Bonus: Buying Rentals With Creative Financing
Rental Income Podcast With Dan Lane
Rental Income Podcast
4.8 • 836 Ratings
🗓️ 29 April 2021
⏱️ 16 minutes
🧾️ Download transcript
Summary
We talk about how they found private lenders that will loan them money to purchase and rehab properties. They share how they found the private lenders and details about how they structure the deals.
We also talk about how they recently bought a property where the seller financed the property at 0% interest.
Transcript
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| 0:00.0 | inspiring interviews with today's top landlords this is the rental income podcast and now dan lane you guys |
| 0:10.1 | have borrowed money from local investors that you found and you're paying them a pretty high interest rate |
| 0:17.0 | why are you paying them so much money when you could just go to the bank and borrow money |
| 0:22.0 | pretty cheaply? Well, we found that if you can offer cash and buy things as is, particularly |
| 0:28.5 | properties that banks don't want to finance, maybe they're not in a livable condition, |
| 0:32.9 | you can make a stronger offer. So cash offers with fast closings help solve some problems for sellers. |
| 0:40.0 | And that made our offers stronger. And then we could come back later with some sort of bank |
| 0:44.6 | financing and refinance out of the private money. And also as a firefighter and teacher, our first |
| 0:51.2 | property was every penny we had. And so we thought this is going to take forever to save |
| 0:57.6 | this much cash to grow our portfolio. So this was a way to buy using private money, gave us the |
| 1:04.0 | ability to be able to buy these properties with zero money out of our pockets. And that's really |
| 1:10.5 | what helped our portfolio grow because otherwise it would have taken us forever with our salaries. |
| 1:15.4 | Will and Veronica have used a couple of different creative financing strategies to build out their |
| 1:21.2 | portfolio. |
| 1:22.5 | And today on the podcast, we're going to find out exactly what they've done and how they did it. |
| 1:27.3 | Joining us on the show today for a repeat appearance from San Antonio. Our Will and Veronica Pritchard will take a really quick break. We'll come right back and we'll talk to Will and Veronica. You probably started buying rentals for the passive income. But if you're not smart about the way that you manage your rentals, |
| 1:46.3 | it can really start to feel like a full-time job. I want to let you know about a free tool that |
| 1:52.7 | can help you streamline the leasing and management of your rentals. It's Apartments.com. |
| 1:59.5 | They're not just for apartment owners. |
| 2:01.6 | If you own single families, duplexes, condos, or even apartments, you can now manage |
| 2:08.1 | all of your rentals on Apartments.com. |
| 2:11.8 | You can find tenants, screen applicants, create leases, collect rent, and track your expenses, which makes your tax prep |
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