What BANKS Don't Want You to KNOW!
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- Опубліковано 13 січ 2025
- Wayne details exactly what you need to do to buy a home with bad credit or if you're self-employed. You do not need a bank loan or good credit to buy a home.
There are thousands of homes around the country that people are selling which gives home buyers the opportunity to own a home and there is no credit check or job verification needed.
These are individual homeowners selling their homes and many times it's people who no longer wish to own a rental home. Other times it's people who own many homes and wish to sell their properties on terms to delay paying taxes. Regardless Wayne shows you exactly how to become a homeowner without having to use a bank or mortgage a company.
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DISCLAIMER The contents of this video are for strictly educational and entertainment purposes. This video is not intended to provide financial, accounting, tax, or legal advice. For financial or legal advice consult with a financial advisor or lawyer.
I may earn commissions for purchases made through links in posts on this channel.
Many overlook that banks are return-driven businesses. I don’t trust keeping a large sum in the bank. Instead, I invest with professional guidance, enjoy the benefits and actively save up for retirement.
💯
You are correct. I feel like nobody knows anything, you need to constantly acquire knowledge in order to create your own process, manage risk and stick to the plan, through thick or thin while also learning and improving.
@@OllieQHI agree
The ignorance is astounding. - After the ‘08 crisis, I’ve learned not to trust corporations. Since 2022, I’ve been investing with a finance advisor and have had no major losses. I’m barely 25% short of my $2M goal after subsequent investments to date.
I understand that market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular advisor whom you have used his/her services?
I did it 3 times. It worked perfectly for me. The banks said I didn’t make enough money to qualify. I never missed a payment ! It can be done
👏 Great job!
Nb east coast disability but I can rent rooms to help 🎉🎉
The lenders are a real waste of time. Of course, you can have a loan. There a joke. That's all they are.
Bought our first home this way!
My parents had to go to court because they purchased their home like this but then the owner didn’t want to give them the title. They almost got ripped off: Thank goodness my mom held on to all of her receipts.
That is deplorable! Praise The Lord it went in her favor.
That was mean by them.
But there is usually a contract between the owner and the buyer, right?
Always have any agreement in writing ( A Contract ) , this will avoid any problems down the line moreover, the Contract must be drawn up and managed by a Lawyer to make sure it is Legally binding on both Parties .
Your family did it wrong or deed something else. They probably didn’t do it through a title company and got recorded at closing which is the correct way to do it
ALWAYS, have a signed and notarized contract. KEEP a record of all returned checks or receipts of payments.
Yeah I did this in Calgary, Canada. Papers signed. They were supposed to sign over to me in 3 years, when I got my own mortgage. I did everything right. But on completion day they said they decided not to sell. In court for 12 months. I won. 6 months under appeal. I won. But stressful. Be careful folks ❤
Thank you🎉🎉
My first home was rent to own. Second was owner financed and the one I’m in now that is paid for was a bank repo and got it for 1/2 the asking price. 40 acres and a house 😁
As far as owner financing goes, what was the criteria that the owner wanted from you before he was satisfied enough to move forward with the contract ? Credit, income etc..
@@KamiAmwashyou'll have to @ her
Nice! Well done you! I applaud your success. Wow.
@@KamiAmwash we did a contract through a lawyer.
My grandmother bought her house rent to own, after renting the house for many years
We bought our home that way! We finished paying it and now we owe it free and clear. Just be careful and do a lot of research and make sure there is not outstanding debt in the house and who is the owner and that person is decent and she or he is not going to rip you off. Many things to consider. Trust your gut. Good luck to everyone out there
I doubt it.
@@WilliamEllison it was not easy and took us decades, I almost give up too. Many tears and working hard, still it was an uphill situation. For the regular people with no support that are trying to survive this is not a fair game to play, it seems we are always handled the short stick. Be relentless about your dreams. Don't give up. It is possible, think outside the box. I am not saying it is easy, because we went to hell and back, just don't give up.
Bought my 1st home this way
No one really owns their homes or u wouldn't have to pay taxes , stop paying n see what happens , taxes u r renting your home n property. If the govt decides to take your home they can illegally. It's called. Land grab
You said it right. You owe it free and clear.... to the tax man.
Banks need more regulation, really. Banking as "let's gamble" is a terrifying concept in its entirety. There are no consequences since they learnt in 2008 that the government will always provide for them. These bank crises are really concerning. The United States faced its biggest macroeconomic problems in fifty years during the Great Recession and the entire financial crisis, which resulted in below-target inflation, high unemployment, and the need for extremely accommodative monetary policy. And this is just the start!
