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interest rate you can get the buyer to take means more money in your pocket. You have to
check with your mortgage investors to see how they will pay for different interest rates. If the
person buying the house has pretty bad credit and can t get qualified for a conventional
mortgage, they are usually more likely to take a high interest rate. They think it s better than
continuing to rent, and they are right.
7. Why would a mortgage investor want to buy a
mortgage off of me, anyway?
First of all, the investor doesn t have to have a license to lend, which means they don t have
to follow all the guidelines and rules that a regular bank or mortgage company would have to
follow. The next reason is money. Example:
You have a $100,000 mortgage where you re charging the buyer 10% interest for 30 years.
You want to sell it for upfront cash now. The investor offers you $90,000 upfront and
assumes all the risk of the loan. Whether they stop paying or not, it s no longer your problem,
REAL ESTATE UNCOVERED
because they bought you out for $90,000.
Now, the mortgage investor has a $100,000 mortgage at 10% for thirty years. The payment
on this would be $878 per month for 30 years! This amounts to $262,400 paid over thirty
years!
That s a $172,400 profit the investor makes off of this one little loan if he kept it for thirty
years.
They basically paid $90,000 and got $262,400 back in thirty years. That is the main reason
they want to buy these mortgages. Also, if the buyer stopped paying, the investor could take
the house back.
Example Deal
Let's now go over a hypothetical deal from start to finish, so you get the exact understanding
on how this unreal system works!!
125 Forest Lane
Let's say you already bought the house, fixed it up and now you're ready to sell it to make
that killer profit!
You paid $40,000
Repairs (you paid) $17,000
House new approved value $93,000
Equity: $36,000 waiting for you!
(assuming you followed all the steps in this book!!)
1.) The first thing you want to do is run an ad in your local newspaper. Refer back to that
section of this book. Preferably you'll want to have an open house.
2.) When you meet people that are interested in the house, have them fill out the Application
form that is included in this book. (You can print it out and then make copies, or just print a
bunch of them.)
3.) Run the credit of your future buyers. Talk to your mortgage investor and see what he or
she is looking for (probably the highest credit score.)
4.) Sign a purchase agreement. (That form is not included in this book because each state
has a different form.) Go to your local office supply store and buy a purchase agreement--it
shouldn't cost more than a few dollars. In it you will state the terms you will need for the sale
to go through. For example:
a. Purchase price = $90,000
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b. Down payment = 10%, or $9,000
c. Amount of mortgage you're going to create
= $81,000 (Ask your mortgage investor how much interest rate to charge and the terms
of the mortgage.)
5.) Create the mortgage. The form to do that is included in this book for you.
*NOTE: You will notice on the forms I've included for you that directly after the lines you need
to fill out I've written in red font in parenthesis; when you are given copies of these forms then
you will know exactly what to fill in and where to put it.
Here are some hints to make filling out the forms easier:
The first form you're going to fill out after you talk to your mortgage investor will be the
promissory note. The promissory note is basically a promise for the borrower to pay
the lender (you) to the terms you set up in the contract. The promissory note will have
the monthly payments and principle amount of the mortgage on it.
*NOTE: If this is getting confusing, please don't worry. Your mortgage investor will walk
you through this process. That's how they get paid! Don't think that you need to have
everything down to a science, because you don't. Just let the mortgage investor walk you
through what needs to be done, and you'll be just fine. One of the best things I've learned in
the real estate industry is to let each person involved in the transaction do their own job.
You are the president of your new real estate company! You have no boss or anyone else
to answer to. The mortgage investor is not above you, and if they want your business they'll
do everything in their power to help you create these mortgages. Always keep this in mind!! [ Pobierz całość w formacie PDF ]

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