How to Buy a Rental Property With NO Money
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- เผยแพร่เมื่อ 5 ก.ย. 2024
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Ken and Danille McElroy talk with Pace Morby @PaceMorby about purchasing real estate with no money down using "subject-to" and seller finance techniques. Learn from real-life examples and advice on navigating expired listings, foreclosures, and creative financing strategies to grow your real estate portfolio effortlessly.
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ABOUT KEN:
Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, The ABC’s of Property Management, and has an upcoming book: "ABCs of Buying Rental Property: How You Can Achieve Financial Freedom in Five Years." Ken is a Rich Dad Advisor.
Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
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#kenmcelroy #realestate #realestateinvesting #realestateinvesting #Sub2 #sellerfinance #nomoneydown #expiredlistings #foreclosures #creativefinancing #realestateportfolio #investmentstrategies #equity #propertyacquisition #realestatemarket #housepayments #realestatedeals #investorlift #landwatch #negotiation #propertymanagement #affordablehousing #rentalincome #coliving #PadSplit #longtermrental #Airbnb #multifamily #singlefamily #propertyflipping #wholesaledeals #privatemoneylenders #realestatementorship #KenMcElroy #Kiyosakimethod
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Thank you
It’s time to save this country by taking over the local banks! We must become the banks!
Thanks Ken pace knows what's he's taking about ! You guys can do great things together
do you mentor people on the stuff
@@21copyCat I do! I got a few deals lined up
Biggest lesson i learnt in 2023 in the stock market is that nobody knows what is going to happen next, so practice some humility and low a strategy with a long term edge.
Nobody knows anything; You need to create your own process, manage risk, and stick to the plan, through thick or thin, While also continuously learning from mistakes and improving.
Uncertainty... it took me 5 years to stop trying to predict what bout to happen in market based on charts studying, cause you never know. not having a mentor cost me 5 years of pain I learn to go we’re the market is wanting to go and keep it simple with discipline.
Could you kindly elaborate on the advisor's background and qualifications?
“NICOLE ANASTASIA PLUMLEE’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Just ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.
*Appreciate your videos! I’m 54 and younger generations should know there’s no shortcut to acquiring wealth, but there are ways to go about it. Fellow millionaires don’t tell the poor/middle class they need the knowledge of finance coaches to help build their wealth. If anyone here needs a good coach, here’s it..*
ELIZABETH GREEN HUNTS
Get to her with her name..
This is the most information rich video I have seen in awhile.
Wow! This is 27+ minutes of information that has like a 100 hours of education to unpack. thak you so much! Bless you!
Good video! Dialogue is great! I agree, not many moves can be made with traditional finance. Seller finance is the best!
But if the mortgage specifically states can’t assume ! Most mortgages are not assumable … not even subject to .
The video was interesting, but the title is misleading. No money? Please, not one of these experts mentioned any of the costs that occur when you buy a property. Inspections (please don't buy a property without an inspection), title insurance, taxes (when you transfer a title), lawyer's fees - don't you need a contract? (As an aside, I did buy a property with a contract I got off the Internet, but I would never do that again, too many risks!) And speaking of risks, they didn't mention one! For example, with no money down means that it's very hard to have a positive cash flow, yes? What about the risk of not having an emergency fund for problems that are bound to happen? Or if someone defaults on an agreement? Would have liked a more balanced discussion!
Also… we had this more in depth discussion 7 months ago about all your questions/comments. Go watch that! It’s awesome and goes in depth.
@@PaceMorbycan you please link that video here? Cannot find it. Thanks
@@PaceMorby Thanks for all of the gold nuggets. You always deliver 🔥 To clarify, you’re saying PadSplit handles everything ongoing to open up the opportunities of investing out of state properties?
Also, would would you reco trusted SFH management if you rent it out traditionally to 1 tenant if it’s out of state?
Thank you
Good luck
Just cold call and talk with the owner 👍🏿
graham stephan & yotta bank 🤯
Black Rocks not bad…. While wearing a Black Rock shirt. 😂😂😂 corporations should have no ability to buy single family homes or build neighborhoods that are just for rent. That’s definitely a major factor in house prices through the roof
1000% agree
I am so glad I found your channel! Thank you so much for providing this content. I’m learning so much from you guys.
Many of these strategies are theoretically possible but a lot has to line up perfectly for them to come to fruition. Not impossible but definitely lots and lots of conversations, time and trust building.
