Hello, I’m 16 years old I have been watching real estate podcast since I was 14 and I really love what you guys do. I hope to end up on the show when I get my real estate empire started when I’m older❤
@hollywoodhomes4373
2 ай бұрын
Wholesale
@dallasmclaughlin4127
3 ай бұрын
How are you having so many maintenance issues? I own 7 rental units and once in a blue moon have a maintenance request. I make sure everything is working during the make ready. My tenants in the lease are accountable for repairs caused by them. My vendors inform me if tenant broke it or was worn out. My units are in excellent shape and just need to paint when make ready. Ovens and hot water heaters 12 years or older get replaced. They will wear out after that and cause repair request calls. You have to be pro active in repairs. Also in my make readies I have the guts of the toilet tanks replaced and if a faucet is dripping I replace the faucet. This avoids many tenant calls.
@JC-qu7iw
3 ай бұрын
So regarding the chapter at 33:34 "Getting started & common pitfalls" the couple said to collect as much deposit funds upfront from the tenant buyer to better prepare to purchase the house when the time comes to meet with the mortgage company to qualify for the loan. There's 2 issues with what they said; 1. How is the tenant buyer going to get around the seasoning of funds requirement in their bank account to cover the down payment with the mortgage company? 2. You cannot be gifted the down payment on a conventional loan. So from where is the rest of the down payment coming from? So in the example this couple gave us, they are implying the $3,000 rent to own non-refundable deposit the tenant buyer gave them will be used towards the down payment at the closing table with the mortgage company. How? I'm willing to bet this couple has never sold a house to a tenant buyer in this scenario because it's not possible to do.
@creativefinanceplaybook
3 ай бұрын
Actually, we’ve sold MANY houses to our renters! We just turned another renter into a homeowner less than 30 days ago. The deposit was received months/years prior to them getting a mortgage. Seasoning is not an issue at all. We work with amazing mortgage brokers who know what they’re doing.
@iowawizkid1
Ай бұрын
Just like any business, if you don't mind taking as much as possible, vs providing an honest value for the $$. I think there is a way to actually create a contract that is fair for all. But a renter must rent for x number of months for the rent to own to make sense.
@creativefinanceplaybook
16 күн бұрын
That’s a great point! If you’re doing real estate correctly, you want to have everyone win in the transaction😊
@michelvervais8093
3 ай бұрын
Thank you for sharing. Great job you guys.
@creativefinanceplaybook
3 ай бұрын
Thank you! We really appreciate it! 😊
@sergiolauramaldonado3098
3 ай бұрын
Does the nonrefundable deposit count as a offset of the price of the property? How does this big chunk of money benefit the tenant/buyers?
@creativefinanceplaybook
3 ай бұрын
It goes directly towards the purchase of the property.
@hollysosnowski5975
10 күн бұрын
So when the buyer goes to get a mrtg do they then need another 20% down for the bank or is the first big chunk given to you utilzed at that time? @@creativefinanceplaybook
@nickfazzio5277
3 ай бұрын
Joe and Jenn are sooooo far from real estate rookies. These guys are PROS. They have transaction coordinators and systems and processes in place to scale. I love these guys and their philosophy. Awesome job guys!!!
@creativefinanceplaybook
3 ай бұрын
Thank you! 😊
@freedomworks3976
3 ай бұрын
Fantastic ideas 💡 👌 👏 ❤❤❤❤❤
@creativefinanceplaybook
3 ай бұрын
Thank you, we’re glad you liked it! 😊
@bardavid1621
3 ай бұрын
Great content ! just a question - the down payment at the begining is unrefundable but what about the monthly payment to the property? Thanks again!
@creativefinanceplaybook
3 ай бұрын
Great question! The monthly payment is just rent. 😊
@Midlifeanticrisis
3 ай бұрын
Lease options. Sounds like someone found their dad’s Carlton Sheets box set. 😂
@creativefinanceplaybook
3 ай бұрын
He’s one of the founding fathers of this for sure 😊
@number1parrothead
3 ай бұрын
This feels pretty sleazy. They give off the vibes of Danny devito in Matilda. It does seem very predatory. I also don’t like the tenant paying for all r&m while they take depreciation. Pushing to take more non refundable money is weird. They were also very vague on how many actually buy which tells me they weren’t truthful. This is the first video from bigger p pockets I really disliked. The financials really only work when most don’t buy.
@jameswhite6673
3 ай бұрын
How do you find these Houses
@Hawk2phreak
3 ай бұрын
Pre existing houses you own. Or work to find people who might be interested and buy a house for them. Ensuring it makes sense location and house wise if the deal falls through.
@GearGrinder50
3 ай бұрын
This was an absolutely great podcast and interview. However, there is not enough calculations for people to get a good gauge on if they want to get into this space. Too many hypotheticals and not enough proof of concept. I do understand that nobody wants to be held liable however, some more numbers would help and go along way, even if the numbers are similes, as opposed to actualities would be helpful. tell us how to break down the property when first looking at it. Tell us a good percentage to look for on our money. I understand you do not competitors. However, you came on the podcast, so please do not go back.
