Renters Warehouse CEO Announced As New Think Realty Coach

Source: https://thinkrealty.com/renters-warehouse-ceo-announced-as-new-think-realty-coach/

Kevin Ortner, CEO of Renters Warehouse, has been named Think Realty’s newest investing coach! His first two courses, Buy & Hold Strategies and Building your Rent Estate Portfolio, will focus on helping investors build wealth through rentals.  Think Realty selected Ortner as a coach for his expertise in the buy and hold investment strategy and in scaling a real estate investing business. Ortner purchased his first Renters Warehouse franchise in 2009 in Phoenix, Arizona. He purchased …

To stay up to date with the latest information in the real estate industry to may visit our property investing latest news. On the other hand in case you are new to real estate investing and would like to start profitable real estate investing today get a copy of our profitable real estate investing ebook.

Are you thinking of investing in real estate? However, you do not have enough cash to do so. Here is a tip you can use as long as the property seller is willing to negotiate with you.

To be fair, not every seller will be interested (or even understand) the concept outlined. Your very best gamble is to locate a property that the owner has great interest in offering it, whether because they are moving, divorce, or they are frustrated with tenants.

Actually, if you are currently renting and considering using this approach perhaps your landlord would be glad to assist you! There are several variations that could be used depending upon you and your seller. Do they desire the market price or are they just eager to get out from the monthly payments – maybe facing foreclosure?

The simplest way is to take over their mortgage repayments – called ‘assuming’ the mortgage. You will have to be approved by the initial lender to presume the mortgage. If you can’t get approved for an assumable mortgage you could also try a ‘subject to’ assumption where you merely make obligations while the property remains in the seller’s name.

You take over the first mortgage and make a 2nd mortgage on the remaining cost of the property with the seller. Offer a high, interest-only payment for a short time frame – 2 or 3 years. Instead of having the money stay in a bank they can be getting a high interest over 2 or 3 years with the remainder due in full at the end of the term.

When the term ceases you should be able to refinance the cost, or you could sell. Unless you strike an actual bad market the value of the home should have risen in that time.

Most mortgage lenders merely want to make a good investment. While your local bank could still be lacking confidence there are a lot of financial lenders that would want to make a deal. Financiers prefare property investing. The mortgage is mostly around 60-70% of the value of the property, so as long as they understand they get their money back in the value of the estate if you default, they don’t care what kind of money you make. Conclude the deal with a 2nd mortgage created with the seller. In case you default they could eventually foreclose on the property and sell it, paying off the existing mortgage with the proceeds.

Now you can see the entire picture. It is good that seller and buyer can work hand in hand. In the event they can’t wait for a sale, you can still give them their asking price with a little overall flexibility on their part.

Share This:

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *