I follow a few veteran REInvestors, this video is great, learning a lot about the homeowners situation and asking the right questions is key, thanks Phil
@SILVATION
4 жыл бұрын
Phil you have no idea how much your honesty and unbiased teachings have given me and my family a clarity that's absolutely important in making a wise decision in purchasing a single "detached" family home. You definitely have my highest respect and admiration! You ARE the most qualified man in this Real Estate business!! Thank you for all your hard work and for being so "frank" with us viewers here on KZitem land. Applied Knowledge and education is KEY.
@laurasamaniego5937
8 жыл бұрын
Hi Phil, I just came across your video last night by accident and I can not stop watching them. Thank so much for sharing your knowledge on this videos. They are straight to the point, very informative and in plan language easy to understand. I know you do not like to buy long distance which I did for a reason. I live in South Florida and I bought a duplex in North Florida because I am a first time investor, very nervous about it and I could afford the cost there. One tenant have been living in one of the duplex for 11 years. I manage that one myself to save money on property management cost. I figure it should not be too difficult since he was there already. He feel that is his home and he express that do not want to move. So far is working fine. The other duplex is manage by a property manager because I am out of town. I do not know any handyman, contractor, etc. I do not know how to screen tenants which you point out is the Most Important part. So I left that to the property manager. To tell you the true the tenant that the property manager found is more problematic and demanding that the tenant that was already there. I do still feel that I did the right thing buying out of town. There are repair/improvement that need to be done. One unit is updated the one with the new tenant. It has laminate floor. The other unit have never been updated and need maintenance. How do I go about finding a contractor? It has carpet. Should I use laminate that may be less expensive than tile? The bathroom is the original. What are your thoughts about. I will really appreciate your advise. Thanks, Laura
@michaelhoey2288
8 жыл бұрын
Kudos to you for keeping your focus with thoses kids SCREAMING in the background - I have five kids and I literally have to leave the house to do any work or call backs. Love your videos keep up the good work!
@glennonprop3093
11 жыл бұрын
Sometimes, I will ask what they want out of the property (cost wise) and after they tell me I say "Oh, is that what you owe?" or say "If I could purchase the house with cash tomorrow, would you take what you owe on it?" Their response usually shows how motivated they really are. Thanks for the video Phil!
@007caronz
9 жыл бұрын
Phil' you knocked another one out of the park, great job, keep um coming Phil, much appreciated
@karincruz2814
9 жыл бұрын
I watched this video a week ago and didn't get it then. I watched it again yesterday on your course creaive real estate investing for beginners and got it this time.What a brilliant solution to take over the loan and to come out with $ 500 per month cash flow on the rental income plus only investing a little amount of earnest money. I just want to tell you that I'm enjoying this course very much and I have already learned a lot from you and I am looking forward to grow with each lesson. You make it interesting and easy to understand. Thank you for sharing your experience and knowledge with us and I really hope you will be my mentor one time. God bless
@freedom_mentor
11 жыл бұрын
# 1 - Lender has known this for a year, they have been accepting payments from the heirs and thus far are happy as a clam to get the payments. # 2 - Always an interesting endeavor. There are several ways to handle this (not enough room in this comment box to answer it. # 3 - Having the Right Closing company is vital in creative real estate investing. # 4 - I'll do the wrap if the tenant buyer has a HUGE down payment. BUT, I don't like doing wraps. Rent to Own is much better usually.
@markothwriter
10 жыл бұрын
Very logical to get to know as much as you can about the buyer's situation. There is a guy who is unloading his properties to me -- just because we're both veterans of the same military unit at different times. He's become a mentor. He's 78 years old and his kids are punks -- so he's selling me houses at below market.
@freedom_mentor
11 жыл бұрын
The listing agent usually really, really, really doesn't like buyers doing that, at all. It's not against any rules so long as you are not a licensed agent yourself, but you usually create an enemy of the listing agent and they'll try to sabotage you. If you haven't had extensive experience dealing with real estate agents...you're in for a treat :)
@freedom_mentor
11 жыл бұрын
The rule states that if you intend to sell your primary residence (and assuming you are going to sell it for more than what you bought it for), normally you would have to pay ordinary income taxes on the gain. However, there is a provision that allows people who have lived in their property for at least two years within the past five years, to avoid having to pay taxes. If you can sell your house for more, it sounds like you qualify for that tax break.
@IMTHECAPTAINNOW
10 жыл бұрын
Very good insight. I used to do the 'cookie cutter' offer method until now. I'd ask questions but not to the strategic extent that Phil was referring. Now I will ask numerous questions with strategic offer intent. Thanks Phil!
@donnamcgregorhall6932
10 жыл бұрын
basically become their best friend :-)
@IMTHECAPTAINNOW
10 жыл бұрын
Nice strategy...I like this guy's thinking. Subscribed to him a while back for commercial guidance. .
