Getting Sellers to Finance Your Purchase, with Walter Wofford
Since 1981 Walter Wofford has been an active real estate investor in the Jackson, MS area. He specializes in developing passive income by creating tax-free net worth and cash flow through seller financing in the affordable housing area. These methods combine note creation, IRA and Retirement Account investing with Trust Entities creating cash flow and building net worth. And creating profits for both today and in the future . . . tax-free.
Walter is also focused on improving his local community with Affordable Housing for 1st-time homebuyers in the Jackson Mississippi Area. He also teaches others how to help tenants become homeowners by creating short term discounted Seller Financed Notes with Trusts and IRAs for cash flow and wealth generation.
During his career, Walter has bought and sold over 1000 houses and renovated neighborhoods in the central Mississippi area. Combining wholesaling, retailing and IRA investing provides an unbeatable strategy for today . . . and it can be successfully used in all areas of the country.
What you’ll learn about in this episode:
- How Walter defines an “impact investor”, and why being an impact investor creates success for all involved
- Why Walter exclusively uses IRAs to fund his transactions and avoids the banks
- The reason Walter wants the payments to be reasonable based on what the resident can afford to pay
- How Walter makes more money from a note worth $450 a month than with $800 a month in rent
- Why Walter insists on getting a low-interest rate and considers it a deal breaker if he doesn’t
- Why Walter asks for a right of first refusal unless the owner is selling to a family member
- Why residual income is important, and why you should have an exit strategy already in mind when you go into a deal
- What a “substitution of the collateral clause” is, and how Walter used it to move one mortgage eight times
- Walter shares anecdotes of some of the more unique deals he has been able to complete in his career
- How Walter has built a “Financial Friends” network of investors to help connect people for deals, funding and other purposes