Hi, it’s Lou Brown. I’m back to share with you some other thoughts about Massive Passive Income and what can happen in your future of the buying and holding strategy to be able to generate income for you now and forever.
It’s a true retirement plan and it reminds me of one of the folks that bought a house from us and such a great gentleman. He came along. We hadn’t done any work on the property. Now, this is an interesting concept because typically when someone’s thinking about land-lording, they’re thinking about, Oh my gosh, I’m going to get a property back. It’s completely trashed. I’ve got to go in. I’ve got to do all these cleanups and repairs. I might be down one, two, three months in repair time before I actually put it back on the market. It’s just such a grind. People don’t appreciate your property.
What if things were different? Well, I learned early in the game. I learned that many of the residents moving in, actually we’re quite happy to do some or all of the work in exchange for a credit towards their either move-in fee or down payment or option fee. And so we started offering people the opportunity for themselves to be able to do some or all of the repairs to the home. And if they choose to, fantastic. And if they choose not to, fantastic, we’re happy to do those repairs. And we, we have that discussion in advance and then they tell us what they want to do and we have a list and they say, I want to do this, this and this. And we say we’ll do that, that and that. Or they’ll say, no, you do everything. And we say, okay, that’s fine. So here’s an opportunity.
And it reminds me of a story of a gentleman that came along, saw one of our properties, brought his wife, his sons in, and they took a look at the property. They said, yeah, we can do this and we’re excited to do this. They did a magnificent job and he didn’t buy the house from us. At that time because he didn’t have enough down payment and he didn’t have good enough credit to be able to qualify at the bank. So what did we do? We gave him an option to purchase the property using the credits that he earned by doing the work that he did do, did a magnificent job. He paid us as agreed. We put him into a credit restoration program that helped him build up his score. And voila, he got to the 0.1 days where he had enough down payment and good enough credit to be able to purchase the home.
He was 81 years old. He said, you Mr. Brown, I don’t want to leave you guys. He says, I don’t want to go onto the bank. I don’t want the bank. So sure enough, I talked to the money partners in the deal and we agreed to carry back the financing on this gentleman, meaning that we were able to lower the interest rate with him and just keep financing him for the rest of the term of the agreement.
So that is an opportunity for you to set up a future for yourself. Set up retirement for yourself. So that you’ve got great people. You definitely know their credit history because they’ve paid you, they’ve paid you on time, they’ve taken very good care of the house. They have ownership because they’ve done some or all of the repairs to the home, so they’re definitely turned on about the property as well.
Couldn’t have a better client. Why would you send those guys to the bank when you could be the bank? I want to share that with you at Massive Passive Income. It’s coming up on April 30th. May 1, 2, and 3 call our office at 1-800-578-8580 that’s 1-800-578-8580 and we’re going to have a four-day live stream event where you’re going to be able to stay in the comfort and safety of your own home and be able to actually receive all of the information. You’re going to be able to see all the slides right there, up close and personal. I’m going to be up close and personal with you. We’re going to have breakout sessions. It’s going to be very interesting, very exciting. We’ve got it designed for you. So give us a call, check on the Coronavirus, check on the financing that we have available for you. 1-800-578-8580 and I’m looking forward to seeing you there. Yeah, baby.