@freedom_mentor
11 жыл бұрын
There is always a buyer for any area if the price is right.
@MrJoeycooksey
7 жыл бұрын
I am from the UK so this might seem pretty naive! 1) How do you submit an offer, for example to a wholesaler or sale by owner? Can this just be an informal email/discussion first or does it require any specific "offer-sheet"? 2) Once the offer is accepted, who is the first point of call - a lawyer, estate agent, title company etc.! Sorry if those are both stupid questions, the UK and US markets are very different and before I move over to the US I am just trying to learn as much as possible about REI. Thanks in advance!!
@456Seabass
11 жыл бұрын
just started to learn about how to make money in real estate about a month ago. Got "are you dumb enough to be rich" from library, which is good. But i like how you connect with the camera, your an average joe, but in a very good way, and that makes me listen to you more. Your approach is very realistic, but you make it fun and exciting. That's a rare gift.jst started listening to you today, and I have seen and written down about 6 videos. Im hooked and very excited thanks Phil!
@fpj1030
11 жыл бұрын
To me, I'm always thinking about the location more than anything else first. What comes to mind is, "can I resell it" before I make an offer. What good does a great deal mean if the property is in the ghetto? I've noticed that a lot of my leads that have been getting lately are in less desired neighborhoods. I know this maybe a little off subject but what do you propose?
@anthonyriche552
9 жыл бұрын
Hi Phil, I really appreciate your videos and how you answer viewer's questions. I subscribed a few weeks ago and ordered your book last week. I really like the book- it's a great read!
@freedom_mentor
9 жыл бұрын
Thanks for the feedback. It's a labor of love :)
@jonathanalmonte2038
9 жыл бұрын
Phil your videos are awesome and very informative, I'm trying to get into this business of investing in real estate and the information you provide is great. I have not yet done any deals I first want to learn and be coached so that I can know how to even begin a conversation with a seller or a buyer.
@farah5804
7 жыл бұрын
Valuable advice freely given! Thanks Phil for sharing your wisdom.
@rubengalindo1821
9 жыл бұрын
Phil, first of all thank you for all the valuable information. My question is, based on this video at the end you said that realtors will probably not give you all of the information you wish to seek about their client's situation, so are you saying to stay away from investment opportunities that are listed by realtors?
@freedom_mentor
9 жыл бұрын
+Ruben Galindo Bingo
@vadimoss9034
10 жыл бұрын
Phil, all your videos are awesome. I watched like ten of them and pick great new ideas from every one of them. I would love to understand what was actually in your mind when you structured such as deal as it doesn't make sense on a long run. Here's why. 1) Every HELOC will reset from interest-only ($200/month during draw period) loan to the principal+interest loan with a variable rate (easily $1,500/month during repay period) 2) The house is worth $30K while one day you will be required to repay $40K during repayment period. I see two answers to this a) Wait till the house is worth more than $40K to resell for profit b) Wait till the HELOC repay period kicks in and let the bank takes care of things as the "credit of deceased person can't hurt anyone".
@freedom_mentor
10 жыл бұрын
How do you know the terms of that HELOC? How do you know it is going to change to a principal & interest loan?
@vadimoss9034
10 жыл бұрын
I don't, but this is what they typically are. That's why the RE market got into such troubles in 2006. I am pretty sure the deal was great. What I am saying it's not obvious what you bet on.
@freedom_mentor
10 жыл бұрын
Vadim Oss The RE markets got in so much trouble for many, many reasons. Unfortunately, what we learn from history is that human beings don't learn from history. Sadly, the real estate crash of the late 2000s will probably happen again in the future. Hopefully you'll be able to see the writing on the walls before that happens!
@vadimoss9034
10 жыл бұрын
Phil Pustejovsky That's right! and that's the only way to make profit in RE. As you mentioned, the long term trend barely catches up with inflation. This said, I will keep an eye on the writings on your wall:). Pretty good advices here!
@khiliffox1277
11 жыл бұрын
Hey Phil, great videos! You didnt mention the process on how you handled the late loan payments and back taxes on the property. My guess is that it was paid but how was it factored in on the deal?
@UltimateBargains
8 жыл бұрын
For the Subject To offer, a good way to influence the fence-sitters is to provide a Net Equity Worksheet (like a Good Faith Estimate) of the closing costs, including debt pay-offs (loan balance, deferred interest, late penalties, etc.) to calculate their net equity at closing. Then let them think about it for awhile. If they are still talking to you, then make a what-if offer. "The Net Equity Worksheet shows that you will leave the closing table with $6,000. What if I could pay you $10,000 as a note for your equity due in 5 years in exchange for me taking over the payments on your mortgage and paying all closing costs? Would that work for you, or maybe not?" Then find an end buy to assign your contract for cash now plus a wrap-around note as your assignment fee. You get cash now, please monthly payments on your created equity, plus a very nice balloon in 5 years.
