How to Seller Finance Real Estate Part 1 of 2

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Күн бұрын

You can get started part-time and make a six figure income (yes, part-time)! This is by far the MOST profitable strategy in Real Estate and I’m going to show you exactly how to do it.
Want to know how YOU can get started?
Here’s just some of key points you’ll learn at this webinar:
• Why it’s dang easy to get started with Seller Financing!
• Why you don’t need any special degrees, certifications, or experience!
• How you can make more money, have more fun and make a huge difference in the lives of others!
• Why seller financing is much smarter and safer than any retirement account!
• The fastest, easiest and RIGHT way to be up and running within days!
• There are some costly mistakes and common pitfalls you need to avoid making (you must know these) when getting started.
• If you’re already in Real Estate, you’ll discover how to take your business to the next level!
• Why being a landlord is the most stressful, least profitable way to build a retirement and how you can stop being one, today.
Recommended Videos:
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► Seller Financing | Sub2’s: • How to Structure a Sel...
► How to Invest in Pre-foreclosures: • How to Buy a Pre-forec...
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Popular Videos:
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📕 Download for FREE my Best-Selling Book!
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👁 Who is Chris Goff?
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.
*Thank You!
I would personally like to welcome you to our family where we actively seek the future. I’m just trying to inspire you to get started in the cash generating business of real estate investing. I’ve have helped thousands of people like you make thousands of dollars. Whatever your real estate investment goals are, I wish you much success. I will do everything within my power to help you become financially independent, and help you love to be alive. Be sure to subscribe and click the notifications bell to be notified of my newest training videos.
#creativefinance #sellerfinancing #ownerfinancing

Пікірлер: 154

@mshines1992 5 жыл бұрын

13:46 is where it actually starts. You're welcome.

@michaelm9621 5 жыл бұрын

You are a angel, thank you.

@JLuckyHenry 5 жыл бұрын

Mvp

@baileyembry6057 2 жыл бұрын

The 🐐

@youtubecommentrater3379 Жыл бұрын

💎

@anthonyrichardson5330 4 жыл бұрын

This the best seller finance training on KZfaq hands down

@ChrisGoff 4 жыл бұрын

Thanks a bunch!

@quickgreennow9647 7 жыл бұрын

This is an awesome video! The clarity and information is top notch.

@kgolden32 5 жыл бұрын

This was a great detailed video on seller finance! Wow your amazing

@cbDAD39 2 ай бұрын

I have been looking for this kind of information everywhere! Thanks for being so detailed 🤩

@ChrisGoff 2 ай бұрын

Glad it was helpful!

@kriswittak6890 3 жыл бұрын

I graduated from McIntosh wholesaled my first home in wynnmeade thanks Chris for all you have done!!

@ChrisGoff 3 жыл бұрын

That is awesome!

@yolimonty8683 2 жыл бұрын

WHAAAAT! WOOOOOW AMAZING SEÑOR Chris, just started on this journey, paid a lot of money just for wholesaling and flipping AND CREATIVE REAL ESTATE, AND YOUR ARE PROVIDING IT FOR FREEE MUCHAS GRACIAS QUE DIOS TE VENDIGA, TU Y TU FAMILIA.

@ChrisGoff 2 жыл бұрын

That's my passion which is share with others. Thanks for posting and I just released a NEW video: kzfaq.info/get/bejne/eZxop5Z4z5_JYoU.html

@carlrandal9951 8 жыл бұрын

Hi Chris, I really appreciate your clear teaching style. I often view your other videos just to get a better understanding of the different strategies. I do have one question about Seller Financing and back to back closing: How do you recommend handling the closing costs?

@ChrisGoff 8 жыл бұрын

Hi CArl, thanks for the question. Closing costs are such a negotiable subject but usually in a pre-foreclosure situation, I will pay for them.

@TeeMilli 5 жыл бұрын

thank you for this video

@patrickprice9960 5 жыл бұрын

I have a question about the payment amount. Is that a breakdown of the sale price and percentage you choose to offer? Trying to wrap my head around this option for a seller. Thanks

@MiaGaming99_ 5 жыл бұрын

Hey Chris how would I get the deed from the owner/seller

@indykid811 8 жыл бұрын

This strategy is one that I've always inquired about, but didnt quite comprehend. But once again Chris you executed with perfection. I spent nearly $1000 dollars on a program that didn't even explain the process as well as you Chris and you just did it for free. I should have got with your program first; especially since you stay in Peachtree and I live in Columbus, GA

@ChrisGoff 8 жыл бұрын

Thanks JC for the awesome comment!

