Owner Financing - Jeff Watson & Jenna Hoover
26m
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Real Estate Investor’s Roundtable
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This week on Real Estate Investor's Roundtable, host Rob "The House Guy" sits down with investor Jenna Hoover and attorney Jeff Watson to talk the laws around owner financing. Jenna looking to get into Owner Financing in her market and Jeff one of the leading real estate attorney's in the country discuss in great detail, what is owner financing and how does it work.
At Realeflow, we talk a lot about finding freedom. The cool part of Jenna's work is that she's helping other families find freedom, too.
As she continues to flip in low-income areas, she's considering owner financing as an option for buyers who might not be able to secure a traditional loan.
Jeff explains that the two most common scenarios are when…
1. The property owner owns the property outright, in which case the monthly payment received is income.
2. The property owner has a loan on the property, in which case the monthly payment received is split - a portion goes to the bank, and the other portion serves as an income.
Now, if you're going to be the bank, you have to think like a bank. Owner financing can be risky, so, qualifying the buyer is key. Here are some key questions that Jeff advises take into consideration:
"You're looking at them for really one thing: their ability to pay. It doesn't matter who they are, what they look like, how old or young they are, and so on. It's their ability to pay. That's the most important thing."
Discover the 3 most important questions to ask when considering owner financing.
If your strategy is flipping in a low-income area, or if you've ever considered offering owner financing, this is a must-listen episode.
It's no surprise to Rob and Jenna that portions of this area are highly-regulated… But Jeff is sharing what you need to know to keep compliant.
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