@alleenelacaba4842
7 жыл бұрын
How do you calculate a net-equity sheet
@freedom_mentor
11 жыл бұрын
We don't go around agents. We avoid listed deals for the most part, We focus on the deals that no one else knows about. Certainly FSBOs are an option, but even better are the deals that aren't even FSBOs yet.
@royalriqo1567
7 жыл бұрын
This makes so much sense I really appreciate you breaking this strategy down for us.
@DavidGreen34
11 жыл бұрын
I'm interested in Real Estate but lack the confidence to jump into Property Investment right away due to my age, financial position, and lack of real estate experience. You mentioned in another video not to invest in something I don't know about, so would you recommend I take some courses or pick up a Real Estate job to learn the rungs of the ladder first?
@wademoore6
7 жыл бұрын
This is some of the wisest advice I've received as a beginning investor. Throw out the cookie cutter, make more deals. Treat the sellers with dignity and respect.
@misspanama6963
11 жыл бұрын
Hello Phil, I am a newly seasoned real estate investor who has not closed on a deal yet. My main focus is too do wholesale deals, build cash equity to eventually flip properties and maybe obtain rentals in the future. However, I see most of your content does not take into account the newbie who wants to wholesale properties. I am working with a R.E. agent at this time and looking at MLS listings. Any advice on how to successfully close the deal with a "motivated seller" while working with a R.E. agent? I have buyers already lined up. Thank you!
@freedom_mentor
11 жыл бұрын
Watch this video: What They Don't Tell You About Wholesaling Houses
@williamhill9785
10 жыл бұрын
Phil, I Like Your Asking Questions Tactics, Very Methodical !!
@mosheojwang7929
10 жыл бұрын
i like the way you explain Real Estate Investing! So after getting to know the seller's situation, you finally agree to an offer, & then the seller asks you-how are you going to make the payment? Mortgage, cash & how much money down? what should you tell them about this? It's one area that i sometimes find difficult when trying to get my deals closed
@freedom_mentor
10 жыл бұрын
It depends on the deal. There isn't a simple answer to your question.
@aussiebicolanalifestyle
6 жыл бұрын
Phil, I bought a two acre lot and mistakenly paid higher than I should have. It’s in the Philippines where no one can offer higher than I. NowI want to purchase an additional acre next to mine. How do I give a low offer after I had paid a high price in the first place. Pls advise.
@jmalahay
10 жыл бұрын
Excellent tip. Thanks for sharing your wisdom. Now what about if it's a free & clear abandoned vacant. So abandoned that homeless were staying in it & just trashed the place inside? This lead came from an agent pocket listing, under the MLS radar. How do I approach the kids of the deceased who now owns it out right but don't really care about the property & are possibly moving? Also, if I approach with possible seller financing, can a land contract be used in California? Thanks for your generosity in sharing your experiences.
@freedom_mentor
10 жыл бұрын
The same skills I describe in the video. Talk to each of the heirs and find out the minimum they are willing to walk away with just to get rid of it. But you MUST talk to each on individually, otherwise you'll find out that the one you didn't talk to is your biggest enemy in the deal.
@timgillette1262
8 жыл бұрын
Phil,was the back taxes and late payments included in the $40,000 owed?
@edgarclaudio3806
11 жыл бұрын
Phil thanks for your awesome and very informative videos. I wanted to ask about this two year live in property tax rule I've heard about and see if you could provide some insight on this. I'm about to sell my home here in central Florida and I only lived here for 16 months. So question is, what is this tax and how can it be avoided if selling under 2 years? Thanks again Phil!
@freedom_mentor
11 жыл бұрын
I've never actually considered that detail :) We've done this a ton of times on situations where the borrower has passed and all was well. We usually sell it to the new tenant buyer in a few years anyway so it doesn't stay out there for all that long.
@freedom_mentor
11 жыл бұрын
To plus that...after a seller balks at my question of how much they owe, I follow up by saying, "No worries, it's public record and I'll pull that up after our call." That either does one of two things. One, they loosen up. Two, they get more stand off-ish. I have done awesome deals with motivated sellers who at first, balked at my "how much do you owe" question. So sometimes, they are motivated, just scared.
@Iloverealestatestories
8 жыл бұрын
Great video. Thank you for sharing this information in such a simple, straightforward and interesting way. Super valuable stuff!
@ambrein
7 жыл бұрын
Phil Another great video. Nobody else is explaining this stuff like you do. I have a question - if you don't use MLS listings then how do you find these prospective sellers?