@bellwetherinspirations3975 6 жыл бұрын

I’m from LaGrange Ga, lets connect. I live in Florida but would like to test and see if my hometown is profitable.

@andyz2747 6 жыл бұрын

Can I resell a wholesale assignment contract with my buyers????can let me know thanks

@MarcusLeepapi 8 жыл бұрын

Nice...Thank you..

@scottbryantrealtor7999 Жыл бұрын

Chris this video is amazing!! I love how you broke everything down. My question to you when initiating your offers do you schedule face to face consultations or do you see a good response with over the phone cold calls? I want to make sure I’m taking the right approach as much as possible.

@ChrisGoff Жыл бұрын

Appreciate your comment. Face to Face is always better when you can. This gives you opportunity to answer the real questions they have and as I always say… it’s all about building the relationship.

@thiengsyhasak9532 7 жыл бұрын

Hi Chris, thanks for the info. I know about the exit strategy, my problem is i just don't know how to put in place step by step. Have a property thats in pre foreclosure behind in back payments about 12k, total payoff is 120k and thats how much is is willing to sell to me. How could i structure this? i don't have 12k to bring him current?

@ChrisGoff 7 жыл бұрын

Not sure without seeing all the numbers including the ARV, estimated repairs, etc but you should be at our Houston event where I teach this entire strategy step-by-step. www.chrisgofflive.com/?vip=1

@garymarushak4052 8 жыл бұрын

Since the end buyer will handle ins. & taxes, how does both the homeowner and end buyer handle the taxes and insurance? Homeowner's mortgage payment most likely has ins & taxes as part of the payment and us, as the investor, are just paying P & I.

@ChrisGoff 8 жыл бұрын

No matter if this is between you and the seller or you and the new buyer... If the taxes and insurance are included in the sellers mortgage payment, this would be specified in the actual agreement separately, then totaled up to give total monthly payment. The buyer can be named as a second insured on the same policy. As far as the taxes, it doesn't matter whose paying them as long as there getting paid. The buyer has the deed which shows ownership. Hope this helps and thanks for the question.

@luismorillo2695 Жыл бұрын

Great videos. Very clear explanation. Much clear that other courses i have bought tbh. Where can i access to sample contracts/notes for SF?

@ChrisGoff Жыл бұрын

Appreciate that! You can access all of this and more in REIPro. Start a Free trial at: www.myreipro.com

@natusfreedom472 2 жыл бұрын

Start to the Point , great content .. where do we find , good real estate attorneys to draw up these seller finance contracts .. any suggestions Thxs

@ChrisGoff 2 жыл бұрын

Thanks! Speak with your local real estate club or Google attorneys in your area. Then ask if they’ve done seller finance contracts before. We have an example in REIPRO at: www.myreipro.com

@mattc.8858 7 жыл бұрын

+Chris Goff Hey Chris, I'm new to creative real estate and I'm curious. Could you structure a deal where you bank finance what is owed on a loan and then seller finance the remainder with the provider? How could this be structured? Can I create two separate transactions? This will dodge the due on sale clause without the need for tricking the bank with a land trust. Have you heard about a strategy like this? thanks

@andyz2747 5 жыл бұрын

What type of contract needs to be used for seller finance deal

@newfront4 8 жыл бұрын

Hello, do you guys steer clear from subject 2 deals and just focus on seller financing or lease options? I didn't see any mention of just subject 2 deals without a wrap. I'm still learning here so bare with me.

@ChrisGoff 8 жыл бұрын

Hey Christian, let me first say that Subject 2's is not a strategy. It's nothing more than a sentence inside a wrap-around contract. ALL of this, is seller financing. Any time you seller finance a home with a current mortgage, you are taking it subject to existing financing. Some investors like to confuse people and say that it's a strategy. It's NOT! Seller financing is the strategy. Hope this helps.

@newfront4 8 жыл бұрын

Thank you! I learned a lot from your lease option videos. Powerful stuff! Thank you again.