There are options that spread across multiple banks. I use a non-beginner broker that protest up to 3 million dollars and provide 4.58% returns on cash, it's always a good idea to consider working with an advisor for financial planning
I agree. Exactly why I now work with one. A lot of folks downplay the role of advisors until being burnt by their emotions, no offense. I remember some years back, during the covid-outbreak, I needed a good boost to stay afloat, hence researched for advisors and thankfully came across one with grit. As of today, my cash reserve has yielded from $350k to nearly $1m
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
My CFA Annette Christine Conte a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
I merely Googled her name, and her website up right away. So far, it looks interesting. I sent her an email, and I hope she responds soon. Thanks
Hawaii real estate developer here, I like the fact that you tell the people the truth, most don't as you must know... Aloha.
Exactly
Developer? You're a land rapist. A greedy bastard. Don't know how much hell you put land and people through.
Exactly!!!!
@lazyk8262 Homeownership in Hawaii isn't easy. The most expensive state on earth even sells dilapidated houses for a million dollars. A solid home in Oahu-Honolulu is at least $2 million and even that requires updates.
Hola
I built mine.
No rent
No mortgage
No interest
No stranger walking in my bathroon telling me my tub needs to be replaced.
Unattached huh? 🌵😂👍
Right arm!
Smart move with hard work
Christina 💕 Australia
This dude is speaking nothing but truth. I like this guy.
Thanks for completely unpacking the process. So 10% down✅, $4-500 lawyer fee✅, home warranty $800✅, title fee✅. Great straight forward info…no gotcha’s. Appreciate the info Mr. Turner 👍🏾❗️
This is great news !!
On a $500 thousand dollar house you are talking about $60,000 dollars. No way.
And thank you for breaking down even more for the slow folks in the back like me 🤚🏽 😂😅
YOU FORGOT "INSPECTION & MR TURNER'S FEE! 😀 IT'S WISE TO GET THE HOME INSPECTED; AM SURE WAYNE & HIS TEAM ARE NOT WORKING TO LOCATE PROPERTIES FOR FREE. I GUESS TO SPARE US THE STRESS HE LEFT THAT OUT 🤦
@@crand200334-10% down is normal even with a good credit score and conventional borrowing..
I bought my home this way, figured amortization longhand & showed the math every month w/option to pay more on principal also option to miss 2 months per year due to hardship. Paid in full in less than 10 years❤
🔥
Awesome!!
I bought one like this to flip. Have six percent on ten years. I made phenomenal money on the property thru sweat equity. To do this though you have to know how to do inspections, know basic wireing and plumbing, my wife actually taught me how to finish sheetrock.Make sure you have a tittle company you can trust to register your contract. If your contract isn't registered you have no legal claim to the property.
@@carolyncarlson6410
Sounds like you did your homework.
I'm in Eastern Tennessee and looking for another property. It's hard here. A junk two bedroom one bathroom runs 60/80 k in Cleveland.
@@michaelholder3933 Hope it works out for you. My place was trash when I moved into w/racoons n weeds up to the roof in places. I just started doing what I could & turned it over to my son in 2012 as I relocated to Iowa. He keeps working on it & the only thing it really needs is a little paint outside
It was solid & I saw potential
Hope you find a good home too-
Really, banks require more regulation. The entire idea of banking as "let's gamble" is terrifying. Because they discovered in 2008 that the government will always bail them out, there are no repercussions. These bank crisis are so worrisome. This whole financial crisis and the Great Recession posed the most significant macroeconomic challenges for the United States in a half-century, leaving behind high unemployment and below-target inflation and calling for highly accommodative monetary policies. And this is only the beginning!
Since 2020, the banks have been over-leveraging their assets, which was one of the reasons for SVB's implosion. I have never been okay with keeping much money in the bank. I simply focus on diversified investments through a financial advisor, collect my profits, which I either spend or repeat the process. Never been this comfortable with my finances.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
REBECCA NASSAR DUNNE is her name. She is regarded as a genius in her area and works for Equity Services inc. She’s quite known in her field, look-her up.
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
I’m in the UK and it was unheard of when I bought mine this way back in 2005. Every solicitor I spoke to said it was a risky way to buy property, as no one did it this way, until I found a solicitor that was open minded. Now I own mine outright and I’m not even 50
Please share solicitor details.❤
@cryptoconfused3400 it was 20 years ago, a solicitor in Chelmsford, Essex town centre, I can’t remember the name unfortunately
@@angeliceyeez thanks for responding. ❤️
@angeliceyeez so you actually got your house in UK without applying for a mortgage ? Sounds unbelievable
@ yes I did, I was on contract with the vendor for 15yrs it was very similar to a rent to buy with a few exception’s, but with a private vendor instead of with the government that are doing these rent to buy schemes.