@freedom_mentor
7 жыл бұрын
This video explains why I don't tell anyone but my apprentices exactly how I find the best deals: kzitem.info/news/bejne/q5eVx4usrmZ5iX4
@emmanuelchristopher4676
7 жыл бұрын
Quite often you can't talk to the owner going through the MLS. If you are compelled to use the latter, what is the best method to craft an offer?
@williamnancolas5979
10 жыл бұрын
Very good insight, to the way, probably a bunch of deals need to structured when dealing with owner, and family owned and probate property.
@robbydinero2165
10 жыл бұрын
Phil, when dealing with a seller directly like your example, how exactly are you paying them? Are you cashing them out? Or are you using a loan to purchase the home? Can you even make a deal like this one with a loan?
@freedom_mentor
10 жыл бұрын
Every deal is different. In that case, I was just going to take over their existing loan subject to.
@adamsacresoffgridpermicult499
11 жыл бұрын
Ok phil, I'm a beginner and I'm going to scone one if your Canadian apprentice students. I know this because I want it badly enough to make sure it happens. My husband and I have 8 children we both run small business. I will not do anything at this time with the knowledge that I have. I will wait until I am well informed and part of the right program. I think my husbands truck might be skittle tight for our family at this point! You are to awesome for words phil!!
@patriciaannisabella6986
4 жыл бұрын
Is there any fear in the bank calling the note? DO you have to contact them and let them know you have taken over the note? I live in upstate NY and New York is getting so crazy that we can not get title insurance on any pr properties closed after Jan 1 2020. Love your videos yeah!
@freedom_mentor
4 жыл бұрын
We just closed in a deal on Long Island this week. We most definitely got title insurance. As for fear of a loan we took over being called due because of the due-on-sale clause in loan documents; we don’t have that fear because of how we do our deals but others may have it
@itzOLE3
8 жыл бұрын
Hey Phil, being a first time buyer, I'm looking around for an owner financing deal, for my own living. I want to go into investing after I purchase my own home. Your videos are amazing, but I have a question that I don't think has been addressed. What are the general steps in making the offer, due diligence, closing etc. Who do I go to for those legalities? Title companies, banks, lawyers? The process seems a bit daunting for the first time. Thanks!
@freedom_mentor
8 жыл бұрын
+ole matson Attorney.
@itzOLE3
8 жыл бұрын
+Phil Pustejovsky got it, thanks!
@jonathanangulo8677
6 жыл бұрын
Hey man, did you ever find your first home with an owner financing deal?
@Not.Aiden8
11 жыл бұрын
thx for the info. I thought you could only continue the payments in the loan was an assumable loan? I 'm also curious how the estate will be settled since the mortgage is still open.? thanks
@funnyklown1
11 жыл бұрын
Mr Pustejovsky. I just ordered your book and am very excited to read it. I very recently became attracted to investing in real estate. I was invite to a Yancey event seminar and was told they would teach me a lot, but it seems like they want to sell more and more. I'm hoping to get your opinion on these Yancey seminar's. Are they worth 2k? Are there mentor packages worth 10-60k?
@evelinepierre7582
8 жыл бұрын
Hi Phil, as always your videos are amazing thank you for all the wisdom. Question: I am just now getting started and I wanted to know does it matter on the type of product that is best for beginners i.e. stand alone single family home for wholesaling as this is my area of focus for fast cash?
@freedom_mentor
8 жыл бұрын
+eveline pierre Single Family Homes are the best bet for beginners.
@evelinepierre7582
8 жыл бұрын
Thank you for your help! Keep up the great work.
@aturner5841
10 жыл бұрын
Great information, Phil. I will be watching your videos more often.... You're a guy whose easy to listen to...
@chrisN80
11 жыл бұрын
I want to say thank you . I found your videos by accident. N i have been watching them all. Your a smart Guy. I just got my real estate lincense and your video are going to be very helpful when i start doing real estate. Thank you ones again. Keep up the good work
@RunningKyleRoy
11 жыл бұрын
Phil, great stuff! Just out of curiosity, where did you get the lead?
@freedom_mentor
11 жыл бұрын
That's the type of data I only share with my Apprentices ;) Plus, if another investor from the Volusia County, Florida area was to watch this, it could create competition for that lead source.
@emmanuelchristopher4676
7 жыл бұрын
Greetings Phil! Could you do a video on Ratios in general. Sort of a Statistics in R.E E.g. Home maintenance estimate/yr = 1% of Home value could you share lots of other short cuts you may have up your sleeves to help us make on the spot estimates. I'm MBA trained and love numbers. Thank you. Emmanuel. PS. BTW I love your 2 books on Amazon. I recommend that people buy the "Audio" feature for a dollar or so, as one can listen to it eat while driving, cooking, or working around the house.
