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steel skin
want to thank you for being here because I know you
where you could be when I was in school I know I had a lot of choices and it was
a constant battle does I go to class or not but thank you for being here and I
do reward action takers I believe that ninety percent of success is just
showing up
so because you showed up today you’re all going to get my book
you don’t have to go to Amazon you don’t have to go to the Barnes and noble on
your way out the door you can get a free book
how about that and also thank you do. Harris for giving me this opportunity to
share this with you all and my story is when I first got started I was just
graduating from Vanderbilt University with a degree in mechanical engineering
of all things and I did an internship as an engineer and I fell asleep at the
desk and I said well this is this is not going to be my life
no way and it’s like to read books on real estate I got so inspired by it I’m
going to go out there and do it and I was a bit premature I should have
probably had a job maybe a source of income because I ended up living out of
my truck for a while before I got it all figured out
and that you’ll read about it in my book just how it went from living in my truck
to where I am today I live in Central Florida here I live in new Smyrna beach
my wife and I we got to the point economically where we could live
anywhere in the world we wanted to
so we look from san Diageo Seattle New York where do we want to live and we
chose a new sport of each side so kind of living the dream now and it’s a
the result of real estate
ok so I’ve shown of hands how many people here
raise your hand if you own real estate okay great
raise your hand if you would like to own real estate
okay great raise your hand if you would like to learn how to buy real estate
without having to go get a bank loan and without having to put down a down
payment are perfect because that’s what I’m talking about today
good this is going to be the subject of creative real estate finance ok
this-this training is it’s coming mostly from the school of hard knocks
but also there’re publications on these particular subject it’s just
not as much mainstream this is very creative it’s outside the box but it can
apply to just about everybody we think about it think if you could own a piece
of property right now
you didn’t have to go to a bank so you didn’t have to worry about your income
or your credit
what if you could buy a property right now and maybe you leased out a couple of
the rooms to your friends and so you live rent-free
or maybe you are like me in college and the biggest and most important thing was
to be able to throw the biggest parties and the landlord would have a problem
with it so if I own my own property wouldn’t have that issue
I’m when you have to qualify for a loan
the first thing you need to deal with this good credit history you know if you’re
in college or you may not have had the time to build up a good credit history
and even if you have the time to build a good credit history a lot of people in
this country doesn’t have good credit for whatever reason
another problem qualifying for a lounge need the high income they want to see that
you’re making money when you go give your application to a banker
they want to see how you’re making money well if you’re not making a lot of money
it makes it tricky done it
you also have to have a low debt to income ratio so banks want you to have
credit they want you to borrow money so you have the good credit history but then
they have this thing called debt to income and if you’re paying too many
debt payments student loans credit cards car loans versus how much income you’re
bringing and they won’t give you alone either
and they usually want a big down payment to a lot of people don’t like all this
fun stuff
so what-what you’re going to learn here in the next hour or so is how to buy
real estate without having to deal with any of this
that exciting by the way I’m going to be asking checking questions to see if
you are participating
that way nobody falls asleep alright so what’s in it for you
I talked about you can own your own off-campus house or maybe when you
graduate you want to own your own home
this is a way you can do that
and also since y’all been talking about investments
this is a way where you can start buying an investment property
so let me give you the story on my first deal
I just graduated from Vanderbilt and I was I had read a few books on this thing
called real estate and so I I drove around this neighborhood near campus and
there’s a big for sale by owner sign you’ve seen those before so I’m all
excited I’m going to put this knowledge to some good work so I give that you
know give the sign a call and person picks up to our construction camp me
yeah yeah I called up for sale by owner sign is this wrong number
now you got the right number I’ll be there in a minute excuse me
you’re at the house right yeah yeah I’ll be there well that’s kind of pushing
right so I didn’t know what I was doing I didn’t know what I was going to buy
this property I had no clue
so he drives up an old guy like 75 years old he’s just a fast talker you walked
me around the property and-and he says well how you gonna buy this and them
said well that’s a mighty fine question
he says what do you have a loan I said all there’s no way I qualify for a loan
not no way as well I got some good light reduces what night is good
good idea for you fails I’ll finance the property
so what do you mean I’ll finance he was going to offer since he owned the home
with no loan on it
he was going to become the bank so he would lend me the money now at the time
I thought it was the greatest thing since sliced bread
now later I learned that he sold the property to meet for higher than it was
really worth
so it’s a good deal for him to to be the owner finance person
so in other words what happened was he offered it to me for a hundred and fifty
thousand three bedrooms two baths now
now again that was a little higher than it should have been but I was gonna have
to put down a down payment at all
I just would start paying him each month to make sense
so here’s how it worked out no down payment no bank loan
it was a six percent interest loan that I signed on but he never checked my
the credit he never asked how I was going to make the payment didn’t even ask for a
down payment
that makes sense right this was interest-only he was being he was being
