My guest today, Eddie Speed, is the most knowledgeable man I know in this business. I’m so pleased to have him as my guest.
Eddie’s in my Collective Genius MasterMind group. He’s someone I go to with questions all the time. Eddie began in this business in 1980 when his father-in-law got him started buying seller notes.
His volume grew significantly when he started buying notes from real estate investors.
Eddie buys land… mostly from people who owner finance. He then breaks up the land into smaller parcels and sells the parcels to people that he owner finances, and the margins are beautiful.
Wholesalers can talk up seller financing to negotiate repayment terms and pay the seller the asking price. There are many ways to approach sellers about it, and Eddie gives examples.
You can pay retail price and make money on the financing with what Eddie calls soft terms. Or you can make cash flow by renting the property. First thing you do is solve the pain point of the seller.
You can do deals with this kind of creative financing that you wouldn’t do with straight wholesaling. It gives you another tool to grow your business.
The stress that the real estate market is hitting right now makes creative financing strategies even more useful. If you learn them now, you’ll benefit the rest of your career.
Listen and learn:
- The market downturn has an upside
- Wholesalers benefit from seller financing
- Give seller full disclosure about financing
- Use wraparound mortgage for resell
Mentioned in this episode:
- Joe’s podcasts: Real Estate Investing Mastery Podcast
- Joe’s free wholesaling class: text ‘flip’ to 313131 or search Flip Mindmap
- Leave reviews of podcasts wherever you listen
- Eddie’s videos include the math: The NoteSchool
- Joe and Eddie’s creative financing webinar: REIMPodcast.com/speed
- Eddie’s website: NoteSchool
- Eddie’s monthly newsletter: The Buyline
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