What is a motivated seller? Is it a person who wants to be free of debt or someone who doesn’t want to lose their house due to foreclosure?
Take a look at this short video and learn the answers from Jay Conner & his guest Dwan Bent-Twyford.
Dwan started as a broke, single mom who had been fired from Denny’s! Having nowhere to go but up, she started rehabbing foreclosures.
Fast forward 30 years to NOW. Dwan’s insane amount of investing knowledge and her unique, open-style, and down-to-earth personality make her a highly sought-after podcast guest.
Her latest book was also a New York Times Best-Seller co-written with Steve Forbes called “SuccessOnomics.” Mr. Forbes chose Dwan to help write his book because he, also, considers her to be one of the nation’s top real estate investing experts.
Dwan has closed over 2,000 real estate deals through flipping and rehabbing. She is the founder of Dwanderful; a company that specializes in teaching real estate investors how to become millionaires and live their dreams!
Click on this link to watch the complete episode: https://youtu.be/Pk_ai5a9udg – “Helping People Getting Through Foreclosures with Jay Conner & Dwan Bent-Twyford”
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Jay Conner has been investing in Real Estate for over 15 years. He typically makes 2 deals a month. He has bought and sold over 400 homes.
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Jay Conner:
One of the most common questions I’ll get from new real estate investors has never heard of that strategy. They’ll say, well, who in their right mind would agree to deed me their house and keep the mortgage in their name? And I tell them I’m going to make their payments. Well, the answer is a motivated seller that is looking for debt relief.
Dwan Bent-Twyford:
Yes. That’s probably the number one question I also get. And I tell people, I say, you know, like to a brand new student, I would say, listen, you have to understand you’re not in that situation. That person doesn’t want to lose their house to foreclosure. If I made their payments every month that I make an on-time payment, their credit gets better. So if I say, Hey, Jay deed your house to me, I’ll make payments. And in five years, I’ll refinance it, take your name off of it and release you have the obligation. I make all the payments on time for five years, you had a foreclosure, you were doing bad, then you have five years of perfect payments. Your credit is great now. So it helps them Re-Establish their credit, opposed to letting go to the bank and going through the entire foreclosure process, which as, you know, gives them a foreclosure on their credit and not see their credit score down like 150 points. So a subject to is a benefit for them, of course, as long as the investor makes the payments. So yeah, I tell people if your motto is not people before profits, and you’re a scum ball, don’t do this.
It’s good for the homeowner and it relieves them. They just, you know, they’re at the point where they just want to leave. They’re like, I don’t even care. I just want out, they don’t think that way, but it is a common, I’m sure you get this almost the same question all of the time.
Jay Conner:
Exactly. so yeah, so if someone, so just to make sure everybody understands, if someone’s in foreclosure, but their house has not gone to sale yet. And the courthouse steps, then buying it subject to the existing note is the preferred way for you to buy it. Now you got to have the cashflow to bring those back payments current. And of course you can use private money in a small second position. If you don’t have the cash yourself to bring it current. Now you mentioned private money a moment ago, a Dwan and that is there’s another kind of foreclosure and the other kind of foreclosure of what we call bank owned properties. So it’s too late to help the people. Then right?
Now it’s going back to the bank and with an REO or Real Estate Under Bank Owned, can’t buy those foreclosures are subject to cause the seller is not on the picture. So we have to use the private money. Of course.
Dwan Bent-Twyford:
So I’m sorry. So one of the, I just jump in real quick. So one of the things that’s great about private money is if someone finds a homeowner and they’re able to do a short sale, and then, you know, you have a 200,000 on a house, the bank agrees to take 125. You have to buy the house. And a lot of investors are like, well, I don’t have the money or the credit or this or that. And that’s why they need a private money because the banks like, Hey, I’ll take 50% of the deal, but you’re not going to make payments to us. You have to buy it. You can rehab it. You can do whatever you want do with it, but you still got to buy it. So I’m always telling people, you’ve got to find private money. If you want to play in that section of real estate investing, someone’s got to step up and give you cash.
Jay Conner:
Exactly. So I got another question for you while we’re on the topic of foreclosures. So we know how to locate these. I mean, they’re people that their houses are in foreclosure. Hasn’t gone to sale yet. It’s public record. So what is your preferred method or methods of contacting these people? How do you get up with them that you knock on their door or do you mail them a letter? Do you skip trace them? What do you do
Dwan Bent-Twyford:
You know? I gotta tell ya. It’s been 30 years. I still like to go door knocking. And I know people are thinking like, Oh, if I have to door knock, I’m not gonna do it. But when you show up at their door, nobody does that. And people psychologically think like, Oh my gosh, they’re going to be mad. They’re going to scream. They’re going to yell. They’re going to slam the door in my face. But people are so grateful and they’re so happy. And there’s just so they’re really like, Oh my gosh, somebody came to try to help me, I can’t believe it. So I still like to go door knocking. I still do it today that we just bought 15 buildings in Iowa. And we went and talked to all the people in person. None of them are listed, they weren’t the MLS. We wouldn’t talk to people in person.
But I also understand that if you’re hearing me say that and you’re like, Oh my gosh, no, I’m not door knocking. You could mail postcards. I guess postcards would be the next best thing. Send the people a postcard and let them know that you have a solution to their property problems. Don’t have a postcard that says I buy houses cash. I have a postcard that says something like, are you facing foreclosure question mark, behind on payments question mark, did COVID you know, mess you up, question mark, whether bankruptcy question mark, I have solutions for your property problems. Call me for a free consultation. And let me see how I can help you. So suppose cards would be my, but a soft postcard. I hate when people say I’m a house with cash and I see you call me. People are looking for a solution and they don’t need to feel like you’re some investor that just wants I buy houses cash. So I don’t like that approach. I feel like when you, when you make a card that says, Hey, are you in bankruptcy? Question one, going through a divorce, unwanted property question mark. So like, yes. Oh, a free private consultation. Okay. Let me just call and see. So it’s a soft opening.
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