So after the 15yr contract ended with my private vendor, I still had a small balance owed 35k to be exact, so I had a choice and discussed with the private vendor either I took out a small mortgage or loan to pay him off completely or we renewed our contract for the balance. We decided to take out a small loan as we also had savings and I got some money from my dad as a gift (rather than a mortgage) to pay him off completely he was happy either way as he still got his money we negotiated from the beginning and we never gave him any trouble with it, and could see all the improvements we did on the home.
Because by the time we went to the bank for a loan it looked like to the bank that we had massive equity in the property… all because of what we had paid down in the 15yrs we were there, it was all documented via our agreement. Bank statements proved it along with the legals from our solicitors
The laws are there to be understood and used in our favour.
It’s how property exchanged hands before banks got their greedy mitts on things. Mortgages are not the only way to buy property.
The banks have gone out of their way to make sure we don’t utilise this method to create a kind of monopoly that their way is the only way… it is not.
I knew about this way of buying a property about 5 years before I went and purchased mine this way. I went to many many property seminars to understand the mechanics of it.
It’s all legal and above board.
In the UK it’s called a vendor loan/lease option/ or rent to buy
If the government can do it so can we. Think about it.
My property is now worth £650k we negotiated £208k back in 2005 when the property prices back then were roughly 60k lower than his asking price. Yes we paid premium for it, so we instantly we’re in a negative… but we would have never been able to get a mortgage back then with our salaries even if the prices were at 140-150k our budget according to the mortgage advisor then only took us to 120k…
The thing the mortgage people do not take into consideration is how your money situation is truly. And the figures we saw we were able to pay for and comfortably- they do not consider extra shifts or extra work, because we were also under 3 yrs of self employment outside of PAYE. We showed all of this to our private vendor and his solicitor, and he decided we were good on being able to afford what he was asking.
I really wanted this house, so I got it and worked damn hard for it too, i became mortgage free at the age of 37 I’m now 48
I did this and it works great. The owner and I only dealt with Title Company and that's all. If you get the owner to agree with the sale, the title company will do everything for you. No real estate fees, no banks. You pay your payment to the title company only. When you finish, the title company does all the paperwork and you get a clear title then.
This is literally the most thoroughly speaking professional i have heard so clearly, detailed, direct, but simple. You gain a sub here. 🎉
Me too I mean my brain is literally going through this and he broke it down. What an angel thank you.
Thank you!
This method makes WAY more sense than jumping through all the hoops with the bank! Imagine owning a house in 2 weeks with just 10% down.
The owners selling obviously dont need the $$. Or they would sell it the conventional way
@@fingersm I've bought property this way and several other ways. Some sellers are not looking to get immediate cash for various reasons ( capital gains tax, they may want deferred income). Either way it's always important to ask questions and seek a win win solution.
@@fingersmthey also end up getting well over double the value of the house in the end.
If it wasn’t a great investment banks wouldn’t be doing it all over the place.
That 10% is literally the hardest part for 99% America population
I did this with 2 1/2 acres of raw land in Arizona. The owner of the land didn’t depend on my payments because they were wealthy and could afford to allow me to put a cash payment down of only $5,000 and $374/month at high 10% interest rate through first American title company and made my payments to the title company.
I took a huge hit with the 10% interest to pay it but within a few years, I split the property into acre lots and sold the back lot after selling my home on the other lot and made an absolute fortune. That 10% interest I paid monthly was absolute after the math was done when I sold both properties.
Did you make money after all ? Thanks
@@nellim9239 The answer to your question is already in his comment.
Great video. I've bought and sold homes like this.
The only thing I'd add is make sure the attorney specializes in real estate law. Most attorneys only learn what they need to pass the bar then forget it.
This is how I sold my house. I didnt bother with credit check. Not only did they always pay on time but they also had insurance and paid the property taxes. Every bank denied them. I went through the title company and they did all the research. We didn't need an attorney. I was fortunate that The buyer was also a property inspector. We basically cut out a few people and saved money.
I don't recommend selling a house without an attorney but know that it can be done if you know the laws in your state/county.." As is" means just that in the contract outside of building regulations.
I bought my almost 5000 sq.ft. property this way. It was 30,000 dollars with a 2000 dollar down payment. 400 a month at 8 % . It sets on 4 city lots and it's beautiful! I will have it played off mid next year! I got very lucky, thank you Jesus ! It works very well, but look out for the scammer.
