15 Ways to Buy Property No Money Down - Real Estate Investing Training Video
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seriously I love this guy, just brilliant wisdom.
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Dude, you are amazing.
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Good stuff Mike!
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can u really do this?
buytoletlandlord 1 month ago
@buytoletlandlord - sure, I've used pretty much all those strategies at some point.
localmentor 1 month ago
Michael, I have never seen a short sale bank (or reo for that matter) approve an offer with an assignment clause. In fact, many now are requiring that the property be held on to for 60 - 90 days before any new change of ownership, making a double closing difficult. Do you know of a way around that?
MakeCoronaHome 3 months ago
@MakeCoronaHome Yes. (FYI, i have closed 2 non-owner occupied short sales with local lenders - neither were listed and I assigned both of them. You MUST know your state's up to date laws. In CO it matters if it's owner occupied or not - very different rules. Laws and Lender SS Acceptance letters are 2 diff. things as well. If I intend to flip it I'll contract in a trust or LLC and sell THAT entity in lieu of selling or assigning the contract (or double closing). I have other videos on this.
localmentor 3 months ago
@MakeCoronaHome Yes. (FYI, i have closed 2 non-owner occupied short sales with local lenders - neither were listed and I assigned both of them. You MUST know your state's up to date laws. In CO it matters if it's owner occupied or not - very different rules. Laws and Lender SS Acceptance letters are 2 diff. things as well. If I intend to flip it I'll contract in a trust or LLC and sell THAT entity in lieu of selling or assigning the contract (or double closing). I have other videos on that
localmentor 3 months ago
@localmentor - I only do this on Non Owner Occ. properties, in CO we have some new laws that make flipping even the LLC or Trust beneficial interest a "No-NO".
Even if you get an acceptance letter with no resale for 60 days, you just sell the entity. This works for properties your selling to cash or hard money buyers. Flipping to owner occupants getting traditional financing, not going to fly because of the entity - they need to close in their own name to get that kind of loan.
localmentor 3 months ago