ultra nice to me because I told him I was like man I’m gonna have some trouble
with this payment, if you make it too high because I didn’t know what I’ll do
it
and so he came back to all make it interest only for you interest-only it
means it’s going to be a lower monthly payment because you’re not paying any
principal, you’re displaying the interest each day when you when you have a
mortgage a part of it goes toward the principal part of it goes toward the
interest
ok so the total pain it was 1100 not going to tell you this was a quaint
little house just you know just south of Vanderbilt campus in Nashville and
three-bedroom two bath like that would at the most rent for a thousand dollars
a month but here this thing is I’m going to pay 1100
so here’s what I did I rented each of the three bedrooms for 500 pieces and me
brought in 1500 the best part is the parents co-signed so here I am 22 years
old no clue what I’m doing and one of these tenants were late on his rent
I got a parent to call me and apologize for value so sorry the payments do not do at
You know when it was due
I’m overnight and yet your rent I couldn’t believe it
I shouldn’t even own this place never mind that got a parent you know bowing
down to me is the landlord
so I brought in four hundred bucks a month each month
raise your hand if you want four bucks a month coming in extra not all of you
that’s ok that’s fine I understand y’all got bigger sites will be billionaires
so I was bringing in four hundred dollars a month college positive cash
flow
how come I was able to positive cash flow on this property
when normally it rents for a thousand what did I do
at least it out to the students tonight
student Reynolds is some of the smartest rentals you’ll ever do because
the parents are going to cosine and the students are gonna be back next year and
next year the college ain’t going nowhere
whereas if you if you had a lot of rental property next to a big plant or
the factory that could go out of business right
and y’all may know more than I do but I think that the state of Florida had gone
out of business yet and UCF’s doing just fine
so student rentals are not only a consistent
not only is it good to have the parents cosine but also you can rent by the room
so hopefully by the end of this, you’ll be inspired you may see you know what
maybe actually doing my own rental
maybe I should start to lease out some of you know the other rooms and then
I can live for free but there are three creative ways to buy real estate i just
talked about the first one which is owner financing and by the way at the
end of this you can ask me any questions you have
because if I run too fast through some of this and you didn’t quite get
everything just-just makes some notes and then the world will touch on the end so
owner financing works when the owner owns the property outright
what kind of property owners owned properties outright with no loans on
them
that’s right he just said, old people
that’s right older people
retirees they have been paying on that mortgage for 30 years they paid it
off
that also means properties that are inherited by all people racket
so that’s another example and so when people owned properties out right
you have the ability to potentially negotiate an owner finance deal
so that’s one way in which you can buy real estate without alone
pretty cool huh the next way is through a subject to subject to means subject
to the existing financing meaning, there’s already alone on the property
and you’re literally just going to take over that loan and I’ll go into that in
just a minute with more detail and the third way major ad this is through a
lease option which is kind of quads
I mean a lease option you don’t own it you control it because you rent it with
the option to buy it but we’ll talk about each one of those as well and in
detail
alright so real estate one on one y’all may already know all this but it sets up
nicely for the next slide
ok I’m to own a home
what really signifies ownership is that deed
d ed and what happens is the-the previous owner signs over the deed to
you they sign a document and gets recorded where to get recorded by the
way to say right now
yeah the county recorders office the courthouse yes
so they each county in America has a recorders office and that’s where these
deeds get recorded
now the mortgage company wants to protect their interests right because
they just shelled out a hundred and fifty grand or however much it was a
separate document is going to get recorded as well now I’m calling it a
mortgage in the state of Florida it’s called a deed of trust but it can also
be called a mortgage and other states and so that’s a separate document
doesn’t make sense
so the owner is one document the money is another document you know when i
speak in front of big crowds out do the whole feel of if anybody cell phone goes
off they’ll give you twenty dollars to their favorite charity
we won’t do that here today though ok so the anatomy of an owner finance deal is
you become the owner right so this-this seller of my a specific example he
deeded the property to meet but he was the one on that he was the one that was
the mortgage person so I’m in other words he was the bank
so that’s how an owner finance deal works now how is that different from a
subject to the subject two is kind of a crafty watch this
the-the seller is going to sign a deed over to you
so now you’re the owner but the loan doesn’t change the loan stays exactly
the same and what you do is you just send payments to the bank
pretty creative in it
now some people think we’ll wait a min is the bank going to accept your
payments
yes they don’t care where the money comes from so long as it comes in
so you’re probably thinking oh geez well who’s who’s willing to do that
who’s willing to give their home to you but then they are their name and their
credit stays on the line
well let me give you a story alright so this was the-the owner of this property
got in Cory
he was a friend of somebody I knew and they said you know Phil I hear that
you’ve been getting into real estate and by the way real estate a lot of it is
you can generate business the referrals are talking to other people but I know
you do
and so I said yeah I’m in real estate soi got this friend of mine quarry
who needs to get rid of his house now
I said okay I’ll go meet with them so I go over this property here and I’m
talking to cory and this week tells me he says will fill the property’s worth
about one of five and I Oh about a hundred thousand