It happens. We've all been there for whatever reason. Banged up, bruised credit, divorce, job loss, medical bills, you name it, it happens.
But what if there was a way that I could show you how you could buy a house, your credit not be an issue, your new job not be an issue, self-employed not be an issue because you write a lot of stuff off, I'm too self-employed. That's exactly what I'm going to show you in this video. Your credit's not going to matter, your job history is not going to matter, and the amount of money that you write off is not going to matter. None of that stuff is going to matter. I'm going to show you exactly how you can purchase a house.
regardless of your circumstance. Now if you haven't already done so, subscribe to the channel. My name is Wayne Turner. For nearly 30 years I've helped thousands of people purchase houses and I discovered this way that you can purchase a house 15 years ago. I'd always heard about it but I'd never seen people really do it.
I'd never helped people do it and I too have purchased a house this way. What I'm talking about is owner financing. You see there's people out there that own homes, they own land, they own property. And they're excited to be able to sell the property to you on owner's terms.
There's no bank involved. There's no credit union involved. There's no mortgage company involved. It's just a transaction where you purchase the house directly from the homeowner. And it's all legal.
It's all recorded. You simply give them a down payment. They amortize that over 30 years, just like a traditional mortgage. They typically put an interest rate on that anywhere from one and a half to... 1.25% over what the current rate is.
If the rate's 6%, you may have to pay 7.5%. But listen, you have to understand this. It's not so much the cost of the money.
It's the availability of the money because you can always refinance this property in the years to come. Now, when I say refinance the property and I say availability of the money, you have to know this. You're not borrowing the money, per se. You're buying a property from someone that 99% of the time, they own that property free and clear. And so since they own that property free and clear, they can own or finance it.
They can say, okay, I'll sell you this house for $200,000. I'm not loaning you $200,000. I'm letting you purchase my house for $200,000, and you're going to pay me over time just like a traditional mortgage.
As I mentioned, it's amortized over 30 years to keep your payment down, and the rates, they're negotiable. And that's what we do as real estate agents, of course. We help you find these properties.
I've got a team of agents all around the country. You can go to waynturner.com, click buying. It shows you exactly. Just tell us what you're looking to do and we'll find the properties for you.
It's quite that simple. But here's how it works. You have to have 10% down.
You have to have cash. If you have cash, and a lot of people come to me and say, wait, my credit's bruised, I got a new job, I'm self-employed, but I got cash, I can come up with cash. Well, if you've got cash, you can buy these houses.
10%, $200,000 house is going to cost you $20,000. You can come up with $20,000, you can buy a house. Listen, there's no background check, there's no job history check, there's no credit check on... 90% of these homes if not more you just have to write a check for 10% of the down payment and you own a home Now what's really cool about this is a lot of these properties are empty.
They're vacant reason Why they're vacant is because perhaps it was a person that bought that home, and they don't want to be a landlord anymore They bought and that you know I just want a rental property, and then they say I don't want any more rental properties Perhaps you're one of those people give us a thumbs up if that's the case or tell us your story I bought a rental house and didn't like it If you own rental properties, there's real estate investors that own lots of rental properties and they're up in retirement years and they don't want to deal with this anymore. So they'll take the property instead of continuing to rent it, they will sell it on owner's terms. And this helps them in as far as their taxes and how much they pay on their taxes because they're not selling the property outright.
But you can see how a lot of these properties are vacant. Now what that means to you, which is really exciting, is that you can close on one of these houses literally in about two weeks. You can go to WayneTurner.com, click buying, tell me what you're looking for, let me know, yes Wayne I got 10%, let's go, help me find one. We can certainly do that and you can be literally moving into your new home in two weeks from watching this video.
Now there are some things you need to know and some mistakes you need to avoid making. One is you got to know of course you got to have 10% down, right? But you also have to know that there's an additional cost to pay the attorney. So I'll tell people you got 10% to put down, that's your down payment.
And that down payment goes towards the balance of what the seller is selling you the property for. You buy a $200,000 home to make this here all easy, and you put down 10%, you're putting down $20,000. Your balance is now $180,000.
Your payment is based on the $180,000. Now what's really cool about that is you don't have to pay PMI. You don't have to pay private mortgage insurance. That's an insurance that mortgage companies take out when you don't put 20% down on a property. And that covers their base in case you default on the loan, they have to foreclose on the property.
That can run into the hundreds of dollars a month. So that alone saves you money in your monthly payment. Now, it's also important to know that you can have these homes inspected.
There are thousands of homes like this all around the country available for sale. And a lot of people feel like, well, since the seller's doing me a favor and selling me the property and they're not checking my credit, my job history, or any of that, then I don't have to do an inspection or maybe I shouldn't do an inspection. And listen, you want to do an inspection on the property. After you do the inspection, you can tell the seller, hey, I still want to buy the house, but there's a broken window or a leaky faucet or the leaky roof.
And their bottom line, they'll say yes or no. More than likely, they're going to say yes because you have to understand, they're selling you the property. And if you don't pay the monthly mortgage payment, they can take the property back just like a mortgage company can. They can foreclose on the property, of course. But it's important to know that now instead of later.
You can also purchase a home warranty on the property. So that way you purchase the property. Home warranty will cover major appliances, water heater, central heating there, things like that.
Always get it inspected and always put a warranty on the property. I put them on all of my properties. Some people don't like home warranties. They're $800 and at the end of the day it gives you peace of mind because if something breaks, you don't have to pay $700, $800 to fix it.
You pay a $100 service fee. Now I mentioned paying the attorney fee to close the transaction. Typically that's anywhere from $400 to $500 to close the transaction.