@haneymallemat
7 жыл бұрын
Hey Phil, Thanks for the video. If you find a deal on the MLS and you want to get to the seller to learn more about their situation, how do you get around the agents to do this? Should you just ask outright or perhaps make a lower offer with a clause that I am able to speak to seller if they counter. Thanks for your help and of course for EVERYTHING you do to educate me.
@freedom_mentor
7 жыл бұрын
Work directly with sellers by avoiding deals on the MLS.
@shaunokeeffe3118
10 жыл бұрын
Phil, great video on making a win-win offer. How do you go about finding sellers directly instead of going through an agent or whole seller?
@freedom_mentor
10 жыл бұрын
That's the million dollar question that I only reveal to my apprentices. WE spend hundreds of thousands each year testing out new ways to better find motivated sellers. It's the most difficult part of this business. But once you know how to do it, you can write your own ticket to freedom.
@pawelgatorade
8 жыл бұрын
Can I offer more money and since value of the house is reset to what is really worth after appraisal ? and can lender rise the price if its ridiculously low?
@franktarantino5070
9 жыл бұрын
I want to buy a property in Florida. Condo. I live in Canada. What percentage of a down payment should I be willing to give ? also is there anything in particular that I should be careful about,if I am an outsider buying property in Florida ? what are the other costs that I might come across,besides financing the condo ? Do you have a video that addresses this ?
@freedom_mentor
9 жыл бұрын
Why do you want to buy a condo? Why buy any property long distance. This video may shed some light on the situation: kzitem.info/news/bejne/mWam12t4hXyWinY
@Aaralyn370
11 жыл бұрын
Phil, I know this may be a little off topic but I'm curious to know how all the paper work process when handling deals who takes care of it?
@freedom_mentor
11 жыл бұрын
We avoid listed deals, for the most part, and only work directly with sellers.
@dominiquepalmer4378
9 жыл бұрын
I signed up for your apprenticeship yesterday. Hopefully I'm selected. I talked to a company last week about fix/flipping houses. They sell you the property get you a hard money loan and help you sell. I'm new to this and I want to make a nice return on my 1st investment to help me buy a good rental. You think this is a good idea for my 1st time I have a awesome General Contractor as well.
@freedom_mentor
9 жыл бұрын
Dominique Palmer If it was such a good deal, they would do the deals themselves. Something doesn't smell right when a deal is set up that way.
@jxs20193
9 жыл бұрын
Hello Phil, love your videos and way of thinking....my question is, when the cash flow is 400-500/month on one of these deals, doesn't repairs and other expense pose a significant risk to cash flow? Thanks!
@venar303
8 жыл бұрын
+Jeff Scott I'd say yes, but then again I've seen a rule of thumb that we should expect 1% of the houses value per year in maintenance (approximate). So for a 65k house, that's about 650/year, which means you still make out pretty well.
@ricardoacevedo2771
10 жыл бұрын
Hi Phil.. When I'm talking to motivated sellers and figuring out the situation, how much do you offer on the home compared to its market value? Like for example.. How much would i offer on a 150k property im tying to wholesale to an investor-buyer? Thank you.
@freedom_mentor
10 жыл бұрын
I couldn't answer that question without knowing all the details of the deal. I don't use a formula. Every deal is like a snowflake and therefore different. It all depends.
@jacobsmith5669
8 жыл бұрын
On the example deal you were able to get the house by taking over the loan for and 3k down right? Was the 40k paid up front or was it paid over time with that $200/month payment
@freedom_mentor
11 жыл бұрын
If you are talking to an un-motivated seller, they keep things to themselves. If you talk to a motivated one, they are more open. BUT, you have to approach the call correctly for them to fully open up. On my website, you can listen to live seller calls to hear how we go about it.
@benjamin6199
10 жыл бұрын
Okay I have a question. LOVE LOVE LOVE the Subject to offer for the estate and taking over a dead persons mortgage. But here is a sticky question. What is the end game and how do you get title to the property? Once the heirs have been granted the property they sell it "subject to" the deceased mortgage. Do you file the sale paperwork or hold it until you sell it and pay it off to avoid the due on sale clause? Or do you have them sign a "assignment of interest" in exchange for the $3000.00? Once the note is paid off or the property is sold....what is your strategy to get title to the property from the heirs? This is such a great strategy. That is the only question that hangs. Thanks for teaching me something today...you turned the light bulb on. Exciting Ben
@freedom_mentor
10 жыл бұрын
(1) You get title immediately. That's what a Subject To transaction is. You get the Deed. (2) I record the Deed as soon as the heirs sign. (3) I become the owner and the loan stays in place. I am buying the property "subject to" the existing loan. This video explains the concept in great detail: How to Buy Real Estate without Cash or Credit
@ivanstoyanov5790
8 жыл бұрын
Phil, nice video. I am just not quite clear on one thing: if this house could be a cash freight train, why would the siblings not rent it themselves? Why would they agree on $1000 each to sell, while if they rent they could earn $2000 per year each (if property really cash flows$500 per month).
