Loading...

How To Flip Houses Using Trusts | Real Deal MeetUp TV | Learn Real Estate

285 views

Loading...

Loading...

Transcript

The interactive transcript could not be loaded.

Loading...

Loading...

Rating is available when the video has been rented.
This feature is not available right now. Please try again later.
Published on Apr 11, 2017

How To Flip Houses Using Trusts | Real Deal MeetUp TV | Learn Real Estate Investing

Queen: OK. So everybody is like ready to learn more about the secret sauce on how to flip houses using trust. But before that, just so that they have a feel for why you’re even the expert in this area, how did you get started in real estate?

Brian: Well, I went to law school and [0:03:12] [Inaudible] on Wall Street and then I jumped over to affordable housing on the premier market with taxes and bonds and [Inaudible]. So when you work with big boys like that, then you get pretty used to more sophisticated techniques and stuff that you feel like you’ve got to explain to residential realtors who are just taken [Inaudible]. So it’s kind of nice being able to get past that initial hurdle and then implement some of the techniques that are very effective and very legitimate in a residential context as well.

Queen: That’s so cool. So you had that upper advantage. You have that background and then you pretty much took it into the residential realm or …

Brian: Absolutely.

Queen: Nice. All right. So now I know you specialize in like a couple of things. I just realized there are quite a few things but we’re going to speak on one in particular. But still just so they have a feel of again where you – like all the expertise that you have. What are your specialty areas right now in real estate?

Brian: OK. So yeah, I do a lot of different things in real estate. A title company. I’m a real estate broker. I’m an attorney and an investor. So I do wholesales and rehabs myself.

Queen: OK.

Brian: In addition to – on the attorney side, we do trust, estates, probate as well as TOPA down in DC and then just sort of a general kind of real estate litigation light practice. I’m not really a litigator but people end up calling me and we go and I will – you know, whatever.

Queen: Right.

Brian: [0:04:55] [Inaudible] or transactional sort of things, contracts, whatever. There’s a whole kind of spectrum. Anything in real estate is pretty fair game and then we do some of the trust and estates and probate stuff as well.

Queen: OK, cool. So we’re not going to [0:05:09] [Inaudible]. That’s kind of the purpose of this interview. So let’s get back into trust. Now trust for me – I know for a lot of other people – and guys, double tap on the screen if this is you. Don’t be embarrassed. But every time somebody explains a trust to me, I hear, “Wah, wah, wah,” like that. I never get a full understanding. So can you please explain to us what a trust even is.

Brian: OK. So a trust is an arrangement. It’s not an entity but it’s an arrangement whereby one person or one entity holds property and that can be personal property, like a car or refrigerator, money or real property for the benefit of somebody else.

Queen: OK.

Brian: So if you think about a title company, it’s a pretty easy application. A title company at a traditional closing will hold in trust the buyer’s money. When the lender wires the money and they’re not wiring directly to the seller. They’re wiring it to the title company. The title company is holding it in trust pursuant to specific instructions that they get from the – from the lender. That’s just a very easy example that hopefully helps you understand. Trust can be formed all different kinds of ways. Grant or trust, irrevocable trust. There are different purposes. So there are a lot of different reasons why you might want to form a trust and therefore that will dictate how the trust was structure.

Queen: Got you.

Brian: But just the idea is someone is helping someone else out in holding something of value for …

Queen: Got you, OK. I just want to thank you because that was like the most simplistic version of what a trust is and every time I get an explanation, I feel like it came straight from out of Webster’s dictionary [0:07:02] [Inaudible]. Cool, thanks. I think everybody online appreciated it because we’re getting all these hearts and also like Hashville Queen, Sharona joined and a couple of other people. Thank you guys so much. Oh, share this on Twitter guys. Share this on Twitter. Share the wealth. OK. Cool. So now that we know what a trust is, REOs. Buzzword but I don’t think people even understand what the acronym means. So, can you explain to us as well what an REO even is?

Brian: That’s real-estate owned. It’s the acronym. Basically it just means if a – typically it’s a lender will foreclose on a property. OK. So they will take back a property when someone defaults it through foreclosure or it could be a deed

👍 http://www.realdealmeetup.com

Don't forget to check me out on:
Facebook: 👉 https://www.facebook.com/RealDealMeetUp/
Twitter: 👉 https://twitter.com/realdealmeetup
Instagram: 👉 https://www.instagram.com/realdealmee...

  • Category

  • License

    • Standard YouTube License

Loading...

When autoplay is enabled, a suggested video will automatically play next.

Up next


to add this to Watch Later

Add to

Loading playlists...