You can calculate these numbers and create offers using REIPro Software. I would start there. www.myreipro.com/

@ladyboss38 3 жыл бұрын

Hi, Chris. Do you have a video on wrap around mortgage?

@ChrisGoff 3 жыл бұрын

I have some free content on KZfaq that talks about seller financing (wrap-around) at: kzfaq.info/get/bejne/jJhnnb2W0Liok5s.html&feature=emb_title

@real_estate_general 6 жыл бұрын

lease options does not work in texas just got rei pro

@charliegrayii1050 5 жыл бұрын

Happy Tuesday! WrappedUp... first listen/notes sessions... How to Seller Finance Real Estate Part 1 of 2, Part 2 of 2. Can't wait for 2nd and 3rd sessions to refine clarity and understanding for better mastery. Thanks Chris... I LOVE the REIPro software suite. Clg5March2019

@jezreelpaulfrancisco4012 7 жыл бұрын

Hey Chris! First of all thank you for giving us a chance to get FREE 30 days trial in your software REI PRO.It really boost my confidence and just get rid off too much uncertertainty. Anyways right now I found a deal, owner is in pre foreclosure and has a lot of equity in the house. How can I convince them to seller finance the house to me if they're looking to just wait for the trustee to sell the house and collect whatever equity is left after all the penalty and fees in foreclosure? I know one reason I can tell them is their Credit score getting ruined. But the owner is 67 years old and really doesn't care about getting his Credit score ruined. By the way property is empty and the current owner acquired it via Affidavit of Death.

@ChrisGoff 7 жыл бұрын

Thanks for using REIPro Investor Software and I know it's going to help you speed of the process of being a real estate investor. Working with pre-foreclosures is a BIG business and would rather answer this question through coaching which you can learn more at: www.reiandme.com. Too many different directions we can go in to answer here.

@jezreelpaulfrancisco4012 7 жыл бұрын

Chris Goff Understood, I'll give it a try! Thank you so much Chris!

@l.a.robinson9450 8 жыл бұрын

Hey Chris, Could you use hard-money for financing the rehab?

@ChrisGoff 8 жыл бұрын

You sure can if the hard money is will to be in second place or the owner would need to be in second as far as the lien holder. You can also use private money too.

@AberrantArt Жыл бұрын

On step 6: the Affadavit. Can you use your LLC instead of your personal info? Or do you suggest using personal info?

@ChrisGoff Жыл бұрын

You can use your LLC but you will have to be the person representing the LLC since the LLC is not human being.

@nickmcpherson5377 7 жыл бұрын

I have bought your Blueprint course, these videos are a great compliment to the course I would highly recommend everyone to purchase the course, thanks for all the info.

@ChrisGoff 7 жыл бұрын

Hey Nick, thanks for the testimonial. I will be personally reaching out to you this week, if not tomorrow. Thanks buddy!

@anthonyrichardson5330 4 жыл бұрын

Hey chris great info again what closing attorneys would you recommend in Houston

@ChrisGoff 4 жыл бұрын

I use my guy in College Station for all Texas deals. Josh Benn.

@EatOffTop 4 жыл бұрын

Thanks for question and thanks for answer y'all. I'm in Houston and have been a subscriber for three days now. I'm an entrepreneur and ready to get my feet wet but know finding the right attorney is as recommended by Chris is definitely a must before attempting to find sellers.

@danielin4243 5 жыл бұрын

Amazing content.. I think you forgot to cover how to pay realtor from seller financing deals? Or did I miss it..?

@ChrisGoff 5 жыл бұрын

I normally don't work with Agents with Seller financing but if you do, then it would need to be paid by whomever is the seller.

@XavierAKAJetlifezayy 7 жыл бұрын

I keep hearing that Dodd Frank has outlawed seller financing. My own research has lead me to believe that 1) we must have an LLC in order for the seller to finance to us. And 2) We must have a Loan originator set up the loan documents for a fee. Can you confirm this sir? Thank you

@ChrisGoff 7 жыл бұрын

If you do more than 4 a year, yes things will have to change. You should have a MLO license or use someone that has one. Yes, review the Dodd Frank law so you don't get in trouble.