Yeah, right. 🙃
@MartineReed 4 city lots not blocks. Yes it's true
Mortgage loan? Or line of credit?
paid
I've done this as well with less money down than I thought. No credit check, no income verification statements, no pre-qualification, etc. This man speaks truth. 👍🙂
You can find these homes for sale without calling a real estate agent. Many areas of our country right now are so desperate to sell their homes they will do it without a down payment or a very small down payment.
And how or where do we find these places?
@@nav846 You have to drive in the countryside. There are tons here that have "FOR SALE BY OWNER" visible from the road. Some of them do have a realtor group but a LOT are by the owner. Small signs, sometimes cheap looking. Some are for houses some are for land.
Back about 30 years ago, if a veteran purchased a house under a VA loan, that veteran could sell his house with a buyer (non-veteran) could purchase his house with just a dollar down, and anyone could assume that VA loan without a credit check, the bank just needed your contact info to put it under your name, that is how I purchased my first house, its too bad they no longer seem to have that same program any longer.
I am a veteran in this exact situation. My ex has gone through the process to purchase my va loan house. It is a refinancing process but as I am the vet I am allowed so much( like 650k in total va benefit towards home loans) I bought the house in 2020 at a 2.9% loan. My ex wife has to refinance at close to ten or whatever it is now. She qualified to buy it but has outstanding debt the bank is making her pay off before we close. So I think the point I want to make is even though I have 650k of va loan benefits available my credit only allows so much purchase power. So I’m living in a tent twill she can afford to pay her past debts acquired before we met paid off and close on her loan.
It's technically under the same terms. Guaranteed by the lender.
I just went through a divorce and now I'm rebuilding my life at 43. I'm renting right now but I looking to buy something in 2 yrs so I saved your name
Going thru the same thing to Jason 😅
Same situation. I need a house asap for me and my three boys..
I'm going through a similar situation now... as I'm in the process. Wish everyone the best, and remember to stay in tune with God. As you'll persevere, gain strength and peace. Keep your head up and remain focused
Good luck. 😊
As much as I want children, hearing my age group going thru this makes me avoid marriage!! 😎
My first house was a government repo, I paid $64,500 for it, lived in it for 5years fixed it up and sold it for $230k to buy the house I’m in. When my dad passed I inherited his paid of property and a carried loan that he had for his business he owned, so I get payments every month from that for the next 27 years.
wtf 😒 you got your dads money and your happy he got you out. NOT EVERYONE IN THE AMERICA HAVE Parents.
id like to see you try with your dads money 💰
Sorry I did not understand from what you get payments ? Thanks
@@hackman3what are you on about?
@@hackman3Very true!👍 Ironically I was just watching a video about generational wealth. Most who've benefited from it are nonchalant and arrogant about it. They'll call others losers and scold them for not living within their means.
@@hackman3what a peacock. Why you mad cause your parents did nothing in life
Most people who are selling need the money immediately so that they can put it toward their new home loan. Most wouldn't be ok with letting someone pay them for 30 years.
I have sold property this way and its a great option though.
I’ve purchased a few homes using this method. It works and it works great. This is also a good tome to purchase a home this way for many reasons.
Hi am a single mother looking to buy a mother daughter house, but only have the down payment. Can you tell me how to find these homes. Thanks. 🙏🏽
Can you share more information and tips on buying homes? I'm a single mom as well
Yes info please!
@@paulawalters8838 nobody likes to help anyone anymore. Its turned into a sad world
I'm 67 year old world traveler. Who have never used debt my entire life time.Im.free
How did you get to tht place of security & trust in self. If I may ask
Amen this is what I want. I’m a single mom to a disabled child and can’t get a loan even through my rent costs more than house payments would.
Research tax lien, tax deed and wholesale properties. You will not have a mortgage payment.
@aliciar.miller6521 what would she have? Zero payments monthly?
Amen
I have a rec for the loan.
@@aleckallal7379 what's that?
You mean on contract, that's how I've been paying for my house now for 12 years. There is no need to refinance. I should be paid off this next year. My payment is 700 a month, but i pay 1100 most months. Knock down the principal and interest fast.
I did the same.
I feel hopeful. This guy is so honest and straight forward. Thank you 🎉
Thank you Wayne for sharing this valuable information.
