In-Depth Explanation of Seller Finance Paperwork | Subto Breakout
Wholesale Hotline | Brent Daniels
Wholesale Hotline
4.9 • 586 Ratings
🗓️ 2 February 2024
⏱️ 22 minutes
🧾️ Download transcript
Summary
On today's Wholesale Hotline Podcast (Subto Edition), Pace Morby explains the exact paperwork you'll need to complete a successful seller finance transaction.
Show notes:
- Pace explains why a Turo deal works -- with full breakdown of the numbers.
- Molly walks you through all the paperwork you'll need in a creative deal.
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❎ I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a Podcast for entertainment purposes ONLY ❎
Transcript
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| 0:00.0 | Hey guys, Pace Morby here. Welcome to Wholesale Hotline Podcast. Today, we're going to be talking about |
| 0:04.0 | wholesaling and how you can get started. But I want to tell you, wholesaling is not just an amazing way for you |
| 0:08.6 | to get started in real estate, but you can also build cash flow and build a portfolio in the process. |
| 0:15.2 | Today's episode, you will walk away with tremendous notes. And I want you to remember, we do a live |
| 0:20.5 | episode every Monday night |
| 0:22.5 | over on my YouTube channel, YouTube.com forward slash pace morby. Head over there and you can meet |
| 0:28.4 | other audience members and do deals in the live chat. Remember to subscribe, give us a little bit |
| 0:34.5 | of love, and make some comments in the show notes down below so we know what to talk about in the future |
| 0:38.8 | Enjoy today's episode. |
| 0:45.8 | I am a motivated seller, right? I'm a motivated seller. I go look man, I could sell this car right now. I went to Kelly Bluebook. |
| 0:52.6 | Kelly Bluebook says that this vehicle right now, KBB.com, says that this Tesla is worth $56,000 private party. Okay, $56,000. So I go, okay, I'm going to give somebody terms, which means I could probably bump up my price a little bit, as long as I'm willing to give them really low payment or even 0% seller finance on a certain portion of it. Because if I sold this on the open market, I probably |
| 1:15.6 | would get like 50 grand. Okay. Now I owe on a car loan, I owe $35,000. Angelo is actually |
| 1:24.6 | going to take over the payments for this car payment and I'm going to sell this vehicle to Angelo for $60,000. |
| 1:31.0 | But what is cool about this is that Angelo is going to come in with $5,000 down payment. |
| 1:36.1 | He's going to take over the $35,000 loan that I have already set up. |
| 1:41.0 | So he's buying that subject to, except it's not. |
| 1:44.1 | It's the release option. And we're actually going to go through and sign the paperwork. So stay tuned for it. I just want to show you the structure. So $60,000. Sellar gets a little bit. But remember, everything is like a teeter totter, right? So here I am. I'm the seller and I've got a high purchase price. Well, I've got to give the buyer something to counteract. |
| 2:02.6 | And so what I'm going to give Angelo is I'm going to give Angelo 0% interest on my remaining |
| 2:07.6 | equity on this car. And I'm also going to make it so he doesn't have to make any payments |
| 2:12.1 | on my equity until this payment is paid off. So I'm going to make it easy for him to be |
| 2:16.8 | able to go out and cash flow |
| 2:18.1 | because the greatest security, remember this, the greatest security that a seller can receive |
... |
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