How To Properly Pass Your Property To The Next Generation

Most of the people in business tend to go for stocks and bonds because it is more modern and sexier than real estate. Through experience in working in real estate, finance, and statistics, it is proven that people become wealthier through real estate than anything else. My goal is to accelerate my wealth and help you do the same through real estate. 

As a believer in capitalism, supply and demand runs the market. With the population increasing, land, housing and real estate will always be a booming business. Buying real estate and holding onto it is going to create wealth, why… they can't make more land, but we keep increasing our population, all of whom need somewhere to live. Unchartered land, now needs to be developed, Urban cities, need to be creative and build up because they cannot build out. How do you build wealth? You buy real estate and hold onto it!

Real estate is a very powerful tool. A frequent question I get asked … "my grandmother owns a piece of property outright and wants to transfer it over to me. What do I do when I don't have the down payment?" First, let's understand some basic terminology, the deed is the piece of paper which shows ownership. A mortgage is a piece of paper that shows debt. Having a mortgage and having a deed are two different things. For grandma to transfer the property to you, we will first need to transfer the deed into your name so that you are now able to own the property. Next, with the counsel of an attorney, you will go back to the bank and say that "Hello, I would like to refinance my property." Please note, that in order for this to work, you will need to have good credit and income to support repaying the new mortgage you will obtain on the property. Depending on the math, you can leverage this refinance to purchase more property.

Remember… Mortgage shows debt and the deed shows ownership. 

You can use these two separate documents to start your real estate wealth journey for no money down.

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