@freedom_mentor
8 жыл бұрын
(1) They don't know it can cash flow that well (2) They don't want to be landlords (3) They don't know how to be landlords (4) They may think that any cash flow would get eaten up by a bad tenant, maintenance issues, etc. (5) Maybe they think a guaranteed $1,000 today is better than the hope for $2,000 over the course of a year? Not everyone wants to be a real estate investor.
@patrickstevenson4124
9 жыл бұрын
Only stumbled onto you this week, after years with others. Great information, and engaging presentation! I'm looking forward to reading your book, but cannot open it...you've formatted it in way to protect your intellectual property...but I've not figured out how to open it up legit?
@freedom_mentor
9 жыл бұрын
It's a .pdf file. Once you download it, you can view it so long as you can view a .pdf file.
@a.person4783
8 жыл бұрын
Thanks, Phil, Great stuff. What if the mortgage loan is not assumable on the property you're trying to buy? FHA and VA are, but conventional loans are not assumable, right?
@freedom_mentor
8 жыл бұрын
+A. Person We take those over Subject To all the time.
@lynndeshazo5540
8 жыл бұрын
+Phil Pustejovsky , Ah...so you don't assume the loan at all. Got it.
@okaythen001
11 жыл бұрын
thanks for the video. Can you list some of the cities/areas that's got great potential for RE growth, and why exactly. Should I go for the cities that dropped the most during RE crisis or go for cities where they got a lot of jobs and people are constantly moving in? thanks
@mbroco2433
9 жыл бұрын
How do you go about getting all this information and rapport with a seller when they are working with a real estate agent?
@freedom_mentor
9 жыл бұрын
+M Broco VERY difficult. That's why we avoid deals that are already listed with a real estate agent. We work directly with sellers and ignore deals that have agents in the middle. They block your ability to get directly to the owner.
@freedom_mentor
11 жыл бұрын
If the seller is completely broke, as the buyer, you would be the one to pick up the back payments and back taxes. And usually the reason why you got the deal was because they are in a tight spot financially.
@UltimateBargains
11 жыл бұрын
What about when the lender discovers that the borrower is deceased and wants to accelerate the loan? What about the insurance company notifying the lender when you change the insurance policy to you? How to find a title company that won't notify the lien holders when you take title subject to? How about flipping the property with a wrap-around note instead of lease-option?
@lavonshaross5574
6 жыл бұрын
Is it better to work directly with someone selling a home for sale by owner....or through with a real estate agent
@freedom_mentor
6 жыл бұрын
It's always better to work directly with the seller.
@Youdontknowme4343
11 жыл бұрын
Great, thanks for the prompt response! I'm really glad I stumbled upon your program!
@joshreynolds3597
9 жыл бұрын
Phil, Do you have experience with probate? I'm in the midst of setting up my team in the DFW area and would love to lean towards your experience and pick your brain on any useful tips! To be a pro you must first learn from a pro! God Bless Phil Justin Peters
@freedom_mentor
9 жыл бұрын
+Justin Peters I have a whole lot of experience with it. Those who get to pick my brain are in my apprentice program: www.freedommentor.com/apprentice
@ZTZ330011
11 жыл бұрын
Hey Phil, Great videos and great reference to Sandler spilling candy. I'm interested in the techniques of how you find your fsbo and pre-fsbo sellers. I've always thought that the best deals must not be listed in the yellow pages but probably come from a trained eye being able to spot potential opportunities. Is this method something that you can teach and something that can be repeated easily? I'd be really interested in learning more. Thanks
@4freedomrealestate668
8 жыл бұрын
Phill, I enjoyed your video " Making an offer on a house wisely"... I was just wondering if I could pick your brain and see if you would be willing to share with me some of the Strategies you use to seek out the deals in which you work with the Seller directly and leave out the MLS and RE agent all together. I can see that those deals can have the most potential for investment opportunities. But I sometimes struggle with being able to find these people.. What is your advise?????
@freedom_mentor
8 жыл бұрын
+4 Freedom Real Estate Watch this video: kzitem.info/news/bejne/q5eVx4usrmZ5iX4
@fasb6872
9 жыл бұрын
Hello, great video. Quick question please. What if I'm not buying from a homeowner though? I'm buying a vacant property from a wholesaler for a fix & flip. For example: their asking price is 89k, the FMV is roughly 80k & the rehab will probably cost me about 12-17k. My plan is to offer about 5% below tax assessed value which would be about 76k. Would this be fair or at least a good place to start negotiations? They said they don't wait for best offer instead it's first come first serve. Thanks.