Very precise intuitive observation 👏 I perform creative finance solutions and you are 💯% correct 🎯
Yes, they always make it sound soooo easy and like no one else has done it or thought about it before..
@@nmr20067 what’s you net worth?
🔥🔥 🔥 Definitely want to see the follow up video idea mentioned at the end on sourcing private money for deals
I'm reading a book on this concept. I'm 2 pages in so far.
Mind sharing the title of the book? I just found this channel and I am really excited to learore! I've only been at my job a year, sucks but I have a job! Thanks@@RicondaRacing
One of, if not "The Best" video I've ever seen on TH-cam💯
Thank You!!!
Keep putting out inspiring and educational content💪
This video was pure fire and glad pace was able to be vulnerable and real around another guru without shrinking
If you assume a loan, how do you protect yourself from the seller potentially declaring bankruptcy and how does the seller protect their credit if the buyer doesn’t pay the mortgage payments.
Notice you didn’t get an answer. Subject 2 is riskier than he will make it sound. Also, if the loan holder finds out, they can also call the loan due…. They never bring this up. But do some research on that. I’m sure they will say or claim it doesn’t happen. BUT it can definitely happen….
@@nmr20067pace did answer that second part in the past. If they call it due, deed it back to the original owner and put it under a lease purchase agreement. The deed is kept in escrow for the duration of the agreement and then it’s officially transferred over once the lease agreement is paid. (Which is set to match the mortgage price)
Great point
Why do gurus like this NEVER mention that if the loan holder finds out about the sub 2 deal they can call the loan due. He’ll tell you it never happens or never happened to him. But he failed to disclose it can and DOES happen….. what if the person files bankruptcy? Property and loan is still in their name….. He just makes it seem like it’s so easy. Didn’t address pitfalls and cons. And I’m not saying he never made it work but never addressing the pitfalls and what can happen is dishonest…. But he’s a money before anything else guy so he doesn’t care.
She'd big on working3 jobs!! What are your 3 jobs podcast..youtube and radio😊
Exactly
Sounds GREAT but in my experience MOST if not all funding institutions DO NOT allow for the mortgage to be assumed, why not say it how it is??
But your not assuming the mortgage. All your doing is assuming the payments. The buyer takes ownership of the property and agrees to make payments on the mortgage, but the loan itself is not legally transferred to the buyer. The seller remains legally responsible for the mortgage, and if the buyer defaults on payments, the seller could lose collateral or have their credit history damaged.
The title is still with the mortgage bank, and the only thing you are modifying is the deed. You can transfer the deed to your name by filing the proper paperwork with the county clerk. This is perfectly legal and you are not in violation of the mortgage contract. Once the mortgage is paid in full, then yes, you are able to get the title in your name / trust / Corp.
You will need generate a contract between you and the seller, which has nothing to do with the mortgage bank. All the terms of what is expected between the 2 are outlined in this contract and then you both sign, get it notarized and file with your county clerk. And some municipalities don't even require filing.
There is risk on both sides, which is why it's important to have a contract in place.
@@begracefulonlinePerfect explanation 👌
Im doing this right now… found the deal… getting free money for it… and renting it… all in less then a month
Where do you get the free money and is it just to cover basic fees? Or does this include monies to repair the property if needed? Thank you
Great content!!! Affordable housing is the answer! Let’s do this in WA/OR/CA!?
Paces’ community is already operating in WA/OR/CA. Connect with one of Us community members and we will bring massive value into your universe 🥳
@@Quick_Fast_HurryI’m in CA and I want to get into this. Who do I reach out to?
That's exactly what I to do with my
Multiunit property. It's small but location is everything I want to owner finance. It because of the tax the issue I don't want to have to deal with Capitol Gaines, tax people were thinking I'm crazy. But after listening to this video I think i'm on to something, thank you
You take a great deal of risk by owner financing. When the charlatan on the other side of the deal goes out of business, you will be left holding an empty bag.
@@lawrencesmith9059The same risk holds true to banks, what’s the difference?
Most of these properties are in foreclosure as they even mention and are behind several months on their payments which you would have to bring current if you did seller finance or subject-to..
I did a subject too deal that still has a loan. Bank called the note due. Ne careful
Renting by the room… how do you get a certificate of occupancy for it… I’m
Not sure that would fly in NJ
Easier than you likely perceive: where there is a will there’s a way!
