Rent The House Don't Sell It #shorts

I Told My Friend To Not Sell His House & Instead Rent It Out Because Of His 2.8% Interest Rate.
#shorts #rental #realestate #wealth #wealthbuilding

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[johnrhue]

This is all based on the hope that all bills get paid and the folks on both ends are honest.

[johnk]

Because everyone can carry a $4.8 million loan while qualifying for another loan.

[Nextbesthing]

He makes it sound so simple, when you have people squatting in homes and giving owners HELL.

[Ray-bl]

Bought my 1st home this way.At the time couldn't get a bank loan due to no credit
And being young.The owner was a kind old man who have me a chance and carried the loan.I paid the loan off in a 8 years.I will always thank the old guy for giving me chance.

[gregshuffield]

If your Buddy has a 4 million $ property.
He doesn't need your advice.

[fredlebhart]

“Just rent it out, it’s almost like a rental!”

[User_hsj]

All fun and games until the original bank calls the note due…

[thomasrichardson-evwp]

That’s called a wrap around loan. If the bank gets knowledge without their approval they can call the loan due. The new owner also has to have faith that you will pay original loan.

[anthonyanderson]

He said if a guy misses one payment put it back on the market. Heartless

[duncanlundeen]

A lot of mortgages contain a "due on sale clause, " meaning when the bank finds out you are doing this, they call the note due within 30 days... food for thought.

[ianharper]

Only problem is you can’t owner finance a property you don’t own.

[stevel]

Sounds good on paper. Unfortunately everyone is looking out for their own best interest and something will go sideways when it comes down to it. The only thing that might make this work would be the down payment, as the owner you should take that and view it as 1 year + worth of payments on the property. It’s not yours, it’s your cushion for WHEN something goes wrong

[jakejimstone]

It won't work in Canada. You have to renegotiate an interest rate on your mortgage every 3-5 years (no longer).

[isaactrujillo]

Love that Grant took what Pace shared and incorporated within his strategy to win.

[sigh]

When he said 2.8%, I knew right away that guy is using a VA loan. Thank you for your service, Sir! You deserve it!

[kleinkbkayb]

My poor dad played the lottery to get rich. My rich dad said winning the lottery won’t make you rich unless you change your poor man habits.

[jasn]

It’s called a subject to. The buyer is buying the house subject to the sellers existing mortgage

[SAIFBIN]

Bases everything on best case scenarios.

[scotthouchins]

Grant Cardone thanks for your excellent advice always! From used car salesman to super successful billionaire 💪🇺🇸🥃

[argelisv]

I think he is saying the current owner becomes the bank to the new owner. If the new owner can't pay, then he goes through foreclosure. Then the house comes back to the original owner and he can do it all over again. Not sure but I think that is what he is talking about.