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MAREI Workshop: Deep Dive into Sub2 Deals with William Tingle

with... William Tingle

How to Find Them, How to Negotiate Them, How to Paper Them and How to Profit

Saturday, November 16, 2019

Holiday Inn & Suites - OP West
8787 Reeder Road
Overland Park, KS 66214

What is a “Subject 2” Deal?

The typical  "Sub2 "deal involves having a seller deed the property to you while leaving the existing mortgage in place. There is no “formal” assumption of the loan, you just start making the payments. There are many variations to this type of deal and as many ways to “take one down” as there are investors doing it. We will cover it all right here.

Subject 2, The Good, The Bad, and The Ugly

The “sub2” method is William Tingle's personal favorite way of buying a property. It is fast, simple, and at least for William, relatively easy to negotiate with a seller. Is it without risk? NO! There are hundreds of teachers, gurus and mentors out there selling courses that try to sell this method as “Risk-Free!” “No Cash or Credit needed!” This is simply not the case. It is a fantastic method of acquiring real estate but it must be done responsibly and with the proper education.

Get Them to Give You the Deed

This is  William's area of expertise and a great way to build a portfolio for long term cash flow. Think about it, who gets better rates on a mortgage than a homeowner? Right now in 2019, a homeowner with good credit can get a fixed-rate mortgage for about 3.5 to 4% interest! Imagine having your rental portfolio full of those deals! 

Maybe you are not into the rental scene (me either) but still want long-term cash flow without the management headaches. William's exit strategy on most of his deals is to sell them with owner financing. Imagine taking over a property with an actual value of 85k for the balance of 70k. Your house has an interest rate of 4% and a monthly payment of $420. You sell for the actual market value of 85k with 8k down and finance the balance of 77k @ 10%. The buyer’s payment to you will be $675 per month. You get 8k in cash up front and $250 per month for the next 30 years.

How many of those do you need to give up the day job?

Who is William Tingle?

In June 1999, William was a District Manager for a national restaurant chain. He knew absolutely nothing about real estate, could not tell a deed from a mortgage. What he DID know was that he was tired of working 80+ hours a week and never seeing his family. One night while out of town for work, staying in a motel room, he was up at 2 am. There on the television was Carleton Sheets. He had probably watched that infomercial 1000 times over the past 10 years but something made him order the program that night.

In the week that followed, while waiting for the course, he was all over the internet, learning all he could about “Creative Real Estate”. He found several websites and met many other investors who seemed to think differently from most of the other people he knew. These guys spoke of things like “cash flow” and “return on investment”. This stuff was all Greek .

His course arrived a week later and armed with the knowledge in that book, he was off and running! He bought 2 houses that first month, both with bank loans. Even though he had little cash, he was fortunate to have great credit.
During this time, he was hearing more and more about this other method of buying the property. You just take overpayments, the seller deeds you the property while they stay on the loan. Who in the heck would do that, he thought? Not long after, He found out.

A young fellow called him who had just bought a new home 8 months before. He and his wife were divorcing and neither could afford the home on their own. William drove out, walked through the house (it was beautiful) and said, “If I could take over your payments until I could sell it, would that work for you?” He said, “What do I sign?” William almost fell off my chair! He took over payments on that house and sold it with owner financing. He got 13k down and collected cash flow for over 2 years. They refinanced a couple of years later and he got another 9k. All totaled,  the profit was over 26k on that house.

Since then, William has taken over 500 houses much the same way. He has since added rehabbing, flipping and Lease/Options to my toolbox but Sub2 is far and away his favorite.

Five months after buying that first sub2 house, William left his full-time job for good. Being a full-time investor lets him enjoy life like never before and he is grateful to God every day for making sure he was awake that morning at 2am to see that Carleton Sheets infomercial.

Where Will You Be in 5 Years?

William has his goals set for the next several years. Are yours? Where do you see yourself in five years? Can you picture being there? Are you willing to work hard enough to achieve those goals? These are the questions you should ask before jumping into any venture. If you want it bad enough you’ll take the necessary steps and have the commitment to stay the course no matter what. Please join William at MAREI in November.  He will be at the monthly meeting and teaching a full day hands on training.  Something he has not done in a while, but we can tell you when he taught this class several years ago at MAREI it was packed with info, easy to understand and something that any member could actually master fairly easily. and implement in their master plan.

So what are you doing Tuesday night on the 12th and Saturday on the 16th - clear your calendar and join us.


Members:
$59.00
Non-Members:
$79.00


Members w/Guest:
$89.00
Non-Members w/Guest:
$109.00

Early Bird Special Pricing...
Up To 10/31/2019
Members: $39.00 -- Non-Members: $59.00

11/1/2019 to 11/13/2019
Members: $49.00 -- Non-Members: $69.00

Regular Price
Members: $59.00 -- Non-Members: $79.00


Date: Saturday, November 16, 2019
Time: 9:00 AM - 4:00 PM
Nov
16

Location:
Holiday Inn & Suites - OP West
8787 Reeder Road
Overland Park, KS 66214

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  • Leawood, KS 66209

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