By far the best show I’ve seen watched. I own 23 units and want to scale. Thank you!!! 🙏🏽
You could borrow against the equityX23 and substantially increase your holdings 🫶
The problem is class a is going to be oversupplied. The problem with the Walgreens is the rents get crushed by inflation because they don’t keep up. Leases aren’t that awesome
most of those have 10% escaalations every 5 years, some may qualify for bonus depreciation so there are some advantages.
@@dannyn9431 not on Walgreens leases, They are fixed for 10 years.
Thank you both for always reminding your guests that there are people who don’t speak or understand “the language” yet and having them slow it down for us.
On these two options, do you just inform your attorney that you want to do a Sub2 and they will write up the arrangements?
Please understand that you are not transfering the mortgage. The mortgage remains in the name of the seller. All you are doing is assuming the payments.
You, as the buyer, take ownership of the property via deed transfer only (NOT Title), and agree to make payments on the mortgage. But the loan itself is not legally transferred to the buyer. The seller remains legally responsible for the mortgage, and if the buyer defaults on payments, the seller could lose collateral or have their credit history damaged.
So make sure you have a contract in place, and reviewed by an attorney who has experience with this kind of structure.
Also, its not as easy as they make it seem. It takes a TON of work for a deal to come to fruition and due to the trust factor, people are just too hesitant as the deal seems to good to be true. But it can be done, and its perfectly legal, with no violations to the original mortgage contract - unless contract specifically says this cant be done - which I see mortgage banks adding a clause as these deals become more popular and people start messing up and not making payments as agreed. Or hedge funds find ways into this and mess it up for everyone else because they get greedy. Then legislation gets enacted and it's a pain for everyone.
You need money for seller finance. They usually want 50 percent down up front I've called
This is good creative mental stimulation.
Excelente Ken, hablando lo necesario y al grano, el invitado muy coqueto con la hermosa dama.
Pace love your video man.I am looking forward a duplex for business purpose and retired.please explain me your last offer.I am in Jacksonville.Thanks Jean
Ken, I have been watching your show for a couple years. I am starting to sour a bit. I do not support the buying up properties in maricopa county! I live here, and can't buy a house because I can't afford what's happened over the past couple years. I have a significant down payment, and a good salary, but I'm single so I can't risk spending at least $3K a month, because I have to finance it through a bank. Its too much, for a home I can rent for far less. I have applied for a new job in other cities that aren't so saturated with investors. I have three interviews coming up in the next two weeks in different states. I've given up on the Phoenix area, and I've been here since I was 10. Just to age me, I've been here for 3 decades. I thought I would stay, despite hating the summers, because I thought the price we pay for affordable homes is life-sucking summer heat and horrible public schools. If I have to pay Cali prices, I'll take the Cali weather anyday. The value for what you pay isn't there. Its hollow. That's my opinion as someone that lives here. I feel sorry for people buying into this real estate market. I have a feeling they're going to get burned.
You are correct, people buying real estate now will get burned. Keep in mind, these guys are the snake oil salesmen that will strip out their "vig" and you will be the one holding the bag as the prices plummet. Ken is just talking his book, he is heavily invested in real estate and could even up losing everything.
Love the information! I’d like to find out more. I’m interested in earning extra cash matching sellers with buyers. I’d also like to find my own investment duplex!
How can I do something like this .: I understand the idea but no way it's this easy
Ken, does your shirt say BlackRock?
The reviews from Padsplit are not encouraging at all. Seems sketchy people end up renting the rooms, especially with the whole per week payment. seems like half way house, or maybe depends on locaation?
My thoughts exactly, I would not want to live next to that, be a bit pissed off that it would bring down the neighborhood.
Things recently changed for worse with Padsplit as well
Needed this
What determines a properties class? A? B? C? Etc.
Demographic scale
What do you have to show the seller to get a deal
Love the content
Can someone please make some books recommendations for me to read on real estate investing?
You can’t teach a kid to ride a bike at a seminar
HOW ARE YOU MASTER KEN? I HOPE YOU ARE WELL, I HOPE YOU ARE HAVING A GREAT DAY...
This is so wrong.
He puts people in the garage and charges them 800. Is there no local laws about how many people you can put in a house. The taxes are for the average number of people. Not double or triple. Also what about the parking on the street. What do the neighbours think? So this kid is devaluing the who communities properties so he can get double or triple rent and not pay the additional land taxes for the extra people. Wow, tell me they are not going to clamp down on this!!!!!