@shannadougherty6730 7 жыл бұрын

Chris, what about Dodd Frank? I've heard some investors say all you need is an RMLO look over your docs and you're good to go, others say it's against the law to seller finance to owner occupants which is going to be my strategy and the reason I wanted to start the real estate business. I'm not finding much info on the wikipedia page about Dodd Frank. Any insight?

@Scott-got-caught 4 жыл бұрын

Carlton Sheets lol I bought into a Robert Allen course in the early 2000s. Same concepts I assume. It was about 2500$ and it was beyond my comprehension at the time. I did nothing with it. I still have the binders to this day haha

@ChrisGoff 4 жыл бұрын

Funny! Real Estate strategies haven't changed in the 20 years I've been in the business. Some like to give it new names, but it's all the same. I lost my binder years ago from Carleton Sheets, but he's not the one I really learned from. In the trenches, messing it up and believing in myself paid off. Today is definitely a different way learning.

@djgainsbond 7 жыл бұрын

You're an effing genius!!

@baileyembry6057 2 жыл бұрын

Just to confirm for (seller finance free and clear). When I receive title from the initial owner and turn around and seller finance it to another buyer. This process is called a wrap around mortgage?

@baileyembry6057 2 жыл бұрын

Furthermore, I am now the bank and the buyer pays me going forward.

@ChrisGoff 2 жыл бұрын

@@baileyembry6057 Correct! The seller is the bank with you and you are the bank with the new buyer. It's just a straight seller finance with the owner because there's no existing mortgages. But with the new buyer, you have an existing mortgage with the seller so it's a Wrap with the new buyer. Hope this helps!

@JohnSimons0314 4 жыл бұрын

I dont understand how you as the buyer get the deed from the seller if the primary mortgage has still not been paid? Doesnt the bank hold the title until the bank loan is paid off?

@ChrisGoff 4 жыл бұрын

Any seller can deed their property without paying off the debt using a wrap-around mortgage. Real Estate isn't like a car where you don't receive the title until it's paid off. Of course using preventive measures to protect all parties in real estate. Hope this helps!

@luissantiago3562 5 жыл бұрын

@53:00 How do you go about this deal if the seller is asking for a down payment?

@ChrisGoff 5 жыл бұрын

Hey Luis, If the numbers work with a down payment, give it to them. I do like to show people how to do deals without a down payment but this would be rare.

@luissantiago3562 5 жыл бұрын

@@ChrisGoff Thanks for your response!

@brettreadway4800 5 жыл бұрын

Hey Chris, thank you for the videos. I do have one question though. Offer number 2 is a balloon. Correct me if I’m wrong But isn’t a balloon illegal under the dodd-frank?

@ChrisGoff 5 жыл бұрын

Hey Bret, all seller finance deals (I do) will have some type of balloon which is nothing more than paying off the loan at that set time. The loan will still be amortized over 30 years though. This is why the property goes into your corporation or LLC, not in your personal name. Note: If investors would just do it right and not take advantage of people, we could get rid of this whole Dodd Frank stuff.

@brettreadway4800 5 жыл бұрын

How do you utilize a balloon in a loan without legal trouble?

@aamirbasir5464 4 жыл бұрын

Bret Treadway Did you ever find out

@KustomKrosses 7 жыл бұрын

Hello, I love the videos. How do I structure a deal where the seller is willing to let me take over the payments which she's current on but not deed the property to me? She's an absentee Owner. Thanks

@ChrisGoff 7 жыл бұрын

If the seller wants you to take over the payments, you should do a seller finance for sure but if you do not want to get the deed, then you will do either a lease option or a Contract for Deed. You always want the deed unless you're worried about the due on sale clause.

@maryosbey4044 5 жыл бұрын

Since the seller is willing to finance, what is a good rebuttal to convince the seller to give you the deed? Thx

@RedScareClair 6 жыл бұрын

Loans can and do get called. People have had the bank threaten to do it to them because they changed the deed from their name to their LLC. It also happened to Dave Ramsay when a bank bought his bank and decided to call his loans due. It may not happen super often but it does. I suspect that when the day comes when home loan rates are double digits again you'll see it happen often.

@ChrisGoff 6 жыл бұрын

Sure they do, but after 500 completed deals, not one bank ever called the loan due, so I can only go by my experience as well as my students. Worst case, you can refinance the home, not really a big deal.