Good info: remember you can always send an extra $50 a month and pay down the loan quicker. Just make sure whoever is taking the payments properly accounts for the extra payment and interest saved and keeps the amortization updated. Banks used to offer collection accounts and made the calculations as soon as the payment hit the bank. Also...ask who will be taking care of the paperwork to clear the loan off county records once the loan is paid off 15-20 years later. Once it took me 8 months for people to get moving on filing the release (at their cost). Keep all your receipts!
they need to bring back loan assumptions. is how I did it years ago. all you needed was what owner wanted, and they could take over the payments... banks make it a hardship today. careful. NEVER DO IT FROM ONLINE! TOO MANY HOME SCAMS GOING ON.
We tried to do a loan assumption and B of A refused to even speak to us about it because the owner was deceased. What’s crazy is we had the income and then some, and they ended up having to sell the home at auction at a loss.
Your videos are always so informative and delivered in an easy to understand way - and I always learn something from them - thank you so much for this! I truly appreciate it. 🤗
Yessss! I think this is one of the best channels on YT
It sounds great, but home prices on average are about $450k which im sure you know. That makes the down payment $45k and add to that another point or point and a half in interest rate, feels like it becomes 6 in one hand, half a dozen in the other. But it is great to know that there are alternatives to the traditional ways of home buying and its awesome that you took the time to put this information out and make ppl aware
IF THEY CAN GET THE APPRAISAL BOARD IN FRONT OF CONGRESS OR A JUDGE FOR THE ILLEGAL WAY THAT THEY ARE APPRAISING PROPERTIES THE COST OF HOMES WOULD FALL DRAMATICALLY
That part your not getting no dam property in Northern California for no 200k look at these guys accent this some dam were in Texas or Mississippi 🤣🤣🤣
@@aliensallaroundus1126I’m curious how is the appraisal process illegal? Not asking to start an argument. Just truly curious.
@@tweeze2700 then you need to move
You do realize that there are great houses in great towns all across America that under 100k ?
Only way we could've bought our house was if / when our rich friends bought it for us and we paid them back over a span of five years. We've long since paid the house off, the bank didn't get a single penny and i love that.
I know this works , my dad done it many years ago , it helped a struggling young family,
thank you for bringing it up. Best of luck as it will not work in Australia any more Greed Rules !
Really, I was thinking who in Australia would do this as I have never heard of it here 🤔
Totally agree with you regarding their greed 🤭
Christina 💕 Australia
The downside to land contract is, the property is subject to possible loss, if there is a court judgment in a lawsuit against the seller. A court judgement supercedes a private contract.
if when you buy the property you put it in your LLC, make sure that you have the deed and file it at the county records and get insurance on it. always check with a lawyer and laws in your state.
@@jhssmith2004 The lien remains an asset of the seller, and can be sold off. YOU still have title to the property, you just owe a different entity/person the balance of the loan.
That's crazy that a bankruptcy can be cleared in three years, but I have a negative record on my credit that won't clear for 7 years.
A bankruptcy may be discharged in 3-5 years but the court. But it is not removed from one’s credit report for 7-10 years.
ANY negative reporting can be removed with in a month or so. There are many videos on how to do so. 👍
I have 3 years left on my bankruptcy.. been 7 years. Can’t wait
@@Roman-z7tI filed chpt 7 in Maryland. States 10 years on credit, I’ll contact credit bureau.. Thks
My problem is my credit score dropped to a zero from 800, after the last of my student loans aged off my report. The only loans I have ever taken out were my student loans, on 3 degrees. They are are paid off in full. I don't have one single derogatory item in my report, and I do not use credit cards. strictly debit. I thought I was being responsible. The credit bureaus want to act like my "history is too short" even though at the bottom of my report it says I've been tracked for 30 years. Have had the same E-Trade account for over 20 years. 2 years ago with 30K in the bank, I couldn't get a loan to save my life. Didn't understand. Went to credit Karma and saw how and why my score dropped. I got punished for not be being stupid and using credit cards.The solution everyone kept saying was get a secured card. ABSOLUTELY NOT. Why would I prepay a company to hold money for me, that I can use to prove I am a responsible and credit worthy? I proved it by not owing a single person on the planet a damn thing, loans paid off, and no debt at 46
APPARENTLY NOT.
Resently, when I really needed a loan CareCredit for a sick pet, and I didn't qualify. Heart breaking... but it turns out vet was scamming me anyway. when I couldn't qualify they kept lowering the treatment. Finally they sent me home with some saline solution in a lactated ringers (cost $12 and you need a script), charged me almost $800.
Thanx Wayne Turner. I found this post quite interesting and helpful. The comments are also great.
That's the way I am buying my property, but you have to make sure you understand the contract fully. There are people out there that will try to take advantage of the buyer. Always understand your contract before you sign it.