Right !!! I say no frigging way I would allow that in my neighborhood!!!
Good points! He doesn’t care though. He just cares about money, not ruining a neighborhood. Not in his neighborhood.
Yes private money is probably within 50 yards or inches from you.
One thing for sure Ken like this black Rock shirt
I have no income no deposit how do I get it started. Buy first property with nothing to show for.
You gotta have income and a deposit😂 I think he says some people want out but you gotta find them. 3 out of 40 people usually want out he says
@garysteelethemidnightman Actually to answer your question, I turned to Robert Kiyosaki's books and he said basically "It doesn't take money to make money", He doesn't say how that's possible but by reading on you can infer that he means he networks his way in, and or has credit by being an "accredited investor". That means the banks love you. So those are the ways to get a home with no physical money. But only rich people have rich friends and so on. You obviously aren't accredited by any bank so it's really just a bunch of hoopla until you find a "partner" (he calls them level one investors) who has money, you do the leg in finding a cash-flowing property, and you're in. Networking is the answer here, right?
Love padsplit!
How are their new terms?
My landlord recently attempted to sell the duplex I live in but let the listing expire. I am interested to own it but as a newcomer / first timer I don’t know how to navigate approaching the landlord, she wants to sell to buy another property so a sub2 negotiation seems tricky if she needs cash, I don’t think she can do seller financing either. Anyone willing to coach me on what I could say to my landlord?
It works!!!
gr8 content!
Banks don't allow assuming the loan. How do you do this?
Only possible with some loans
If I may, Pace Morby explains this and how it’s possible (in another video). Some loans are not assumable, and subject to “due on sale clause” if “sold”. But if mortgage is “transferred” not sold, no sale technically occurs.
So…a buyer can place the sellers property in a land trust that transfers title/deed to a LLC, owned by borrower, and may transfer (not sell) to a buyer (or investor), thus bypassing “due on sale” clause and assume payments “subject to” pre-existing mortgage. Make sense?
Moral: Banks want their money, not so much WHO it’s paid by. Hope this helps! Gosh….need to take a deep breath. Such a loaded question.
@@ryanwright1994 That's gobbledygook fiction. Title cannot be "transferred". The transfer means an actual sale.
Depends on the loan. Most government guaranteed mortgages (VA, FHA, USDA) are assumable by the new owner, provided the new owner qualifies for the original loan conditions.
@@BusinessandFinance-ym5bkperhaps I’m mistaken with my information. Would you mind elaborating on the proper way to do this?
I’m also still learning. I, along with others, would appreciate it. Thank you.
I purchased a duplex awhile back and the seller kept the mortgage and we had a separate contract where I paid him. The seller still owed probably about 1/2 of his loan still. I’m guessing this falls under subject to
What is the guys name and channel that you were interviewing so I can follow him. Thanks Ken
I’m a corporate Pilot and I a specialize in contract flying for people like you that are successful and I want to learn as much as possible from awesome people like you
I am looking at a SFR in Cali that the seller is giving 100% financing
He is beating the bank
I am under loi
There doesn't need to be a formal conspiracy, for like mind people, to have like minded goals. They know whats good for them, is more often than not bad for most.
My goal is to be the Sam Walton of finance
Not Surprised Ken McElroy doesn't think wall street buying up single family homes is not conspiracy. I'm sure he thinks RealPage is awesome too with their price fixing aka "dynamic pricing model" that has kept rent prices inflated and unaffordable for many.
Padsplit ruins neighborhood. 3 bedroom and 3 tenants move in. 3 of the 3 have a significant other meaning 6 cars coming and going from a neighbors house. Worse than living next to an airbnb? I have that in my neighborhood. Terrible
Banks won’t let you asume a mortgage loan with 4%, 5% interest. Most of them anyway …
Is sub 2 deal also known as assumable loans? I get seller financing but i dont understand sub 2.
@user-nl9ny3zz6t somehow my answers aren't going through. I tried 3 times. This is a test
Yes. Subject to pre-existing mortgage.
NO, they are totally different! Certain government loans are assumable (FHA, VA for example). You then must go to the sellers lender to get qualified then can assume the sellers loan and existing terms and lower interest rate. But if the house is sold for more than the sellers loan balance, that difference may need to be paid out of pocket to the seller or get a different loan. "Subject to" is not really great for sellers as the buyer will HIDE from the lender that the new buyer is making the payments, the seller moves out, and new buyer or tenant is put in the home. What if payments are missed or lender finds out and calls entire loan due. A BIG PROBLEM!