@andyz2747 5 жыл бұрын

If a make a seller finance deal do I need a lawyer to get the deed to own the property or how do I get it and second do I need a lawyer for this type of deal

@Rhino-ux7yf 5 жыл бұрын

Andy Zentura I would !! The devil is always in the details

@kimeshajones9006 6 жыл бұрын

How do you actually do your closings? At the seller's house? Are the seller and new buyer there together?

@ChrisGoff 6 жыл бұрын

If you're staying in the middle, you do it in 2 separate locations

@AberrantArt Жыл бұрын

Hey Chris. I have a few questions about selling on a wrap. If I buy on seller finance and wrap it to an end buyer: 1) Do you sell using a Land contract? 2) Are you on the insurance policy as Additionally insured? What type of insurance policy do you need and how do you make sure the end buyer doesn't change the policy? 3) If the end buyer stops paying, can you avoid the lengthy foreclosure process to get it back?

@ChrisGoff Жыл бұрын

You’ll be using a Wrap and deeding the property to the buyer because most attorneys don’t like land contracts anymore. NO protection for the buyer. The buyer must maintain insurance on the property and if they don’t, you can force it and charge them for it. This will be spelled out in your agreement which I recommend having an attorney draw it up. Yes, you will have to foreclosure on the property just like any other bank. The only way to not foreclose is to do a land contract, which I explained above. Hope this helps!

@AberrantArt Жыл бұрын

@@ChrisGoff this helps a TON! Thank you. One more question on the insurance. If the end buyer has insurance, do you still add yourself to the policy as well? My concern would be if they collect insurance after a fire or something and then run off with the payout.

@ChrisGoff Жыл бұрын

@@AberrantArt You will be added as the lien holder on their insurance policy and if the home caught on fire, they usually have the lien holder sign the check first as a sign-off. If they still run out, this would be insurance fraud and they would go to jail. These are the things you have the attorney address in the agreement.

@AberrantArt Жыл бұрын

@@ChrisGoff all these things race through my mind when I think of my first deal. In your experienced opinion, would you suggest I find a great attorney (if these what if questions haunt me and hold me back?)

@kodyeicholtz7774 8 ай бұрын

Do you offer any consulting? Some of the best breakdowns ive found on seller finance.

@ChrisGoff 8 ай бұрын

I appreciate that comment and please spread the word. I do offer limited personal coaching, which you can learn more about at: www.chrisgoffrealestate.com/coaching/

@SarcahsticGB 7 жыл бұрын

would REIPRO help for someone that lives in Long Island NY?

@ChrisGoff 7 жыл бұрын

REIPro will help anyone that invests in the U.S. - Check it out free for 30 days: www.myreipro.com

@kimeshajones9006 6 жыл бұрын

The only question I have is... when you're giving them all of this information on the different offers and strategies, do they ever turn down the deal and try to take (you) the middle man out to do this themselves? That would cross my mind if I was a selller.

@ChrisGoff 6 жыл бұрын

Hey Kimesha, if the seller knew how to do it, they would so it themselves. Most people have to idea how to do any of this including real estate investors. Thanks for the question!

@RAREREMNANT 7 жыл бұрын

Hey Chris, thanks for the excellent info. is "Fast Home Offer" a good company to use for finding motivated sellers?

@ChrisGoff 7 жыл бұрын

We use REIPro to find our sellers and have not used Fast Home Offer. You can go to www.myreipro.com for more info.

@ladyboss38 3 жыл бұрын

Hi, Chris. Question: If I purchased a home through a bank\mortgage, could I turn around and seller finance the property even though I still have a mortgage or still own on the home?

@ChrisGoff 3 жыл бұрын

Yes, you can! Although there's the due on sale clause, it's rare for a bank to call the loan due when you transfer the deed to another buyer. Hope this helps!

@ladyboss38 3 жыл бұрын

@@ChrisGoff Yes, it does. Thanks. To fully understand what a wrap really is and how it works, I will be studying more to wrap this information around my head so that I am confident enough to apply the knowledge. I'm new at real estate investing and will start at wholesaling just to get my foot in the door. I hope to later move into seller financing. Also...off the subject some. It seems that this field is dominated by mostly mean. Having said this, do you think that women can be successful in this as well, again, given the number of men that have dominated.

@ChrisGoff 3 жыл бұрын

@@ladyboss38 I have lots of successful women that I have coached. You keep going and I like your game plan.

