Hi! It’s Lou Brown. I’m back with another of my hundred and one cash flow accelerator. And today we’re talking about one of my favorite topics. And this is “Selling the property you have to your resident”. And it’s a concept that’s evolved over many years. You know, I started looking at my business and really seeing where I had the pain. And the suffering. And the expenses. And the costs. And I said, where is it that I can evolve my business? Or how is it that I can evolve my business where I don’t have the problems that other people have in their business? And I found out that landlords, pretty much, are dealing with people with a mindset of tenants. And what happens is landlords get left with a trashed property. They have to come in, they have to clean everything up, get it ready for the next people.
It’s costing them money on a daily basis while that property is down and out. Can’t be marketed to the market. And I’ve discovered that there’s a whole other way to work with people. And that’s to give them an opportunity to change their lives. And what evolved over the years is something we call the path to homeownership. Where we help deserving families regardless of credit or financial background to end up with homeownership. And in fact, we even provide them with a book. It’s called “Never Pay Rent Again. The path to homeownership.” And it gives people the opportunity to really learn more about what their future can look like. We even have and we market in our local markets, a brochure that has everything and the whole story about how they can end up with homeownership.
And one of the things that we’re geared towards is when people have enough down payment, then we want to give them the opportunity at homeownership. And so, they can grow on our path to homeownership to get to what we call the gold level. And that is owner financing. Seller financing. That’s when you become the bank for your buyer on something we call the agreement for deed. So we’re not giving the people the deed to the property until they pay us off in full. We’re giving them an agreement or getting the deed and over the payments. They’re paying principal, interests, taxes, and insurance. And they’re getting the full tax benefits from that. And as soon as they get good enough credit and good enough down payment, then we are giving them the deed to the property. So they could increase their down payment, for example. They could get the deed. They could get better credit. They could get the deed. So, this is in the situation where you’re taking some risk and as a result, you want to be able to protect yourself in taking that risk. And that is hanging onto the deed.
Now we’re not saying that we’re going to, you know, hoodoo or hoodwink anybody. We want people to win. We want them to end up with homeownership if at all possible. We just need to protect ourselves along the way because there are situations and reasons that people have less than perfect credit. And we definitely want to give them the deed as soon as they get good enough credit. So hopefully this is of help to you. When you can be the bank. There are amazing benefits. And the income that can come from that for a year, two years, five years, or 40 years. And now you’ve got a beautiful retirement plan set up for yourself. Learn more about this at StreetSmartInvestor.com Also check out becoming a Certified Affordable Housing Provider at CertifiedAffordableHousingProvider.com And I will see you soon. Yeah, baby!
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