@@michaelmansour6326 Thank you. Your response was very informative on a topic I have little knowledge about. I don't believe as a seller, I would trust another to pay off a debt that is still on the books as my responsibility.
Not sure how you guys do it? I already applying for mortgage gor my next house and my other one is being rented out but bank want me and my wife to have a regular job still and been working for a while. Its not easy to borrow.
Great video ❤
Pace Morby 🙌
Can I buy and leave there and pay the mortgage? It's so difficult to get a mortgage to leave in the house
I want the list from pvt money lending
Everybody getting different commercials
Depends on your feed and interest
What if I have the money for the down payment? All these videos aee about no money down...
I am young and tried of leaving pay check to pay check. 🌟 HOW CAN I GET STARTED And MAKE A DIFFERENCE IN MY LIFE AND MAKE A DIFFERENT IN MY TWINS LIFE BABIES 🌟
Foreclose properties
No one has assignable mortgages anymore
I need a mentor
It was Blackstone not Blackrock
That was a home run!
Who is the interviewee?
Sounds like you’re basically suggesting let’s make group homes for migrants and they’re just gonna have to pay cash for a room and usually it’s gonna be a lot of single males came over but they’re not gonna be at your house too long because they’re just getting started and they’re gonna get married and they’re gonna have kids and want something bigger. It’s gonna happen fast I seen it. So they’ll be short term month-to-month rentals I think, but there has to be someway to do a background check because you don’t want some problem and the other men will stay with family that is around.
Yes to every thing you said. Good points! He’s also assuming, without it saying, that the Government will subsidize all of their housing.. Because many of these people may not work or have jobs yet or ever. Some may get extremely low paying jobs because they don’t have skills. But he has no idea. And then add everything you said…. Real commercial apartments go through which you describe all the time. Even people who have been here for years skip out on rents and leaving in the middle of the night.
Because of their immigration status, good luck tracing finding them to sue them for the lease they broke. But he tells it like he has a new idea and it will be soooo easy to make a killing. lol..
He made it clear, he’s a money before everything else guy so he really doesn’t care. he doesn’t care about any neighborhoods other than the one he lives in…. And there will be no background checks on these people.. The countries these people are coming from now, have not, and will not verify these individuals are who they say they are.
Many are not coming legally even if they are claiming asylum,… so there is no paper work and that’s another risk he didn’t mentioned . You are right.
No one is addressing the issue of squatter's. They stop paying, destroy you property, you can't evict them and then you get arrested for trying to evict them! If and when you get the property back it's completely destroyed.
Hello!
Does anyone know of Commercial Real State software that offer market trends and data?
The immigrant thing that you just talked about is exactly what I told my fiance we need to do. Here in Maryland needs it bad
Ken with an Easter egg. Black rock shirt😂
I’m looking for a mentor
Blackrock is making too much money and has an unfair advantage!! ..then you should buy their stock.
Awesome
Sign me up!
Did he call 800 a month, for a single room... ...affordable living. Hell No. The land market is upside down.
You will Own Nothing and Like It...
A $640 escrowed mortgage (3B2B) is affordable.
No property we own, or lease is over $700 a mo our cost. These numbers you are saying are crazy to me.
I get a 25mil appt. Makes sence, but the unit/room rent prices you say seem stupid high.
You need money to pay
nothing new, he is using those Student Housing REIT model, rent by the room at extremely high pricing to people who do not want to be responsible for their own dwellings. Then what about the HOA bylaws and neighbors' reaction? Then there is the "liability" given how unstable Americans are these days....Personally, who would want to live next to something like this where the cars would be parked all over the roads???? This model goes Kaput the minute some busy body convinces the local muni to enact laws against such use, just like NYC putting the heat on AirBNB yrs ago to get their share of the pie...Ideas like these are terrible to the community.....Notice another thing about this irresponsible model: NO SKIN IN THE GAME for the Buyer!!!!! Strip mine the property to the bone, and if the seller holds the note, what an idiot.....
I watched a show about real estate in Hong Kong. The people are subjected to horrible living conditions by the developer/owners who have used egregious land policies to limit supply. All these real estate people are so self-centered, trying to become rich at the expense of others. Real estate is leveraged and will get wiped out in the coming downturn. And these "gurus" will keep lying all the way.
