I became successful by OWNER FINANCING houses
I became successful by OWNER FINANCING prpoerties. I hated being a landlord. I morphed into owner fianacing...same cash income with way less liabilities (expenses).
-I buy a house using OPM
-I don't fix it
-I owner finance it "AS IS" for double what I have in it (10.55 for 20 yrs)
-I collect a down payment (and put it in my posket)
-The new owner goes to work fixing up MY COLATERAL
-I collect the spread btween what I owe and what I collect
-I never fix toilets or get calls in the middle of the night
-When I collect a payment...it's MY MONEY.
When was the last time you called your mortagae holder to fix your toilet?
From my experience; RENTER tear up your house and leave...owner fix up your house (colateral) and stay. When the new owners fis up the house enough, I can sell my note with NO DSISCOUNT. Great cash flow with a big BANG at the end!
--Mitch Stephen--