MASTERING YOUR MONEY MINDSET, ASSIGNMENTS AND … · 2017. 4. 27. · Mastering your Money Mindset,...

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MASTERING YOUR MONEY MINDSET, ASSIGNMENTS AND AGREEMENTS FOR SALE. 1

Transcript of MASTERING YOUR MONEY MINDSET, ASSIGNMENTS AND … · 2017. 4. 27. · Mastering your Money Mindset,...

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MASTERING YOUR MONEY MINDSET, ASSIGNMENTS AND

AGREEMENTS FOR SALE.

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WELCOMEThis program is going to change your perception of what success means to you while teaching you how to build $5,000/month in passive income through real estate investing.

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OVER THE NEXT 90 DAYS, WE WILL COVER THE FOLLOWING

MODULE 1

Drafting your Vision

MODULE 2

Identifying the Gap

MODULE 3

Identifying your Obstacles

MODULE 4

Mastering your Money Mindset, Assignment Contracts, Agreements

For Sale

MODULE 5

Joint Ventures

MODULE 6

How to make Big Money with Small Apartments

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MODULE 7

Getting Deals

MODULE 8Talking to a Potential Investor or

Joint Venture Partner

MODULE 9

Drafting your Story into a Presentation

MODULE 10

Positioning yourself to Attract Joint Venture Partners

MODULE 11

Getting Online

MODULE 12

Systematizing the Process

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MASTERING YOUR MONEY MINDSET

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MINDSET

○ Do you believe intelligence is a fixed trait or something youcan develop?

○ Do you have the mindset that can turn failure into a gift?

○ Do you consider failure as learning?

○ Do you believe exceptional individuals have a talent foridentifying their own strengths and weaknesses?

Your answer will determine if you are an individual with afixed mindset or a growth mindset.

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The ‘top’ is where the fixed mindset people want to be but it is usually where the growth mindset end up.

This is because their success is a by-product for the enthusiasm and passion for what they do.

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DID YOU KNOW?

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FIXED MINDSET PEOPLE…

○ Believe that effort is only for those withdeficiencies.

○ Believe that effort will make you appearinadequate.

○ Feel that nothing is harder than saying, “Igave it my all and it still wasn’t goodenough.”

○ Are terrified of effort because they believetrue geniuses should not need it. Effortcasts a shadow on natural ability.

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○ Failure is the worst outcome.○ Not trying beats failure.○ Stand in the way of their growth and

development.○ Believe that you are born with intelligence

and talent, you cannot create it throughhard work and effort.

○ Believe failure is a sign of stupidity, notlack of experience and skill.

FIXED MINDSET PEOPLE…

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GROWTH MINDSET PEOPLE...

○ Know that you have to work the hardest for the things you lovethe most.

○ Value what they are trying to accomplish, regardless of theoutcome.

○ Understand their current abilities are the starting point forchange.

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○ Believe in human development.

○ They do not try to prove they are better than others.

○ They are constantly trying to improve.

○ Surround themselves with like-minded people.

○ Are self-aware.

○ Able to move forward with confidence grounded in factsrather than build on fantasies about talent.

○ Brighten and expand their minds.

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WHEN YOU AREN’T WORRIED ABOUT PROTECTING YOUR FIXED ABILITIES, YOU CAN LOOK AT A MISTAKE WITH A CLEAR MIND, MAKE GOOD USE OUT OF FEEDBACK AND ALTER YOUR STRATEGIES ACCORDINGLY.

RECOGNIZE THAT…

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CHANGING MINDSETS

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○ Are you bright and resourceful but paralyzedby setbacks?

When people hold onto the fixed mindset, it’soften for good reason:

○ At some point it has served them well.

○ It told them who they were or who theywanted to be.

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○ The Growth Mindset has the power toprovide you with self-esteem as well as loveand respect from others.

○ It is not easy to embrace what has previouslyfelt threatening: challenge, struggle, criticismsand setbacks

○ It is important to understand that openingyourself up to growth is what makes youmore yourself, not less yourself.

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EXERCISE

Identify a dilemma in your life right now.

What is your fixed mindset reaction?

Now, create a growth mindset solution.

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EXAMPLE:

○ I really want to get my driver’s license.

○ I have never been good at driving so there is no point in trying.

○ I know I struggle with this so I think I will hire an instructor to help me practice until I get good enough to take my exam.

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MONEY MINDSET Our relationship with money begins in childhood.

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Consider:

Your impressions of

the people around

you who helped

you form a gauge

for who was rich

versus who was

poor

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What messages did your parents provide you with in regards to other people who had money?

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Consider:

If you were raised

to think people

with money were

selfish and greedy

then the friend who

got to go to

Disneyland became

selfish and greedy

by association.

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If your parents discussed money with you, you likely grew

up with a more confident relationship with it rather than if

your parents didn’t discuss money with you.

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DO YOU HAVE A POOR PERSON’S

MENTALITY?

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• Are you stuck in scarcity?• Are you scrambling to stay on top of your

finances?• Are you stressed out about money?• Are you complaining about what other’s

have that you don’t?

IF ANY OF THOSE SOUND LIKE YOU, IT IS TIME TO BREAK OUT OF THIS MENTALITY.

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HOW DO YOU BREAK OUT OF A POOR

MENTALITY?

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• Write yourself a reality check. Abundance starts with appreciation for your blessings.

• When you part with money, reassure yourself that you will make more.

• Make room in your budget to take pleasure from your money.

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• Educate yourself about how to manage your money.

• Spread your wealth >> donate to charity to express gratitude.

• Spend time with like-minded people.

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BE THANKFUL FOR WHAT YOU HAVE AND YOU’LL END UP

HAVING MORE.CONCENTRATE ON WHAT YOU

DON’T HAVE AND YOU WILL

NEVER, EVER, HAVE ENOUGH.

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-OPRAH

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ANSWER THE FOLLOWING QUESTIONS:

o Does money cause you discomfort?

o Are you satisfied with your life?

o How do you view yourself?

o What are your earliest memories of money?

HOW TO DETERMINE YOUR MINDSET

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• Are you comfortable to talk about money?

• How do you feel about wealth?

• Did you consider yourself rich or poor growing up?

• Was money a source of conflict growing up?

• Does money play a central theme in your thinking?

• How would you rate your level of stress around money?

ASK THESE QUESTIONS EVERY DAY, ONCE A DAY, FOR A FULL WEEK. WHAT DO YOU NOTICE? HOW DOES IT CHANGE?

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IF YOUR ANSWERS INDICATE STRESS OR DISCOMFORT,

YOU MAY BE READY FOR A CHANGE OF MINDSET ABOUT MONEY.

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HOW DO YOU CHANGE YOUR

MINDSET?

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• Understand that money is energy and the longer you believe you will never have it, the longer you will be in a money rut.

• Stop spending money on frivolous things. If money is your excuse for why you aren’t succeeding, you need to be more selective with where you are spending.

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• Start talking about what you want with everyone who will listen. Keep your goals on the forefront of your mind. You never know who you meet that may be able to help.

• Make saving money a game. When you say no to spending, put that money in a dream jar and watch it grow.

• Figure out ways to make more money. Get creative!

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WHAT WOULD IT BE LIKE TO LIVE LIFE ON YOUR TERMS,

BASED ON YOUR POSSIBILITIES RATHER

THAN YOUR LIMITATIONS.

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CREATE YOUR DREAMI learned this from my good friend, Jennifer Trask.

I especially like #8 and #9

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ONE

ALWAYS believe in yourself

• Even when things are not going “right” (ie. How will I pay this bill tomorrow?).

• Have a deep understanding this is your path and that you will find a way.

• Know that the universe will provide for you because you are capable.

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TWO

TRUST IN THE PATH,

EVEN WHEN YOU CAN’T MAKE SENSE OF IT.

• Know that you have a purpose and that things will work out even in the midst of the craziness that to others might look like you are “failing” or “going nowhere”.

• Know the universe won’t let you down and that more importantly, your passion, skills, and talents, will be put to good use in your lifetime.

