How do you manage properties in other states? Is it more difficult?
Watch this short video now and find out Lou’s answer.
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Scott Paton:
How do you manage properties in other States? That seems like it would be difficult.
Lou Brown:
It’s a lot less difficult than you might think. The reason is that a lot of our business, even here locally is done by via the phone and text and our websites. Our websites are a key element of what we do and how we do it. So, what happens is that the client fills out the questionnaire on our website that comes to me by text. I’m able to see all the answers that I need about that client, how much they say they can afford monthly, how much they say they have down and what they’re looking for. It’s all right there. In addition to that, they tell me what kind of work they can do. They can interior paint, exterior paint, do dry wall, do electrical, plumbing, heating, and air conditioning, roofing, and so on. So, I’ve got a whole selection that they can do on the website there. And they tell me about things that they would consider doing. And as a result, they can take a property. That’s not all fixed up. They can take a property as is and earn credits towards their down payment. So long distance absolutely works using our program.
Scott Paton:
We’ve got a bunch of really excellent questions. I want to see if we can’t get through them all. If this one’s from Edward and he says, Lou, can you go through the process? The seller will let me take over their loans. Now what? The steps starting with the seller to the closing?
Lou Brown:
Ed Lindsay. A member of the family. Ed is a recent Certified Affordable Housing Provider. So, definitely welcome to today’s call. I want to remind you about something. You do have a closed network, a closed Facebook network. That’s called facebook.com/CertifiedAffordableHousingProvider So, definitely that’s place that all the other caps throughout the country can help you. And that’s what we call our Certified Affordable Housing Providers is caps. And they can definitely help you as well. But to answer your question in volume for land trusts, there is starting at page 148, and I know this is all baked into my memory, so I don’t even have to look it up, but there are the step-by-step process to buy properties, subject to the existing loan. And one of the things that you have to have in order to buy property, subject to the existing loan safely is you have to have a trust.
Why? Because that is the one exemption to the due upon sale clause. When a person places their property into their trust for estate planning purposes, the lender is prohibited from calling the loan due. So one of the things that we do is give you the ability to step through that process. And then you purchase not the property, you purchase the beneficial interest of that trust. And we give you the tools to do that using your personal property trust. So all the steps for that Ed are in your volume for land trusts. And if you have any challenges, if you have any questions, definitely through coaching, I know that you’re one of our fast track mentorship clients, and you definitely could be supported literally step by step through that process. And also you can post it into your private network with the other caps and they will walk you through it as well.