Thanks!
My dad bought our first house this way. I totally forgot about that until this video. Thanks for the reminder!
You are so welcome!
Blessings from North Carolina Sir. Thank you for this valuable information.
Sadly, banks continue to stumble, mortgage rates is on the rise with higher imports and lower exports, yet the FED is to lessen cost. So, where do we grow and safeguard our money now? something will eventually break if they keep raising interests and quantitative tightening.
ideally, you should consider financial planning to get the best results with your money, notwithstanding economy situation
- Well agreed, I'm quite lucky exposed to finance at early age, started job at 19, purchased first home at 28, got married shortly afterwards to raise kids early. Going forward, got laid-off at 40 amid covid '19 outbreak, immediately consulted with an advisor in order to stay afloat and after subsequent investments, I'm barely 25% short of $1m ballpark goal as of today.
Would you please let me know how I might use their service to get in touch with this particular advisor? You seem to know everything, unlike the rest of us.
My CFA ’’ Sharon Ann Meny, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Iv done this in Australia it’s called “ vendors terms “ did it in my early twenties for a block of land and only took three years to pay out .
great way to cut out the banks and trade directly with each other. It requires trust on both sides but offers an alternative route for many who fail the standard bank criteria.
This guy is worth his weight in gold and more..............................................................................Fort Worth,Tx
WOW! You and this info is a God send!!!
We've done owner financed houses, it works. Just make sure you go through a title company they research any liens and such and if they miss anything they are responsible for paying it not you.
Do a title search on the place you're looking at, make sure it's free and clear of any liens or existing bills.
☝️… 🔥…
My brother almost bought a house with almost 200k lien, luckily he found out before finalizing
How did he find out about lien ? Is there any site ? Thanks
@nellim9239 ill ask him and get back to you
In Spain we call this "alquiler con opción a compra", it is like renting and when you have paid all you keep the house. Very few people does it anyway
10% down, Plus the ABILITY to make the continual monthly payments…who has NOT BEEN INCOME VERIFIED as being capable. I mention all this despite buying my first home on a DOT, private. Worked out great.
Thanks, Wayne!
there's a book called whispers of manifestation on borlest , and it talks about how using some secret tehniques you can attract almost everything in life it's not some bullshit law of attraction, it's the real deal
Scam
@jennydiez820 its a troll that's a bot on many many sites
It’s true. I helped my clients do this in Seattle, WA
Wayne, good information but in my experience of purchasing owner financed properties over the last 18 years I've never seen an owner willing to only accept 10% down. Individuals typically like round numbers so if they're selling a house for $350k then they might say they want $50k down--which is roughly 15%. The last owner financed property I bought was $600k and the seller wanted $100k down. Not quite 20% but still a round number. I agree with you that most owners don't necessarily require the 20% down that banks do but I'd say you need to be in that 15% to 18% range making it a nice, round number. Also, there are owners who offer OF specifically to prey upon bad credit buyers with those 2-3 balloon payments you mentioned. They're betting the buyer can't get their credit straight in 36 months so they'll get the down payment and foreclose on the property. Rinse and repeat. I've seen it happen. That's why I always insist on a minimum 7-year balloon and advise others to do likewise. Enjoyed the video.
usually the owner wants cash for a reason - theyre trying to buy another property, a new car, or something they had their heart set on. If you can give them enough for that, or trade them what they want, theyll be good.
Wow!!!😮😮😮 thank you for this... I didn't know this
This was the most pertinent in informative comment in the entire section. Thank you for sharing!
What is 7 year baloon ? Thank you
@@nellim9239 you have to pay off the remaining loan balance at 7 years. usually the borrower will refinance with another institution before that point.
I’ve bought my home and my office space owner financed. It’s a great way to buy property
Wow. Definitely one of the most informative videos I've seen concerning fsbos. Really appreciate this!
Im glad I found this channel.
I’ve took back several houses over the years .. one property 3 times and another twice .. finally sold one in 2019 ( wished I didn’t ) lol especially after prices on homes and rent went up starting in 2020 .. but anywho yes this is a great way to buy a house or like me sell houses .. been doing it since 2000👍
Where are you located and what do you have?
Well done...Thanks for the info Wayne...
Depends on seller.. Iv had folks take a big chunk down.. then stop paying the mortgage.. be careful
Unsure how that can happen. Most mortgages have due in sale clauses and have to be paid off before transferring title. I've done three seller financing deals and every seller owned their home free and clear.