@freedom_mentor
9 жыл бұрын
If you are buying from a wholesaler, then you are traditional investing. No need to get creative and fancy. It's a straight cash deal and the lower you can buy it, the better. I personally don't source my deals from wholesalers.
@fasb6872
9 жыл бұрын
Thank You.
@authordnmiller927
10 жыл бұрын
If im interested in buying a cheap home, fixer upper in a good neighborhood. Should I do a title search before or after?
@freedom_mentor
10 жыл бұрын
Before
@rcooper9110
9 жыл бұрын
What is the best route to get the paperwork setup to do a Subject To mortgage? Should I reach out to a real estate lawyer?
@freedom_mentor
9 жыл бұрын
+R Cooper An attorney with experience in creative real estate transactions.
@tamikarobinson5415
10 жыл бұрын
Hi Phil. How would you proceed with a seller who will not disclose the amount of money that is owed on an existing loan? They want to sale the property, but offers limited information about their situation. Thanks.
@pquinnify
9 жыл бұрын
Great! This is awesome. Thanks for the info. I've been watching as many of your videos as I can. But I'm still lost on how you find and search for these people/homes/deals.
@okaythen001
11 жыл бұрын
how do you find out as much as you can about the seller's situation and more? when they wanna sell house they will keep stuff to themselves or they can't get a good price. sometimes you can't know if they got a lot of money and don't really need to sell the house, or they are desperately need to sell the house, so how do you get to know as much as possible? other than FSBO, how do you buy properties without seller's agent? thanks
@mountainmommarealestate2205
6 жыл бұрын
Phil, do you have a video on house rentals? My parents (in their 80’s) own a home in a university town. I know my dad took a loan out for about 50k on the House. Most homes go for ~200k. I’m wondering if it’s worth considering moving them out and renting the home out? The home was built in ‘65 and needs some work.
@freedom_mentor
6 жыл бұрын
Watch this video: kzitem.info/news/bejne/2K-l1X1rg2tiiII
@funinchico84
10 жыл бұрын
Phil Pustejovsky You left me hanging! Did the appraiser give in? Did you close the deal and turn the profit you were predicting? I read through all the comments and didn't see anything mentioned :(
@freedom_mentor
10 жыл бұрын
All the other siblings wanted to do the deal. The appraiser sibling didn't. They ended up getting less than what I offered in the end by selling with a real estate agent.
@eddierobles2137
7 жыл бұрын
Iam glad I found your training . You rock man and thank you for sharing your knowledge. 👏👏👏
@aljnat
8 жыл бұрын
I may have missed this... but how do you get direct access to the seller? I'm in the UK, so it's the norm for people to go through a real estate agent -- is it different in the UK?
@aljnat
8 жыл бұрын
I meant to say 'is it different in the U.S?'
@freedom_mentor
8 жыл бұрын
It's very important that you find off-market deals that don't involve a real estate agent, if you want to apply this technique.
@gabevalen4919
9 жыл бұрын
Hi Phil, I love your videos aswell. I was wondering if you do some type of short form title search on the properties and when you assume the the loan, do you do it with a just taking over the monthly payment and all parties quitclaim over to you?
@freedom_mentor
9 жыл бұрын
I have a full title search done, Then I close with a closing company and get title insurance.
@MusicalMystery5
11 жыл бұрын
Hi Phil. Could you please clarify? You say you avoid MLS. Does that mean you only look at properties "For Sale By Owner"? Or do you just contact the owner without letting the agent know and cut out the agent. If the house is listed\contracted with an agent doesn't the owner HAVE to sell the house through the agent? Thanks in advance!
@fierozio
11 жыл бұрын
dear Phil, I am reading your book, and I find it very interesting. My question is: are your apprentice programs (with the theories behind) only applicable to the US? I am Italian and I live in Budapest, Hungary. But none of the two countries have an advanced real estate market/lagislation.
@davidking9712
9 жыл бұрын
Hi Phil, I love your videos! You're my favorite KZitem Real Estate Mentor!!! I have a quick question that's going to show my ignorance. Towards the end of this video, you stated you would collect $6k down from a 'rent to own buyer' receiving an immediate return on your investment plus would collect $500 a month to create cash flow. What happens to the rest of the $40k owed to the bank? Are you paying the $200 per month out of the $500? I'm just now gaining enough capital to get into real estate investing myself and have been soaking up your information! Right now I'm looking at a quadruplex at an insane deal that needs some rehabing.