@ladyboss38 3 жыл бұрын

@@ChrisGoff Thanks, Chris. I am really loving REIpro, by-the-way.

@ChrisGoff 3 жыл бұрын

@@ladyboss38 that’s awesome and glad you love it. Be sure to join us on our live training next Thursday.

@piscesbaby101 7 жыл бұрын

If someone like me doesn't have money to invest, we shouldn't do so seller financing with a distressed/non-livable property, right? b/c how would we find a tenant buyer to live in such a property?

@ChrisGoff 7 жыл бұрын

You should stick with Wholesaling and Lease Options

@Nta313 6 жыл бұрын

so she shouldnt do seller financing because she doesnt have money to invest ?

@coryhedquist2488 6 жыл бұрын

LaWanda Lee unless you want to bring in private funding from investors but then you have to make sure you can pay your investors.

@PLAYAZONLY1 2 жыл бұрын

How are you calculating what you’re gonna pay the seller each month?

@ChrisGoff 2 жыл бұрын

You determine the sales price and interest rate first (running comps, etc), then using a mortgage calculator to reach the monthly payment. Hope this helps!

@philippring2779 7 жыл бұрын

If you bought a property "subject 2" and sold it on a wrap mortgage and the bank elects at a later date to exercise the "due on sale" clause, what;s your obligations?

@ChrisGoff 7 жыл бұрын

Philip, I would like to clarify that a subject 2 is not a strategy. If you seller finance any house with a mortgage currently on it, it is a wrap from buying it to selling it and any seller finance with an existing mortgage is subject to the due on sale clause. I've never seen, heard or experienced any bank call the loan due if payments are current... But it's possible. If it happens get an attorney.

@ChrisGoff 7 жыл бұрын

The bank could but it's not normal for a bank to foreclosure on a home when the payments are current. You could also put the property in a trust and not have to worry about it even happening.

@35501dman 6 жыл бұрын

Carol T. if you were the bank, would you rather an investor come in and seller finance the property. or lose money going through the forclosure process? lol

@TykeNotes 4 жыл бұрын

I watch so many of Chris’s videos . I purchased REI pro and I never subscribed to the KZfaq page.🤦🏾‍♂️

@joevalle4847 8 жыл бұрын

hi I want to get in the business of real estate but I don't know where to start I'm bearly 22 years old I can't really know where to start

@ChrisGoff 8 жыл бұрын

Wholesaling is where most people start. Simple to learn, can be done anywhere and doesn't require money.

@melissadavis3761 5 жыл бұрын

Did u ever get started @ joe

@sara_s_ 4 жыл бұрын

Does this apply to Australia?

@ChrisGoff 4 жыл бұрын

I'm not sure of Australian rules but from my understanding, people use this strategy there as well as Europe.

@thefreemanworldexperiment Жыл бұрын

Hey, Chris! Question: There is a fsbo property I want to purchase in the Overton Park neighborhood of Memphis for 347k. The owners need 280k in the next few months to pay back their hard money lenders. They are willing to seller finance the remaining 67k. What are your suggestions on procuring the initial 280k? Or, do you have any other ideas for securing the deal?

@ChrisGoff Жыл бұрын

You could get a private lender for the $280K and have the seller take the $67K back a second mortgage.

@thefreemanworldexperiment Жыл бұрын

@@ChrisGoff Thanks, Chris! That’s exactly what they were willing to do. However, the ARV is only 387k. But there are minimal repairs needed. Is that a deal you would do for a rental? Or would it make more sense to use 280k worth of private money to buy 2 or three homes, rehab them, rent, and then refinance them.

@ChrisGoff Жыл бұрын

@@thefreemanworldexperiment Everything comes down to the numbers and also what your exit strategy is.

@ZamiahEyezayah 5 жыл бұрын

This is what I was thinking the whole time that I was watching this video. What if the seller defaults on the original loan? I found the answer just incase someone else was thinking the same thing. Lender Default Risks of a wrap around mortgage are not limited to the seller. The buyer faces default risk as well. As an example, if a buyer consistently makes monthly payments, but the seller is not then paying the first mortgage, the original mortgage lender can foreclose on the home.

@ChrisGoff 5 жыл бұрын

This is why you make the payments or set up an escrow and have them make the payments.

