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Even though you’re not a motivated distressed seller with seller finance and the proper structure, I can motivate you to move forward on a seller finance agreement. That’s not what it’s like and subject to subject to is. So Eileen says, how do they trust you’re going to make the payments? Chase is going to give you a credit card? How do they know that you’re gonna make the payments? Your mortgage company gives you a traditional loan? How do they know you’re going to make the payments? checking your credit? If checking your credit was proof that somebody is going to make their payment?
Oh my word, there would be no such thing as a credit collection company. It means nothing, nothing. Oh, your W two, your bank statements. These are proof guys, these are proof that somebody is going to make their payments. All we’re trying to say is that based on an educated guess they’re calculating a risk and taking a chance whether you’re gonna pay your payments or not, can we all agree with that? credit history, no credit history, whatever. Now they’re mitigating their risk.
They take your word in a traditional world, right? In a traditional world, I go get a traditional bank loan for a house I get a traditional credit card, are they all taking a risk? Are they all betting that I’m going to make my payment How is this any different than subject to what are we giving them to make them feel that their risk is mitigated? Okay, so let’s educate ourselves on one thing people that sell on subject to first and foremost are motivated sellers. Let’s remind ourselves of this subject to sellers and seller finance sellers are two different categories.
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Elizabeth, are you a motivated seller right now? Are you like in pain and distress on this house that you have paid off? No. Okay, what would you say your house is worth? 485 Okay, let’s say I came to you and I said, Elizabeth, I’ll buy your house from you at a million dollars with a downpayment and you let me make you payments over a long period of time would you even consider that today? So even though you’re not a motivated distressed seller with seller finance and the proper structure I can motivate you to move forward on a seller finance agreement that’s not what it’s like and subject to subject to is pain, pain is their motivation.
Write this down guys subject to the motivation equals pain, seller finance, the motivation equals gain, what are they going to gain? Do you guys see the difference between subject two and seller finance and the types of sellers that are there? By the way, do we now understand what subject two is it’s the process of I get the deed transferred to me and I just take over the sellers existing bank loan, we’re all there. It’s very simple, right? When you just think about as taking over a car payment or Elizabeth lets me take over her credit card payment. Same thing