How to Get a Free Luxury Home Every Month for FREE?
"What They would Like to SEE Happen… with their current home investment?"
The introduction letter I especially drafted and often use to pique their interest...is called:
"How to Use Your Home as a PiggyBank?"
After the conversation has proven productive I set up a face to face meeting (or closing call after I send them my purchase-offer Option Agreement and other paperwork)
Now it's time to locate Resident Beneficiaries for this Luxury Home.
They can be easily found using the local 'legal' newspaper or looking up the DIVORCE Files, BANKRUPTCY recordings, even preForeclosure owners who may have just filed BK or due to Death & Divorce make EXCELLENT R/Bs.
Incorporate the above into your normal REI Marketing strategy.
For EXAMPLE:
Passing out flyers in and around the targeted neighborhood may not be allowed or acceptable.
Don't neglect to visit local Hair Salons, Grocery Stores, Car Washes, etc.
Enlist a local papergirl or boy to insert your flyers. Contact area CPAs, Lawyers, and other professional service people
Research and Track this public information and I'm sure you can do like me and get a luxury home or two every other month or so for NO MONEY DOWN and Paid for By your R/B who still wants to live in a Nice home though his/her Credit may be hit!
The Process of Acquiring Over-Financed Property:
A.) Show the Seller your figures then
B.) Ask them to grant you a POA
(Power of Attorney.)
C.) Place home into a Land Trust
D.) Get them to ABI (assign beneficial interest) to you. Along with a 'Move Out' contingency date upon your investor's approval of the property to move in.
E.) Negotiate with the Lender to get a Forbearance or Workout Plan
F.) Advertise to locate an R/B (Resident Beneficiary) to come in with upfront cash 10% to 15% Down
(that's $12K to $18K @ the $120K sales Price.)
G.) Pay up all the arrears then and/or have the Seller to credit(compensate) you for your Forbearance/workout Efforts with their lender.
And also for locating an investor who will Make 100% of the payments on the home!
PITI (Mortgage Principle, Interest, Taxes, and Insurance +some positive cash flow to YOU!)
The Above-Market Price is NOT unreasonable since the R/B isn’t really Over-paying, they are getting immediate Benefits of Living in a Nice Home:
-Don't have to have Good Credit,
-No Qualifying for a new Bank Loan
-No Paying Any Closing costs or Transfer Taxes, etc. and
-Get Tax Benefits as a co-Beneficiary in the Land Trust with YOU!
You can even market the home as a 'Tax Lease' (email me to get my presentation Grid) to justify them (R/Bs) paying you Higher Monthly Payments than the home would normally go for! Does this make sense?
Also I find Motivated Sellers of Luxury Homes by looking up civil Judgments and Liens filed by Hospitals/Doctors against homeowners!
I make Hospitals 'Offers in Settlement' to clear the Lien or I Partner with these Doctors by offering them 50% Beneficial Interest in the home in settlement for their lien. In addition to Tax Benefits!
Using the above Tips you should be acquiring owner interest and income in at least one luxury property very soon!
Derrick Ali
The introduction letter I especially drafted and often use to pique their interest...is called:
"How to Use Your Home as a PiggyBank?"
After the conversation has proven productive I set up a face to face meeting (or closing call after I send them my purchase-offer Option Agreement and other paperwork)
Now it's time to locate Resident Beneficiaries for this Luxury Home.
They can be easily found using the local 'legal' newspaper or looking up the DIVORCE Files, BANKRUPTCY recordings, even preForeclosure owners who may have just filed BK or due to Death & Divorce make EXCELLENT R/Bs.
Incorporate the above into your normal REI Marketing strategy.
For EXAMPLE:
Passing out flyers in and around the targeted neighborhood may not be allowed or acceptable.
Don't neglect to visit local Hair Salons, Grocery Stores, Car Washes, etc.
Enlist a local papergirl or boy to insert your flyers. Contact area CPAs, Lawyers, and other professional service people
Research and Track this public information and I'm sure you can do like me and get a luxury home or two every other month or so for NO MONEY DOWN and Paid for By your R/B who still wants to live in a Nice home though his/her Credit may be hit!
The Process of Acquiring Over-Financed Property:
A.) Show the Seller your figures then
B.) Ask them to grant you a POA
(Power of Attorney.)
C.) Place home into a Land Trust
D.) Get them to ABI (assign beneficial interest) to you. Along with a 'Move Out' contingency date upon your investor's approval of the property to move in.
E.) Negotiate with the Lender to get a Forbearance or Workout Plan
F.) Advertise to locate an R/B (Resident Beneficiary) to come in with upfront cash 10% to 15% Down
(that's $12K to $18K @ the $120K sales Price.)
G.) Pay up all the arrears then and/or have the Seller to credit(compensate) you for your Forbearance/workout Efforts with their lender.
And also for locating an investor who will Make 100% of the payments on the home!
PITI (Mortgage Principle, Interest, Taxes, and Insurance +some positive cash flow to YOU!)
The Above-Market Price is NOT unreasonable since the R/B isn’t really Over-paying, they are getting immediate Benefits of Living in a Nice Home:
-Don't have to have Good Credit,
-No Qualifying for a new Bank Loan
-No Paying Any Closing costs or Transfer Taxes, etc. and
-Get Tax Benefits as a co-Beneficiary in the Land Trust with YOU!
You can even market the home as a 'Tax Lease' (email me to get my presentation Grid) to justify them (R/Bs) paying you Higher Monthly Payments than the home would normally go for! Does this make sense?
Also I find Motivated Sellers of Luxury Homes by looking up civil Judgments and Liens filed by Hospitals/Doctors against homeowners!
I make Hospitals 'Offers in Settlement' to clear the Lien or I Partner with these Doctors by offering them 50% Beneficial Interest in the home in settlement for their lien. In addition to Tax Benefits!
Using the above Tips you should be acquiring owner interest and income in at least one luxury property very soon!
Derrick Ali
Comments(0)
This is a GREAT article. You have taken several awesome ideas and compact them into a simple easy to understand program! Thanks again Derrick for another cutting edge article!
Visionary
Derrick,
What a great article!
Powerful ideas indeed. Can you please send me the grid you use to justify the higher price and payments that the R/B makes? Thanks!