Today’s tip is number 18 and it is offered to buy the property subject to the existing financing. Oh my goodness changed my life first property I ever bought when I was 18 years old. I was able to do that by taking over the payments, taking over the existing financing on the property, how powerful that was back in the day they had a thing called n e n Q loans, non escalating non qualifying loans. But Congress in its infinite bought wisdom. Of course the the banks, we all know they influence the politicians by a thing called contributions to their campaigns. Right. And so one of the things they created in 1982 was a law called the garn Saint Germain federal depository institutions act allowed the banks to put a clause in their mortgages called the due upon sale clause.
Well, there were exceptions to that clause and one of the things we did was create an entire system around those exceptions. I’m going to be teaching and sharing that with you. It’s a very powerful and amazing thing, but we still to this day buy properties by taking over the existing financing on the property. Imagine that you could just step in, take over payments, continue to make the payments that the seller actually qualified for the loan they paid, the closing costs, they paid all the expenses of that loan and you can step in. Maybe you’re 15 years into that loan and you now step in and start making the payments for the next 15 years. Wouldn’t that be a powerful and wonderful thing? Again, the seller is the bank and I loved that when I can take over the existing financing. You don’t have to go to the bank.
You don’t have to qualify for loans, you don’t have to pay closing costs. You don’t have to pay points. Very powerful. You can save a fortune one transactions worth thousands of dollars to you simply by using that amazing thing called buying a property subject to the existing financing and I teach you how to do that in my trust system. Volume for trust system. You can find out more about that by going to street smart investor.com and click on tools and look at trusts. Land trusts, one of the most powerful things I’ve ever learned in my life and because of land trust you can do property subject to, I hope you enjoy this. I hope you’ll use it. I hope it will make a difference in your life and your profits. I’d love to share more of my valuable free tips with you.
101 Street Smart Cash Flow Accelerators