Today’s tip is number 16 now these are all buying tips that I’ve been given through this series and this one is when getting owner financing asked for first writer refusal if the mortgage is sold. So one of my favorite ways to buy property is to have the seller be the bank. Write that down. The seller is the bank. Now when the seller is the bank, it’s a really cool thing because of course you had didn’t have to go to the bank, you didn’t have to qualify for a loan, you saved all the points, you saved the closing costs, you save all of the pain and suffering of qualifying for that loan in the first place. Very, very powerful thing to master.
And I mastered owner financing decades ago and I share with my clients how to do that as share that with my students, how to create an amazing business without going to banks and without qualifying for loans. It’s one of my favorite ways to buy properties. Well, when you get a seller to carry back financing, then they’re getting a mortgage and and you’re paying a note to that seller. Well, that has value and they could sell that to somebody else if they were to sell it to somebody else. If it has a clause in there that says the payor that’s you gets a first right of refusal to purchase that note, because many times when those notes are sold, they’re sold at a discount, so why not you receive that discount? Now, if you’ve got the funds to do it, great, you go ahead and buy the note.
If you don’t have the funds to do it, great. Let them sell it to somebody else and you keep on making your payments just like you agreed to do. I hope you love that tip. I hope this will help you. Hope it will make it a lot of money. I know it has me. I’d love to share with you more profitable free tips and how can you get more you simply depending on where this you see this, please like it.
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