@HB-yq8gy 5 жыл бұрын

@@ChrisGoff What's a MLO?

@ChrisGoff 5 жыл бұрын

@@HB-yq8gy Mortgage Loan Originator

@AberrantArt Жыл бұрын

If you buy on a foreclosure on a wrap and then seller finance to an end buyer, what can be done if the due on sale gets called? For this same issue, I assume it's best to rent month to month in case of due on sale, correct?

@ChrisGoff Жыл бұрын

I would personally fix it up and sell it. Calling loans due rarely happens if the payments are current.

@AberrantArt Жыл бұрын

@@ChrisGoff thank you sir! I got a seller offering to seller finance. It's a cheap 70k property in Ohio. I'm thinking of trying my first lease option or seller finance. For a first time deal, would you suggest one vs the other, sell on a wrap or lease option? 🤔

@ChrisGoff Жыл бұрын

@@AberrantArt I would seller finance it from the owner and lease option to a buyer. Not sure if you're and REIPro member but it will help walk you through the deal either way.

@ladyboss38 3 жыл бұрын

Chris, can't you also wholesale a house that's in foreclosure?

@ChrisGoff 3 жыл бұрын

Absolutely, here's the complete training video on that: kzfaq.info/get/bejne/o6magpaDt9DKd4k.html

@albertcua8571 2 жыл бұрын

Hi Chris. What a great content on both part 1 & 2! Thank you for putting it up. I’m trying to learn more about seller financing and I agree with you that this strategy I think is the best as far as velocity of money. Here is my situation. I met an older lady in my neighborhood that owns 3 single family home including her primary home. She said she’s been thinking of selling 1 or 2 of them but she’s worried about the capital gains tax. I introduced the seller financing to her and she seems interested but I couldn’t give her a solid answer what will happen with capital gains tax if she goes that route? Hopefully you can find time to answer my question. I thank you in advance🙏🏾

@ChrisGoff 2 жыл бұрын

She would only pay taxes on money she has received versus paying it in one lump sum. She may even be able to expense some of the income earned each month which will save her even more money. At some point, you'll cash her out and at that point, she will have to pay, but it will be less. Hope this helps!

@albertcua8571 2 жыл бұрын

@@ChrisGoff Thank you Chris! One more question if I may. Do you still get leads for pre-foreclosures here in LA area? Too bad I didn’t learn about your strategy during that time. Please let me know🙏🏾 I will sign up!

@ChrisGoff 2 жыл бұрын

@@albertcua8571 Yes, we have Pre-foreclosures in all states. Glad you’re on board!

@albertcua8571 2 жыл бұрын

@@ChrisGoff Great! Saving up reserves and will get your app. I wish you can do a video and use california to show examples of leads. That would be great🙏🏾

@ChrisGoff 2 жыл бұрын

@@albertcua8571 Will keep that mind!

@young11dre 8 жыл бұрын

how is the existing mortgage paid once you are deeded the house? Does the seller still make monthly payments to the mortgage company or do you make the payments?

@ChrisGoff 8 жыл бұрын

You will make the payments directly to the bank and especially if the house is in pre-foreclosure. If the seller isn't making the payments to cause the foreclosure, they surely won't make ours. Thanks for the question!

@young11dre 8 жыл бұрын

+Chris Goff So how will you generate the extra money to make the payments after you find the cash to pay all the backpay and repair cost.

@ChrisGoff 8 жыл бұрын

You either need to have the money or find an investor to fund it. It's all about making the deal happen and when you have this positive attitude of helping people, it's amazing how money appears. It's having faith! Credit cards work too.

@young11dre 8 жыл бұрын

+Chris Goff Do you have any ways to fund pre foreclosure deals. Hard money loans seem not to work due to the minimum amount you can borrow.

@zoniapatreece1324 5 жыл бұрын

I have a tired landlord who owes 120k, ARV is 155k (max), but about 60k in repairs. Can seller finance work in this case?

@ChrisGoff 5 жыл бұрын

These numbers don't add up for any strategy except a short sale. Get the bank to accept less than what is owed and then you can make it work but you would need to purchase it with your own financing.