By Keenan Handy, July 2, 2014
http://www.freedommentor.com – Lecture I delivered to the University of Central Florida Real Estate School on How to Buy Real Estate without Cash or Credit. …
Phil, I have a major problem may I email you the situation. My parents have
died and now I have a sensitive issue which will result in me losing my
parents home. my email address is keencorp1@gmailcom. Please drop me an
email so I can email you with my question
Phil, is it actually possible to close a sandwich lease option deal in the
real world? Transactional lenders won’t fund the A to B if C gets a regular
mortgage and conventional lenders won’t finance a deal that’s been
assigned. How the heck is this possible?
Some teachers say that you should close with the seller first using
transactional funding and then, once you own it, sell to the tenant buyer
who gets a regular mortgage. I don’t see how this can work because every
transactional funder I’ve ever seen won’t do this if the C buyer is getting
a regular mortgage. In terms of a double close I’ve never seen a
conventional mortgage lender finance the C buyer so that B (the invester)
can pay off A seller and sell to C buyer. You actually have these lenders?
I had no cash, no equity and bad credit in 1998 and went out and bought a
million dollars of Real Estate with these methods. They do work but you
need a motivated seller.
is this video old news or is everything still relevant?
the socialists in my town shut you down quick if they catch you renting
YOU NEED CAPITAL TO START A BUSINESS LIKE THIS; not a lot but some
capital. In JERSEY , no money down DOES NOT WORK. houses here sell
pretty fast to homeowners…buying a piece of property or condemned small
house and building new home on that property is what works.
THE AVERAGE HOUSE HERE IS AROUND 300K AND AREAS WHERE ITS REALLY BAD LIKE
NEWARK OR IRVINGTON WILL WORK WITH SECTION 8.
THIS BUSINESS WORKS IF YOU HAVE THE CAPITAL ( SO MUCH EASIER)
BUY HOUSES IN GOOD AREAS..AVOID GETTOS AND BAD AREAS……MIDDLE CLASS OR
HIGHER IS GOOD
Phil, I saw a beautiful property, and it’s a classic subject to deal. I
would love to close it for my 1st deal. How do you suggest I attract
tenants to be able to afford the $1900 note on the 6 bedroom property?
By the way, you rewarded the attendants at this seminar with a free paper
I am watching you here and not live…:-) can I get an Udemy invitation to
Hi Phi HoW much i have to put the margin profit
renting is a headache.
@14:00 So why didn’t Cory rent out is property for $1000?
Hi Phil, very grateful for your videos, and they are a great public service
to newbies. I have a 3 part question: Part1: if you are licensed RE agent,
and want to do wholesaling, via contract assignment, and disclose, as
required, that you have an RE license, are you in fact engaged in
brokerage, putting buyer and seller together for a fee, but with no
fiduciary responsibility to either party? In other words, couldn’t the
practioner of wholesaling be accused of brokerage without a license, and if
you do have a license, are you held to a higher standard? Part2: if your
end buyer fails to close on the B-C transaction and backs out of the deal,
are you, the A-B buyer (the person that got the deal in the first place,
obligated to buy in the first place? In other words, couldn’t the seller
sue you for specific performance? If you get out of a contract, you can be
sued for specific performance. It’s not like a listing agreement where you
are merely the agent, you in fact, are acting as the buyer.
Phil, You said something about not being able to sell real estate if you
have student loans unpaid. Does that mean I have to wait for years before I
can do real estate? I am still a student but will graduate in about a year,
with student loans.
The only thing I don’t understand is how you would keep the owner/seller
that’s financing from eventually realizing the profit you’re turning by
renting out the property and nullifying the contract to keep the income and
property for themselves.
This is very interesting to watch. I’m interesting in buying a home but my
income only $1500 and i need to support my family too. Not sure when I can
buy. My credit is really good though.
I’m not sure I understand how to establish a trust on a lease to buy
option. Who falls under the trust? Owner, leasee? How does a trust get
established? Taxes involved with establishing a trust? Need more info
My question is, why would someone hand you the property to just get rid of
it and take over the payments when they can find tenants themselves. I’m
sure if the owner had an idea of what you were doing they would just take
the idea and say why should I hand over and trust someone with my credit
when I can get tenants myself and make that money. I’m just curious and
putting a scenario out there.
Quick Question- When trying to do a subject to with a seller can’t you just
create a blanket loan to the seller equivalent to the existing financing
amount, pay to the seller, and they can send it to the bank themselves?
Have you tried this “blanket loan” and does it work?
Sorry to bug you Phil! I’m just concerned with how you plan for unexpected
expenses with a margin of only $100! Do you ALWAYS market the properly well
enough so that you can prevent a vacancy? I fear that with such a slim
margin and a 30 day eviction process I won’t be able to cover the next
But it’ll probably be harder to do this with commercial property or a
Thank you for this lecture.
@33:00 are you referring to DC or the state of WA