Jay, you give some great advice. I'm 15 and your videos have been a great source of knowledge and your story a source of inspiration. I just have to point out that you're leaving out some other ways to finance deals without money. 1. Owner Financing- This is when the seller becomes the "bank" and you pay money directly to the seller instead of receiving financing from a bank/hard money lender. This works especially for retirees that just can't find someone to buy or anyone that truly is a motivated seller. 2. Subject To- This is when the seller deeds you the property and you pay off the existing mortgage. This is great because you can pay off the sellers existing financing while renting out the property to a tenant, thus improving the sellers credit, creating residual income for you in the form of rent (this is tax-free income because of depreciation), and you pay a lower interest rate because investors pay higher rates than regular home owners. 3. Lease Option- This is when the seller leases you the property with an option to buy for a predetermined amount. You then have the right to rent out the property to a tenant and give them a lease option where the price is higher amount then what you negotiated with the seller. 4. Transactional Funding- This is when you have the seller (preferably a motivated one) under contract for a low amount and then you get another buyer under contract for a higher amount. You don't need a loan for this and the key is to close on the same day or preferably within 2-4 days. YOU DON'T DO ANYTHING AND YOU WILL MAKE MONEY! It's a relatively new aspect of wholesaling homes. I'm not saying getting someone else's money is a bad idea, but you certainly don't want to risk losing someone else's capital when these options are available! Just sayin, John
To ALL, who are trying to change their situation and you have stumbled across Mr. Jay Morrison's info or videos here on youtube or anywhere else: Follow what he says, do what he says, watch and learn what he says and watch your life situation change before your very own eyes. This is not magic, this is work, faith and education.
hes def right i forgot the name of the show on HGTV but thats what most of the house flippers do they got a money person that funds thier projects ....
But if you bring someone a deal and they understand it and are ready to act, what's stopping them from doing the deal without you? #QuestionsThatNeedAnswers
bmg365 1. You give enough details for them to be comfortable and understand but not enough for them bypass you and making you not of value anymore. 2. Your confidence will speak for itself. You have to make them understand that they need you and not other way around, even though you somewhat do. Yes, they have money but you have the deal and nobody else can make them a heavy profit like you will in a few weeks to a few months. Not the banks, nor their friends, or stock broker. Otherwise you wouldn't be talking and their money would be sitting at home making zero yield or worst, being at the bank for the bank make an infinite profit based on their deposit by loaning it out several times over while at best they would get 0.01 % on their savings (a slap in the face if you ask me). 3. When they accept the offer you agreed upon, you go see your Real estate attorney. Or you can do that before you meet the person holding the money or what we call lazy money.
Jay,
you give some great advice. I'm 15 and your videos have been a great source of knowledge and your story a source of inspiration. I just have to point out that you're leaving out some other ways to finance deals without money.
1. Owner Financing- This is when the seller becomes the "bank" and you pay money directly to the seller instead of receiving financing from a bank/hard money lender. This works especially for retirees that just can't find someone to buy or anyone that truly is a motivated seller.
2. Subject To- This is when the seller deeds you the property and you pay off the existing mortgage. This is great because you can pay off the sellers existing financing while renting out the property to a tenant, thus improving the sellers credit, creating residual income for you in the form of rent (this is tax-free income because of depreciation), and you pay a lower interest rate because investors pay higher rates than regular home owners.
3. Lease Option- This is when the seller leases you the property with an option to buy for a predetermined amount. You then have the right to rent out the property to a tenant and give them a lease option where the price is higher amount then what you negotiated with the seller.
4. Transactional Funding- This is when you have the seller (preferably a motivated one) under contract for a low amount and then you get another buyer under contract for a higher amount. You don't need a loan for this and the key is to close on the same day or preferably within 2-4 days. YOU DON'T DO ANYTHING AND YOU WILL MAKE MONEY! It's a relatively new aspect of wholesaling homes.
I'm not saying getting someone else's money is a bad idea, but you certainly don't want to risk losing someone else's capital when these options are available!
Just sayin,
John
Thank you very much for the message my favourite part is you kept it short and sweet no BS
For the heads up😂😀😉🙊
Successful! Keep it up bro!
Thanks Jay!
love jay keep up the good work one mind you have changed can make a huge difference
Great advice....on point...thanks bro you rock....
To ALL, who are trying to change their situation and you have stumbled across Mr. Jay Morrison's info or videos here on youtube or anywhere else:
Follow what he says, do what he says, watch and learn what he says and watch your life situation change before your very own eyes. This is not magic, this is work, faith and education.
i would like to add dedicatoin to that list !! lol ;)
Hey Jay, could you elaborate on some Hard Lenders/Private lending companies or brands? Very informative video!
hes def right i forgot the name of the show on HGTV but thats what most of the house flippers do they got a money person that funds thier projects ....
Keep it up
im so interested in doing this my credit is like 758 but i don't got that much cashhhhh AAAAAAHHH
how do you avoid mr money from cutting you out the deal and just buy the house you brought to him to invest in?
if he cuts you out of the deal then you had no value ... like jay said do your due deligence before approaching !!
Through an assignment, purchase or option agreement which is basically a contract between you and the seller.
But if you bring someone a deal and they understand it and are ready to act, what's stopping them from doing the deal without you? #QuestionsThatNeedAnswers
bmg365 1. You give enough details for them to be comfortable and understand but not enough for them bypass you and making you not of value anymore.
2. Your confidence will speak for itself. You have to make them understand that they need you and not other way around, even though you somewhat do. Yes, they have money but you have the deal and nobody else can make them a heavy profit like you will in a few weeks to a few months. Not the banks, nor their friends, or stock broker. Otherwise you wouldn't be talking and their money would be sitting at home making zero yield or worst, being at the bank for the bank make an infinite profit based on their deposit by loaning it out several times over while at best they would get 0.01 % on their savings (a slap in the face if you ask me).
3. When they accept the offer you agreed upon, you go see your Real estate attorney. Or you can do that before you meet the person holding the money or what we call lazy money.