GREAT! then they take it back and keep the chunk of $$$
@@flipdiva0007We "owner financed" our house that had a mortgage on it. We had to do it as a lease purchase until they got a mortgage on their own. They were allowed to use the down payment they gave us as the down payment to get their mortgage.
This is what concerns me about doing owner finance unless it's with an LLC.
It all sounds good what he’s saying but why other extra fees for an attorney if you’re dealing with the property owner this is something that I would bring up before putting anything down you’re not going through a PMI and you’re not going through a bank. It just depends. You should get a contract with the owner, so you are protected yes you should get it inspected totally Hawaii varies. You could do monthly or yearly but beware of the owner. Make sure they have no liens owe anything, etc.. Do your homework before you put 10% down. You never know that not telling you everything I’m not showing you.:(
Greetings from UK Mr Wayne. You have given us one of the best advise to follow and it helped me a lot, in which direction is best to use my cash. Recently we moved to nice cottage in country side and my landlord kind of hinted to make entrance to our property in other side of the house! So we don't need to cross each other around the pool area! Thank you for being most honest real estate flipper and a guide cheerios.
Banks are crumbling one after another as a result of the uncontrollable market.. Could there be any potential in the stock market for a boomer like me? I am working on an approximate estimate of $3M for retirement.
Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.
@@Dave_East must be nice
She is NOT the real deal. These are Bots.
Ive done it totally different!! Ive traveled enjoyed my life, never bought a house in my stupid expensive country but bought a house in cash in one of the Carribean islands and secured my retirement with the proper investments. Ive always found that buying a house was a huge responsibility. Number #1 the house aint yours until you finish paying it #2 if anything happens to it you are responsible for it which drains your pockets #3 most people work their ass off trying to keep a house and miss out on the good things in life. 🤷
If I lived in the US and wanted to buy another home I'd definitely get in touch with this man.
actually I am so glad you are telling people this! Lawyers do this all the time. As do many wealthy people.
Thanks as always Wayne. Lots of helpful information again.
We purchased 13 acres this way we wound up with a mortgage for the cost of a car payment for 5 years @2.75%. our down payment was agreed would be us paying the engineer to subdivide. We then paid more per month and paid off in 3 years. We are now currently living there with utilities in a single wide while I build without a loan.
My son has been paying rent 3.5 years, hoping his landlady will be open as she remortgaged. I've drawn up a contract that includes rent to own for down payment and market value at time he and she agree the title will transfer.
Do the legwork if you use a lawyer to reduce cost. I wouldn't use an inspector unless they have references, qualification's may not mean much.
Thank you so much sr. This information is pure gold for me.
I bought 20 Actes in West Texas, VTB, $200 Down, $100/Mo., x 7 Years! Net $8,500! If I'd have had the Cash, It would have been just $5,900! However, I bought it, starting whike I was Laid Off for a 3 Year Stretch!
And yes, it was pretty easy, because they offered those terms, up front!
Where did you search to locate that property?
It’s great but 95% of sellers will not agree to vendor financing because they need the money upfront
We focus on the 5 %
More like 99.9% want $ upfront
@@ia6980 so focus on the 0.01 % again .. what you focus on expand. You can decide and tell your mind that 99 % won’t or tell it things always work out for you. I can tell you this 100 % work and that’s how I started. But .. gotta work on mindset first. You create your own reality. If you don’t believe you can you’re right.. if you believe you can you’re right. So pick, scarcity or abundance 🤷🏾♀️🤷🏾♂️
Most people want the money of front, so what makes you think that homeowners trying to sell a property are going to just be the bank now, and essentially wait for you to pay off the entire loan of the home that you're buying ? Maps perhaps it works in Niche market, and perhaps you cater to that Niche market, but this isn't going to work for most people, in any country
@@NKbutnot Exactly. I'm also getting the idea of buying land that's zoned residential on those vendor terms. Then buying a home that's being upgraded to a new one that's being sold to remove, and relocate it. Needs a lot of checks and definitely you need money to do this. But overall the costs will be less.
Thank you so much for sharing, Wayne, I look forward to contacting you in the future.
God bless you too brother, you and yours always
What r we doing wrong in the States?
South of the border u can build a new house for $40/sf. Brick n mortar not out of cardboard like Bellair
Regulations and labor costs.
In Mexico you pay for it but never own it. The government can take it back with no money
Thanks . I'm glad your channel showed up for me to find it .
We call it a land contract
Thank you for this information 😁😎
I’m finna bust my ass with overtime and you finna help me. I just want a small home in Baton Rouge and it doesn’t even need to be that much!!!!! I’ll fix that house up with my own two!