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THREE

HUSTLE YOUR BUTT OFF.

• I've yet to meet an entrepreneur who hasn’t hustled to get to where they are.

• Success loves speed.

• The faster you can get the right things done, the faster you can move ahead.

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FOUR

REMAIN A STUDENT OF YOUR CRAFT.

• Continue to learn more about marketing, sales, negotiation and Real Estate.

• Never think that you know it all, because you don’t.

• Be constantly learning from others and learning from your own actions.

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FIVE

TAKE ACTION ON WHAT YOU LEARN.

• Learning things is one thing, but truly knowing it comes from taking action on it.

• It’s no good to you if it is in your head.

• Learn this quickly, and take massive action on what you learn.

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SIX

DETACH EMOTIONALLY.

• This one can be hard, especially in the early days.

• However, the better you get at emotionally detaching from the results of your business, the easier it is to fix problems (and if you are in business, you will have problems).

• The faster you can get into the solution mode, the faster you can succeed.

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SEVEN

SURROUND YOURSELF WITH OTHERS LIKE YOU, WHO BELIEVE IN YOU.

• Learn quickly that your environment matters and so do the people with whom you hang around with (especially on a regular basis).

• Specifically network and become friends with other entrepreneurs and successful people.

• Some of them will become your best friends, allies and supporters.

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EIGHTBELIEVE WHAT YOU WANT TO BELIEVE.

• Once you realize (and actually believe) that a belief is just a thought you keep thinking, you can get to the business of creating empowering meanings out of everything that is happening to you.

• Take 100% responsibility for yourself and your actions and know that whatever is flowing into your experience is because of your alignment and focus.

• The more you focus on what is working for you and how the universe is bringing you everything you need to be successful, the happier and more successful you will become.

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NINETELL YOURSELF HOW AWESOME YOU ARE, EVERYDAY.

• If you want to change your beliefs and feel worthy of success, you must wire your brain to think that way.

• Discover the patterns of thought that are literally blocking abundance from coming to you, and work on them, CONSTANTLY. I still do this.

• Do not take your mindset for granted. Know that it is like a muscle… If you stop working out, it will go limp and not work well. Your beliefs are the same. You must work on them everyday.

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TEN

BECOME OKAY WITH CHANGE.

• Realize that as you change (which will be a lot over the years), your business will change too. Become okay with that.

• Don’t be scared of having to do things differently, or trying new things.

• Accept that it is part of the deal and that the faster you become good with it, the faster you can implement change and get on with it.

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ELEVEN

GET CLEAR ON WHAT YOU REALLY WANT.

• There will be times when a lot of things aren't working. This may be because you aren’t happy.

• Being out of alignment with who you really are can cause unhappiness.

• And can come from being unclear on what you really want.

• Once you recognize this and get clear on what you want, things will get much better.

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TWELVETAKE TIME OFF WHEN YOU NEED IT.

• Many things will happen over the years that takes your focus from your business.

• Each time realize, that you may need to slip away. Can you be further along? Maybe. But who the hell cares?

• Life is amazing and its unfolding at the perfect pace. As long as you are happy at where you are, that is all that matters.

• Let go of caring what other people think (or what you think they think, not that they were necessarily thinking that), is a freeing experience.

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LAW OF DIMINISHING INTENT:AFTER 24 HOURS, YOU HAVE A 50% CHANCE OF FOLLOWING

THROUGH WITH SOMETHING YOU INTEND TO DO.

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WHAT DO YOU WANT OUT OF YOUR LIFE?

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TO CREATE WEALTH, YOU MUST FIRST BELIEVE YOU

DESERVE IT. THEN YOU MUST DECIDE TO BE IT.

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DO YOU UNDERSTAND

MONEY?

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•Money cannot buy happiness but it is not the root of all evil.

•Money helps us serve the world in a bigger way.

•In order to do good in the world, you must be able to take care of yourself.

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•You should be grateful for all the things money helps you do in your life (ie. Healthy food, charity, education, advantages for kids).

•Money gives you the gift of taking care of yourself and those around you, which allows you to live a life that makes a positive impact on the world.

