Hi, it’s Lou Brown. And I’m back with another of my 101 cash flow accelerators where we help you to build an amazing StreetSmart real estate business. One of the things that we’ve learned over the years is one of the steps in lending to other people, particularly when you’re lending to someone who’s living in one of your homes, is that certainly, you could sell that property to them.
You could give them the deed to the property and then when they don’t make the payments on time, you have a problem. And so what can happen is you end up having to go through foreclosure. Well in some States that’s not such a big deal. In Texas, it’s only 21 days. In Georgia, it’s only 30 days, but in other states, it can be months or even years to get through the foreclosure process. So what I have you look at and see if it’s legal in your state, and I don’t know of any States, it’s illegal. So you can do it and there are certain rules that you have to abide by and we teach you how to do that as well. But in my owner financing volume 10, one of the documents we have in there is something called agreement for deed, so rather than giving someone the deed to the property, we give an agreement for deed. Now it’s also known as a land contract, contract for deed bond for Deed, all the same thing. Instead of giving them the deed, you give them an agreement to get the deed when they finish paying you off. Yes, they can refinance, they can get a loan from a bank, they can get their deed at any time. It’s just that now you have at least a step in the process that you don’t have to go through the pain and suffering expense and delay of a protracted foreclosure process at least in some States and it gives you the opportunity to now have an agreement to give them the deed at a later date when they do pay you off. Hopefully, that’s been helpful to you. I’ve got a whole explanation of that in the owner finance system. Check it out. Go to StreetSmartInvestor.com click on tools and we’ll have all the information there for you. Hopefully, this has been helpful. Like it. Love it. Share it, and I’ll see you again soon. Yeah, baby.
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