Lou is now in the second phase of the acquisition of the Columbia property. When Lou is getting to close a certain deal typically he already got buyers interested in that property.
And where does Lou find his buyers? From the House Monster. If you are familiar with Lou’s House Monster it contains a huge buyers list.
Meanwhile, in this video, Lou will show you the exact condition of the property. He will also talk about the projects that are needed to be done in this house. Plus his process on how he is going to sell this deal.
Watch this video surely it’s more than what you bargained for.
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https://streetsmart.mypodcastworld.com/11060/columbia-woods-deal-acquiring-the-property-part-two
Hey, it’s Lou. All right. So we are in phase two of the acquisition of the Columbia property. And remember that when we got that property, now we own it. And typically when we’re getting ready to close, we’re already having buyers look at it. Where did we get the buyers from? That’s our House Monster, our House Monster feeds us. Our buyers, remember there’s a huge buyers list. And what we do is as soon as we have the opportunity to buy a property, we go through that list. In fact, we don’t do it. It automatically does it remember that the Web Wiz, the website system that we have, actually goes through and finds all the matches for the property. So currently that’s exactly what we’re doing is there’s two things that we are going to handle because the duct work was a problem, and because we wanted to add on air conditioning. Because this house has never had air conditioning. So we wanted to add that on. And so we’re in the process of getting bids right now for the air conditioning, the duct work and showing it to our potential buyers that are on our Web Wiz list.
So again, if I’m redoing this house, as I was saying, I would do all the things that I was discussing. Now, if I’m going to, and what I would be doing is offering it on our path to home ownership program under our Work for Equity Opportunity for our new buyer. So they’re going to come in, look at the house as it is, and they’re going to agree to do some all or none other repairs. And then if it’s some other repairs they’re going to tell me what they’re willing to do. For example, remember that all the sticks and mess out back and the yard and landscaping needing to be done. Well, maybe they’re a landscaper, so they’d definitely be inclined to do that. Maybe the person coming in is going to be a heating and air conditioning specialist. And that’s what they do everyday, while they come in and do that and get credit towards their down payment for doing that.
Maybe someone coming in is actually a rehabber and they rehab houses all day and they even have a crew or they’re part of a crew. Well, they’re going to bring the rest of the crew and they’re going to do the whole house and they’re going to get credit for that towards their down payment. So isn’t it a great thing to be able to offer that in the marketplace, in the first place. And then if that works, Hey, we don’t have to worry about it. If that doesn’t work, then they’re going to say, Hey, I’m not going to do this, but I will do that. And we’ll be able to work a deal that way. And so I I’ve given you a rundown on how we do our Work for Equity Program, I’ve given you a rundown. If I was going to retail this out. And the opportunity is to make money now by selling the property to my buyer, getting their down payment, plus the money that I didn’t spend on the fix up that remains in your pocket and the new buyer’s going to get credit towards their down payment for agreeing to do those things.
And then over time, you’re going to be receiving money on a monthly basis on his property, because you’re going to be the bank for your client. Now we offer this property and rent to own status, that means that they have to have at least the option fee down on the property along with their first month’s rent, or if we get to the 10% level, they have to have a minimum of 10% down, that means their credit that they’re earning with us, plus any cash that they have could boost them up to that 10% level that’s required for the owner financing, or also known as In-House Financing Program. And now they would be buying the property. And every month they would be paying principal, interest, taxes, and insurance. And we would do that on our agreement for deed program. And once they get good enough credit, good enough down payment, they would be able to get a brand new loan from the bank. Or you could simply change your interest rate down and continue to be the bank for them for the next 40 years and you’ve got an amazing addition to your retirement plan to just to receive that income from now on. Well, that’s my rundown on this property. I’m going to go make the offer to the real estate agent. We’re going to see if we’re able to work out a deal. Yeah, babe,