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UNDERSTANDING DEBT

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•The more control you have over your debt, whether it is good or bad, the easier your life is going to be.

•Simply being out of debt will not make you wealthy.

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•If you want to accumulate cash flowing assets, you need to improve your ability to control your debt.

•Most people cannot get ahead because of their monthly bills. Once you make up your mind to do something about your financial lifestyle, you will find other ways to generate money.

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BE IN CONTROL OF YOUR DEBT

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•When you take on bad debt, you should also take on good debt (ie. Real Estate) as a means to pay for the it. The trick is to finding an asset to pay for the liability.

•Buying assets with good debt provides you with the cash flow for paying the liabilities you want.

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•When you borrow money you want to do your best not to become the person who actually pays it back.

•EXAMPLE: Bank gives you the loan but the tenant pays it off.

•Instead of saying, “I can’t afford it” you want to say, “How can I afford it?”

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GETTING OUT OF DEBT

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•Tell yourself the truth about your situation

•Stop accumulating bad debt

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• Make a list of all the debt that you owe

• Hire a bookkeeper

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•Make a visual picture of each debt

•Determine the order of paying it off (start with the most expensive)

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•Find an extra 100 – 200 dollars per month

•Put the most amount of money on the most expensive debt and the minimum payments on the rest. Once you get that paid off, you take the entire amount of the first payment and add it to the minimum payment for the second debt. Keep doing this until you are out of debt.

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WHAT DO YOU DO WHEN YOU FIND YOURSELF IN A

HOLE?

YOU STOP DIGGING.

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HAVE YOU REALIZED…

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The most expensive money you own is money that comes from your

labour. 71

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Your biggest expense in life is your personal freedom.

Real estate investing can provide you with that freedom because of the monthly cash flow and tax

benefits.

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WHAT ARE YOUR GOALS?

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IMAGINE WHAT IT WOULD BE LIKE TO ACHIEVE THEM?

REPEAT YOUR ANSWER EVERY DAY, ONCE A DAY, FOR A FULL WEEK. WHAT DO YOU NOTICE? DOES YOUR BELIEF GET

STRONGER?

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MAKE A PLAN

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o People with money are…

o Money makes people…

o I’d have more money if…

COMPLETE THESE SENTENCES:

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• My parents always thought money would…

• Money causes…

• I’m afraid if I had more money I would…

• Money is…

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• In order to have more money, I would need to…

• I think money…

• If I were really rich, I would…

• My biggest fear about money is…

78

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REPEAT THE SAME ANSWERS BUT REPLACE THE WORD MONEY

WITH SHOVEL.

HOW DOES THAT CHANGE THINGS?

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o People with shovels are…o Shovels makes people…o I’d have more shovels if…o My parents always thought shovels would…o Shovels cause…o I’m afraid if I had more shovels I would…o Shovels are…o In order to have more shovels, I would need to…o I think shovels…o If I were really rich, I would…o My biggest fear about shovels is…

COMPLETE THESE SENTENCES:

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CIRCLE ANY OF YOUR ANSWERS THAT YOU THINK MAY BE HOLDING YOU BACK FROM REACHING SUCCESS.

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CREATE A RICHER WORLD.

1. THINK ABOUT SOMEONE YOU KNOW WHO STRUGGLES FINANCIALLY AND IMAGINE THEM

WEALTHY AND SUCCESSFUL.

2. THINK ABOUT SOMEONE YOU BELIEVE IS ALREADY SUCCESSFUL AND IMAGINE THEM TEN TIMES MORE

SUCCESSFUL.

3. REVIEW YOUR ANSWERS AND ASK YOURSELF, “WHAT IS WRONG WITH BEING WEALTHY AND SUCCESSFUL?”

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IMAGINING WEALTH

1. THINK ABOUT HOW MUCH MONEY YOU HAVE IN THE BANK. WHAT DO YOU SEE: STACKS OF BILLS, A PILE OF COINS OR A BANK

STATEMENT?

2. THINK ABOUT HOW MUCH MONEY YOU HAVE COMING IN OVER THE NEXT YEAR.

WHAT DO YOU SEE: CHECKS, MONEY OR BILLS?