@creativefinanceplaybook
3 ай бұрын
I’m not sure I understand what you’re saying 😊
@rebeccavesperas8274
2 ай бұрын
@creativefinanceplaybook they feel you didn't give enough information on the criteria you use to evaluate of a deal is going to make you money using this strategy.
@reasonfeel
3 ай бұрын
So do they just keep raising the price of the house every 2 years? Sounds like a carrot on a stick; moving the goal line every 2 years. I think they are misleading: the majority never buy the house. This is the dirty secret of rent to own. It’s a strategy that takes advantage of those who are bad with money. No need to sound altruistic. You are trying to make money-I get it, but don’t make it sound like you are being a good couple.
@dustydawg473
3 ай бұрын
No you price accordingly
@creativefinanceplaybook
3 ай бұрын
Hey! That’s a great question. I understand the concern, you can only bring the house to market value, it will still need to appraise. If values don’t go up, you can’t increase the price. This helps renters turn into homeowners while still paying a fair price for the property. 😊
@edgonzalez186
3 ай бұрын
Yeah baby! That's the secret. Their approach is warm and fuzzy, but their terms are cutthroat.
@braedenmoses
3 ай бұрын
I see what you’re saying, but you must get over the rose colored glasses and recognize that if a family is “bad with money” they will always be taken advantage of, period. It’s not the fault of the farmer that sold you a cow when you didn’t know you had to provide water for it.. Knowledge and the correct application of such is always the crux of any financial strategy. ..why ya gotta ankle bite?
@jameswhite6673
3 ай бұрын
Do they get a Allodial Title
@phillipalder9045
3 ай бұрын
Option money is not taxable to the optionor until the option is exercised, expires, or is abandoned
@creativefinanceplaybook
3 ай бұрын
That’s what I thought too, but because it’s a “non-refundable” option deposit, that’s viewed differently and taxed. I’m not an accountant , that’s what we’ve seen. It’s always best to have that conversation with a professional. 👏
@JR-bx6kw
2 ай бұрын
What about a natural disaster where insurance gets involved, and the house has to be rebuilt?
@creativefinanceplaybook
16 күн бұрын
Great question! That’s why we have a landlord policy on the property, with full replacement coverage. We never skimp on insurance.
@denniso254
3 ай бұрын
So the only way the tenants benefit is the appreciation!?!
@rickyvoong9698
3 ай бұрын
Doesn’t sound like there’s any benefit from purchasing a rent to own with so many other resources to become a homeowner. This sounds predatory. Best of luck to everyone.
@Midlifeanticrisis
3 ай бұрын
It is. I did it once, it felt icky.
@creativefinanceplaybook
3 ай бұрын
When buying real estate, many people move into a property before they close on it, and pay a few months rent before they close. This does the same, just gives them more time. The house always has to appraise, so our renters are paying a fair price. This is a blessing for many if done correctly. 😊
@edgonzalez186
3 ай бұрын
The secret of them is to find submisive, pocket rich, faith filled tenant-buyers. There's no way, me as a buyer would agree to their terms.
@creativefinanceplaybook
3 ай бұрын
I understand, it’s not for everyone. But for someone who wants to move into their future home now and pay rent until they’re able to buy is a great option for many. Most likely you’re going to rent a random house/apartment anyways, why not have the ability to own it 😊
@gooseunit5931
Ай бұрын
@@creativefinanceplaybooktrue
@number1parrothead
3 ай бұрын
This feels pretty sleazy. They give off the vibes of Danny devito in Matilda. It does seem very predatory. I also don’t like the tenant paying for all r&m while they take depreciation. Pushing to take more non refundable money is weird. They were also very vague on how many actually buy which tells me they weren’t truthful. This is the first video from bigger p pockets I really disliked. The financials really only work when most don’t buy.
@creativefinanceplaybook
3 ай бұрын
Wow, Danny DeVito in Matilda? That's a classic! But in all seriousness, we’re aiming more for the Ms. Honey vibe-helping renters become homeowners. To clarify: 1. **Sleaziness**: Our program is about giving people a real shot at homeownership. Transparency and fairness are key to what we do. 2. **R&M Costs**: Tenants taking on repairs and maintenance helps them get ready for homeownership responsibilities. Plus, any improvements they make directly benefit them. 3. **Depreciation**: Yes, we take depreciation as property owners-standard practice in real estate. This allows us to offer these programs. 4. **Non-Refundable Money**: The option fees show commitment to buying. It’s about ensuring participants are serious about becoming homeowners, not just pushing unnecessary fees. 5. **Purchase Rates**: Many of our participants do end up buying. We might have been vague in the podcast, obviously parts of the episode were edited out. We get that this might not be for everyone, but for many, it’s a valuable stepping stone to owning a home.
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