Columbia Woods Deal – Acquiring The Property – Part One

Lou just purchased a property. In this video, he will talk about their process when they acquired property.

One of the things that make Lou’s process in acquiring a property different from other house flippers or rehabbers is that he also flips a property but he flips it slow.

A fast house flipper pays a lot of money in taxes. While the slow house flipper like Lou, what he does is give people options.

Most people that Lou works with have less than perfect credit. What Lou does is give these people opportunities that banks won’t give.

He gives people a chance to own a home.

Watch this video to understand more.

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So, hi, it’s Lou and we just acquired a property. And I’m going to give you the phases of the process, what we do when we acquire a property. Now, typically I’ve already got a buyer for many of our properties. We’ve already marketed to find folks, and this will be an example of what we will do with this one as well. So, because of the closing process and the condensed closing process, right now, we have just completed the acquisition of it and we’ve purchased it for $123,500. It’s an all-brick home. It’s an older house and it hasn’t been lived in for five years. So we’re in the process of replacing the, actually adding on air conditioning. Cause it’s never had air conditioning, adding that to the heating system that already exists. And then we’re going to offer the property as is to our existing customers and see if there’s somebody who raises their hand and says, yes, I love it.

I want it. So, what’s interesting about what we’re doing, a typical rehabber would come into a property, they’d purchase it, that have a certain amount of budget that they’re going to do for the rehab. And then, they’d sell it for retail. Many times they would list that with a real estate agent, they’d put it out on the market and then somebody come along and purchase it. They flip the property, they get their big fat check and they have a beautiful day. Except, they now have to share that with the federal government and the state government, because that’s, what’s called short term capital gains. So short-term capital gains means, that you have a partner in that deal and it’s Uncle Sam and his brother, your state. So, one of the things we love about our process in what really can make a lot of sense to you is the fact that we do flip property, but we flip it slow instead of fast.

So we’re the slow flippers, instead of the fast flipper. The fast flippers pay a whole bunch of money in taxes and they don’t have any retirement with that. The slow flippers like me, what we do is give people opportunities. Now, the folks that we work with typically have less than perfect credit. Sometimes the people we work with have beautiful income, beautiful down payment, everything’s great. But banks have to follow certain compliance guidelines. So as a result, they are not able to work with many of the people that we can work with. Now we’re a lot closer to the folks that we’re working with. So we can see their businesses, we can see their income, we can gauge the risk and we can give people opportunities that banks won’t give. So that’s exactly what we do. And we offer multiple levels for people to take advantage of our opportunities.

So we have a bronze, silver, gold, and platinum level. Bronze, meaning the rent, and then there’s rent-to-own, and then there’s owner finance, and then there’s cash sale when we exit a property. So it’s a really fun experience, as we work through helping people to end up with home ownership. We feel really good about who we are and what we do. And you can do that too. You can become a member of your community in a much more profound way, instead of just flipping properties. You’re giving people that opportunity to someday own a home. And that’s a powerful thing that all of us have the opportunity to do an offer in the local community. So, I encourage you to learn more about our Path to Home Ownership. That’s offered as a Certified Affordable Housing Provider. So you go through our certification program and now locally in your local market, you can offer this Path to Home Ownership Program. So as we go through this process, I’ll actually be updating you on what we’re going to do next with this property and what the final numbers are on it. It’s going to be quite surprising to you, just how much can be made on a single property, completely different than the traditional flipping process. Yeah, baby!