Student Testimonial Owner Financing
I recently became aware of a message one of my students, Azhar Hirani, posted on BiggerPockets.com. I not sure the post will get approved by BiggerPockets because of their strict “Anti- Guru” policy, but that ‘s beside the point.
The real point of being a mentor is to help people grow…not the fee. I believe if you’re really helping people involved in your mentorship, the income will take care of itself. When I see posts like this, I feel like what I’m doing is about more than the fee I charge.
Azhar sent me a copy of his post. If you’re a mentor, you live for these kinds of emails. This is what Azhar posted;
“I wanted to shared my experience with Owner Financing which I am going through. The reason I am sharing this is because I know lots of people are scared of selling their homes via owner financing because a lot of negativity is behind them. Especially now due to all the law changes and Dodd-Frank Act going through some changes and also due to just plain ignorance of not knowing what to do is driving people away.I too thought this way till recently when I thought I was done with owner financing (I was regularly selling all last year via owner financing until I got scared recently because of the new changes).
I tried to sell one of my smaller town homes which I rehabbed and tried to sell upfront (which took 6 months and no bites). Then i tried to rent it out and didn’t get what I was looking for. Then, I had to turn towards my mentor, Mitch Stephens, who guided me step by step on how to sell this property and sell it for more than what i was originally selling it for via owner finance. Plus, all the education I received through his friends in the industry (Lawyers and Mortgage originators).
I just wanted to let you guys know that I have now gotten multiple offers on the house I am selling for and people are fighting to get it. So the bottom line is that OWNER FINANCING is NOT illegal or is not out of favor.
I feel this really saved my deal. I am currently in the middle of closing this in the next couple of days and wanted to share this with everyone. Don’t be afraid of owner financing! jump right into it. and if you have any doubts, you can always find a mentor the way I did.”