😅😅
Thank you for sharing this wealth of knowledge with us.
A friend of about 15 years has offered us a similar deal. However we are not comfortable and now he be pissed off as he will not answer my calls or text. That made us feel we made the right choice.
@WayneTurner ~ I've learned so much from many of your videos. I just wish it was relevant for Ontario Canada... this idea, as well as the agriculture grant I think it was called - buy for $1,000 down !!
The bank crisis isn't over yet, and experienced individuals know credit crises don't end quickly. Some find it amusing that some think it's resolved, but in reality, we're headed for a major economic downturn due to this credit contraction.
After the '08 financial crisis, I've learned not to trust corporations. Since 2020, I've been investing with a financial advisor and have had no major losses, so I'm not going back to relying solely on banks.
A common oversight is that banks operate solely in the service of yield. Personally, I am hesitant to keep substantial sums of money in a bank. Instead, I opt to invest under the guidance of experts, reap the advantages, and diligently save for my retirement.
@@Olsontim21 How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
‘’Annette Christine Conte’’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé
I wish I had come across you a couple of years ago. Thanks for educating people. Best, Kaye
I’m in Australia. This would be great if it was a thing here too. Don’t know much about this apart from this video though.
I'm in Australia. My parents bought a house this way. There is a website I saw a while ago called vendor finance properties or something like that. Check it out. People still do this.
This may be the answer to my prayers!!
I like this whole idea, but I can’t do it for two years because I have to go with my daughter to East Carolina University while she goes to school there for two years and after that on I’m doing what I wanna do. So I’ll get back with you. Glory to GOD!
Go Pirates
I am Gen X. We went to college to get away from our parents. 🤣
@@BrianButterworth-s4z yeah well I like to save money now I don’t have to pay for a dorm smart ass. Glory to GOD!
@@MWT5428 Yeah, it's expensive now. I worked, had a baby, and paid my bills. Thank you for the compliment about my physical features.
😊 Wayne
i think you give more then you get on these video's, i know you are advertizing, and good for you, i think this information should have been in public school becase its usefull. 😊 thanks.
The more people know the stronger our communities can be.
@@TheRealWayneTurner Agreed, when I leave California I want to buy land I can build on in Tennessee mountain's with no utilities, Because I can make my own electrons 😁 just a road in to 1 to 5 acres out side of city limits. 🤠🇺🇸
@@DANTHETUBEMANhow do you make electrons???
@@dutchesscocosmom2288 Hydrogen generator running electric generator, and 5000 watt solar panels inverter store battery chargers, and put two dissimulor metal stakes in the ground to wires to charge phone, and 12 inch square metal plates sealed in plastic dip with wires attached plates in the attic hot wire down, ground wire to copper grounding stake.
Thank you so Much Mr. Turner for that amazing information!!!❤
I did it the old fashion way. I saved money and just paid for it. In cash. I did for my truck too. If you dont have the money in the bank or your pocket, you cant afford it until you do.
That’s good for you. But bad advice for someone who is living and needs a home now and could make this method work responsibly.
Not for 99.9% of the population
@Phantomdani it's not bad for people who are in need it's a open eye. And great advice!! For one who have the money can run with knowledge being giving. It's always good to know regardless. ❤
I mean, I don't know if the old man is simply intelligent, simply wise or both 😮 either way, I mean, wow -- this is pure genius 🔥🔥🔥🔥 thank you, sir. Looking forward to learning more. You have my sub
Hi Wayne
Can you do this here in UK?
sounds like a good solution to cut out the parasite banks!
I'm not familiar with the UK market, I recommend finding a real estate agent local to you. If you need help reach out to me at ContactWayne.com
I also want to know
Excellent video. Thank you Mr. Turner. I will be calling.
Thank you for your videos. For the past 30 years I have been a general contractor in several states, the last 10 in the state of Texas where I have built fourplexes, triplexes and duplexes. And I can assure you that within the multi-family world they are always in high demand. If you are interested in a partnership to develop this type of inventory let me know.
Do you build in Florida?
Do you have a website?
@@bunchielove6893 web sites address is dfwconstructors.com
@@allhaillois33 we cover Texas, Oklahoma and Arizona
Website? @@bunchielove6893
This was very helpful. Thank you so much! New subscriber and notification bell clicked.
Awesome! Thank you!
MAKE SURE THERE IS A CLEAR TITLE, AND GET THE WARRANTY ON THE TITLE SO NO CONTRACTOR'S ARE OWED ETC
How to get warranty on the title ? For what ? Thanks