3. NOW LET’S HAVE SOME FUN: IMAGINE THAT NUMBER IS DOUBLE, TRIPLE OR EVEN QUADRUPLE.

WHAT DO YOU SEE?

REPEAT THIS EVERY DAY, ONCE A DAY, FOR A FULL WEEK. WHAT DO YOU NOTICE?

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LET YOUR MIND SETTLE ON AN IMAGE THAT FEELS

EXPANSIVE AND RICH TO YOU.

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o Money is not a dirty word.

o Money cannot buy happiness but it is also not the root of all evil.

o Money helps us to serve the world in a bigger way.

UNDERSTAND THAT...

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• In order to do good, you must be able to take care of yourself.

• Who you are and what you do has value.

• Being grateful for all the things money helps you do in your life brings you more value and abundance.

86

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REAL ESTATE IS AN EXPENSIVE GAME NOT TO BE IN

87

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•If you have $10,000 and you invest in mutual funds, you have $10,000.

•If you have $10,000 and you buy real estate, leveraging the other $90,000 from the bank, you have received way more value out of that initial investment.

88

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•Mutual funds do not generate cash flow. You are not entitled to depreciation benefits and it is taxed higher when it is removed from its fund.

•Real Estate makes you wealthier quicker.

89

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QUESTIONS

90

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MONEY AND THE ENERGY OF MONEY.

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• This is a topic too few understand or give attention to.

• Understanding the energy of money will drive more business, customers and cash into your life.

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IS MONEY EVERYTHING?

• It is not uncommon for people to say things like “Money isn’t everything” or “These things are more important than money.”

• They are a way to make people feel good about not being financially stable.

• The problem with this thinking is twofold with regard to the energy of money.

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• Saying things like health/family/happiness is more important than money is indicating that to have money is to make some sort of trade-off, thereby in some way accusing those with money of being absent of one or more of those ‘more treasured’ possessions.

IS MONEY EVERYTHING?

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• AND, worse, indicating your defiance against being wealthy as you do not deem it a worthwhile or healthy pursuit and where you are currently as being superior to having more money in your life.

IS MONEY EVERYTHING?

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• This is one of those subconscious, ego-driven, safety hatches that is one, pure bullshit and two, PREVENTING massive money from coming to your experience.

IS MONEY EVERYTHING?

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• The second problem with this thinking, which, has been brought about by environments, media, movies, Hollywood, etc is that money or the pursuit of making money is evil and to be looked down upon.

IS MONEY EVERYTHING?

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• If you believe that moneymaking is evil, congrats, you will get your wish and never gain or have much of it.

• Feel free to point your judgmental finger at all those with money…while they enjoy their life traveling the world with their loved ones and living in a state of abundance.

IS MONEY EVERYTHING?

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IF YOU CAN UNDERSTAND THE ENERGY OF MONEY

YOU CAN EASILY MAKE MORE

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•Your respect with regard to the energy of money will play a role in how much you make and more importantly, how much you keep in your life.

•The following example was provided by one of my mentors Ray Higdon…

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0

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• A guy purchased one of Ray’s programs.

• According to their system records, this gentleman accessed each weekly training module.

• Once he was finished, he contacted his credit card company to begin a chargeback.

EXAMPLE

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2

• A chargeback is when you dispute a charge on your credit card claiming you did not authorize it.

• Ray was able to prove how often this gentleman accessed his system. The company did not allow the chargeback to proceed.

• Ray indicated that he would have provided a refund, had this gentleman simply asked for it.

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SO WHAT DOES ALL

THIS HAVE TO DO

WITH THE ACTUAL

ENERGY OF MONEY?

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• Obviously the gentleman enjoyed the training otherwise he would not have worked with them each week.

• Because he wanted his money back, to him, money is scarce.

• He only has so much money so guess what, that will be his experience.

NOTICE THE MENTALITY.

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THROUGHOUT MY CAREER,

I HAVE LEARNED:

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6

THERE IS PLENTY OF MONEY

OUT THERE.