@AberrantArt Жыл бұрын

@@ChrisGoff if the buyer doesn't pay off at the time the balloon term ends, does the seller need to go through the lengthy foreclose process to get it back?

@ChrisGoff Жыл бұрын

@@AberrantArt They must go through the foreclosure process to get the property back.

@TheMoonDejesus 5 жыл бұрын

Would be helpful if part 2 was in the description.

@ChrisGoff 5 жыл бұрын

BE a subscriber and you can see them all laid out for faster access. But in the meantime, here you go: kzfaq.info/get/bejne/mdeClaqpzpyqXas.html

@GAMEDOGWARRIORS 2 жыл бұрын

Sorry but Carlton Sheets is the Real Godfather of creative Real estate techniques!

@ChrisGoff 2 жыл бұрын

I would agree with you on that… just didn’t understand how to get started with it.

@jayaustinbaby 5 жыл бұрын

Could I wholesale a sellers finance agreement?

@ChrisGoff 5 жыл бұрын

Yo can wholesale just about any agreement as long as the contract doesn't say you can't assign it.

@MarcusLeepapi 8 жыл бұрын

Would you be able to send Assignment of Contracts and Affidavit Memorandum. These are items that you have spoken about. Yes, to start out with wholeselling, the all cash position, is simple.

@ChrisGoff 8 жыл бұрын

I would be happy to send them out if you're an REIPro subscriber. You can always get these agreements with my #1 Wholesaling Course at: www.reiandme.com

@MarcusLeepapi 8 жыл бұрын

Thank you so much...

@MarcusLeepapi 8 жыл бұрын

Yes, I signed up in the REIPro for the thirty day sign in. Thanks...

@cynthiatorrez6948 7 жыл бұрын

can the siblene evect you if his name not in

@helpinghandsproperties 5 жыл бұрын

Can someone explain the math. After the balloon payment is paid how do you find what is still owed?

@duallylicensed145 4 жыл бұрын

John Dewese ask for the payoff statement. U can ask the seller to provide that from their lender or add language with subject to a current pay off balance from xyz lender or get a authorization signed for you to call and inquire. I am not an attorney and am not making any representation of providing any legal advise and should not be taken as such. Good luck

@taravance1986 3 жыл бұрын

or what happens if after 3 years owner want morgage out of there name?

@ChrisGoff 3 жыл бұрын

Again, once the deed is transferred, the new buyer owns the property and the owner has to abide by the agreement. Both parties can agree to modify or change the original agreement. Hope this helps!

@michaelhardyjr5230 4 жыл бұрын

I have a question Mr. Goff. Isn't this so called "subject-to" STRATEGY basically "seller's financing"?

@michaelhardyjr5230 4 жыл бұрын

I knew I was correct!

@ChrisGoff 4 жыл бұрын

@@michaelhardyjr5230 'Subject to' is nothing more than a sentence in the wrap-around agreement when there's an existing mortgage on the property. Seller financing is the actual strategy :) So many people on KZfaq making it something it's not. Thanks for the comment.

@michaelhardyjr5230 4 жыл бұрын

@@ChrisGoff you are right. Many up and coming investors use this term to make them seem more advanced in real estate investing. I'm not even thinking about using this strategy until I am properly educated and mentored. Thanks for the reply.

@biginvestment8299 5 жыл бұрын

What paper do I need to do this?

@ChrisGoff 5 жыл бұрын

You'll need an attorney draw up all the documents because there are several.

@aamirbasir5464 4 жыл бұрын

BigInvestment • Did you ever get into it ?

@varbie 2 жыл бұрын

in texas there are promulgated addendums to a sale contract for seller financing. your realtor can help you with that

@sam56094 5 жыл бұрын

*********** I m a college student with 700 credit and $5,000 saved, can i still do owner finance? or should i do wholesaling ? SOMEONE PLEASE REPLY ID APPRECIATE IT SO MUCH !!!*********************

@milliontips 4 жыл бұрын

Hi Chris, I am based in VA and so many of local investors tell me that you can NOT assign a sub2 contract. If you do, you might find yourself in court. Can you please clarify?

@ChrisGoff 4 жыл бұрын

I'm not sure what VA has put in place to prevent this but let me say first that you wouldn't normally seller finance a home and then assign it... since you would own it first, then sell it. A lawyer could work the paperwork where you get it under contract, then assign it. You could just have a buyer come in and do the agreement with the seller and pay you a fee (promissory note) but I would get with a local attorney first.

