Ask Ron – Kevin W.

16 Responses to Ask Ron – Kevin W.

1. Aliyah Nicole says:

   December 10, 2011 at 2:36 am

   Very interesting technique. where can i find out more about sub ordinations?

   Reply
   • Jim Burnsed says:

     August 31, 2016 at 1:41 pm

     Ron I’m making my reply, a request for some HELP, since I’m just getting started and I’m such a novice with computers (I’m still having problems trying to function thru and find where or how to post my questions — so you may see this question in more than one of my posts- forgive my ignorance with computers — hey, but I’m learning !!) So here goes, I’ve got a response to my yellow letters campaign; the owner wants to give me the deed and let me assume their VA note for $268k (they’ve paid on for about 6yrs at $1600, so this means I may have some small amount of equity), plus they think I should give them $20k to go with it, as they have been told by a Realtor that the house is Now worth $300k ?? Yep, I checked av Mrkt value and it says $317k for this 5b/4ba beautiful home (no work needed ?!! Maybe spruce up paint, maybe?); OK, I’m wanting to take deed in trust as trustee; then create the Trust agreement (cost money — your course shows — open IRA $100.00 ; THEN create LLC , and then $1000.00 to company Bank account, — I don’t have this at this time, so I’m actively applying for a ‘Hard Money Loan with Bob Beckman’s company as I couldn’t find your brokerage company Ron, and his info was available from one of your training discs with Bob as your featured guest; so I’ve applied with Business Lending Connection,com for prep qualification, and I’m awaiting a response (not sure I did it correctly, as it didn’t ask Any personal questions but my Name address, and my Business Company Name, which I don’t have yet so I filled in my name again ?? Not the right answers, huh ?!!)
     Now I’m supposed to see the home owner, and you say get the deed (sign as Trustee. and create the Trust and file The DEED; ) OK,my problem is, I can’t promise to make the payments until I have a lease/purchase tenant in place !! So how do I proceed with this until I get the ‘Hard Money Loan’; for then I can easily make those payments, and have time to find a buyer, yet there is a Realtor that is trying to enter the picture — my yellow letter put me in ‘play’ first, and I want to move forward !! A nice ‘Golf’ community, still actively being built, so buyers should be avail with ‘No Qualifying, Owner Financing, and I should be able to get Cash from a lease/purchase prospect; but I don’t want to Take a property that I know I can’t make the Next Payment, and I’m not quite sure of how to write the ‘Standard Sales Agreement’ so as to give me the tie-up of this property, while I await the ‘Loan’ and/or search for my New tenant/buyer;!! Your help please Ron ! And if any one would like to partner with me and split, I’m very open and can be reached by CALLING ME AT: 912-631-6043. Yes, they want $20k but I believe I can get it with Much less or Nothing down, just assume; Oh, and they want to downsize — in this same area ! Lots of potential available here, nd I’ve just Begun!! OK so how do I proceedRon, or any one ??!!

     Reply
2. James Noullet says:

   June 14, 2012 at 10:43 pm

   Boy I have to watch this over again and really let it sink in!

   Reply
3. Jeff Clayton says:

   July 25, 2012 at 4:26 pm

   Ron has these great concepts. OK, let me see if I got it:

   House is worth $150K Seller willing to sell for $139K & is open to hearing about owner financing, but needs enough for a d.p. on new house.

   Ron says give her $20K down if she’ll let you borrow $30k on a private money 1st mortgage, put $10K in your pocket, and she’ll carry $119K on a 2nd. She gets $20K at closing for her d.p. she needs.

   She’s subordinating her Seller carry mortgage of $119K to a superior first mortgage, who is well protected in his position.

   All kinds of possibilities out there. Just gotta put them into action.

   Reply
   • Staci Ross says:

     November 8, 2012 at 2:50 am

     In this scenario, will the lender for the first mortgage usually require any of the buyer’s own money as a down payment?

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4. Gail Williams says:

   August 7, 2012 at 11:26 pm

   !!!!!! Ron ur the best !!!!!
   THE GOD FATHER OF CREATIVE FINANCING #1 ****

   GAIL FROM KILLEEN TEXAS
   http://WWW.WEBUYHOUSESCASHBUCKS.COM

   Reply
5. John Rogers says:

   August 30, 2012 at 3:24 am

   Subordination looks like it has good possibilities. 1st mortgage to a private lender, and the seller subordinates a seller financing 2nd mortgage.

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6. Cresencio Mandujano says:

   September 11, 2012 at 5:40 am

   subordinating sound very good RON thank you

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7. Kyle Cook says:

   February 8, 2013 at 3:50 am

   going to try this tomorrow

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8. Kasi Phillips says:

   July 4, 2013 at 5:35 am

   That’s what I’ve waiting for someone to explain it that simple thanks Ron.

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9. William Clark says:

   May 21, 2014 at 8:49 am

   Wow. That was crazy.

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10. Karri Lewis says:

    June 6, 2014 at 9:45 pm

    If you were looking to use seller financing as a buying strategy, you would not want to get the money from a hard money lender, correct? The only option would be to lease option or sell with owner financing, right? I’m just trying to figure out how this deal will work without using one’s own money. How to pay off hard money lender?

    Reply
11. Karri Lewis says:

    June 6, 2014 at 9:47 pm

    The other question would be would the market support a $30,000 lease option amount or seller financing down payment. I’m just trying to minimize my risk.

    Reply
12. Bryan Davis says:

    November 27, 2014 at 4:51 am

    That’s one I’m gonna need to take some notes on…

    Reply
13. Matt Prchal says:

    December 5, 2015 at 11:38 pm

    I just had this same situation with a seller. They wanted 20k cash to put down for a new house and I wasn’t willing to come out of pocket with 20k to fund that, so I walked from the deal.

    Reply
14. Thomas Digiovanni says:

    January 10, 2016 at 4:03 pm

    I just have to comment on his “Don’t do a subject to answer” Hes wrong…wrong…wrong…Subject to deals are NOT ILLEGAL…I know, Ive done about 10 of them…Banks do not want houses, they want $$$ Back in 1982 an act was created called..The Garns St Germain Depository Act of 1982 which states this: An important consumer change was to allow anyone to place real estate in their own trust without triggering the due-on-sale clause that allows lenders to foreclose on a current loan upon transfer to another..Basically what that means is when I take Title I take it in a land trust and that protects both the buyer and selle..To much to go into, but hes wrong..Juat ask Ron Legrand..

    Reply