But here's the mistake that a lot of people make. They purchase a property like that, owner financing, and the seller finances the property if you will, but they don't get a title policy on the property. And a title policy is going to cover the house in case there's any back taxes, liens, encumbrances, mechanical liens, anybody's done any work on the property. Unlike automobile insurance covers you from the day you purchase automobile insurance, for example, until you cancel the policy into the future. Well, title policy does the reverse.
It covers everything backwards. So if anything has been done on that property, any liens, what the attorney does is they do research and make sure there's a clear title on the property. There's a clear deed. That way, when the title and deed and everything goes into your name, no one's going to come knocking on your door and say, I replaced the central heating and air.
That's why it's new. No one paid me my $7,000. They can't do that. Of course, they can knock on your door, but you can say, hey, I got a title policy.
Sorry, you'll have to take it up with the guy that I bought the property from. Now, I mentioned refining the property. I mentioned interest rate. I mentioned, you know, it's not so much the cost of the money, it's the availability of the money. And a lot of people say, oh, seven and a half percent rate.
That's high, Wayne. I'm like, listen, you're putting 10% down, right? But you also have to remember that you don't have to pay private mortgage insurance, which is going to save you several hundred bucks a month. So even though you may be paying Seven and a half percent rate and you put ten percent down on the property, you got equity in it. It's not six percent, right?
It's seven and a half, but you're not paying PMI. So that difference is the difference in if you bought a house traditionally and put ten percent down and had to pay private mortgage insurance. So you have to look at every little detail and that's what my team and I do regardless of the state, regardless of the city. If you're watching this video we can help you find and buy one of these homes and literally you can be in your new home in the next 30 days. Now a lot of people say, Wayne, I'm self-employed, I write a lot of stuff off every year, or I just filed bankruptcy two years ago.
Well, here's what's really important to know. If you filed bankruptcy two years ago, two years from your discharge date, you can get an FHA loan. Three years from your discharge date, you can get a conventional loan. So you see, as long as you're diligent and working on your credit to improve your credit, even if you filed bankruptcy today, you're watching this video and it was discharged today.
Well, three years from now, you can get a conventional loan. So here's the way it works. You purchase one of these houses, you put 10% down. You have to know that now you have equity in a property.
You have $20,000 of your money that you put down. You're also living in the property. Your driver's license is your home, right?
So are your utility bills. Everything is right there. So when you go to refinance that property, they're going to appraise it. It's going to go up in value over three years. Just about guarantee you that unless you're in certain specific populated...
States, you know what I mean. But at that point, you can refinance the property and you have equity in the property. And those refinances, any mortgage lender will tell you those are easy, as long as you get that credit score over 620, because that's the baseline for a loan. Now you're buying a property that you put 20% down, you're refining a property that you have equity in, and you have a 620 credit score.
It's absolutely one of the easiest ways. to refinance the property. And the reason why I say that is because a lot of these homes, they'll put what they call a call on them.
So in other words, they'll amateurize it over 30 years. However, in two to three years, they're going to ask that you go ahead and refinance the property. So at that point, they do get all their money back.
That's not always the case, but that's the case probably about 70% of the time. And listen, the reason why I tell you this is so you'll know all of this information up front. So you're not shocked by anything. So it will be amateurized over 30 years. 360 payments and they will say in 36 payments you're going to know now that you're going to have to get a traditional mortgage from like a credit union or mortgage company those are the two i always recommend it's just me personally and that way you can refinance the property get it out of their name they get all their money and you're still living in the house now it's also important to know that the time that you're living in that home the three years years or two years before that, should you decide to sell the property, you can actually put it on the market and sell it.
That's what's really important to know. So if it's one of those situations where you buy the house, you've got equity in the home, you get job transfer, job relocation, or whatever the circumstance or situation may be, you can sell the property. The proceeds go to you. The only thing that you're responsible for to pay the seller is exactly what you promised to pay them.
You've got to know this too, your balance is going down because you have an interest rate, but you're also paying the principal balance. So in two to three years, you're going to owe less than what you're financing, and you're going to have equity in the property to make it a win-win. Now, we make it easy to find these properties because basically when a home is put for sale, real estate agents and brokers disclose in the MLS, the Multiple Listing Service, and that's the database that we all use to connect and see properties as agents around the country. We disclose in there if the owner is willing to sell the property under owner's terms.
And when they do that, we can simply search by filter, just like we can bedrooms, bathrooms, square footage, price. And in doing so, we can connect you with the property. We can give you a list of actual homes. So if you're interested in one of these properties, once again, go to WayneTurner.com, reach out to me, tell me what you're looking for. We also look out for your interest in terms of, we make sure you have a copy of the survey, because the survey is going to tell you, and you want to walk the property always, so make sure there's no...
encroachments on the property. You want to make sure there's neighbors garage fence or nothing like that is on your property before you take possession of it. And also we also look out for flood zones.
You just never know just because you may not live close to a lake or live close to a ocean if you will, you may be close to a creek and that property may be in a flood zone. You want to know that now as opposed to after you take possession or even the day before. You close on a property. That happened to me, believe it or not, and I was a real estate agent.
They said, oh yeah, that property's in a flood zone. I had no idea. The moral of the story is, we can help you.
We can find you a house. We can get you connected. My name is Wayne Turner.
Thank you for watching. My ultimate goal is to make sure that you know in the simplest form how to purchase real estate, how to buy properties. I'll teach you everything I know.
I thank you for watching. Once again, subscribe to the channel. Give us a thumbs up.
I'm Wayne Turner. God bless you.