THERE ARE PLENTY OF CUSTOMERS OUT THERE.

NOT ONE OR A THOUSAND TRANSACTIONS WILL EVER CONVINCE ME

OTHERWISE.

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Do you know why someone who constantly gets refunds or issues unethical chargebacks is

unable to create a profitable business?

LET’S DIG DEEPER.

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• Their subconscious will tell them that all customers are just like them.

• And nobody wants to deal with that or having people try to rip them off.

• At every angle of building their business, they will carry the perception that gaining customers will hold no benefits as they will just seek refunds.

LET’S DIG DEEPER.

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•From those refunds, they will always find obstacles to NOT getting customers.

•This will enable them to avoid their own perceived pain that merchants feel when THEY refund or chargeback.

10

9

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HOW DO YOU GET MONEY? RAY HAS 4 SUGGESTIONS

1. See money as an extension of who you want to be.

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•The energy of money is sacred.

•To consider that having or making money is bad SHOULD feel like considering your right foot is bad.

•It would actually be better for you long-term to chop off your right foot than to go through life with a perception that money is evil.

•Money simply makes you more of who you are and IF you are providing value, you SHOULD make and have money!

11

1

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2. Have utmost respect for the time and intellectual property of others.

HOW DO YOU GET MONEY? RAY HAS 4 SUGGESTIONS

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•Instead of trying to figure out how much you can squeeze out of people, figure out how you can best compensate them with your time or money.

•What you put out is what you will get back.

•Others that understand the energy of money are not affected by other’s negativity toward it.

11

3

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3. Spend more money on the things you want to be able to sell.

HOW DO YOU GET MONEY? RAY HAS 4 SUGGESTIONS

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•This is mind altering advice here.

•I am NOT suggesting to never get a refund if it is justified nor am I saying to spend money on the fly. But…

•If you want to be able to sell information training products, be willing to invest in the information training products of others.

11

5

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4. Practice what you preach and sow what you reap.

11

6

HOW DO YOU GET MONEY? RAY HAS 4 SUGGESTIONS

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If you want people to Joint Venture – consider Joint Venturing with others…If you want to sell high end coaching, be the person willing to spend money on high end coaching.

Personally, over the last three years, we have invested $116,000 USD to work with Ray and Jessica. I suspect this investment will help us to:

• Make an additional several hundred thousand dollars; and

• Serve at a much higher level to those who want to reach the next level.

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NOW YOU KNOW THE

ENERGY OF MONEY.

Treat this knowledge as power and you WILL make different choices that will bring more RICHES and ABUNDANCE

to you.

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I HOPE RAY’S

CONCEPT

RESONATED

WITH YOU THE

WAY IT HAS

WITH ME.

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ASSIGNMENT CONTRACTS

120

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WHAT IS AN ASSIGNMENT?

• An agreement that transfers your contractual rights to a third party

• It sets out the parties, timing, assignment monies, and other details in writing

121

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WHY USE AN ASSIGNMENT?

• The “Big Gap” scenario ties up a property until you can find an Assignee who wants the property typically because ARV is much larger than price.

• The “Rising Market” scenario allows you to get control of a property in a hot market

• The “Joint Venture” scenario allows the investor and finder to join forces

122

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POINTS TO REMEMBER• Lenders and title insurance companies are

hesitant to include an assignee in a contract add “buyer reserves the right to unilaterally amend buyer’s name” in the term and conditions section.

(Cont’d)

123

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•This change would than take place as an Amendment to the contract after the fact.

•Full disclosure is important at all times to your lender/broker

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4

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PAY ME THE $$!

• An assignment is a sale of a contractual right – not a real estate transaction

• Don’t release the assignment document to the ultimate buyer until you have all assignment monies and return of deposit in your hands

125

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TIMING

• In a busy market, most real estate processes take longer

• The Assignment process usually shortens the time available to close the transactions

126

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CLARITY

• Your realtor, lender, Assignee, or lawyers may not be clear about the Assignment

• Explain the process to everyone in the chain

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LIABILITY

• What happens if the ultimate buyer (Assignee) does not close on the property?