Is your negativity paying well these days?
@@Quick_Fast_Hurry GOLDEN RULE: Don't do unto others what you don't want done to you (your family/loved ones). Negativity? WTF are you talking about, we already have too many strip mining types of businesses out there in this world, one's home/house should be shielded from such models of irresponsibility. Like all slum lords, they should be subjected to same living condition they placed on their tenants, eating one's own cooking to get a taste of it...This version of renting to a bunch of tenants in a "single family" structure is unacceptable since zoning was never intended for such, just like residences cannot be used as place of business under many ByLaws within HOA.
@@cpcreit sit back and do nothing or perform slowly making sure the utmost moral standards are honed into perfection utilizing residential acquisition strategies while the REITs & HFs scoop em up.
I’m sure EVERY affordable housing offered by Paces’ strategies are just 4th world slum communities 😂
You have an apples to oranges comparison of your opinion to Paces’/my reality so I must ask what strategies you suggest when it comes to residential SFH acquisitions?
The iPhone analogy was bad
i want to do a deal with you!!!
Greed is the problem when a house in the Ghetto is sold for $800,000.00 with gunshots and drugs on your doorsteps!
7:13 can someone elaborate
Read the real book of real estate
TOP
Its like wimpy, ill gladly pay you tuesday for a hamburger today. Tuesday comes around, wimpy never shows, he changes his name and moves out of the country and never hear from him again. The way loan structures work with a one on one person vs a bank vacility, banks have the funds to forfit and reclaim a property if someone fails but a regular joe might never reclaim his property back or its losses if not documented properly. Happened to me when even i won my case with proper docs and still never was never to recoup as defendant fled country.
**BE CAUTIOUS OF EVERY, AND I MEAN EVERY PERSON WITH A SOUNDS TO GOOD TO BE TRUE PROPOSITION**
Are you ready to purchase 1101 S. Flower St., Los Angeles, CA or just bla, bla, bla
Talk is cheap. This is a high-rise building across the street from the Staples Center in Down Town Los Angeles. It is a semi finished building that wasn't finished due to lack of financing, and you could get it for pennies on the dollar. If indeed you're a great real estate strategist, you should be able to structure this deal to make it a win, win. However, if you're just like most real estate gurus who are just dedicated to selling their books and real estate courses, then this deal is not for you because you wouldn't have what it takes to purchase it. In any event, have a great day.
If u dont havw any money a property is the least of ur problems lol
Pace Morbys underwear will show when the water recedes
Dudes taking in the $... Is that why you saying no money down? Because you don't feel it?
If I see a Kamala Harris Ad im not watching your show.
🤣
Hahaha tough guy. 😅 who cares? A commercial with anyone who cares? I just don't like commercials in general.
I just found the 2 Kamala supporters.👆
@@TonerDeath I support neither Kamala or Trump, they are crap people like every politician. I can't stand how people assume who you support politically when I don't vote or pay attention to politics. It's a terrible show.
Bye 👋
These guys are so misleading. This guy might be able to do lots of deals where he buys properties, but he is assuming that the market is going to rebound, not tank. These guys will get their you-know-what handed to them as the economy tanks.
it is easy to get someone to sell you a property at a price that is too high and do the financing. but at the end of the day, you (the buyer) will have massive negative equity.
think about the other thing he is doing. helping people who dont qualify for a home with a bank loan to buy a home at a price that is too high. the market will adjust prices down to where those prices make sense at normal interest rates and those people who could "afford" that high price (via a low interest rate loan) will have massive negative equity. and they will need to walk away from the home.
There is not a shortage of homes, there is a big coming oversupply as baby boomers downsize and WFH is allowing people to move out of impacted areas into areas with more land that can be developed. More and more people will move from areas like California to Texas, where the builders will keep building on cheap, accessible land. Builders only survive by building homes, so the supply of new homes will grow and grow, as it has been for the past year.
The economic backdrop is SO important. Long term rates will go much higher or the economy will fall into a massive recession. Either way, real estate gets hit hard.
Final thought. Trump wins election and the borders are closed and illegals sent packing.
LoL
Lol hey I work at Goodyear 😂
Amen
I can definitely see converting a lot of old 4 bed Colonials with living room family room den office screened porch etc. on the ground floor to 8 bedroom houses. Love this strategy but it requires Boomers to exit. My parents live in one of these stuff museums, they love feeding that beast.