@freedom_mentor
9 жыл бұрын
Yes, you pay the underlying mortgage payment from the tenant's monthly payment
@pierrestreat2636
9 жыл бұрын
Hi Phil, I see your strategy here but how realistic is it that a seller (whom is usually smart as you even said) will 'spill his/her own candy in the lobby?' I am yet to come across a seller willing to share that much information such as how much she/he owes on the house, how much he/she wants in his/her pocket, who's name is on the title etc etc. This is all very private information that most sellers, let alone their agents are willing to share. Again, I see where you are going with this but how realistic is it? I would think the better way to come up with a value is 1) discount the expected cash flows on a cash on cash return basis and figure out what this required return % is for you, 2) look at the cap rates of similar properties in the area and figure out what your target property cap rate minimum should at least be, 3)subtract the closing costs, lawyer fees and any other expenses you will encounter to acquire the property and 4) potentially shave a few more $$ off the top depending on the current market, seller situation (property days on market, asking price reductions, seller motivation etc. etc.) Please let me know your thoughts and how exactly I go about acquiring this private information you suggested. Thanks
@freedom_mentor
9 жыл бұрын
Pierre Streat You're not talking to motivated sellers. 95% of seller are NOT motivated.
@xtremeb2b
7 жыл бұрын
Phil...2 questions: 1. What if in this scenario there was no mortgage. How you would've structured the deal? 2. I'd like to explore the possibility of hiring you as a coach. Are you taking new students? If you are, what is the process to follow?
@freedom_mentor
7 жыл бұрын
(1) We employ a 2 offer technique in such situations; offer # 1 is all cash and offer # 2 is owner financing. (2) Go to www.freedommentor.com/apprentice
@jasonpauldegraaf
9 жыл бұрын
Phil, great video, but how do you contact the seller in these scenarios? Do they come to you? You mentioned the listing agent int the MLS gets in the way?
@freedom_mentor
9 жыл бұрын
They come to me or I reach out directly to them. I don't source my deals through real estate agents.
@09ironman1
8 жыл бұрын
Phil, If I have a person that calls and wants cash for there house, and it is a estate sale that has been on the market for a year and has not sold yet, I asked them all the questions that you talked about. It was on the market for $67k they said they would go down to$55k. They said it need paint and new carpet. What would be the next step to make the deal work to get it under contract? thanks
@priestking2907
8 жыл бұрын
Thank you Phil for all the deep insight. I appreciate it!
@davidchong9449
9 жыл бұрын
Thanks for your videos and all your advice, Phil! We greatly appreciate it!
@Lore-wv5mt
8 жыл бұрын
I really like this house. me and my husband finally seen it Sunday (yesturday) it wasn't what I expected it was way better 😊. my husband and were like inspectors when we walk in opening cabinets doors checking the attic foundation u name it...I can see myself living here so sad that theres a offer ...I'm aware that the owner like $ close to the asking price and they have toke a offer down. due to the offer was to low
@ptraxx
8 жыл бұрын
Hi Phil im a first time buyer from Paris, France thx so much for all the videos Im interested in investing in the Carribean, do you think there are real opportunities right now in Puerto Rico or the Dominican Republic? Or should i wait a more favorable Euro/Dollar context?
@freedom_mentor
8 жыл бұрын
+Providence Beats Long term, I can see Cuba being a gold mine since the country is eventually going to become more like its neighbors in political leadership and economics.
@ptraxx
8 жыл бұрын
+Phil Pustejovsky yes Cuba if you accept that the cuban state takes you 51% of all your profits (co state partnership rule) this is the common rule of an administrated economy Moreover the risk of expropriation is real for investors and the majority of current properties looking more like the roman ruins of Pompei (huge renovation costs) Not talking about the horrible state of infrastructures thats why I believe more in the DR and PR than Cuba
@edenvsana2692
9 жыл бұрын
so you gave the sellers 3k and 1k in cleanup? what about the backpayments? any title fees? payments until you get it rented? thats alot of out of pocket money for a beginner.
@theselfmade11
9 жыл бұрын
If I am the only one on the deed to my grandmothers home, there is still a mortgage on it and I have been and will continue to make payments on the loan when my grandmother passes away what happens to the loan and can the heirs receive their disbursements of her estate or will the loan have to be transferred to me also can I still make payments in her name even after she is deceased?
@freedom_mentor
9 жыл бұрын
The loan stays in place, The bank may or may not accept payments from you although if you have already been paying it, they probably will continue to allow you to pay them and the loan will remain as it does now. As for the estate disbursements, that's a question for your estate attorney.
@MyRx777z
5 жыл бұрын
Hi, I don't understand one thing. The seller wanted to sell for $60K but owed $40K in loan meaning they will get $20K in profits if sold. You take over the loan and give them $1K each to the 3 siblings. Plus closing cost $3K so you spend $6K but only $3K went into the seller. So you bought their property at how much??? $20K or $3K??? I'm confused.
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