• The seller has no contract with the Assignee

When the sale collapses, be prepared to close on the deal yourself

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DUE DILIGENCE

• Be confident on every buying decision

• Early written disclosure is best and provides some measure of protection from an Assignee who later says you misrepresented the property.

• As an Assignor, you continue to remain liable even after you have assigned

• Ensure Assignee acknowledges in writing what you have told them about the due diligence you have done.

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SPECIFICS

• Finalize your Assignment before the deal goes unconditional. Let the Realtor know and if a private sale let the seller know.

• Amend the contract in writing to show that there is a new buyer.

• Call your lawyer early on and discuss your plans in detail.

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AGREEMENTS FOR SALE

131

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WHY USE ANAGREEMENT FOR SALE?

132

An AFS is a way to buy property with seller financing that takes care of non-assumable mortgages.

Title and original mortgage remains in seller’s name

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CLOSING A DEAL WITH AN AGREEMENT FOR SALE

133

Don’t use the short, simple offer to purchase templates available.

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Be sure to include assignability, insurance, taxes, upkeep and repairs, items of default, remedies payouts, renewals, interest rates.

Also include how they are calculated, responsibility for keeping existing financing up to date and what happens if it isn’t, plus numerous other important details.

13

4

CLOSING A DEAL WITH AN AGREEMENT FOR SALE

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PROTECTING THE BUYER

135

Prepare an exit strategy by registering a caveat against the title at the Land Titles Office to claim an interest in the property as a buyer under the Agreement of Sale.

Match the AFS to the seller’s mortgage renewal dates.

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AGREEMENT FOR SALE CONTRACT

• You Can buy or sell a property by Agreement For Sale using this terminology.

“ by way of agreement for sale”

• The buyer pays a certain amount of the purchase price by cash and the balance is owed to the seller under financing structure known as “Unpaid Sellers Equity.

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WHY AN AGREEMENT FOR SALE

IS ATTRACTIVE TO THE SELLER

• Seller’s profit comes from charging a margin on the sales price and/or on the interest rate.

• Ie: Purchase Price $350,000

• Deposit $20,000

• By way of $330,000

• Unpaid Seller’s Equity at 7%

(Cont’d)

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•Seller continues making mortgage payments at current rate (4%)

•Many people cannot qualify for traditional mortgage so opens the sale up to a lot more people.

•Buyer is responsible for all normal ownership costs – property taxes, insurance, repairs etc.

•Eliminates the possibility of long vacancies as property becomes someone’s long-term home.

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8

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Examples

• Seller has negative equity, maybe bought at the height of a boom, prices have fallen, their high ratio mortgage now has a principal larger than the FMV.

(Cont’d)

139

WHY AN AGREEMENT FOR SALE

IS ATTRACTIVE TO THE SELLER

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WHY AN AGREEMENT FOR SALE

IS ATTRACTIVE TO THE SELLER

• Can’t sell with a Realtor because fees will take up the $10,000 plus that they don’t have.

• Seller has positive equity but doesn’t need the money. Seller can save thousands on RE commissions, payout penalties, earn a better return than at the bank and if a fellow Investor can defer taxes.

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0

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BE CAREFUL ABOUT PAYOUTS

• If Buyer cashes out early you may be left with a mortgage penalty – Seller may want to put a penalty clause in the AFS to cover this possibility.

• Seller could also put in a quit claim in the agreement stating that if the Buyer goes into default – there will be no claim against the seller

141

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WHY AN AFS IS ATTRACTIVE TO THE INVESTOR BUYER

142

It allows the investor to have control of another property without qualifying for a mortgage, and possibly less than 20% down.

Can be a win/win situation for both buyer and seller.

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POTENTIAL TAX TREATMENT

143

Is your profit taxed as income or as a capital gain? Make sure you document your intention with each property.

Make sure you maximize your tax position.

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QUESTIONS

144

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NEXT WEEK

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JOINT VENTURES

• A proven path to prosperity.

• Explore the many ways to draft a Joint Venture Agreement.

• Discover how to create a win/win deal in order to secure repeat investors.

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CONNECT WITH EDNA

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