@milliontips 4 жыл бұрын

@@ChrisGoff Thank you! So would I just get the seller under contract using a "purchase contract" without specifying any terms, interest, downpayment etc. and then just assign my purchase contract and then let the seller and the new buyer figure out the terms? OR would I agree with the seller on the terms, get the seller under contract using a "purchase contract" without specifying the previously discussed terms, assign the purchase contract and then just pass to my end buyer the previously agreed terms and let the end buyer do the seller-financing paperwork? Sorry to take your time with this, I am confused. I thought I finally found my niche by wholesaling foreclosures or Sub2 contracts and now I was told that you cannot assign a sub2 contract. Thank you so much!

@ChrisGoff 4 жыл бұрын

@@milliontips Without knowing the exact law that these people are referring to, it's hard to give advice. But, you could simply draw up a basic agreement to get it under contract. Wholesale that agreement, then seller and new buyer will have all the official seller financing documents signed. Hope that helps.

@milliontips 4 жыл бұрын

@@ChrisGoff Thank you so much!

@jefsonjefl4673 7 жыл бұрын

I need your help on a deal I have on a lease options, the seller want to know my options and terms.

@ChrisGoff 7 жыл бұрын

Are you using the REIPro Software? This will help walk you through all the numbers. You can also go through the numerous training videos we have on the subject. Otherwise, I would recommend either getting a home study course, attend a live event or get some coaching. You can learn all about this at: www.reiandme.com/

@taravance1986 3 жыл бұрын

what happens if owners children don't want the same deal.

@ChrisGoff 3 жыл бұрын

Once the deed is transferred, the new buyer owns the property so the children have to abide by the agreement. Hope this helps!

@youmarc11 7 жыл бұрын

Chris, what I'm not understanding is this: If I buy on a wrap and resell with owner financing does the buyer I sell to get the deed? If so, how can I still owe the wrap note to the seller without still having the deed?

@ChrisGoff 7 жыл бұрын

Hey Marc, thanks for the question. The wrap is nothing more than a promissory note to repay when there's an existing loan in place (seller). You then re-create a new wrap with your new buyer which makes them responsible to pay you and you must pay the seller. The deed shows ownership, not what is owed on the property. Hope this helps!

@youmarc11 7 жыл бұрын

Thanks. If my end buyer gets the deed (ownership) of the property on the recreated new wrap what collateral do I have to give the seller if somehow I'm unable to pay them on the first wrap that was created between myself and them? In other words how can they foreclose on the property if can't pay them (if my buyer doesn't pay me) and I don't have the deed to give them at that point? I know a lot about real estate but this confuses the hell out of me. =)

@ThePorshaEdmun 7 жыл бұрын

Marc Tonzillo you keep the deed til the end buyer pays it off and or cashes you out so you can cash the seller out.... if the end buyer don't pay you evict them start over new tenant buyer... I might be wrong but this is what I got from what he was saying. You are the middle person between the seller and the buyer til everyone is cashed out

@youmarc11 7 жыл бұрын

But if paying a mortgage to my initial seller and I'm just lease optioning to a tenant buyer the rent from the tenant won't be enough to pay my underlying note to seller.

@ChrisGoff 7 жыл бұрын

That is correct, the buyer gets the deed unless you do a contract for deed which I don't like. Contract for deeds don't hold up in court anymore unless you do it for less than a year. You have a wrap with the seller and then the new buyer has a wrap with you. You are nothing more than the lien holder with the new buyer and seller is the lien holder with you. You are simply in the middle. Buyer pays you, you pay the seller. But you could rent, sell or lease option with the new buyer as well. Hope this helps! I will be teaching this in Houston TX Live at our 2-day training class on February 25th and 26th. Check it out: www.chrisgofflive.com

@sgtjarrodrayner 7 жыл бұрын

I've talked to my Mortgage broker about wraps and sub2 and asked about refinancing. He said that he wouldn't be able to refinance. Is he confused?

@ChrisGoff 7 жыл бұрын

Refinancing is one option... after the property has been deeded to you... or sell the property and cash everyone out. If you have the deed and good credit, you can refinance the house. He may be confused but either way, find someone to do it... if your goal is to refinance it.